The URL can be used to link to this page

Browse Search

Home My WebLink About20194791.tiffRESOLUTION RE: CONSENT TO AGRICULTURAL LANDS INCLUDED INTO FIRESTONE URBAN RENEWAL AUTHORITY - BIGHORN URBAN RENEWAL AREA WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Town of Firestone ("Firestone") has provided to the Board three documents, each dated October 29, 2019, entitled: "Conditions Study for Bighorn Study Area Firestone, Colorado," "Tax Forecast and County Impact Report for Bighorn Urban Renewal Area Firestone, Colorado," and "Urban Renewal Plan for Bighorn Urban Renewal Area Firestone, Colorado" ("the Proposed Plan"), copies of which are attached hereto, and WHEREAS, on November 20, 2019, Firestone Town Board will consider adopting the Proposed Plan, and WHEREAS, the boundaries of the Bighorn Urban Renewal Area within the Proposed Plan encompass various lands listed as "agricultural" in the property classifications in Office of the Weld County Assessor ("Agricultural Lands"), and WHEREAS, the Agricultural Lands are located such that urban development thereon is both practicable and desirable, and WHEREAS, there must be compliance with the consent requirements of C.R.S. §31-25- 107(1)(c)(II)(D) before the Town of Firestone Town Board ("Firestone Town Board") may include the Agricultural Lands into the area which is described in the Proposed Plan, and WHEREAS, pursuant to the requirements of C.R.S. §31-25-107(1)(c)(II)(D), the Board of County Commissioners wishes to provide its consent to the inclusion of Agricultural Lands into the Bighorn Urban Renewal Area as described in the Proposed Plan. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board hereby consents to the inclusion of the Agricultural Lands into the Bighorn Urban Renewal Area as described in the Proposed Plan which will be considered for adoption by the Firestone Town Board on November 20, 2019. c -c-= Ga, c g,'), r- =.COwI50). F v Ra- I/&/2a 2019-4791 FI0069 CONSENT TO AGRICULTURAL LANDS INCLUDED INTO FIRESTONE URBAN RENEWAL AUTHORITY — BIGHORN URBAN RENEWAL AREA PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 18th day of November, A.D., 2019. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: datko ;v, EXCUSED Barbara Kirkmeyer, Chair Weld County Clerk to the Board BY: N Deputy Clerk to the Board APPROVED AS TO FOR q-rsi. County Attorney Date of signature: 11 /a7/1°( Mike Freeman, Pro -Tern Conway t K. James Steve Moreno 2019-4791 FI0069 Conditions Study for Bighorn Study Area Firestone, Colorado Prepared for: Firestone Urban Renewal Authority 151 Grant Ave. Firestone, CO 80520 Prepared by: D0O Consulting DGC Consulting 18331 E. Davies Avenue Foxfield, CO 80016 FINAL October 2019 2019-4791 Bighorn Study Area Conditions Study I Background information and other data have been furnished to DGC Consulting (DGC) by the Firestone Urban Renewal Authority (FURA), Town of Firestone, and/or third parties, which DGC has used in preparing this report DGC has relied on this information as furnished, and is neither responsible for nor has confirmed the accuracy of this information Bighorn Study Area Conditions Study Contents 1. Introduction 1 1.1. Purpose 1 1.2. Colorado Urban Renewal Law 1 1.3. Study Methodology 3 2. Study Area Analysis 4 2.1 Study Area 4 2.2 Existing Conditions 7 2.3 Field Survey Approach 13 2.4 Desktop Analysis 13 2.5 Blight Factor Evaluation Criteria 13 2.6 Results of the Study Area Analysis 17 3. Summary of Findings and Conclusions 25 3.1 Findings 25 3.2 Conclusions 26 Appendix 33 Appendix A: Sources Consulted 33 List of Exhibits Exhibit 2-1: Study Area Boundary Map 5 Exhibit 2-2: Study Area Regional Location Map 6 Exhibit 2-3: Study Area Parcel Map 8 Exhibit 3-1: Field Survey Photo -Reference Map 28 Exhibit 3-2: Field Survey Photographs 31 List of Figures Figure 2-1: Oil and Gas Well Locations 12 Figure 2-2 View southeast toward drilling site 23 Figure 2-3 East view along Sable Avenue 23 Figure 2-4 View south along eastern Study Area border 24 Figure 2-5 View north from Pine Cone Avenue 24 List of Tables Table 2-1: Study Area Parcel 7 Table 2-2: Study Area Surrounding Land Uses 9 Table 2-3: Oil and Gas Well Summary 11 Table 2-4: Study Area Conditions Summary 21 Table 3-4: Photographic Reference Sheet Detail 29 i Bighorn Study Area Conditions Study 1. Introduction This report presents the conditions ("blight") survey, analysis, findings and underlying rationale for the Bighorn Conditions Study ("Conditions Study", or "Study"), which was undertaken by DGC Consulting ("DGC"). DGC conducted the field survey on April 15, 2019. 1.1. Purpose The purpose of the Study is to determine whether there exists slum or blight conditions within the Bighorn Study Area ("Study Area") within the meaning of Colorado Urban Renewal Law, and whether the Study Area should be recommended for such urban renewal efforts as the Town of Firestone ("Town") may deem appropriate to remediate existing conditions of slum or blight and to prevent further deterioration and blight. 1.2. Colorado Urban Renewal Law In the Colorado Urban Renewal Law, Colorado Revised Statutes § 31-25-101 et seq. (the "Urban Renewal Law"), the legislature has declared that an area of slum or blight ...constitutes a serious and growing menace, injurious to the public health, safety, morals, and welfare of the residents of the state in general and municipalities thereof; that the existence of such areas contributes substantially to the spread of disease and crime, constitutes an economic and social liability, substantially impairs or arrests the sound growth of municipalities, retards the provision of housing accommodations, aggravates traffic problems and impairs or arrests the elimination of traffic hazards and the improvement of traffic facilities; and that the prevention and elimination of slums and blight is a matter of public policy and statewide concern.... Before action can be taken by a public agency, however, the Urban Renewal Law requires a finding by the appropriate governing body that an area exhibits conditions of slum or blight. The determination that an area constitutes a slum or blighted area is a cumulative conclusion attributable to the presence of several physical, environmental, and social factors. Indeed, slum or blight is attributable to a multiplicity of conditions, which, in combination, tend to accelerate the phenomenon of deterioration of an area. For purposes of this study, the definition of a blighted area articulated in the Urban Renewal Law follows: "Blighted area" means an area that, in its present condition and use and, by reason of the presence of at least four of the following factors, substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals, or welfare: a. Slum, deteriorated, or deteriorating structures; 1 Bighorn Study Area Conditions Study b Predominance of defective or inadequate street layout, c Faulty lot layout in relation to size, adequacy, accessibility, or usefulness, d Unsanitary or unsafe conditions, e Deterioration of site or other improvements, f Unusual topography or inadequate public improvements or utilities, g Defective or unusual conditions of title rendering the title non -marketable, h The existence of conditions that endanger life or property by fire and other causes, i Buildings that are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities, j Environmental contamination of buildings or property, or k 5 The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underut►hzat►on or vacancy of sites, buildings, or other improvements, or I If there is no objection by the property owner or owners and the tenant or tenants of such owner or owners, if any, to the inclusion of such property in an urban renewal area, "blighted area" also means an area that, in its present condition and use and, by reason of the presence of any one of the factors specified in paragraphs (a) to (k 5) of this subsection (2), substantially impairs or arrests the sound growth of the municipality, liability, and is a menace to the public health, safety, morals, or welfare For purposes of this paragraph (I), the fact that an owner of an interest in such property does not object to the inclusion of such property in the urban renewal area does not mean that the owner has waived any rights of such owner in connection with laws governing condemnation To be able to use the powers of eminent domain, "blighted" means that five of the eleven factors must be present (Colorado Revised Statutes § 31-25-105 5(2) (a) (I)) In all other circumstances, four factors are required to support a finding of blight where property owner consent or eminent domain are not being sought Only one factor must be present if the property owner or owners and the tenant or tenants of such owner or owners do not object to the finding (Colorado Revised Statutes § 31-25- 105 5(2) (I)) Several principles have been developed by Colorado courts to guide the determination of whether an area constitutes a blighted area under the Urban Renewal Law First, the absence of widespread violation of building and health codes does not, by itself, preclude a finding of blight The definition of "blighted area contained in the Urban Renewal Law is broad and encompasses not only those areas containing properties so dilapidated as to justify condemnation as nuisances, but also envisions the prevention of deterioration " Tracy v City of Boulder, 635 P 2d 907, 909 (Colo Ct App 1981) Second, the presence of one well maintained building does not defeat a determination that an area constitutes a blighted area A determination of blight is based upon an area "taken as a whole," and not 2 Bighorn Study Area Conditions Study on a building -by -building basis. Interstate Trust Building Co. v. Denver Urban Renewal Authority, 473 P.2d 978, 981 (Colo. 1970). Third, a governing body's "determination as to whether an area is blighted... is a legislative question and the scope of review by the judiciary is restricted." Tracy, 635 P.2d at 909. A court's role in reviewing such a blight determination is simply to determine whether the municipality has exceeded its jurisdiction or abused its authority. 1.3. Study Methodology DGC was retained to perform an independent survey of the Study Area and to determine whether it contains conditions of slum or blight so as to constitute a blighted area under the Urban Renewal Law. Based upon the conditions observed in the field, this Study makes a recommendation as to whether the Study Area is blighted within the meaning of the Urban Renewal Law. The actual determination itself remains the responsibility of the legislative body, in this case, the Town Board of Trustees. An important objective of this study is to obtain and evaluate data on a wide range of physical and non- physical conditions that are present in the Study Area. Information about the Study Area was collected, analyzed, and documented according to the following tasks: • Task 1: Project Initiation, Data Collection and Mapping ■ Task 2: Field Survey, Research and Verification • Task 3: Documentation and Presentation of Findings Tasks 1 and 2 are described in Section 2, Study Area Analysis. Task 3 is described in Section 3, Summary of Findings. 3 Bighorn Study Area Conditions Study 2. Study Area Analysis 2.1 Study Area The Bighorn Study Area is a single parcel of 235.43 acres, more or less (per the legal description). It is shown on Exhibit 2-1: Study Area Boundary Map. Study Area is located between Pine Cone Avenue and Sable Avenue, in southeast Firestone. The location of the Study Area is shown in Exhibit 2-2: Study Area Regional Location Map. 4 Bighorn Study Area Conditions Study Exhibit 2-1: Study Area Boundary Map w •,a• ') •: u , •• r • asS C a 1, t *iv 141. t%. • r .S- - t` �. £eA%101: % •<e Ake 41 61- _• i a..,a. p 4 � A • 1 r7 9444.• • .: .1•4 •••• #4? St it li9If• .f. ., • • fia el �wsrir,AMetaims maws €iwogttSemeeeantmaw iiiessmatillmlrnallw'FISH --n1StWORM raffaCtiatisiPMEli • • I f .1f . ) r • ta t etts t•t r, S. t • • re v' tier t 4•, LEGEND I I flailsliI Study Area Firestone Town Limits DCC Consulting slam ems Study Area Boundary Map :x. 4 0 250 S00 750 1,000 feet CD4 Base Map Source: Google Earth Pro, April 29. 2019 Bighorn Study Area Conditions Study Exhibit 2-2: Study Area Regional Location Map Study Area Regional Location Map LEGEND [li Study Area DGC Consulting 2 4 miles Base Map Source: Open Street Map. May 2, 2019 Bighorn Study Area Conditions Study 2e2 Existing Conditions Background This Conditions Study was conducted on April 15, 2019, followed by research and desktop analysis of physical conditions Other than the recently developed drilling pad site and related improvements, the site features shown on Google Map and Google Earth Pro aerial imagery were consistent with conditions observed during the field survey Parcel Surveyed The Study Area is comprised of a single parcel totaling 235 43 acres, according to the legal description (dated April 25, 2019) It is the eastern half of Section 17 The Weld County Assessor's information is slightly less (232 88 acres), and is summarized on Table 2-2 Study Area Parcel However, for the purpose of this Study, this difference in acreages is not considered to be important The parcel boundaries according to the legal description are illustrated on Exhibit 2-3 Study Area Parcel Map Table 2-1: Study Area Parcel Account No Parcel Number Area (SF) Area (Acres) Legal Owner Address R7762599 131117006001 10,144,253 232 88 FIR TMP LOT A AMD TEETS MINOR PLAT Firestone Venture LLC 2420 17th St Suite 3051, Denver, CO 80202-2507 7 Bighorn Study Area Conditions Study Exhibit 2-3: Study Area Parcel Map 131117006001 LEGEND I I 00600 Study Area Firestone Town Limits Parcels 9 Parcel ID Number DGO Consulting Study Area Parcel Map 100 200 300 feet Base Map Source: Google Earth Pro, April 29, 2019 8 Bighorn Study Area Conditions Study Development and Land Use The Study Area is in the easternmost side of the Town of Firestone The parcel adjoins Sable Avenue (County Road 22, a public right-of-way) on the north, private agricultural land on the east (which is on alignment with Ingalls Street, were it to be extended), private residential land and Pine Cone Avenue (County Road 20, also a public right-of-way) on the south, and subdivided land on the west that is developed with estate lot residential houses, as well as some frontage on Del Camino Lane, which is a public, residential street Land uses are summarized in Table 2-2 Study Area Surrounding Land Uses Table 2-2: Study Area Surrounding Land Uses Area Land Use North of Study Area Rural estate residential, agricultural, vacant land, public right-of-way (Sable Ave) Study Area Agricultural East of Study Area Agricultural, rural residential South of Study Area Rural estate residential, agricultural, vacant land, public right-of-way (Pine Cone Ave) West ofStudy Area Rural estate residential, agricultural, vacant land Source Google Map Future growth and development decisions are guided by the Town of Firestone Master Plan (2013), Firestone Zoning Map (2019), and Town of Firestone Development Regulations, which include zoning and subdivision regulations, and other supporting documents Zoning At the time of the field survey, the parcel in the Study Area was zoned PUD-RA (Planned Unit Development Residential — A) per Ordinance 355 in 1997 According to Town of Firestone Zoning Regulations, a PUD (Planned Unit Development) provides the opportunity for mixed and multiple use districts where both residential neighborhoods and nonresidential areas can be comprehensively planned and developed All major categories of land use including industrial, office, commercial, residential, public uses, and open space can be incorporated into a PUD The Study Area was annexed to the Town of Firestone as part of the Teets Annexation No 2 and 3 Related to the annexation, the landowners submitted the Teets PUD Outline Development Plan that covered 929 3 acres The Teets PUD Outline Development Plan to PUD - RA zoning was approved in 1997 9 Bighorn Study Area Conditions Study A Special Use Permit (SUP) for a portion of the Study Area was approved in 2018 by the Town of Firestone. The SUP prescribes conditions related to drilling 19 oil and gas wells in the south portion of the Study Area. The SUP shows the location of drilling equipment, tanks, fencing, parking areas, and access roads. At the time of the field survey, Crestone Peak Resources was preparing to drill on the site. Drilling is expected to continue into 2020 when production begins. Streets and Storm Drainage: The Town of Firestone Public Works Department is responsible for streets and storm drainage in the Study Area. However, because the Study Area and most adjoining parcels are undeveloped, there is limited street infrastructure in the area. No major issues were identified. Public and Private Utilities: The Study Area is within the Northern Colorado Water Conservancy District which provides bulk water resources to municipalities and districts, including the Town of Firestone. Water distribution to the Study Area would be by the Town of Firestone. Although the Study Area is within Firestone municipal boundaries, considerable potable water and fire protection infrastructure will need to be constructed in order to receive these municipal services. According to Town staff, the Study Area is not, at this time, included in either the Central Weld County Water District or the St. Vrain Sanitation District (although it appears to be within the St. Vrain Sanitation District service area). To obtain services from any of these Districts, the property owner or developer would need to apply for and receive approval for inclusion. Natural gas to the Study Area can be provided by Black Hills Energy and electrical power by United Power Cooperative. Telephone and telecommunications can be provided by private utilities. No major issues were identified. Other Districts and Services: The Study Area is within the St. Vrain Valley RE1-i School District (sometimes referred to as the "Longmont RE1-i School District"), the Frederick — Firestone Fire Protection District, and the High Plains Library District. The property is not within the Carbon Valley Recreation District, although it may be included in the future as residential development proceeds. Oil and Gas Development: Existing oil and gas drilling operations in the southern portion of the Study Area are an activity that requires land use controls. Under conditions outlined in a Special Use Permit (SUP) approved by the Town in 2018, 19 wells are permitted to be drilled from a single pad site, as well as ponds, tanks, equipment, fencing, staging and parking areas, and access roads. The SUP includes measures to mitigate the acoustic, traffic, and other impacts of the drilling. Drilling is expected to continue into 2020 and the 10 Bighorn Study Area Conditions Study wells will go into production The timeframe for production is expected to be 15 years, after which the wells will be capped In addition, there are approximately 20 active or formerly active oil/gas well locations within the Study Area and approximately 92 within one -quarter mile of the Study Area, according to the website and maps provided by the Colorado Oil and Gas Commission These locations are classified as shut in, abandoned location, plugged and abandoned, producing, and drilling, and are summarized on Table 2-3 Oil and Gas Well Summary A graphic of the well locations taken from the website is included as Figure 1 Oil and Gas Well Locations Existing wells, whether operational, decommissioned, or abandoned, are a site encumbrance that contributes to blight Future development in the Study Area will need to proceed in a manner that removes these oil and gas recovery facilities or includes appropriate mitigation measures and site planning to eliminate and prevent blight Taken together, these conditions support the following blight factors deterioration of site or other improvements, unusual topography of public improvements, and defective or unusual title conditions Table 2-3: Oil and Gas Well Summary ID Description Within Study Area 1/4 mile outside of Study Area S I Shut-in 5 16 A L Abandoned Location 2 4 P A Plugged &Abandoned 4 12 P R Producing 4 53 D G Drilling 5 9 Total locatons 20 94 Source Colorado Oil and Gas Commission website (2019) 11 Bighorn Study Area Conditions Study PR4Tedi P R' AL PR PR PR PR PR PR PR + SI SI i AL PA SI AL •PR • • PA 'SI 21.167W PR *BSI PR PRYPpR, DG DG DG PA Figure 2-1: Oil and Gas Well Locations Source: Colorado Oil and Gas Commission Website (2019) Other Public Infrastructure or Site Features: PA 7; t t4 PA i P PR PRR PR �I PR PR PR I PR PR SI I PA There is an irrigation canal passing across the southern and eastern parts of the Study Area that is labeled on legal documents as an easement for the South Platte Supply Canal. This canal will limit development in this area and measures may be necessary to accommodate or mitigate the impacts of this feature. Therefore, it contributes to a finding of blight due to unusual topography or public improvements, as well as defective or unusual title conditions. Vacancy and Underutilization: The Study Area is currently being used for agriculture and oil and gas drilling and is not considered to be vacant and underutilized. 12 Bighorn Study Area Conditions Study 2.3 Field Survey Approach The physical site survey was conducted on April 15, 2019 The majority of the blight factors were addressed during the site visit — exceptions being those which were not considered or were analyzed through "desktop analysis" (see description below) Each observation of a blight factor observed during the field survey, as described in Section 1, was tallied on a survey matrix with a numbered photograph (located on a map graphic) The field survey information is summarized as follows r Locations of the observations and photographs are documented on an aerial photo for the survey area (Exhibit 3-1 Field Survey Photo -Reference Map) Note that the numbers on the aerial image reference numbered photos in the tables in The survey observations are summarized on Table 2-4 Study Area Observed Conditions Summary A more detailed list of observations is included in Chapter 3 Note again the cross- referencing of numbered photos li The narrative is supplemented with relevant photographs that highlight the observations A complete set of photographs is included in Chapter 3 2.4 Desktop Analyses In addition to the field survey, further analysis was performed in an office setting This "desktop analysis" (D A on the tables) included review of information provided by the Town of Firestone, Weld County Assessor, Crestone Resources, public domain aerial photography (Google Map), and other documentation in order to comprehensively assess the existing conditions within the Study Area The Town also provided a concept plan prepared by Firestone Venture, LLC, which is the current owner of the surface rights of the property The following Urban Renewal Law blight factors were evaluated as part of the desktop analysis b Defective or inadequate street layout c Faulty lot layout in relation to size, adequacy, accessibility, or usefulness g Defective,or unusual conditions of title rendering the title nonmarketable i Buildings which are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities Environmental contamination of buildings or property k 5 The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements 2.5 Blight Factor Evaluation Criteria DGC Consulting developed the following evaluation criteria for examination of the eleven blight factors (a through k 5) These criteria were evaluated during the field survey and review of available supplemental documentation during the desktop analysis Each factor is indicated on Table 2-4 Study 13 Bighorn Study Area Conditions Study Area Observed Conditions, with notes summarizing the methodology that was used to make the observation (field survey, desktop analysis, or not surveyed) a Slum, deteriorating or deteriorated structures Field survey efforts examining this factor focused on the general condition and level of deterioration of the existing building's exterior components, such as Y Deteriorated exterior walls O Deteriorated visible foundation/ incomplete demolition '' Deteriorated fascia, soffits, and/or eaves © Deteriorated/ lack of gutters and/or downspouts ▪ Deteriorated exterior finishes O Deteriorated windows or doors mi Deteriorated stairways/fire escapes/handicapped access • Deteriorated loading dock areas and/or ramps ▪ Deteriorated barriers, walls, and/or gates • Deteriorated ancillary structures 0 Other (exposed electrical, incomplete demolition, hazardous HVAC) b Predominance of defective or inadequate street layout The analysis conducted for this blight factor evaluated the effectiveness or adequacy of the streets within the Study Area Evaluation criteria in this section include O Poor vehicle access O Poor internal circulation ▪ Substandard driveway definition and/or curb cuts ® Poor parking lot layout O Other (poor street layout and access) c. Faulty lot layout in relation to size, adequacy, accessibility, or usefulness The analysis conducted for this blight factor evaluated the adequacy of the lot layout within the Study Area Evaluation criteria in this section include 9 Faulty and/or irregular lot shape • Faulty and/or irregular lot configuration ▪ Lack of access to a public street • Inadequate lot size ▪ Other d Unsanitary or unsafe conditions 14 Bighorn Study Area Conditions Study The presence of the following conditions could contribute to an unsafe or unsanitary environment within the Study Area and surrounding community • Poorly lit or unlit areas • Cracked or uneven surfaces for pedestrians • Poor drainage • Insufficient grading or steep slopes ® Presence of trash and debris • Presence of abandoned or inoperable vehicles ▪ Presence of hazardous materials or conditions • Presence of vagrants/vandalism/graffiti/pests • Other (operating, capped or plugged oil/gas wells) e. Deterioration of site or other improvements This factor focuses on conditions that indicate the lack of general maintenance of a structure, site, or through the presence of these conditions, the environment that reduces the site's usefulness and desirability • Deterioration or lack of parking lot or site pavement • Deterioration or lack of site curb and gutter El Deterioration or lack site sidewalks and pedestrian areas • Deterioration or lack of outdoor lighting • Deterioration or lack of site utilities ▪ Deterioration or lack of surface drainage facilities • Inadequate site maintenance ▪ Non-conformance to site development regulations ® Deterioration of signage ▪ Other (deteriorated fencing/stairways/site improvements/walls) f Unusual topography or inadequate public improvements or utilities This factor identifies key deficiencies in the off -site and on -site public infrastructure and topography within the Study Area, including • Poor site grading • Deterioration of street pavement in right-of-way • Deterioration or lack of curb and gutter in right-of-way is Insufficient street lighting in right-of-way a Presence of overhead utilities in right-of-way • Deterioration or lack of sidewalks in right-of-way • Deteriorated utilities in right-of-way • Other (public infrastructure that limits development) 15 Bighorn Study Area Conditions Study g. Defective or unusual conditions of title rendering the title nonmarketable This factor is evaluated through research and analysis of title documents and potential encumbrances Existence of these criteria contributes to prolonged periods of vacancy and hinders redevelopment • Title conditions making the property unmarketable • Other (easements and other encumbrances) h. The existence of conditions that endanger life or property by fire or other causes The presence of these criteria within the Study Area can endanger human lives and property • Structures in the floodplain • Evidence of previous fire • Inadequate emergency vehicle provisions • Presence of debris adjacent to structures • Hazardous materials near structures • Dead or overgrown trees/shrubs near high traffic areas or structures • Other hazards present (unsafe level changes, trip/fall hazard, unsafe surfaces) i. Buildings which are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities The criteria for this factor are focused primarily on defective or dangerous conditions within the building envelope and require internal access to the structure for full assessment • Building or zoning code violations • Public health concerns • Dilapidated or deteriorated interior of building • Defective design or physical construction ■ Faulty or inadequate facilities • Presence of mold ® Inadequate emergency egress provisions • Evidence of recent flooding • Unprotected electrical systems, wires, and/or gas lines • Inadequate fire suppression systems • Evidence of vagrants inside building • Other (fire hazard, documentation of asbestos inside building) 1 Environmental contamination of buildings or property The presence of environmental contamination hinders redevelopment through added costs and is potentially hazardous to the surrounding community These conditions are typically not evident through a visual field survey • Official documentation of environmental contamination • Storage or evidence of hazardous materials 16 Bighorn Study Area Conditions Study ® Other evidence of environmental contamination k.5 The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements These additional criteria are typically not visible during a field survey, but could hinder redevelopment when present • High levels of vacancy ▪ High levels of municipal code violations • High levels of vehicular accident reports ® High levels of requests for emergency services ® Other evidence of required high level of municipal services in Other evidence of substantial physical underutilization 2.6 Results of the Study Area Ar a ysls The overall findings of the Study Area analysis are presented in this section Table 2-4 Study Area Observed Conditions Summary tabulates the results of the field survey and desktop analysis and Figures 2-2 to 2-7 (which follow Table 2-4) are representative photographs of field observations A complete set of photographs that correlate by number with Photographic/Desktop Analysis Reference Sheets is included in Exhibit 3-2 at the end of the report After review of the eleven blight factors described in Colorado Urban Renewal Law, the following five factors were observed within the Study Area to support a finding of blight, during the field survey and/or by subsequent desktop research and analysis b Defective or inadequate street layout d Unsanitary or unsafe conditions e Deterioration of site or other improvements f Unusual topography or inadequate public improvements or utilities g Defective or unusual conditions of title rendering the title nonmarketable The following six factors were not observed, or not observed sufficiently, to support a blight finding a Slum, deteriorated, or deteriorating structures c Faulty lot layout h The existence of conditions that endanger life or property by fire or other causes i Buildings which are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities J Environmental contamination 17 Bighorn Study Area Conditions Study k 5 The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements a. Slum, deteriorated, or deteriorating structures — NOT OBSERVED There were no permanent buildings in the Study Area, which is a large open pasture with scattered oil and gas wells and an oil and gas drilling operation However, taken as a whole, slum, deteriorated, and deteriorating structures were not observed in the Study Area b Predominance of defective or inadequate street layout — OBSERVED Perimeter access to the Study area is very poor and there are no permanent public streets and rights -of - way The Study Area can only be accessed from two locations a temporary drilling access road on the south and a ranch pasture gate on the north Otherwise, the site is enclosed by continuous fencing without access points There is no other public street infrastructure within the Study Area Therefore, these observed conditions constitute a predominance of defective or inadequate street layout c Faulty lot layout in relation to size, adequacy, accessibility, or usefulness — NOT OBSERVED The large size and regular shape is well -suited for eventual development Therefore, the current conditions relative to this factor do not support a finding of blight d Unsanitary or unsafe conditions — OBSERVED The presence of abandoned well locations on the site and active drilling are considered to be unsafe conditions within the Study Area As a safety and security precaution, the drilling pad is fenced and managed by a security guard to limit access It is not clear what safety and security measures will be imposed after drilling is completed and the wells are in the production phase These observations and documentation of hazardous or unsafe conditions at locations within the Study Area and in the immediate vicinity of the drilling pad site support a finding of blight e Deterioration of site or other improvements — OBSERVED Although the Study Area is not developed with streets and buildings, former well sites do exist and are deteriorated Perimeter fencing is also in degraded condition compared with other areas These observations of deteriorated private site improvements throughout the Study Area are evidence of deteriorated site improvements, which supports a finding of blight 18 Bighorn Study Area Conditions Study f. Unusual topography or inadequate public improvements or utilities — OBSERVED Inadequate public improvements and utilities were observed throughout the Study Area due, in large part due to its undeveloped state. Water, sewer, natural gas, and electric power do not yet reach the Study Area. Domestic water service could be provided by the Town of Firestone, but it has not been extended to the Study Area. Although the Study Area appears to be within the future service area of the St. Vrain Sanitation District, it has not yet been annexed into the District, which is required to receive sanitary sewer service. The Study Area could also potentially be included in the Carbon Valley Recreation District; yet it has not yet been formally annexed. This would be required to receive services. The South Platte Supply Canal crosses the southern and eastern parts of the Study Area and is a physical obstacle to development. A lack of right-of-way improvements and public infrastructure within the Study Area, as well as significant limitations resulting from the irrigation canal are evidence of unusual or inadequate public improvements or utilities, which support a finding of blight. g. Defective or unusual conditions of title rendering the title nonmarketable — OBSERVED The Special Use Permit (SUP) approved in 2018 by the Town of Firestone prescribes conditions related to drilling 19 oil and gas wells in the south portion of the Study Area. Features of the SUP include drilling equipment, tanks, fencing, parking areas, and access roads. The SUP and the conditions that it imposes on property within the Study Area are significant legal limitations that will make it more difficult to market and/or develop property within the Study Area. In addition, existing oil and gas wells, even if they are plugged, will impose limitations on how the property in the Study Area can be developed. The South Platte Supply Canal easement also makes that portion of the Study Area non -developable. Therefore, conditions of title may make portions of the Study nonmarketable for development. h. The existence of conditions that endanger life or property by fire or other causes — NOT OBSERVED Although there was an active oil and gas drilling operation with the Study Area, the drilling pad was secured by opaque fencing, a gate, and full-time security personnel. Therefore, observed conditions do not endanger life or property by fire or other causes in the Study Area, and hence, do not support a finding of blight. 19 Bighorn Study Area Conditions Study i. Buildings which are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities — NOT OBSERVED Conditions related to building safety or suitability were not observed due to the fact that there are not permanent buildings within the Study Area. j. Environmental contamination of buildings or property NOT OBSERVED This report assumes that enforcement of current regulations related to drilling and production activities will mitigate impacts and prevent environmental contamination of the Study Area. This includes the handling of potentially hazardous materials during drilling. Therefore, observed environmental conditions do not support a finding of blight. k.5. The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements — NOT OBSERVED Although the Study Area is mostly undeveloped agricultural land with an active oil and gas drilling operation on a portion of it, it is not considered to be vacant and significantly underutilized. 20 Bighorn Study Area Conditions Study Table 2-4: Study Area Conditions Summary Bighorn Study Area Observed Conditions Summary FS a SLUM DETERIORATED OR DETERIORATING STRUCTURES Deteriorated visible foundation/incomplete demolition Deteriorated fascia/soffits/eaves y, Deteriorated/lack of gutters/downspouts ' fr Deteriorated exterior finishes Detenorated windows and doors Deteriorated stairways/fire escapes Deteriorated loading dock areas/ramps i Deteriorated barriers/walls/gates It Detenorated ancillary structures Other (exposed electrical incomplete demolition) M r -,— b DEFECTIVE OR INADEQUATE STREET LAYOUT Poor vehicle access 4a' e Poor internal circulations Substandard driveway definition/curbcuts o Poor parking lot layout fti' BI Other (poor street layout and access) "x C FAULTY LOT LAYOUT Faulty/irregular lot shape ' Faulty/irregular lot configuration Lack of access to a public street Inadequate lot size Other u^a d UNSANITARY OR UNSAFE CONDITIONS Poorly lit or unlit areas, Cracked or uneven surfaces for pedestrians �. Poor drainage '''° Insufficient grading or steep slopes 3 Presence of trash and debris Abandoned/inoperable vehicles and equipment ' Presence of potentially hazardous materials or conditions ;CI o Vagrants/vandalism/graffiti�< Other (operating capped or plugged oil/gas wells) Ft%i o e DETERIORATION OF SITE OR OTHER IMPROVEMENTS Deteriorated/lack of parking lot/site pavement . m Deteriorated/lack of site curb and gutter Deteriorated/lack of site sidewalks/pedestrian areas o Deteriorated/lack of outdoor lighting Deteriorated/subsTandard/lack of site uTilities 4 Deteriorated/lack of surface drainage facilities Inadequate site maintenance -r Non conformance to site development regulations Deterioration of signage Other (deteriorated fencing/stairs/site improvements) Note Field Survey abbrewated F S Desktop Analysis abbreviated D A Not Surveyed abbreviated N S Source DGC Consulting field survey and Google Earth Bighorn Study Area Conditions Study Table 2-4: Study Area Conditions Summary (cont'd) Bighorn Study Area Observed Conditions Summary FS f UNUSUAL TOPOGRAPHY OR INADEQUATE PUBLIC IMPROVEMENTS OR UTILITIES Poor site grading Detenorated/lack of street pavement in right-of-way• k Detenorated/lack of curb and gutter in nght of way ..r • Insufficient street lighting in nght-of way Overhead utilities in right-of-way Detenorated/inadequate/lack of sidewalks in nght-of way • Detenorated/unsafe utilities in the right of way r%s Other (public infrastructure that limits development) • g DEFECTIVE OR UNUSUAL TITLE CONDITIONS Title conditions making the property unmarketable (including SUP zoning) F. Other (easements and other encumbrances) V^` h THE EXISTENCE OF CONDITIONS THAT ENDANGER LIFE OR PROPERTY BY FIRE OR OTHER CAUSES Structures in the floodplain Evidence of previous fire Inadequateemergenc-y vehicle provisions ti;r Presence of dry debns adjacent to structures Hazardous materials near structures/fire hazard Dead trees/shrubs near high traffic areas Other (unsafe level changes trip/fall hazard), t BUILDINGS THAT ARE UNSAFE / UNHEALTHY FOR PERSONS TO LIVE / WORK IN BECAUSE OF BUILDING CODE VIOLATIONS DILAPIDATION DETERIORATION DEFECTIVE DESIGN PHYSICAL CONSTRUCTION OR FAULTY OR INADEQUATE FACILITIES Building code violations Public health concerns Dilapidated or deteriorated intenor of building w. Defective design or physical construction Faulty or inadequate facilities Presence of mold k'u Inadequate emergency egress provisions Evidence of recent flooding <�( Unprotected electrical systems/wires/gas lines ea Inadequate fire suppression systems - Evidence of vagrants inside building �M1 Other (fire hazard documented asbestos) 1 � ENVIRONMENTAL CONTAMINATION Official documentation of contamination c P? Storage or evidence of hazardous matenals Other evidence of environmental contamination k5 REQUIRES HIGH LEVELS OF MUNICIPAL SERVICES OR SITES/ BUILDINGS/ IMPROVEMENTS UNDERUTILIZED/ VACANT High levels of vacancy High levels of municipal code violations High levels of vehicular accident reports High levels of requests for emergency services Other evidence of required high level of municipal services Other evidence of substantial physical underutilization Note Field Survey abbreviated F S Desktop Mal os abbrewated D A Not Surveyed abbreeafed N S Source DGC Consulting field suney and Googfe Earth DA INN ICIII 22 Bighorn Study Area Conditions Study Figure 2-2 View southeast toward drilling site DEFECTIVE OR INADEQUATE STREET LAYOUT (poor vehicular access, poor internal circulation, substandard driveways/curb cut), UNSAFE OR UNSANITARY CONDITIONS (operating, capped, or plugged oil and gas wells), DETERIORATION OF SITE OR OTHER SITE IMPROVEMENTS (lack of site improvements including parking, curb and gutter, sidewalks/pedestrian areas, utilities, and surface drainage facilities), UNUSUAL TOPGRAPHY OR INADEQUATE PUBLIC IMPROVEMENTS OR UTILITIES (lack of public infrastructure in the right -of way including street pavement, curb and gutter, sidewalks, drainage canal that limits development) (photo #3) Figure 2-3 East view along Sable Avenue DEFECTIVE OR INADEQUATE STREET LAYOUT (poor vehicular access, poor internal circulation, substandard driveways/curb cut), UNSAFE OR UNSANITARY CONDITIONS (operating, capped, or plugged oil and gas wells), DETERIORATION OF SITE OR OTHER SITE IMPROVEMENTS (lack of site improvements including parking, curb and gutter, sidewalks/pedestrian areas, utilities, and surface drainage facilities), UNUSUAL TOPGRAPHY OR INADEQUATE PUBLIC IMPROVEMENTS OR UTILITIES (lack of public infrastructure in the right -of way including street pavement, curb and gutter, and sidewalks) (photo #7) 23 Bighorn Study Area Conditions Study 4.4 Figure 2-4 View south along eastern Study Area border DEFECTIVE OR INADEQUATE STREET LAYOUT (poor vehicular access, poor internal circulation, substandard driveways/curb cut), UNSAFE OR UNSANITARY CONDITIONS (operating, capped, or plugged oil and gas wells), DETERIORATION OF SITE OR OTHER SITE IMPROVEMENTS (lack of site improvements including parking, curb and gutter, sidewalks/pedestrian areas, utilities, and surface drainage facilities), UNUSUAL TOPGRAPHY OR INADEQUATE PUBLIC IMPROVEMENTS OR UTILITIES (lack of public infrastructure in the right -of way including street pavement, curb and gutter, and sidewalks) (photo #9) 0 Vt Figure 2-5 View north from Pine Cone Avenue DEFECTIVE OR INADEQUATE STREET LAYOUT (poor vehicular access, poor internal circulation, substandard driveways/curb cut), UNSAFE OR UNSANITARY CONDITIONS (operating, capped, or plugged oil and gas wells), DETERIORATION OF SITE OR OTHER SITE IMPROVEMENTS (lack of site improvements including parking, curb and gutter, sidewalks/pedestrian areas, utilities, and surface drainage facilities), UNUSUAL TOPGRAPHY OR INADEQUATE PUBLIC IMPROVEMENTS OR UTILITIES (lack of public infrastructure in the right -of way including street pavement, curb and gutter, sidewalks, and drainage canal that limits development) (photo #11) 24 Bighorn Study Area Conditions Study 3. Summary of Findings and Conclusions 3.1 Findings Within the Bighorn Study Area, the field survey and desktop analysis identified 19 different conditions, which support five blight factors. Specific examples and photo documentation from the field survey/desktop analysis is documented on Exhibit 3-1: Field Survey Photo Reference Map and Table 3-1: Photographic Reference Sheet. A complete set of survey photographs is included in Exhibit 3-2. The blight factors and conditions observed are listed below: a. Slum, deteriorating or deteriorated structures • NOT OBSERVED b. Predominance of defective or inadequate street layout (OBSERVED) ■ Poor vehicular access ■ Poor internal circulation ■ Substandard driveway definition/curb cut ■ Poor parking lot layout c. Faulty lot layout in relation to size, adequacy, accessibility, or usefulness ■ NOT OBSERVED d. Unsanitary or unsafe conditions (OBSERVED) ■ Other hazards present (operating , capped, or plugged oil and gas wells) e. Deterioration of site or other improvements (OBSERVED) ■ Deterioration or lack of parking lot or site pavement ■ Deterioration or lack of site curb and gutter ■ Deterioration or lack site sidewalks and pedestrian areas ■ Deteriorated or lack of site lighting ■ Deteriorated/substandard or lack of site utilities ■ Deteriorated or lack of surface drainage facilities f. Unusual topography or inadequate public improvements or utilities (OBSERVED) ■ Deteriorated or lack of street pavement in right-of-way ■ Deteriorated or lack of curb and gutter in right-of-way ■ Deteriorated or lack of sidewalks in right-of-way ■ Other (public infrastructure such as a canal that limits development) 25 Bighorn Study Area Conditions Study g. Defective or unusual conditions of title rendering the title nonmarketable (OBSERVED) ■ Other (easements and other encumbrances - including SUP zoning) h. The existence of conditions that endanger life or property by fire or other causes ■ NOT OBSERVED i. Buildings which are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities is ■ NOT OBSERVED Environmental contamination of buildings or property ■ NOT OBSERVED k.5 The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements ■ NOT OBSERVED 3.2 Conclusions It is the conclusion of this Conditions Study that the Bighorn Study Area, in its present condition and use, meets the conditions of a blighted area as defined by Colorado Urban Renewal Law. By reason of the presence of factors identified in the Urban Renewal Law and as documented in this report, the Firestone Town Board may find that the Study Area substantially impairs or arrests the sound growth of the Town of Firestone, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals and welfare. According to Urban Renewal Law, blight may be found to exist if conditions in the Study Area meet at least one of the factors indicative of a blighted area (with the consent of a single property owner), or at least five factors if eminent domain is to be used. Four factors are required to support a finding of blight where property owner consent or eminent domain are not being sought. As described in this report, the following five factors were observed and documented in the Study Area: b. Predominance of defective or inadequate street layout d. Unsanitary or unsafe conditions e. Deterioration of site or other improvements f. Unusual topography or inadequate public improvements or utilities g. Defective or unusual title conditions 26 Bighorn Study Area Conditions Study The blight factors observed are documented on Exhibit 3-1 Field Survey Photo Reference Map and Table 3-1 to 3-5 Photographic/Desktop Analysis Reference Sheet A complete set of survey photographs is included in Exhibit 3-2 Field Survey Photographs 27 Bighorn Study Area Conditions Study Exhibit 3-1: Field Survey Photo -Reference Map Field Survey Photo -Reference Map LEGEND Photo Location Study Area Firestone Town Limits Parcels DGC Consulting 0 u0 300 750 1,000 feet Base Map Source: Google Earth Pro, April 29, 2019 28 Bighorn Study Area Conditions Study Table 3-5: Photographic Reference Sheet Detail Photo No on Field Survey Photo Reference Map 1 2 3 4 5 6 7 8 9 10 11 a SLUM DETERIORATED OR DETERIORATING STRUCTURES Deteriorated external walls/roof * ,_ ,4 ' FI Deteriorated visible foundation/incomplete demolition ' 1 Deteriorated fascia/soffits/eaves ECt i i .,+ ) INO,T-SURVEYED 1+" I l _ I`� Deteriorated/lack of gutters/downspouts ---r ( f I--�. `, I � �� w ��-'�� '`n�r i Deteriorated exterior finishes ,,e1,1 Deteriorated windows and doors _ _ I r�. Deteriorated stairways/fire escapes 1 ( Deteriorated loading dock areas/ramps Li;,' r�r# .A., Deteriorated barriers/walls/gates { Deteriorated ancillary structures fi�s7 I Other (exposed electrical incomplete demolition) 1 b DEFECTIVE OR INADEQUATE STREET LAYOUT Poor vehicle access 4'a. • o a e • a a o a o' a Poor internal circulation 1 e a o a a a a o • Substandard driveway definition/curbcuts w.>•f • • o m e o { • • I a ea Poor parking lot layout F�,?t'� m eK a • • m o • m • o Other (poor street layout and access) I yi l Faulty/irregular lot shape 3 _ Faulty/irregular lot configuration' .---- I, y DES KTOP ANALYSIS -FT -J _ -��, F 1T 1 , c FAULTY LOT LAYOUT Lack of access to a public street � Inadequate lot size ,'-'r---� Y — 1 Ni"' ' _ s - Other r`` , I I d OR UNSAFE CONDITIONS Poorly lit or unlit areas , e 1 Cracked or uneven surfaces For pedestrians _®-- Poor drainage - Insufficient grading or steep slopes ? ��,---- ..-._UNSANITARY Presence of trash and debris Abandoned/inoperable vehicles and equipment Presence of potentially hazardous materials or conditions Va rants/vandalism/graf£ti 4' Other (operating capped or plugged oil/gas wells) %^ a a a o O a a a a a e DETERIORATION OF SITE OR OTHER IMPROVEMENTS (SITE) Deteriorated/lack of parking lot/site pavement ,4 E,- �, a - o a • a co a o • ( ' o Deteriorated/lack of site curb and gutter * o Deteriorated/lack of site sidewalks/pedestrian areas'' - 3� 4 • "st •outdoor a • o • e a a • o • a Deterorated/lack of lighting - •a a e m • a e o a a Deteriorated/substandard/lack of site utilities svt; o o e o o e o a o e • Deteriorated/lack of surface drainage facilities o Inadequate site maintenance Nonconformance to site development regulations 6 r ',r'13 s Deterioration of signage ., Other (deteriorated fenang/staus/site improvements) Note Desktop Analysts is abbreviated as D A Not Surveyed is abbreviated NS Source DGC Consulting field survey and Google Earth 29 Bighorn Study Area Conditions Study Table 3-1: Photographic Reference Sheet Detail (continued) Photo No on Field Survey Photo Reference Map 1 2 3 4 5 6 7 8 9 10 11 f UNUSUALTOPOGRA PHY OR INADEQUATE PUBLIC IMPROVEMENTS OR UTILITIES (ROW) Poor site grading Deteriorated/lack of street pavement in right -of way o e e e a e • i a e Deteriorated/lack of curb and gutter in right of way rT r' ;• • • o • e o s o o Insufficient street lighting in right -of way - Overhead utilities in right of way Deteriorated/inadequate/lack of sidewalks in right of way •sr o • e • t • • e e re o Detenora fed/unsafe utilities in the right -of way Other (public infrastructure that limits development) .' r e DEFECTIVE OR UNUSUAL TITLE CONDITIONS Title conditions making the property unmarketable (Ind SUP zoning) ` - T NOT SURVEYED-' other (easemenis and other encumbrances) h THE EXISTENCE OF CONDITIONS THAT ENDANGER LIFE OR PROPERTY BY FIRE OR OTHER CAUSES Structures in the floodplain Evidence of previous fire Inadequate emergency vehicle provisions Presence of dry debris adjacent to structures r' _r Hazardous materials near structures/fire hazard 1 r Dead trees/shrubs near high traffic areas Other (unsafe level changes trip/fall hazard) t BUILDINGS THAT ARE UNSAFE / UNHEALTHY FOR PERSONS TO LIVE/WORK IN BECAUSE OF BUILDING CODE VIOLATIONS DILAPIDATION DETERIORATION DEFECTIVE DESIGN PHYSICALCONSTRUCTION OR FAULTY OR INADEQUATEFACILITIES Building code violations P 2 I :_I e �_ �t I ��'—{ L "L - ,ttr` f` V_ _,a -----=t- _ � � — , 4 -- 3 — '_ _— I Public health concerns Dilapidated or deteriorated mtenor of building - `~;' ° - ` '' -4` ""s-"'_ I' < _ j"--`*"`_`—'„ Defective design or physical construction -'-t:"rr�-'` `s IT i ^� _,___-_ ' -- - Imo_ 1----^' -^ Faulty or inadequate facilities Presence of mold _ ^n--- ��F 1 DESKT_OPANALYSIS_ Inadequate emergency egress provisions _ 1 �.... ) L^ I i . ii Evidence of recent flooding 7 '�.r' —___r f-'% �- ��—I-t--`}=--t%-� Jlr Unprotected electrical systems/wire s/gas lines r , 1`.- ;1 Inadequate fire suppression systems I vii 6C �' ^� Evidence of vagrants inside budding �'a j I - ' 1' 1 t`<n Other (fire hozord documented asbestos) l 'J I / Official documentation of contamination s- I I— ' s 1 I t f r , LDESKTOP ANALYSIS 7 , ENVIRONMENTAL Iora9eome5nceofazardasmatevth s CONTAMINATION Other evidence of environmental contamination Ct.. _:L _ "— r� l Ii i� - i ' I ws REQUIRES HIGH LEVELS OF MUNICIPALES/BUILDINGS/ OR SITES/ BUILDINGS/ IMPROVEMENTS IMPROVEMENTS UNDERUTILIZED/ VACANT High levels of vacancy I s I I I * µ� 1.5 'H 11 _ I' I -F { I - '� t '- -' High levels of municipal code violations `�' High levels of vehicular accident reports levels of requests for emergency services - - - - •'�" t- i r 1 }+ I DESKTOP- -�--- H ( I ° I �`I�� Other evidence of required high level of municipal services ... ss Other evidence of substantial physical underuhlization rf �� Note Desktop Analysts is abbreviated as D A Not Surveyed is abbreviated N S Source DGC Consulting field survey and Google Earth 30 Bighorn Study Area Conditions Study Exhibit 3-2: Field Survey Photographs U Bighorn Study Area Conditions Study Photo 1 Photo 2 Photo 3 Photo 4 Photo 5 Photo 6 Photo 7 Photo 8 Photo 9 Photo 10 Photo 11 32 Bighorn Study Area Conditions Study Appendix Appendix A: Sources Consulted 1. State of Colorado Statutes Urban Renewal Law § 31-25-101: http://www.state.co.us/gov dir/leg dir/oils/colorado revised statutes.htm 2. Google Map and Google Earth Pro aerial imagery and mapping(2019) 3. Mapping and GIS imagery provided by Town of Firestone (2019) 4. Weld County Assessor website (2019) and materials provide by the Weld County Assessor 5. Town of Firestone website (https://www.firestoneco.gov) 6. Firestone Master Plan (2013) 7. Town of Firestone Development Regulations (2019) 8. Northern Firestone Urban Renewal Plan and Weld County Impact Report (2013) 9. Northwest Firestone Conditions Study, Matrix Design Group (June 2012) 10. Outline Development Plan, Teets Planned Unit Development, Town of Firestone, County of Weld, Colorado (1996) 11. Ordinance #355 - an ordinance zoning property annexed to the Town of Firestone and known as the Teets Annexation No. 1, Teets Annexation No. 2, Teets Annexation No. 3 to the Town of Firestone (February 1997) 12. Colorado Oil and Gas Conservation Commission website (https://cogcc.state.co.us) 13. Bighorn 17H -P267 Pad Special Use Permit (2018) 14. Resolution Re: Designation of the Unincorporated Area of Weld County, Colorado, as a Mineral (Oil and Gas) Resource Area of State Interest, Pursuant to C.R.S. §24-65.1-202(1) (June, 2019) 33 Tax Forecast and County Impact Report for Bighorn Urban Renewal Area Firestone, Colorado Prepared for: Town of Firestone Urban Renewal Authority 151 Grant Ave., Firestone, CO 80520 Prepared by: DGO Consulting 18331 E. Davies Avenue Foxfield, CO 80016 FINAL October 2019 Bighorn Urban Renewal Area Tax Forecast and County Impact Report Background information and other data have been furnished to DGC Consulting (DGC) by the Firestone Urban Renewal Authority, Town of Firestone, Colorado, Weld County, Colorado, and/or third parties, which DGC has used in preparing this report DGC has relied on this information as it was provided, and is neither responsible for nor has confirmed the accuracy of the information II Bighorn Urban Renewal Area Tax Forecast and County Impact Report Contents 1. Introduction and Background 1 2. Urban Renewal Plan 2 3. Development Timing 2 Table 1: Oil and Gas Well Development 2 Table 2: 15 -Year Well Production Estimate 2 Figure 1: Special Use Permit Site Plan 3 Table 3: Residential Development Program 3 4. Property Tax Revenue 3 4.1 Current PropertyTaxes and PropertyTax Districts 4 Table 4: 2019 Property Taxes and Estimated 2020 Property Taxes 4 Table 5: Property Tax Districts and Mill Levies (2018) 5 4.2 Property Tax Forecast Assumptions 5 4.3 Weld County Property Tax Revenue Forecast 6 Table 6: Annual Weld County Property Tax Revenue (2019-2024, 2044) 6 Table 7: Cumulative Weld County Tax Revenue (2019-2044) 7 Table 8: Relative Share of Estimated Total Property Tax Revenue 7 5. Impact on Weld County Services 7 Table 9: Public and Private Service Providers 8 6. Impact on Weld County Infrastructure 8 7. Financing of Newlnfrastructure 8 8. County Impact ReportConclusions 9 9. Property Taxes for Taxing Authorities 11 Table 10: Annual Tax Revenues by Taxing Authority (2019-2024, 2044) 11 Table 11: Cumulative Property Tax Revenues by Taxing District (2019-2044) 12 10. Exhibits 13 Exhibit A-1: Property Tax Forecast Spreadsheet 13 Exhibit A-2: Property Tax Forecast Spreadsheet 14 Exhibit A-3: Property Tax Forecast Spreadsheet 15 Appendices: 17 Appendix A: Sources Consulted 17 Appendix B: Bighorn Urban Renewal Area Legal Description and Map Exhibit 18 Appendix C: Bighorn Urban Renewal Plan 21 iii Bighorn Urban Renewal Area Tax Forecast and County Impact Report 1. Introduction and Background This report summarizes the tax forecast and impact on Weld County (hereafter, the "County") and other taxing entities of the proposed redevelopment of the Bighorn Urban Renewal Area (hereafter, the "Area") in the Town of Firestone ("Town"), as described in the Bighorn Urban Renewal Plan (hereafter, the "Urban Renewal Plan" or "Plan") and other materials provided to the Town by potential developers of properties within the proposed Urban Renewal Area. This Bighorn Urban Renewal Area Tax Forecast and County Impact Report (hereafter, "Tax Forecast and County Impact Report") was prepared by DGC Consulting (hereafter, "DGC") for the Firestone Urban Renewal Authority (hereafter, "FURA" or "Authority") under a contract dated January 1, 2019. This Tax Forecast and County Impact Report includes a summary of forecasted property tax revenues for all taxing entities in the proposed Bighorn Urban Renewal Area, as well as Weld County fiscal and service impacts associated with development in accordance with the Urban Renewal Plan. Specifically, this report is intended to: 1. Provide a detailed property tax projection for all taxing entities over a 25 -year period. 2. Respond to the requirements outlined in the State of Colorado Statutes for Urban Renewal Authorities (Colo. Rev. Stat. § 31-25-101, et seq.) specifically related to the requirements of a County Impact Report (Colo. Rev. Stat. § 31-25-107 (3.5)). These requirements are excerpted as follows: (3.5) (a) At least thirty days prior to the hearing on an urban renewal plan or a substantial modification to such plan, the governing body or the authority shall submit such plan or modification to the board of county commissioners, and, if property taxes collected as a result of the county levy will be utilized, the governing body or the authority shall also submit an urban renewal impact report, which shall include, at a minimum, the following information concerning the impact of the plan: The estimated duration of time to complete the urban renewal project: II. The estimated annual property tax increment :o be generated by the urban renewal project and the portion of such property tax increment to be allocated during this period to fund the urban renewal project; III. An estimate of the impact of the urban renewal project on county revenues and on the cost and extent of additional county infrastructure and services required to serve development within the proposed urban renewal area, and the benefit of improvements within the urban renewal area to existing county infrastructure; IV. A statement setting forth the method under which the authority or the municipality will finance, or that agreements are in place to finance, any additional county infrastructure and services required to serve development in the urban renewal area for the period in which all or any portion of the property taxes described in subparagraph (II) of paragraph (a) of subsection (9) of this section and levied by a county are paid to the authority; and V Any other estimated impacts of the urban renewal project on county services or revenues. 1 Bighorn Urban Renewal Area Tax Forecast and County Impact Report 2. Urban Renewal Plan The Bighorn Urban Renewal Plan, dated October 2019, by DGC Consulting, is included by reference as Appendix C. 3. Development Timing Development of the proposed Bighorn Urban Renewal Area is comprised of two distinct components: (1) oil and gas drilling on a pad site in the southern part of the property, followed by the production of oil and gas on the same site, and (2) residential development of the remainder of the property. The drilling of 19 oil and gas wells commenced in early 2019 and is expected to be completed in 2020. After that, the drilling equipment will be removed and the pad site will be converted to a site for the production and temporary storage of oil and gas from the wells. The timeframe for drilling and production is estimated to be 15 years, after which the wells will be capped. The oil and gas well development program is summarized in Table 1 and utilization over the 15 -year estimated production timeline on Table 2. A site plan from the 2018 Special Use Permit approved by the Town of Firestone is included as Figure 1. Table 1: Oil and Gas Well Development Wells and Equipment Taxable (Units) Oil and Gas Wells (19 wells) 19 Equipment (for 19 wells) 19 Shared Tank Battery 1 Table 2: 15 -Year Well Production Estimate Year of Production 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 75% 100% 50% 50% 35% 25% 23% 10% 2% 2% 2% 2% 2% 2% 2% Well Utilization 2 Bighorn Urban Renewal Area Tax Forecast and County Impact Report -A NM, S to a at -r:•L . ..$ YarYt I\D0]/ttt.OYSW 4; 1 I w a I i y` ~ Pla 1.11 SOS • • •►= too ttapWSant :r. tNW e* • SW Mt an ••Y• • MOWS WW1 Mt Sell • 1 as /'.f t / ! I SW an w.•S. a. •a ils sa:Meal BIGHORN 17H -P267 PAD SPECIAL USE PERMIT A PAR. Cl .M*, ..)CAT) 0 ThE SC1114n51 Q.MI'..' it St'-t0s 't .?ate J *a r t N'Q ,7 Es7 ft IC 67t• r5ACla. t4AQAA '01► Or trLst77E. C =ow Snag 774 Wtt S • rue fare: tease n_ SOW "ease n ._-- •.KV.a r �w S. \ 1 a.— . `.Y.... • 'Y -- s • SWOOP f / • 11" a , f 3 7 ins adt• __Attr to sr • ! a • ra 1 { r, eta 044 - f Aa I -• , S a..:.` • _ ▪ 77.7 ' a LLSsIp t5.t.s1 ear UMW —r—w— tots a:at WS WS .-.. .r v. an.•• Wit V ••e n are •Intl .tr 7-•. .__•0 fl .STO via ants wee n • c —fl- - a•••2 ar •sY. molt to •o\.a 0•71 •-•• •-L \ r. w • .00l• VOA CA. a:1a .vr Ptt3 ar •Ucs U a. • I. — J 0 -fl • tp J • - •r-- < t xis JH•a:t 79M r WPM welt w r tams +\r+ f 't NM SWAP %LS D WC OP BIGHORN 17H -P267 PAD EN.AROKI fl PLOT PLAN - DRUM PRIM SPECIAL USE PERMIT ins - - . , -"NJ •• o Y a I,a4-1a7 Figure 1: Special Use Permit Site Plan Source: Town of Firestone Construction of single family homes on the remainder of the property will be determined by market conditions. For the purpose of this forecast, residential development is assumed to occur over a nine year period (2024 -2032). The initial phase of residential development will become taxable in 2025 and continue through 2032 when buildout occurs. 111 estate lots will be developed first, followed by 455 production houses on smaller lots, for a total of 566 residential units. Residential construction is assumed to total 1,243,000 SF: houses constructed on the estate lots are 3,000 SF and houses on production lots are 2,000 SF. Table 3 summarizes the residential development program which was prepared using a concept site plan provided by the Owner (Firestone Venture LLC) to the Town of Firestone. Table 3: Residential Development Program Residential Development Units SF/Unit Taxable (SF) Residential (111 estate dwelling @3,000 SF) 111 3,000 333,000 Residential (455 units @2,000 SF) 455 2,000 910,000 Total Residential 566 1,243,000 Source: Firestone Venture, LLC 4. Property Tax Revenue This section summarizes the forecast for property tax revenue resulting from development within the proposed Bighorn Urban Renewal Area. It begins with a discussion of current property taxing district mill levies and 3 Bighorn Urban Renewal Area Tax Forecast and County Impact Report property taxes paid, followed by a calculation of the property tax "Base". Key assumptions are summarized that were used to develop the property the tax forecast. The Weld County property tax forecast is summarized next. The forecast of property tax revenues is a "maximum case," understanding that the FURA plans to negotiate property tax revenue sharing arrangements with all of the Taxing Districts. Taxing Districts are any public body that levies ad valorem taxes on real and personal property within the proposed Urban Renewal Area, and which appear on the Weld County Assessor's Property Report for the subject parcel. Sales taxes were not analyzed because retail development is not planned for the proposed Urban Renewal Area. An annual inflation rate of 1% was used for the forecast. 4.1 Current PropertyTaxes and PropertyTax Districts The proposed Urban Renewal Area is comprised of a single parcel with a 2019 property tax Base Actual Value of $25,835, Assessed Value of $7,490 and Taxes of $707. However, due to the January 2019 sale of the property for $1.1M to Firestone Venture LLC, the Actual Value and taxes due are expected to increase. The new 2020 Assessed Value is estimated to be $319,000 resulting in $30,127 taxes due. These existing property taxes are referred to as the "Base." This information is summarized on Table 4. Table 4: 2019 Property Taxes and Estimated 2020 Property Taxes Mill Levy: 94.441 Account No. Parcel No. Classification Tax Year Actual Value ($) Total Value Assessed ($) 2018 Taxes 1/2019) ($ paid R7762599 131117006001 Ag Land 2019 25,835 7,490 707 Account No. Parcel No. Classification Tax Year Estimated Value Actual ($) Total Value ($) Estimated Taxes Estimated Assessed 2019 ($ paid 1/2020) R7762599 131117006001 Ag Land 2020 1,100, 000 319,000 30,127 Source: Weld County Assessor website, Colorado Dept. of Local Affairs brochure (2019) Property taxes are currently payable to six taxing districts with taxes based on a total of 94.441 mills. Current mill levies for each district are summarized in Table 5. It is assumed that the owner continues the current agricultural use in order to maintain classification as agricultural for property tax purposes, until such time as the residential development proceeds. 4 Bighorn Urban Renewal Area Tax Forecast and County Impact Report Table 5: Property Tax Districts and Mill Levies (2018) Tax Area District ID District Name Current Mill Levy % of Total 3513 406 FIRESTONE TOWN 6.805 7% 3513 507 FREDERICK -FIRESTONE FIRE 11.36 12% 3513 531 FREDERICK -FIRESTONE FIRE (BOND 2022) 0.601 1% 3513 1050 HIGH PLAINS LIBRARY 3.252 3% 3513 301 NORTHERN COLORADO WATER (NCW) 1.00 1% 3513 213 SCHOOL DIST RE1J-LONGMONT 56.385 60% 3513 100 WELD COUNTY 15.038 16% Total 94.441 100% Source: Weld County Assessor parcel data Note: 2019 payable, 2018 levy year 4.2 Property Tax Forecast Assumptions Key assumptions are listed below that were used to forecast property tax revenue for development within the proposed Urban Renewal Area. Following this are assumptions for oil and gas property taxes, followed by residential development property tax assumptions. Property Tax Assumptions: 1) All real property will be taxable. 2) 2018 property tax information provided by Weld County Assessor. 3) Personal Property taxes are not included in this analysis. 4) Value of real property increases 1% per year 5) 2018 property tax "Base" ($707) is estimated to increase in 2019 to $30,127 (payable 2020). This reflects the January 2019 sale of the property for $1.1M from Bighorn Limited Partnership to Firestone Venture LLC. 6) 2019 residential assessment rate adjusted to 7.15 percent and assumed to continue for 25 -year analysis period. Oil and Gas Property Tax Assumptions: 1) Oil and gas wells and equipment begin to produce tax revenue in 2020 (payable in 2021). 2) Utilization rate of wells (%) based on discussions with Weld County Assessor and Crestone Peak Resources. 3) Wells and equipment will be operated and taxable for a period of 15 years, after which the wells will be capped and equipment removed. Depletion is modeled in the forecast using a well "utilization percentage." Year 1 shows a 75% ramp -up of production and Year 2 achieves maximum (100%) production, after which production declines. 4) Information about wells and equipment was provided by Crestone Peak Resources ("Crestone Peak Resources 2019 Tax Statement Report" for 21 wells in Weld County) and from the Bighorn Parcel Special Use Permit (2018). 5) Well value based on 100% well production ($1.6M per well) inferred from same report mentioned above. 6) Equipment value ($22,500 per well) inferred from same report mentioned above. 7) Tank battery value ($1.6M per battery serving 19 wells) inferred from same report mentioned above. 8) Weld County tax rates: 87.5% for oil and gas wells, 29% for equipment (wellhead equipment and tanks), 5 Bighorn Urban Renewal Area Tax Forecast and County Impact Report 29% for agricultural land. Residential Property Tax Assumptions: 1) Residential development program derived from information in the Firestone Venture Concept Plan (2019) that was provided to the Town by Firestone Venture LLC (Owner). 2) Residential development is phased from 2025 to 2032 when 100% build -out (1,243,000 SF) is achieved. Estate lots are developed first, followed by production housing lots. 3) 111 estate units have an estimated value of $450k each, for a total value of $45.01M (3000 SF x $150/SF). Total built = 333,000 SF (phased 2025-2028). 4) 455 production units have an estimated value of $300k each for a total value of $136.5M (2000 SF x $150/SF). Total built = 910,000 SF (phased 2029-2032). 5) The future project value for forecasting property tax is $200/SF for residential development. Weld County Property Tax Revenue Forecast The forecast of future Weld County property tax revenues was calculated using a spreadsheet, which is included as Exhibit A. These are the portion of total tax revenues that go to the County. For purposes of clarity, information from the spreadsheet has been excerpted and is presented in the tables and narrative which follow. Tables 6 and 7 summarize total Weld County property taxes, existing property taxes (referred to as the "Base"), and future property taxes due to new development (referred to as the "Increment") that is proposed to be deferred. Table 6 summarizes the short-term period (six years) of the project (2019-2024), during which the wells are at their greatest utilization, and includes the final year (2044) for reference. New revenue from residential development does not occur until 2026. New property tax increment for wells and equipment ($315,148) begins in 2021, reaching a maximum in 2022 ($421,333) when the wells are at 100% utilization. Utilization and revenue slowly decline until the 15 -year production period is complete. Table 6 also shows annual stabilized well and residential net revenue to be deferred ($257,095) in 2044, the final year of the forecast (year 25). Table 6: Annual Weld County Property Tax Revenue (2019-2024, 2044) Share of Property Tax (%) 2019 2020 2021 2022 2023 2024 2044 Property Taxes (Total) $ 113 $ 4,797 S 320,091 $ 426,324 $ 222,461 $ 224,686 $ 263,308 Property Tax (Base) $ 113 $ 4,797 $ 4,943 e $ 4,992 $ 5,042 $ 5,092 $ 6,214 Net Property Tax Revenues (Increment $ - $ - $ 315,148 w S 421,333 $ 217,419 $ 219,594 $ 257,095 Source: Weld County Assessor parcel data Note: 2019 payable, 2018 levy year Table 7 summarizes the cumulative County property tax revenue in five year increments 2019-2044 (25 -year analysis period) that is proposed to be deferred. 2019 is included as a reference point. This includes revenue from wells and residential development within the proposed Urban Renewal Area, developed in accordance with the phasing plan discussed earlier in this report. Over the 25 -year period, it is forecast that $138,227 in property taxes would be collected for the Base, and $5,342,362 in new property tax revenue increment would be deferred by the County. 6 Bighorn Urban Renewal Area Tax Forecast and County Impact Report Table 7: Cumulative Weld County Tax Revenue (2019-2044) 2019 2019-2024 2019-2029 2019-2034 2019-2039 2019-2044 Property Taxes (Total) S 113 $ 1,198, 472 S 1,845, 573 S 2,941,926 $ 4,189, 861 S 5,480,589 Property Taxes (Base) S 113 $ 24,978 S 51,214 S 78,788 S 107,768 S 138,227 Property Tax Revenues (Increment) S - S 1,173,494 S 1,794,359 $ 2,863,138 S 4,082,093 S 5,342, 362 Source: Weld County Assessor parcel data Note: 2019 payable, 2018 levy year The relative share of oil and gas well and equipment tax revenue compared with residential development tax revenue was also analyzed. It is presented in Table 8. This provides insight into what the relative contributions of these two revenue sources would be over the 25 year analysis period. Residential property tax revenue is estimated to provide 67% of total property tax revenue, oil and gas wells 30% and oil and gas well equipment 3%. Although this calculation is for total tax revenue (based on 94.441 mills), the same proportions would apply to Weld County or any of the other Tax Districts. This assumes assuming a 7.15 percent residential assessment rate for the 25 -year analysis period. Table 8: Relative Share of Estimated Total Property Tax Revenue Estimated New Development Property Tax Revenues Revenue ($) % of Total Residential 22, 585, 089 67% Oil and Gas (equipment) 920,928 3% Oil and Gas (wells) 10,044, 852 30% Total New Development 33, 550, 869 100% DGC Consulting using Weld County Assessor parcel data 5. Impact on Weld County Services Municipal and public service providers for the subject property are summarized on Table 9. The proposed Urban Renewal Area is currently located within the Town of Firestone municipal boundaries and Weld County. Municipal services (planning and zoning, engineering, streets, potable water, storm sewer, and police) are provided by the Town. Bulk water supply is provided by the Northern Colorado Water Conservancy District for distribution by the Town. Other services are currently provided by special districts, or will be in the future. The proposed Urban Renewal Area is within the St. Vrain Valley School District (also referred as the "Longmont RE1-J School District"), as well as the Frederick — Firestone Fire Protection District, and High Plains Library District. Sanitary sewer service may be provided in the future by the St. Vrain Sanitation District, if arrangements are made with a future Developer. The property is not within the Carbon Valley Recreation District, although it may be included in the future as residential development proceeds. Electrical power is provided by the United Power Cooperative. Natural gas is provided by Black Hills Energy. Telecommunications are provided by private companies. 7 Bighorn Urban Renewal Area Tax Forecast and County Impact Report Weld County provides General Government Services which include: County Attorney, County Courts, Social Services, Assessor's Office, Coroner's Office, and the Clerk and Recorder's Office. It is likely that County General Governmental Services will be required during and after construction in the proposed Urban Renewal Area. Table 9: Public and Private Service Providers Service Provider (Current or Future) Streets, Environmental, and Potable Water Town of Firestone Public Works, Northern Colorado Water Conservancy District Sanitary Sewer St Vrain Sanitation District (possible in the future) Storm Sewer Town of Firestone Public Works Regional Storm Drainage none identified Fire and Emergency Services Frederick - Firestone Fire Protection District Public Safety Town of Firestone Police Department Parks and Recreation Town of Firestone, Carbon Valley Recreation District (possible in the future) Library High Plains Library District County General Governmental Services Weld County i Schools St Vrain Valley RE1J School District Electrical Power United Power Cooperative Natural Gas Black Hills Energy Telecommunications Various Source: Weld County Assessor website. Town of Firestone website, other utility provider websites 6. Impact on Weld County Infrastructure New infrastructure, such as roads and utilities within the Urban Renewal Area will be the responsibility of the developing party, and may be funded by the Town and/or future metropolitan districts. It is our opinion, based on information provided by Town staff, that the development of the proposed Urban Renewal Area will not impact County infrastructure. 7. Financing of New Infrastructure It is anticipated that new infrastructure serving the Urban Renewal Area will be provided by property developers, the Town, metropolitan districts, or other special districts. Infrastructure will be financed by property developers, tax increment revenue, and/or a combination of tax increment revenue, general fund revenue, and special district revenue (assuming the creation of a special district). Maintenance of infrastructure will be provided mainly by the Town and/or existing and future special districts. 8 Bighorn Urban Renewal Area Tax Forecast and County Impact Report 8. County Impact Report Conclusions 1. General Plan and Zoning Consistency - the anticipated uses within the proposed Urban Renewal Area are consistent with uses in the Town of Firestone Comprehensive Plan and Zoning and Subdivision Regulations. 2. Development program - development of the proposed Bighorn Urban Renewal Area is comprised of two distinct components: (1) oil and gas drilling on a pad site in the southern part of the property, followed by the production of oil and gas on the same site, and (2) residential development of the remainder of the property. 3. Phasing ;oil and gas wells; - the drilling of 19 oil and gas wells commences in 2019 and is expected to be completed by 2020. After that, the drilling equipment will be removed and the pad site used for the production and temporary storage of oil and gas from the wells. The timeframe for drilling and production is estimated to be 15 years, after which the wells will be capped. 4. Phasing (residential development) - construction of single family homes on the remainder of the property is scheduled to occur after drilling is completed and will be determined by market conditions. For the purpose of this forecast, residential development will become taxable in 2025 and continue through 2032 when buildout occurs. 111 estate lots will be developed first, followed by 455 production houses on smaller lots, for a total of 566 residential units. Houses constructed on the estate lots are assumed to be 3,000 SF and 2,000 SF each on the production lots. 5. Property taxes deferred - if all of the County portion of the property taxes was deferred, the County would experience an annual fiscal impact of $315,148 per year in 2021 (the first year of development -induced revenues) and growing to $421,333 in 2022 (year of maximum production). This would be followed by a rapid decline, stabilization, and then steady growth to approximately $257,095/year in 2044 (the conclusion of the 25 -year tax increment financing period), resulting from the inclusion of the parcel in the proposed Urban Renewal Area and after accounting for the Base. 6. Property tax Base - the total current County portion of property tax Base is $113 for 2019 (of a total Base of $707). The County portion of the Base is expected to increase to $4,797 in 2020 (of a total Base of $30,127) after the 2019 sale of the property is accounted for in the assessment. Over the following 25 -year period, it is forecast that a total of $138,227 in property taxes would be collected for the County portion of the Base, and $5,342,362 in new property tax revenue increment would be deferred by the County. 7. Taxes by type of development — assuming a 7.15 percent tax assessment rate, residential property tax revenue is estimated to provide 67% of total property tax revenue, oil and gas wells 30%, and oil and gas well equipment 3%. Although this calculation is for total tax revenue (based on 94.441 mills), the same proportions would apply to Weld County or any of the other Tax Districts. 8. Weld County services — it is not expected that Weld County will need to provide measurable additional services to the proposed Urban Renewal Area. 9. Town of Firestone services - the Town of Firestone will continue to provide general governmental services to the proposed Urban Renewal Area. The Town will also continue to provide Engineering, Planning and Community Development, and Public Safety services. 10. Special districts - special districts such will continue to provide their respective services, including the St. Vrain Valley RE1J School District. Other public service providers may include: Northern Colorado Water Conservancy District, St. Vrain Sanitation District, Frederick — Firestone Fire Protection District, and High Plains Library District. 9 Bighorn Urban Renewal Area Tax Forecast and County Impact Report 11. Private utilities - telecommunications and private utility companies will continue to provide services, regardless of whether the properties are within the Town of Firestone. 12. Weld County infrastructure — based on the tax forecast and impact analysis, it is not expected that development of the proposed Urban Renewal Area will negatively impact existing County infrastructure and the County will not need to provide additional infrastructure to serve future development. The Town of Firestone, Firestone Urban Renewal Authority, property developers, and/or special districts (including metropolitan districts) will plan, finance, construct, and maintain new infrastructure for the Urban Renewal Area. On a commercial basis, private utilities mentioned previously will continue to provide services, and if required, new infrastructure to serve the Urban Renewal Area. 10 Bighorn Urban Renewal Area Tax Forecast and County Impact Report 9. Property Taxes for Taxing Authorities A six -year snapshot of property taxes by taxing district, resulting from development within the proposed Bighorn Urban Renewal Area is presented in Table 10. Annual revenue for 2044 is also shown for reference. Exhibit A presents the complete property tax analysis spreadsheet. Table 10: Annual Tax Revenues by Taxing Authority (2019-2024, 2044) Weld County 1 2 3 4 5 25 Share of Property Tax (%) 15.92% 2019 2020 2021 2022 2023 2024 2044 Property Taxes (Total) 0.0150 $ 113 $ 4,797 $ 320,091 $ 426,324 $ 222.461 $ 224,686 S 263.308 Property Tax (Base) $ 113 $ 4,797 $ 4.943 S 4.992 $ 5.042 $ 5.092 S 6,214 Net Property Tax Revenues (Increment) $ - $ - $ 315,148 $ 421,333 $ 217,419 $ 219,594 S 257,095 Longmont RE1J 1 2 3 4 5 25 Share of Property Tax (%) 59.70% 2019 2020 2021 2022 2023 2024 2044 Property Taxes (Total) 0.0564 S 422 $ 17,987 $ 1,200,180 $ 1,598,504 $ 834,119 $ 842,460 $ 987.274 Property Tax (Base) $ 422 $ 17.987 $ 18.532 $ 18,717 $ 18.905 $ 19.094 $ 23,298 Net Property Tax Revenues (Increment) $ - $ $ 1,181,648 $ 1,579,787 $ 815,214 $ 823,367 $ 963,976 Town of Firestone 1 2 3 4 5 25 Share of Property Tax (%) 7.21% 2019 2020 2021 2022 2023 2024 2044 Property Taxes (Total) 0.0068 $ 51 $ 2,171 $ 144,848 $ 192,920 $ 100.668 $ 101,675 $ 119.152 Property Tax (Base) $ 51 $ 2,171 $ 2,237 $ 2,259 $ 2.282 $ 2,304 S 2,812 Net Property Tax Revenues (Increment) $ - $ - $ 142,611 $ 190,662 $ 98.387 $ 99,371 $ 116.340 Frederick - Firestone Fire District 1 2 3 4 5 25 Share of Property Tax r/a) 12.03% 2019 2020 2021 2022 2023 2024 2044 Property Taxes (Total) 0.0114 $ 85 $ 3,624 $ 241.803 $ 322,054 $ 168.052 $ 169,732 $ 198,908 Property Tax (Base) S 85 $ 3.624 $ 3,734 $ $ 3.809 $ 3,847 S 4.694 3,771 Net Property Tax Revenues (Increment) $ $ - $ 238,069 $ 318,283 $ 164,243 $ 165,885 $ 194,214 Frederick - Firestone Fire District (Bond 1 2 3 4 5 25 Share of Property Tax (%) 0.64% 2019 2020 2021 2022 2023 2024 2044 Property Taxes (Total) 0.0006 $ 4 $ 192 $ 12,793 $ 17,038 $ 8,891 $ 8,980 $ 10,523 Property Tax (Base) $ 4 S 192 $ 198 $ 200 $ 202 $ 204 $ 248 Net Property Tax Revenues (Increment) S - S - $ 12.595 $ 16,839 $ 8.689 $ 10,275 $ 8,776 High Plains Library District 1 2 3 4 5 25 Share of Property Tax (%) 3.44% 2019 2020 2021 2022 2023 2024 2044 Property Taxes (Total) 0.0033 $ 24 $ 1,037 $ 69,220 $ 92,194 $ 48,108 $ 48,589 $ 56,941 Property Tax (Base) $ 7 $ 1.037 $ 1,069 $ 1,080 $ 1,090 $ 1,101 $ 1,344 Net Property Tax Revenues (Increment) $ 17 $ - $ 68,151 $ 91,114 $ 47,017 $ 47,488 $ 55,597 Northern Colorado Water (NCW) 1 2 3 4 5 25 Share of Property Tax (%) 1.06% 2019 2020 2021 2022 2023 2024 2044 Property Taxes (Total) 0.0010 S 7 $ 319 S 21,285 $ 28,350 S 14.793 $ 14,941 S 17,510 Property Tax (Base) $ 7 $ 319 $ 329 $ 332 $ 335 $ 339 $ 413 Net Property Tax Revenues (Increment) $ - $ $ 20,957 $ 28.018 S 14,458 $ 14.603 $ 17.096 Source: DGC Consulting using Weld County Assessor parcel data 11 Bighorn Urban Renewal Area Tax Forecast and County Impact Report Table 11 summarizes cumulative property taxes (based on five, 10, 15, 20 and 25 -year increments) for County and other taxing districts. Exhibit A presents the complete property tax spreadsheet. Table 11: Cumulative Property Tax Revenues by Taxing District (2019-2044) Cumulative Weld County 2019 2019-2024 2019-2029 2019-2034 2019-2039 2019-2044 Property Taxes (Total) $ 113 $ 1,198, 472 $ 1,845, 573 $ 2,941, 926 $ 4,189, 861 $ 5,480,589 Property Taxes (Base) $ 113 $ 24,978 $ 51,214 $ 78,788 $ 107,768 $ 138,227 Property Tax Revenues (Increment) $ - S 1,173, 494 S 1,794 359 $ 2,863,138 S 4,082,093 $ 5,342,362 Cumulative Longmont RE1 J 2019 2019-2024 2019-2029 2019-2034 2019-2039 2019-2044 Property Taxes (Total) $ 422 $ 4,493,673 $ 6,919,979 $ 11, 030, 756 S 15, 709, 890 $ 20,549, 474 Property Taxes (Base) $ 422 S 93,657 S 192,027 S 295,415 S $ 518,282 404,077 Property Tax Revenues (Increment) $ - S 4,400, 016 S 6,727,952 S 10, 735,340 S 15, 305, 813 $ 20, 031,191 Cumulative Town of Firestone 2019 2019-2024 2019-2029 2019-2034 2019-2039 2019-2044 Property Taxes (Total) S 51 $ 542,333 S 835,159 $ 1,331,281 S 1,895,997 $ 2,480,077 Property Taxes (Base) S 51 S 11,303 $ 23,175 S 35,653 S 48,767 $ 62,551 Property Tax Revenues (Increment) S - S 531.030 S 811,984 5 1,295,628 S 1,847,230 S 2,417,527 Cumulative Frederick - Firestone Fire District 2019 2019-2024 2019-2029 2019-2034 2019-2039 2019-2044 Property Taxes (Total) $ 85 $ 905,349 $ 1,394,182 S 2 222,389 S 3,165,103 S 4,140,144 Property Taxes (Base) $ 85 $ 18,869 $ 38,688 S 59,518 S 81,410 S 104,419 Property Tax Revenues (Increment) $ - $ 886,480 S 1,355,494 S 2,162, 871 S 3,083,693 S 4,035,725 Cumulative Frederick - Firestone Fire District (Bond 2019 2019-2024 2019-2029 2019-2034 2019-2039 2019-2044 Property T axes (Total) S 4 $ 47,897 S 73,759 S 117,575 S 167,450 $ 219,034 Property Taxes (Base) $ 4 $ 998 S 2,047 $ 3,149 S 4,307 $ 5,524 Property Tax Revenues (Increment) $ $ 46,899 S 71,712 $ 114,427 $ 163,143 $ 213,510 Cumulative High Plains Library District 2019 2019-2024 2019-2029 2019-2034 2019-2039 2019-2044 Property Taxes (Total) S 24 S 259,172 S 399,109 $ 636,198 S 906,067 S 1,185,189 Property Taxes (Base) 5 7 $ 5,385 S 11,058 $ 17,021 S 23,288 $ 29,875 Property Tax Revenues (Increment) $ 17 $ 253,787 $ 388,051 $ 1,155,314 $ 619,177 $ 882,778 Cumulative Northern Colorado Water (NCW 2019 2019-2024 2019-2029 2019-2034 2019-2039 2019-2044 Property Taxes (Total) S 7 S 79,696 S 122,727 S 195,633 S 278,618 $ 364,449 Property Taxes (Base) $ 7 $ 1,661 $ 3,406 S 5,239 $ 7,166 $ 9,192 Property Tax Revenues (Increment) $ - $ 78,035 $ 119,322 $ 190,394 $ 271,452 $ 355,257 Source: DGC Consulting using Weld County Assessor parcel data 12 Bighorn Urban Renewal Area Tax Forecast and County Impact Report 10. Exhibits Exhibit A-1: Property Tax Forecast Spreadsheet Annual Property Tax Estimates 2 3 4 S 6 7 9 9 10 Shan of Properly Tax (%) 2019 2020 2021 2071 2021 le 2026 2027 2024 20 2023 Estimated Cumulative New Development ResWantel (srrxje family detached urns) 100.000 200,000 300 000 333,000 8001700 Equpnent (wells era shred tank ternary ) 2,047/75 2047, 775 2,047, 775 2,047, 775 1047, 775 2.047, 775 2,047,775 2.047.775 2.047, 775 2,047.775 Od and Gas (Wdls) 19 19 19 19 19 19 19 19 19 19 Estmated Oil and Gee WeN Miamian 75% 100% 50% 5096 35% 25% 23% IO% 2% 2% Estimated New Development Market VStm Residents' S 150 S - S S - S S S - S 16.082030 S 32, 485.701 S 49, 215837 S 55.175.875 5133.800202 Equpmers S I S - S 2088.935 S 1109,825 S 2.130.923 $ 2.152232 S 2173.754 S 2.195,492 S 2217,447 S 2239621 S 2.262.018 S 2,284.638 Oil and Gas (Wens) $ 1600.000 523 258 260 S 31.321 150 5 15.817 181 $ 15 975 353 S I 1 294 574 S 8 148 229 $ 7 571 334 S 3 324 803 $ 571 510 S 378 325 Estimated New Development Assessed Value Resjderttal (tax rate) 7 15% S S S - $ S $ S 1 149.865 S 2322726 S 3.518.932 5 3.945.075 5 9.572434 E qupne a (tax rob) 2900% $ - S 805 791 S 611,849 $ 617 966 S 624,147 S 830, 369 S 636 693 S 643.060 S 649.490 S 665 965 5 662545 Od and Gas (wells) (tax rad) 87 50% $20 350 995 S 27.406.007 S 13840 03;1 $ 13 978 434 S 9882 753 S 7 129 %0) $ 6 524 917 S 2 909 203 S 587 ars S 533 536 Estimated New Development Property Tax Revenues (94 441 nets) Residents' (tax revenues) 0094441 S S S - S - S - S - S - S 106594 S 219 361 5 332331 $ 372,577 Equpmers(iet revenues) 0094941 S S S $ 57.212 $ 57.784 S 58,361 S 58.945 $ 59.535 $ 80.130 $ 80,731 S 61 339 S 81,952 Os' and Gas (w ens) (lax rev enues I 0 091141 $ S 1,921.968 $ 2588.251 $ 1307 067 $ 1 320 137 S 933.337 $ 873 336 $ 625664 S 274748 S 55499 Total Property Tax Now DewiopmentOncoming $ - $ $ 1.979,160 S 2,646,034 S 1,365,428 S 1,379,082 S 992,872 S 842,060 S 905.756 S 668.418 S 490.028 Toed Property Tex Eliding Development(Base) S 707 $ 30.127 $ 31 040 $ 31.350 S 31.864 S 31,980 $ 32,300 5 32,623 $ 32.949 S 33,279 $ 33.612 Toed Property Tax 5 707 S 30 127 S 2.010.220 S 2 677 385 S 1.397 092 5 1 411 063 S 1 025 172 S 874.684 $ 938.705 S 701.697 $ 523.640 Toted Property T ex es'eel n4 0evdopmert (Base) S 707 5 30,127 $ 31040 S 31 350 S 31664 S 31 980 S 32 3C0 $ 32523 S 32949 $ 33 279 S 33 612 TabiProperty TarsNew Development 'Incoming S S S 1.979,180 $ 2546034 S 1365.428 S 1379082 $ 992872 S 842060 S 905756 S 668.418 S 490.028 Property Tax Estimate by Taxing Entity (annual and cumulative): Weld Coun 1 2 3 4 S 6 7 $ 9 10 Share of Property Tax (%) 15.92% 2019 2020 2021 2022 2023 2024 2025 2028 2027 2870 2029 Property Tans (Total) 0 0150 S 113 $ 4.197 $ 320.091 $ 426.324 S 721.461 S 224.686 $ 163,240 S 139,277 $ 149, 472 5 111.732 5 83,360 Property Tax (Base) S 113 S 4,797 S 4,943 $ 4,992 S 5.042 S 5092 5 5,143 $ 5,195 S 5.247 $ 5,299 S 5,352 Nd Property Taft Revenues thiamin" S - $ S 315148 S 421.333 S 217.419 S 219,594 S 158,097 S 134,083 S 144 225 5 106.433 S 78.028 Cumulative Weld Coun 2019 31193124 20192824 Property Taxes (Total) 5 113 $ 1.198472 S 1,845.573 Property Taxes (Base) S 3 S 24.978 S 51 214 Property Tax Revenues 9ncrenetq S S 1 173 494 S 1.794.359 Longmont RE1J 1 2 3 4 S 6 7 $ 9 10 Share of Property Tax (%) 59.70% 2019 2020 2021 2073 2024 2025 7026 7027 2024 2020 2022 Property T ass (Total) 0 0564 S 422 S 17987 S 1,200,180 S 1,598504 5 834 119 S 842.460 S 612068 5 522,221 S 560 444 S 418.941 S 312633 Property Tax (Base) S 422 S 17987 S 18,532 S 18.717 S 18.905 5 19.094 S 19.285 S 19.477 S 19,672 S 19.869 5 20.068 Net Property Tax Revenues Increment) S S $ 1,181,648 S 1.579.787 S 815.214 S 823.367 S 592,783 S 502.743 S 540.772 S 399,072 $ 292.586 umulative Longmont RE1J 2019 20192024 20/9222! Property T ante (T otal) S 422 $ 4493673 S 8,919.979 Property Tana (Base) $ 422 S 93.657 5 192027 Property Tax Revenues •naerneno S 5 4 400 016 S 6.727.952 Town of Firestone 1 2 3 4 5 6 7 4 9 10 Share of Property Tax (%) 721% 2019 2020 2021 2022 2023 2024 2925 2021 2W 24'01 2404 Property Tars (Total) 00068 S 51 5 2,171 S 144.848 S 192.920 $ 100868 S 101 675 S 73.869 S 63.026 $ 67.639 5 50,561 S 37 731 Property Tu(Bw) S 51 5 2171 5 2237 5 2259 $ 2.7r2S 2.304 $ 2,327 S 2.361 $ 2 374 S 2396 5 2422 Net Property Tat Revenues Securing S S S 142.611 S 190.662 S 96,387 S 99.371 $ 71,542 S 60.675 S 65.265 S 48.163 5 35.309 umulative Town of Firestone 2019 2019.2024 20192024 Property Tans (T obi)S 51 S 542.333 S 836.159 Property Taxes (Bne) S 51 S 11303 S 23175 Property Tax Revenuon'ncrenert) S S 531.030 - 5 811.964 - Firestone Fire District 1 2 3 4 S 6 1 1 10 Shared Property Tu (%) 12.03% 2019 2020 2021 2222 IOW 2024 3125 7020 2047 2824 2829 Property Tars (T(Ms') 0 0114 5 85 S 3624 S 241 803 S 322054 S 168.052 S 169 732 S 123.315 $ 105 213 $ 112914 5 84 405 S 62 987 Property Tax (Ban) 5 85 S 3624 $ 3.734 $ 3.771 S 3.809 5 3.847 S 3.886 5 3.924 S 3.963 5 4.003 S 4.043 Net Property Tax Revenus'naeneno S - S S 238.069 S 318283 $ 164.243 S 165,885 S 119429 S 101 269 S 108.960 S 80 402 S 58,944 Cumulative Frederick - Firestone Fire District 2019 2019.7024 20192024 Property Taxes (Toed) S 85 5 906.349 5 1,394.182 Property Talon (Base) S 85 5 18,889 5 38.688 Property Tax Revenues •naeneno _ S - 1 $ 886.480 5 1.355,494 Frederick - Firestone Fire District (Bond 1 2 3 S 6 7 9 10 Share of Property Tax(%) 0.64% 2019 2020 2021 2022 2023 2024 2025 2028 2011 3131 2019 Property Taxes (Total) 0 0006 S 4 $ 192 S 12 793 $ 17038 S 8 891 5 8.980 5 6.524 5 5 566 S 5.974 $ 4 465 5 3.332 Properly T ax (Bar) 5 4 $ 192 $ 196 $ 200 5 202 $ 204 $ 206 $ 206 5 210 $ 212 S 214 Net Property Tot Revenues Onaene) $ S - S 12 595 S 16.839 S 8663_5 8 776 S 6.318 S 5.359 S 5.784 5 4 254 $ 3 118 e Frederick - Firestone Fire District (Bond 2019 20192024 201920x! per Proty Tam ( Toed) S 4 5 47 897 5 73.759 Property Tam (Base) 5 4 S 998 S 2.047 Property Tax Revenues 0ncnment) S - _ S 46.899 S 71.712 Plains Library District 1 2 3 4 5 6 7 9 9 10 Y Share of Property Tax (%) 3.44% 3119 2020 2021 2022 2023 2024 2025 2024 2027 2021 3170 Property Taxes (Total) 0 0033 S 24 5 1,037 5 69.220 5 92.194 5 48 106 S 48 569 5 35.301 5 30 119 5 32.324 5 24 152 $ 18031 Property Tax (Base) S 7 $ 1037 S 1 069 S 1.060 $ 1 090 $ 1 101 $ 1.112 S 1.123 5 1.135 S 1 146 S 1.157 Net Property Tax Revenues $ncrenent) $ 17 S S 66.151 S 91.114 S 47 017 S 47 488 S 34 189 5 28.996 S 31,189 $ 23016 S 16.874 ulative High Plains Library District 20118 20193124 a019>07! Properly T axs (T std) $ 24 S 259 172 S 399.109 Property Tam (Bas) 5 7 $ 5.385 $ 11068 ProprtyTax Reverus 6naemeno S 17 $ 253/87 - - S 368.051 1 2 3 4 $ 6 1 4 9 10 Share of Property Tax (%) 1.06% 2019 2020 2021 2022 2023 2024 3125 2021 2021 3124 2031 Property Tans (Tots') O OOtO S 7 S 319 $ 21.285 S 28350 . $ 14.793 $ 14 941 S 10.855 $ 9.262 $ 9.940 $ 7.430 $ 5.545 Property T u (Baer) $ 7 $ 319 S 329 $ 332 $ 335 $ 339 $ 342 $ 345 S 349 $ 352 $ 356 Net Property Tax Revenues Onaement) $ $ S 20,957 $ 28,018 S 14 458 $ 14 603 $ 10,513 S 8 916 S 9 591 5 7 078 S 5,189 Colorado Water (NCW - - 2019 3)19.2024 29192 Property Taxes (Toed) $ 7 S 79696 $ 122.227 Property Tars (Base$ 7 i I $ t 661 S 3.406 Property Tex Revenues 0 naenent) $ $ 78 035 $ 119322 Source: DGC using information from the Weld County Assessor website 13 Bighorn Urban Renewal Area Tax Forecast and County Impact Report Exhibit A-2: Property Tax Forecast Spreadsheet Annual Property Tax Estimates 11 12 13 14 15 16 17 18 1s 20 Shan of Property T ax (%) 27130 2231 2032 2033 20 iA 2976 267{ 2037 2003 20.78 Ear Wed Cumulative New Dstrelpnwrf Res+xental (sale trey t1t84cled nett) 800 000 1,030,000 1.243,000 1 243 000 1,243,000 ' 243 OCO 1 243.000 ' 24,6 :.CC ' 243 7(n ' 243 70.: Etepnert (arts aril snared tare tarry) 2 047 775 7047,775 2.047,775 2,047 775 2,00,775 04 and Gas (Wees) 19 19 19 19 19 Es/mateOil end Get Wee utlizatr 2% 2% 2% 74 2% Estimated New Development Maher Value Resdents $ 19) S '03 023.755 S ¶7t3/13, 922 S 214, 319,43 $ 216.462.662 $ 218 627.288 S 220 813,581 S 223,021.697 S 225, 251.914 S 277 504 433 $ 719 uts 477 Etlupment $ IS 2.307.484 S 2.330.559 $ 2.353.895 $ 2,377,403 $ 2,401,177 S • $ - S $ S - Od and Gas (Wells; S 1 600000 S 686 110 $ 691 '361 S 698 880 S 705889 $ 712928 S Estimated New Derebprnert Assessed Vat* Readers (Lot rate) 7 15% S 12065198 S '2 206 050 S "5 323842 S 15.477.030 $ 15631 851 S '5 /88 '70 S '594605' S 16105512 S 1628659 $ 16429.233 Egaptwn (Lot rale) 29 CO% S 669 170 S 675.882 S 012 62' $ 580.40 $ 696 341 S S S • S S 01 and Gas (w4110)(1t4 rale) i750% $ 599 471 5 805 4115 S 611 523 S 317.635 $ 623 812 S S - $ - S - $ Estimated New Devekpmef Property Tax Revenues (94 441 miss) Reseoents(fax'evexaee) 0094441 $ 904, CODS 1,141,338 $ ''57152 $ 1,447,199 S 1,461,871 S 1476.288 S 1,491,051 $ 1,505,961 $ 1,521,021 S 153623' Equpnent(bet revues) en5 0094441 v $ 62571 r$ 83197 rS 63,829 a S 64,467$ '' 65112 '$ 85763 v - rS - rS - eS Oil and Gas ;wets;flax revenues) 009444! ;, 56054 5 56615 $ 57181 $ 57,753 S 56330 S 58913 5 - 5 - S $ Tae Property Tax Nee Development (Increment) S 1.022,656 S 1,261,150 S 1.275761 S 1,589.419 $ 1 585113 $ 1.600.964 s 1,491,051 S 1,505,961 S 1521,021 $ 1.536.231 Total Property Tax Ending Development (Base) S 33948 $ 34267 S 34,630 S 34977 S 354328 S 3561 S 36038 $ 36397 S 36:761 S 37.126 Tod Property In S ' 056.604 5 1.295 437 S 1 X 9 332 S 1 604 385 S 1.620439 S ' 636 644 S 1.52.087 S 1 542,358 $ 1557.781 S 1573,350 TetalProperty lnElie ngDevelopment (Base) $ 33948 S 34287 S 3462C $ 34977 S 35326 S 35580 $ 36036 S 36397 S 36.761 $ 37128 T od Property T ax New Development (Increme g $ ' 022656 S ' 261,150 S 1.273.761 S 1 S®419 S 1585,113 $ ' t7JC 964 S "9' 051 S ' 535 96' S • 52' 02' S ' 536 231 Property Tax Estimate by Taxing Entity (annual and cumulative): Weld County 11 12 13 10 15 16 17 1s 19 20 Share or Property T n f%) 15.92% 2030 2031 2032 2033 2034 2135 2036 2037 203E 2009 Property Taxes (T .. 3'5C S '68 245 S 206 275 S 206 337 5 .2‘± 41' S 258, v25 $ 262 606 S 243 '6' S 245 592 S 248 048 S 25C 529 od) Property Tax (Basel S 5 476 $ 5.487 $ 5 5' 4 5 5 569 S 5.625 S 568' S 5 738 S 5 796 $ 5.853 $ 5 9'2 Net Property T ax Revenues pncre'nwt) S '62 639 S 2(b 815 S 201823 S 249 9C' S 252403 S 254 924 S 2:Y 471 S 2313 57 S 242195 S 244 6'7 Cumulative Weld Court 20132&34 2019-21139 Property Taxes (Tod) S 2 941 926 S 4 '89 861 Property Taxes (Base) $ 78.788 $ '37 /68 Property Tax Revenues (increment) $ 2863'38 $ 4382093 Longmont RE1J 11 12 13 14 15 16 17 1/ 19 m Slave of Property Tax(%) 59 70% 2030 2031 2032 20X1 2034 2036 2036 2037 2W8 ZOO Property Taos (Tote) 3 0564 S 630 634 S 773 47/ S 18' '6' S 967 WS/ S 96/ 466 S 977 '41 $ 911,131 S 920,84/ S 930,057 S 939 39 Property Tax (Base) S 20.268 5 20471 5 2C676 S 20882 S 2109' S 21302 $ 21,515 S 21,730 $ 21,948 S 22,167 Net Property Tax Revenue Oncremenp S 610 503 5 752 9556 5 /t3 486 S 937 006 S 946 375 $ 955 839 S 890 216 S 500,118 $ 906 109 $ 917,190 Cumulative Longmont RE1J 2019-1034 2019-2039 Property Tars (Tad) 5 11,0;3(1756 5 '5 7^„9 890 Property Teas (B•••) S 295.415 S 404.C77 Property Tor Rrvsnus (increment) S 14735340 S '5 3058'3 Town of Firestone 11 12 13 14 IS 16 17 u 19 20 Share of Property Tax (%) 7.21% 2030 2031 2032 2033 2034 2036 axis 2037 2038 2039 Property Taxes (Total) 0 0068 S /6134 S 93343 5 94 277 S '15606 5 ''6 762 $ 1'7923 S 110,035 S 111 135 S ''2 247 $ "3 369 Property Tax (Ras) $ 7446 $ 2 47' S 2 495 S 2520 5 2 545 5 2 57' S 7503 S 7623 5 2649 S 2 ': 5 Nd Property Tax Revenues Increment S 73608 $ 90873 S 9' 782 5 ''3 085 S "4 2'6 S "5 358 S 107,438 S 108 5'3 S 109 598 S ': Cumulative Town of Firestone 2019-2034 2019-2639 Property Taxes (Totall S ',331 28' S ' 35,5 397 Property Taxes (Bas) S 35.653 S 48.767 Property Ta Revenues (Increment) S 1795 .628 S 1 847230 Frederick - Firestone Fire District 11 12 13 14 15 16 17 is 19 20 Stove of Property Tax (%) 1203% 2030 2031 ant 2813 2054 2005 2036 2897 2638 203• Property Tan (Toel '2"4 $ '27096 $ '56824 S 19.382 S '92987 S '949'7 S '9686' 5 '83688 5 '85525 $ '87350 S '89254 Property Tea (Basel S 4083 S 4 124 5 4.166 $ 4 247 S 4 249 S 4 792 S 4 335 5 4 378 S 4 471 S 4 466 Net Property Tax Revenues pncrenrrw) S 123,012 S 151 700 S 153,217 $ '88 180 S '90 668 S '92 575 S '.5 354 5 '8' '47 $ '82 9513 S '84 788 Cumulative Frederick - Firestone Fire District 21111134 2019.2039 Property Taxes (Toe) S 2.222 389 5 3 '65 103 Properly Tan (Rase) S 595'8 S 81 410 Property Tax Revenues (Increment, $ 2'6287' S 3083693 Frederick- Firestone Fire District (Bond) 11 12 13 14 15 16 17 1/ 19 20 Share o1 Property Tax f%) 0.64% 2030 2611 2032 2033 20,34 2036 2036 2037 2038 2039 Property T 00006 5 6.724 S 8244 $ 3323 $ _. J 5 '03'2 S '0415 $ 97'8 S 98'S S 9913 S .:. axes (Total) Property Tax Rase S 216 S 218 5 220 S 273 S 225 $ 727 S 279 S 232 5 734 S ?35 Nat Property Tax Revenues Increment) $ 6,508 S 8026 S 8.'06 S 9987 $ 0 087 S 10.188 $ 9 489 $ 9.584 $ 9 679 S Cumulative Frederick - Firestone Fire District (Bond) 20732034 2019-2038 Property Taxes (Teel S 1'1.575 S '67 450 Property Taxes (Basel S 3 148 S 4307 Property Tax Raucous Increment)F S '14,427 S '63 '43 Hiah Plains Library District 11 12 13 14 IS 16 17 18 19 20 Share of Property Tax (%) 3.44% 2030 2031 2032 2033 2x34 2036 2036 2337 235 2836 Property T axes (Tod) 0 0033 S 36 383 S 44 607 _ S 45 3 5 SS 746 5 55 799 $ 56 357 S 52584 S S3 ' ' 0 S 53,641 5 54 177 Property Tax Bas) $ "69 69 $ ' '8' S ' '92 S ' 203 5 ' 2'6 $ 1 229 S ' 24' S ' 253 S 1,2676 S ' 778 Net Property Tax Revenues 41ersnent) S 35 2' 4 $ 43 42/ S 43 86' S 9 342 S 54 582 S 55 '28 5 5' 343 5 5' 85/ S 57375 S 52039 Cumulative Hi Plains Library District 2019-2x34 2019-4139 Property Taxer S 516 ' 98 S 936 76 (Teal) Property Tans (Rase) S ' c' S 3286 Properly In Revenues (Increment) S 6'9 '77 S 882 778 Northern Colorado Water (NCW 11 12 13 14 15 Is 17 18 19 70 Share of Property Tax ('..) 1 06'% 2030 X31 2032 2033 2034 235 anti6 2037 2038 207! Property Tees (Teel) :x'.: S 1,188 S 3" 5 '3654 $ '6988 S '7.156 $ '6333 $ '6'x0 S '633' S 16495 5 '6660 Property Tax (Bas) 5 399 S ?eV S 36'6 S 370 S 374 S 378 S 362 S 385 S 358 S 343 Net Property lnRevenues (Increnent) S 18829 S �3``: S '3:87 S '6618 S '6784 $ '6952 S '5188 5 '5946 S 16108_5 '626: Cumulative Northern Colorado Water (NCW 2019-2034 2019-2039 Property Taxes (To9-1) S '95633 S 278618 Property Totes (8es) S 5 239 S i '66 Property Tax Revenue (increment) S '9C 394 _ S 27' 452 Source: DGC using information from the Weld County Assessor website 14 Bighorn Urban Renewal Area Tax Forecast and County Impact Report Exhibit A-3: Property Tax Forecast Spreadsheet Annual Property Tax Estimates 21 22 23 24 Share of Property Ta ('n) 2040 2041 2042 2043 2044 2019.2044 Estimated Cumulative New Development _ Resrdenael (single truly deOched unts) • 24-i. Cry3 1 24' . {0 1 24' 4 1 243 ;-ll4 1 243 CO Eguipmen1(walk and shared tar* belly ) Oil and Gas (Weis) Estmabd 04 wnd Gas Wet Utitzaton Estimated New Development Markel Value Residental S 150 S 232,077.272 S 234,398.045 $ 236.742.025 $ 239,109.445 S 241,500.540 Equipment S 1 S S s S $ Oil end Gas (Wells) S 1600.000 S - S - S • S $ Estimated New Development Assessed Value Resident& (tax rate) 715% S 16,593525 $ 16.759.460 $ 16.927,055 S 17,096325 S 17.267.289 Equipment (tar rale) 2900% S - S S $ - $ Oil and Gas (wells) (tax race) 87 50% S S - $ - $ - S Estimated New Development Property Tax Revenues (94 441 mdls) Resident& (lax revenues) 0 094441 S 1.551,593 S 1.567 109 S 1 582 780 S 1598.608 S ''5z S 22 585.089 Eq.apnart(tax revenues) 0094441 $ S S S S S 920928 Oil and Gas (*Ss) (tar revenues) 0 054441 $ S - S - S S - S 10 044 852 Total Property Ta New Development 1naenent) S 1,551 593 S 1 567.109 S 1 582.780 _ 5 1.598.608 5 1 614,594 5 33 550869 Total Property Ta Existing Development (Base) S 37.500 S 37875 S 38253 S 38.636 S 39.022 S 868,087 Total Property 1 a $ 1,589.093 5 1 604.984 S 1 621.033 5 1,637,244 S 1 653,616 S 34,418956 Tod Property Tax ESstng Development (Base) S 37 500 S 37 875 S 38.253 S 38.636 S 39.022 S 868.087 Total Property Ta New Development (increment) 5 1,551,593 $ 1.567 109 S 1.582.780 5 1.598,608 S 1,614.594 $ 33,550.869 Property Tax Estimate by Taxing Entity (annual and cumulative): Weld Count Share of Property in �.) 15-12% 240 2041 2042 204 *44 2019-2044 Property inn (T ltd l 0.O' 50 S 253.034IS255 564 $258 '20 $260101 S263.308 5 5480 589 Property i n (Rase) S5,971S 6,031 5 6.091 S 6152 S 6.214 S 138.227 Net Property Tax Revenues (Increment) $247,063$ 249533 $ 252029 S 254.549 S 257.0% S 5342362 21 22 24 25 Cumulative Weld Count 2019-2044 Property T axes (1 oral) S 5,480.589 Property T axes (Base) - S 138.227 Property Tn Revenues Increment) S 5.342.362 Longmont RE1J 21 72 24 25 Share of Property Tax {_„) 59.70% 2040 2041 2042 2043 2044 2&92044 Property T axes IT oral) 0 0564 S 948.151 S 958.239 S 967.821 $ 977.499 S 987,274 S 20.549,474 Property T n (Base) S 72.389 S 22-613 S 71.839 S 73.067 S 23,298 S 518.282 Net Property Tax Revenues (Incranent) S 926362 $ 935.626 S 944 982 5 954.432 S 963.976 $ 20.031,191 Cumulative Longmont RE1J 2019.2044 Property T axes (T otal) S 20.549,474 Property Taes (Base) S 518,282 Property Tax Revenues Increment) 20.031.191 Town of Firestone 21 72 13 24 25 Share of Property Tax r) 7 21% 2049 2041 2042 2043 2044 2019-2044 Property T nes (Total) : --:t0.‘2, S 114 503 $ ' _ _ S 116 804 S 111973 $ 119 152 S 2 480,077 Property T n (Basel S 2.702 S 2 729 5 2 756 $ 2 784 S 2.812 S 62.551 Net Property Tax Revenues$nuanent) S 111,801 5 112.919 5 '14,48 S '^'89 S '16.340 S 2.417527 Cumulative Town of Firestone 2019-2044 Property T axes (T otd) $ 2.480,077 Property Taxes (Base) S 62.551 Property Tax Revenues Increment! $ 2417 527 Frederick - Firestone Fire District 71 24 75 Share of Property Tax N) 11 03% 2040 2041 20.42 2043 2044 2019-2044 Property T nes (Tod) S '91,141 5 193.058 5 194.989 $ 196 939 5 198 9178 5 4 140.144 Property Tn (Rate) :. 4,511 S 4556 S 4,601 S 4647 S 4,694 S 104.419 i Net Property Tax Revenues /ncrenentl S '86636 5 188,502 $ 190.387 S 192291 S 194 214 S 4.035 725 Cumulative Frederick - Firestone Fire District 20192044 Property T nes (Tod) S 4,140.144 Property Taxes (Base) S 104,419 Property Tax Revenues (Increment) _ S 4,035.725 Frederick - Firestone Fire District (Bond 21 22 23 24 25 Share of Property T ax ('n) 064% 2040 2041 2042 2043 2044 2019-2044 Property T axes (1 cad) _cc'6 S '' 3 S 10 214 S 10.316 S 10 419 S •C ^v S 719.034 Property Tax (Base) S 239 S 241 S 243 S 246 S 24d S 5,524 Net Property Tax Revenues (hutment) S 9 874 S 9.973 S 10.072 $ 10,173 5 10.275 5 213.510 Cumulative Frederick - Firestone Fire District (Bond 20192041 Property T an (T od) 5 219.034 Property T axes (Basel 5 5..524 Property Tax Revenues Increment) 5 213.510 High Plains Library District 21 72 73 24 25 Share of Property Ta (%) 344% 2040 2041 2042 2043 2044 2019-2044 Property Taxes (Tod) .)0033 5 3d1 /1 9 S 55,266 S 'It n' 7 56.377 S Wit' S ' 185,189 Property Tax (Base) _ 1,291 S 1,304 5 1,317 S 1,330 S ' 3- S 29,875 Net Property Tax Revenues (Increment, S 53.428 S 53.962 S 55:47 S 51-5021_5 S f ' ' S 1 155.314 Cumulative High Plains Library District 20/9-2041 Property Taxes (Tod) S 1.183.5 189 Property Taxes (Base) S 29.875 Property Tax Revenues Increment) 5 1,155.314 Northern Colorado Water (NCW 21 71 23 24 25 Share of Property Tax N) 1.06% 2040 2041 2042 2043 2044 20102044 Property T axes (Total) 00010 S 16.826 S 16,995 S 17 165 S 17 336 S 17 510 5 364.449 Property T ax (Baca) S 397 S 401 S 405 $ 409 S 413 S 9,192 Net Property T a Revenues (Increment) _ 5 16,429 5 16.594 S 16.759 $ 16.927 S 17,096 5 355.257 Cumulative Northern Colorado Water (NCW 2019-20.44 Property T axes (T Mail S 364,44,9 Property T axes (Base) S 9,192 Property Tau Revenues Increment) 355257 Source: DGC using information from the Weld County Assessor website 15 Bighorn Urban Renewal Area Tax Forecast and County Impact Report Appendices: Appendix A: Sources Consulted 1. State of Colorado Statutes Urban Renewal Law § 31-25-101: http://www.state.co.us/gov_dir/leg_dir/oils/colorado_revised_statutes.htm 2. Google Map aerial mapping (2019) 3. Mapping and GIS imagery provided by Town of Firestone (2019) 4. Weld County Assessor website (2019) and materials provide by the Weld County Assessor 5. Crestone Peak Resources 2019 Tax Statement Report (for Weld County) 6. Town of Firestone website (https://www.firestoneco.gov) 7. Firestone Master Plan, a Community in Motion (2013) 8. Town of Firestone Development Regulations (2019) 9. Northern Firestone Urban Renewal Plan and Weld County Impact Report (2013) 10. Outline Development Plan, Teets Planned Unit Development, Town of Firestone, County of Weld, Colorado (1996) 11. Ordinance #355 - an ordinance zoning property annexed to the Town of Firestone and known as the Teets Annexation No. 1, Teets Annexation No. 2, Teets Annexation No. 3 to the Town of Firestone (February 1997 ) 12. Colorado Oil and Gas Conservation Commission website (https://cogcc.state.co.us) 13. "Classification and Value of Agricultural Land in Colorado 2019", publication of Colorado Division of Property Taxation, Department of Local Affairs, State of Colorado (https://www.colorado.gov/pacific/dola/division-property-taxation-brochures) 14. Bighorn 17H -P267 Pad Special Use Permit (2018) 15. Firestone Venture LLC concept site plan (2019) 16. Property Tax Revenue Spreadsheet (DGC Consulting, 2019) 17. Resolution Re: Designation of the Unincorporated Area of Weld County, Colorado, as a Mineral (Oil and Gas) Resource Area of State Interest, Pursuant to C.R.S. §24-65.1-202(1) (June, 2019) 17 Bighorn Urban Renewal Area Tax Forecast and County Impact Report Appendix B: Bighorn Urban Renewal Area Legal Description and Map Exhibit Firestone Big Horn Urban Renewal Area BEING A PART OF SECTION 17, T2N, R67W OF THE 6TH P.M., DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 17, THENCE S 89°52'35" W, 330.00 FEET ALONG THE NORTH LINE OF SAID SECTION 17 TO A POINT; THENCE S 02°09'00" W A DISTANCE OF 30.02 FEET TO THE NORTHWEST CORNER OF THAT TRACT OF LAND, AND THE TRUE POINT OF BEGINNING: THENCE S 02°09'00" W, 1359.91 FEET TO A POINT; THENCE N 32°06'00" E, 182.82 FEET TO A POINT; THENCE N 49°05'10" E, 95.06 FEET TO A POINT; THENCE N 56°44'35" E, 104.76 FEET TO A POINT; THENCE N 68°47'40" E, 58.42 FEET TO A POINT 30 FEET WEST OF THE EAST LINE OF THE NORTHEAST OF SAID SECTION 17; THENCE S 02°09'00" W, 1544.15 FEET ALONG A LINE 30 FEET WEST OF AND PARALLEL TO THE EAST LINE OF THE NORTHEAST 1/4 OF SAID SECTION 17 TO A POINT; THENCE S O1°50'35" W, 1921.15 FEET ALONG A LINE 30 FEET WEST OF AND PARALLEL TO THE EAST LINE OF SAID SECTION 17 TO A POINT; THENCE S 22°48'07" W, 81.53 FEET TO A POINT OF CURVE TO THE RIGHT; THENCE 199.62 FEET ALONG THE ARC OF SAID CURVE TO A POINT OF TANGENT, SAID ARC HAVING A RADIUS OF 165.00 FEET, A DELTA ANGLE OF 69°19'00" AND BEING SUBTENDED BY A CHORD THAT BEARS S 57°27'37" W, 187.66 FEET; THENCE N 87°52'53" W, 395.81 FEET TO A POINT; THENCE N 75°49'03" W, 153.75 FEET TO A POINT; THENCE S 00°09'57" W 574.76 FEET TO A POINT 30 FEET NORTH OF THE SOUTH LINE OF THE SOUTHEAST''/a OF SAID SECTION 17; THENCE S 89°25'57" W, 612.03 FEET ALONG A LINE 30 FEET NORTH OF AND PARALLEL THE SOUTH LINE OF THE SOUTHEAST % SAID SECTION 17 TO A POINT; THENCE N 00°34'03" W, 633.60 FEET TO A POINT; THENCE N89°25'57" E, 105.00 FEET TO A POINT; THENCE N 00°34'03" W, 660.00 FEET TO A NO. 4 REBAR WITH AN ALUMINUM CAP STAMPED LS 2149; THENCE CONTINUING N 00°34'03" W, 325.07 FEET TO A NO. 5 REBAR WITH A PLASTIC CAP STAMPED PLS 22576, THENCE S 89°25'57" W, 670.00 FEET TO A NO. 5 REBAR WITH A PLASTIC CAP STAMPED PLS 22576; THENCE N 00°34'03" W, 99.75 FEET TO A NO. 4 REBAR WITH AN ALUMINUM CAP STAMPED LS 2149 AT A POINT OF CURVE TO THE LEFT; 18 Bighorn Urban Renewal Area Tax Forecast and County Impact Report THENCE 670.45 FEET ALONG THE ARC OF SAID CURVE TO A POINT TANGENT, SAID ARC HAVING A RADIUS OF 750.00 FEET, A DELTA ANGLE OF 51°13'08" AND BEING SUBTENDED BY A CHORD THAT BEARS N 26°10'37" W, 648.35 FEET TO A POINT; THENCE N 51°47'11" W, 118.29 FEET TO A POINT; THENCE N 38°12'49" E 645.98 FEET TO A POINT; THENCE N 51°47'11" W, 485.34 FEET TO A POINT; THENCE N 71°19'37" W 212.22 FEET TO A POINT; THENCE N 00°52'00" W, 707.88 FEET TO A POINT; THENCE S 89°08'00" W, 155.32 FEET TO A POINT; THENCE N 00°52'00" W, 646.77 FEET TO A POINT; THENCE S89°53'00" W, 44.96 FEET TO A POINT; THENCE N 00°07'00" W, 255.00 FEET TO A POINT OF CURVE TO THE LEFT; THENCE 110.72 FEET ALONG THE ARC OF A NON -TANGENTIAL CURVE TO A POINT OF REVERSE CURVE, SAID ARC HAVING A RADIUS OF 50.00 FEET, A DELTA ANGLE OF 128°52.11" AND BEING SUBTENDED BY A CHORD THAT BEARS N 26°26'54" E, 89.44 FEET; THENCE 32.18 FEET ALONG THE ARC OF SAID REVERSE CURVE TO A POINT TANGENT, SAID ARC HAVING A RADIUS OF 50.00 FEET, A DELTA ANGLE OF 36°52'11" AND BEING SUBTENDED BY A CHORD THAT BEARS N 18°33'06" W, 31.62 FEET TO A POINT; THENCE N 00°07'00'' W, 265.00 FEET TO A POINT 30 FEET SOUTH OF THE NORTH LINE OF THE NW 1/4 OF SAID SECTION 17; THENCE N 89°53'00" E, 148.15 FEET ALONG A LINE 30 FEET SOUTH AND PARALLEL THE NORTH LINE OF THE NW 'A OF SAID SECTION 17 TO POINT 30 FEET SOUTH OF THE NORTH 'A CORNER OF SAID SECTION 17, THENCE N 89°52'35" E, 2395.38 FEET ALONG A LINE 30 FEET SOUTH AND PARALLEL TO THE NORTH LINE OF THE NORTHEAST % OF SAID SECTION 17 TO THE TRUE POINT OF BEGINNING. SAID PARCEL HAVING AN AREA = 235.43 ACRES, MORE OR LESS. • � Y --- EXHIBIT B T , I tilt. f •, / �'` BIG FIRESTONE HORN URBAN ill. a ■ilii� i -j; .. III II1I TIT T - TIf a' �T _ :fflTh - RENEWAL AREA . APRIL 2019 I-�: p L .: �_ , - _ __ _ . .-- - W y - W allr .J BIG HORN AREA PLAN z y =�-�� N� I -= •\ (APPROXIMATE AREA - 23543 AC) oi N ill tdi RCM F, THIS ExHIBIT IS NOT RIGHTS —OF —WAY, AND PROPERTY BOUNDARIES REFERENCE 1.4000' A SURVEY ALL LOT ONES ARE SHOWN FOR ONLY \,r, pi \ � err ry ,,, 1 '*"... - I 4 91 11 • ' i 1 - - •�.r� ; Y `-, .--------------j NFU .• ., rr 1 11L1,N FAA If hl M \1 V MINIM Ib f\ 41/4 //i,...„N„. ., I ennauaH ueq n woq ig Area Tax Forecast and County 1JodaH pedw Bighorn Urban Renewal Area Tax Forecast and County Impact Report Appendix C: Bighorn Urban Renewal Plan (included by reference) Urban Renewal Plan for Bighorn Urban Renewal Area Firestone, Colorado Prepared for: Firestone Urban Renewal Authority 151 Grant Ave., Firestone, CO 80520 Prepared by: DGC Consulting DGC Consulting 18331 E. Davies Avenue Foxfield, CO 80016 FINAL October 2019 Bighorn Urban Renewal Plan Background ►nformat►on and other data have been furn►shed to DGC Consult►ng (DGC) by Town of Firestone Urban Renewal Author►ty, Town of Firestone, and/or th►rd part►es, wh►ch DGC has used ►n preparing this report DGC has rel►ed on this ►nformat►on as furnished, and ►s neither responsible for nor has confirmed the accuracy of th►s information II Bighorn Urban Renewal Plan Contents 1.0 Introduction 1 1.1 Preface 1 1.2 Blight Findings 1 1.3 Other Findings 1 1.4 Urban Renewal Area Boundaries 2 2.0 Definitions 2 3.0 Purpose of the Plan 5 4.0 Blight Conditions 5 5.0 Plan's Relationship to Local Objectives and Appropriate Land Uses 7 5.1 Plan Conformity 7 5.2 Consistency with Comprehensive Plan 7 5.3 Relationship to Other Community Plans 7 6.0 Authorized Urban Renewal Undertakings and Activities 7 6.1 Undertakings and Activities to Remedy Blight 8 6.2 Project Development Plan 9 6.3 Complete Public Improvements and Facilities 9 6.4 Plan Modification 10 6.5 Provide Relocation Assistance 10 6.6 Demolish, Clear and Prepare Improvements 10 6.7 Acquire and Dispose of Property 10 6.8 Enter into Redevelopment / Development Agreements 11 6.9 Enter Into Cooperation Agreements 11 6.10 Other Project Undertakings and Activities 11 7.0 Project Financing 11 7.1 Base Valuation Revenues 12 7.2 Increment Valuation Revenues 12 8.0 Severability 13 Appendix 14 Appendix A: Bighorn Urban Renewal Area Legal Description and Map 14 Appendix B: Excerpts from 2013 Firestone Master Plan 19 iii Bighorn Urban Renewal Plan 1.0 Introduction 1.1 Preface This Bighorn Urban Renewal Plan (the "Plan" or the "Urban Renewal Plan") has been prepared for the Town of Firestone, Colorado, which is a statutory town of the State of Colorado (the "Town"). The Plan will be carried out by the Firestone Urban Renewal Authority (the "Authority"), pursuant to the provisions of the Urban Renewal Law of the State of Colorado, Part 1 of Article 25 of Title 31, Colorado Revised Statutes, 1973 (the "Act"), as in effect on the date of approval of this Plan. The administration and implementation of this Plan, including the preparation and execution of any documents implementing it, shall be performed by the Authority. 1.2 Blight Findings Under the Act, an urban renewal area is a blighted area, which has been designated as appropriate for an urban renewal project by the Board of Trustees of the Town ("Town Board"). In each urban renewal area, conditions of blight, as defined by the Act, must be present, and in order for the Authority to exercise its powers, the Town Board must find that the presence of those conditions of blight substantially impair or arrest the sound growth of the municipality or constitutes an economic or social liability, and is a menace to the public health, safety, morals or welfare. The Bighorn Conditions Study prepared by DGC Consulting, dated October 2019, provided to the Authority under separate cover and incorporated herein by this reference (the "Conditions Study"), demonstrates that the Bighorn Study Area ("Study Area"), as defined in the Conditions Study, is eligible to be declared a blighted area by the Town Board under the Act. 1.3 Other Findings The Area (defined in Section 1.4) is appropriate for an urban renewal project to be carried out by the Authority. The activities and undertakings that constitute the urban renewal project as defined in the Act include, without limitation, demolition and clearance of existing improvements, site preparation, installation of needed public improvements, relocation of and provision of new utilities, parking improvements, traffic improvements, and life safety measures. Such actions are necessary to eliminate unsafe conditions, obsolete and other uses detrimental to the public welfare, and otherwise remove and prevent the spread of blight. As required by §31-25-107(4)(g) of the Act, this Urban Renewal Plan will afford maximum opportunity, consistent with the sound needs of the Town, for the redevelopment of the Urban Renewal Area by private enterprise. It is the intent of the Town Board in adopting this Plan that the Authority exercises all powers authorized in the Act which may be necessary, convenient, or appropriate to accomplish the objectives of this Plan, including the power of eminent domain. It is the intent of this Plan that the Authority may exercise all such powers as may now be possessed or hereafter granted for the elimination of qualifying conditions in the Area. 1 Bighorn Urban Renewal Plan The powers conferred by the Act are for public uses and purposes for which public money may be expended and police powers exercised. Upon approval by the Town, this Plan will have been legislatively determined to be in the public interest and necessity. 1.4 Urban Renewal Area Boundaries The Bighorn Urban Renewal Area (the "Urban Renewal Area" or the "Area") is comprised of approximately 235.43 acres in Firestone. The Area includes one parcel of land. The Area is bounded on the north by the Sable Avenue right-of-way, on the east by private property, on the south by the Pine Cone Avenue right-of-way, and on the west by private property. The Area is depicted and shown on Appendix A: Bighorn Urban Renewal Area and Legal Description. 2.0 Definitions Act — has the meaning given to such term in Section 1.1 above. Area or Urban Renewal Area — has the meaning given to such term in Section 1.4 above. Authority — has the meaning given to such term in Section 1.1 above. Available Property Tax Increment Revenues — means all Property Tax Increment Revenues available pursuant to the Tax Increment Financing provisions of the Act not payable to taxing bodies pursuant to agreements, if any, with the Authority or otherwise as provided in §31-25-107(9.5) of the Act. In the event that an agreement is reached with a taxing body pursuant to § 31-25-107(9.5) of the Act after the Effective Date of Plan Approval, the Property Tax Increment Revenues generated by said taxing body's mill levy shall become Available Property Tax Increment Revenues, and the authorization for the Authority to receive and expend such revenue shall not be a substantial modification to this Plan. Base Valuation Revenues — means the revenues produced by the base valuation for taxable property as provided in Section 7.0 of this Plan. Blighted Area — shall have the same meaning as in §31-25-103 of the Act. See below: "Blighted area" means an area that, in its present condition and use and, by reason of the presence of at least four of the following factors, substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals, or welfare: a. Slum, deteriorated, or deteriorating structures; b. Predominance of defective or inadequate street layout; c. Faulty lot layout in relation to size, adequacy, accessibility, or usefulness; d. Unsanitary or unsafe conditions; e. Deterioration of site or other improvements; f. Unusual topography or inadequate public improvements or utilities; 2 Bighorn Urban Renewal Plan g Defective or unusual conditions of title rendering the title non -marketable, h The existence of conditions that endanger life or property by fire and other causes, i Buildings that are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities, j Environmental contamination of buildings or property, or k 5 The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements, or I If there is no objection by the property owner or owners and, the tenant or tenants of such owner or owners, if any, to the inclusion of such property in an urban renewal area, "blighted area" also means an area that, in its present condition and use and, by reason of the presence of any one of the factors specified in paragraphs (a) to (k 5) of this subsection (2), substantially impairs or arrests the sound growth of the municipality, liability, and is a menace to the public health, safety, morals, or welfare For purposes of this paragraph (I), the fact that an owner of an interest in such property does not object to the inclusion of such property in the urban renewal area does not mean that the owner has waived any rights of such owner in connection with laws governing condemnation Board of Trustees — means the Town of Firestone Board of Trustees Bonds —shall have the same meaning as in §31-25-103(3) and 109 of the Act, and, without limitation, includes costs pursuant to any Redevelopment/Development Agreements or other reimbursement agreements between the Authority and owners and developers, and cooperation or pledge agreements between the Authority and one or more Districts Conditions Study (or Study or Survey) — has the meaning given to such term in Section 1 2 above Cooperation Agreement — means any agreement between the Authority and Town, or between the Authority and any public body (the term "public body" being used in this Plan is as defined by the Act) respecting action to be taken pursuant to any of the powers set forth in the Act, including but not limited to the allocation of Increment Valuation Revenues, or in any other provision of Colorado law, for the purpose of facilitating public undertakings deemed necessary or appropriate by the Authority under this Plan County Treasurer — means the Weld County Treasurer C R S — means the Colorado Revised Statutes, in effect on the Effective Date of Plan Approval District (or Districts) — means a metropolitan district which is a quasi -municipal corporation and political subdivision of the State of Colorado organized under the Colorado Special District Act, 32-1-101, et seq , C R S , as from time to time amended, or a business improvement district which is a quasi -municipal 3 Bighorn Urban Renewal Plan corporation and political subdivision of the State of Colorado organized under the Colorado Business Improvement District Act, §31-25-1201, et seq , C R S Duration — means the entire twenty-five (25) year time period authorized by §31-25-107(9) of the Act Effective Date of Plan Approval — means the date this Plan is approved by resolution of the Town Board Impact Report — means the Bighorn Urban Renewal Area Tax Forecast and County Impact Report, prepared by DGC Consulting, dated October 2019 Increment Valuation Revenues — means the revenues produced by the incremental valuation of taxable property as described in Section 7 0 of this Urban Renewal Plan Plan or Urban Renewal Plan — has the meaning given to such term in Section 11 above Project or Urban Renewal Project — means all activities and undertakings described in §31-25-103(10), C R S , and otherwise authorized by the Act as required for the Duration of the Project to complete development and redevelopment of the Urban Renewal Area, including, without limitation financing and construction of all public and private improvements and payment of all financing obligations included in the definition of Bonds Property Taxes — means, without limitation, all levies to be made on an ad valorem basis by or for the benefit of any public body upon taxable real and personal property in the Area Property Tax Increment Revenues — means the property tax revenues allocated to the Authority pursuant to §31-25-107(9)(a)(11) of the Act and Section 7 0 of this Plan Public Body — shall have the same meaning as in §31-25-103(5) of the Act Redevelopment / Development Agreement — means one or more agreements between the Authority and developer(s) and / or property owners or such other individuals or entities as may be determined by the Authority to be necessary or desirable to carry out the purposes of this Plan Study Area — has the meaning given to such term in Section 1 2 above Taxing Body or Taxing Entities — means any public body that levies ad valorem taxes on real and personal property within the Area Town — has the meaning given to such term in Section 1 1 above Town of Firestone Master Plan (or Comprehensive Plan) — means 2013 Town of Firestone Master Plan, as such plan has been or may be amended from time to time 4 Bigiorn Urban Renewal Plan Tax Increment Financing or TIF — means tax increment or allocation financing described in §31-25- 107(9) of the Act as in effect on the date this Plan is approved by the Town Board. Tax Increment Financing shall be required for the full Duration to carry out all activities and undertakings to complete the Urban Renewal Project, including, without limitation, payment of all Bonds. 3.0 Purpose of the Plan The main public purpose of this Plan is to reduce, eliminate, and prevent the spread of blight within the Area through redevelopment by private enterprise. The Plan sets goals to achieve this through implementing established objectives for the Area and assisting with the eligible costs of redevelopment, promoting economic growth, and private investment through the tools available within the context of urban renewal tools, laws, and guidelines, including, without limitation, Tax Increment Financing. Establishment of the Urban Renewal Area will take advantage of improving conditions and the upcoming development cycle by focusing urban renewal efforts in a small Area for the Duration in accordance with the mandates of the Act. The Authority commissioned a Conditions Study by DGC Consulting to determine if the Urban Renewal Area contained the factors that constitute a Blighted Area as defined in §31-25-103 of the Act. The Conditions Study was issued and approved in ( insert date ). It concluded that five of the statutory factors are present in the Area, which supports a finding by the Town Board that the Area is a Blighted Area as defined in the Act. 4.0 Blight Conditions Before an urban renewal plan can be approved and adopted by the Town Board, the area must be found and declared to be a "blighted area" as defined in Section 31-25-103(2) of the Act. The Act provides that, in order for blight to be present within the area, at least four specific blight factors must be present in the area, and that such area, in its present condition and use substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals, or welfare. a Slum, deteriorated, or deteriorating structures; b. Predominance of defective or inadequate street layout; c. Faulty lot layout in relation to s ze, adequacy, accessibility, or usefulness; d Unsanitary or unsafe conditions; e Deterioration of site or other improvements; f Unusual topography or inadequate public improvements or utilities; g. Defective or unusual conditions of title rendering the title nonmarketable; 5 Bighorn Urban Renewal Plan h The existence of conditions that endanger life or property by fire or other causes, i Buildings that are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities, J Environmental contamination of buildings or property, k 5 The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements DGC conducted the Conditions Study according to the following methodology 1 Defined the Study Area, 2 Conducted a visual field survey for the property and evaluate current conditions, 3 Reviewed data provided by the Town, 4 Evaluated conditions found in the context of statutory blight criteria, and 5 Documented the survey findings, as presented in the Conditions Study The Study Area is 235 43 acres, more or less, is owned by private entities, and is located within the incorporated municipal boundaries of the Town A portion of the Study Area is being developed with oil and gas wells and the remainder is planned for residential development Of the eleven qualifying factors identified in the Act, the Conditions Study revealed the following five qualifying conditions of blight, as defined in §31-25-103(2) of the Act, evident within the Study Area b Predominance of defective or inadequate street layout — OBSERVED d Unsanitary or unsafe conditions — OBSERVED e Deterioration of site or other improvements — OBSERVED f Unusual topography or inadequate public improvements or utilities — OBSERVED g Defective or unusual conditions of title rendering the title nonmarketable — OBSERVED 6 Bighorn Urban Renewal Plan 5.0 Plan's Relationship to Local Objectives and Appropriate Land Uses 5.1 Plan Conformity Implementation of this Plan supports the objectives and requirements of the Comprehensive Plan with respect to connectivity to neighborhoods, accessibility to open space, completion of infrastructure, and preservation of natural features, and quality design that promotes Firestone's unique identity. As development occurs in the Area, it shall conform to the Comprehensive Plan and any subsequent updates; the Firestone Building Code, the Firestone Municipal Code, the Firestone Development Code, and any rules, regulations, and policies promulgated pursuant thereto; any site -specific planning documents that might impact properties in the Area including, but not limited to, Town -approved site, drainage, and public improvement plans; and, any applicable Town design standards, all as in effect and as may be amended from time to time. Finally, existing conditions present within the Area will be remedied by the proposed Plan, which remediation may be funded in whole or in part by tax increment revenues and improvements phased as the market allows. 5.2 Consistency with Comprehensive Plan As explained above, a comprehensive or general plan for the Town known as the Firestone Master Plan was adopted in 2013. The Authority, with the cooperation of the Town, private businesses, and other public bodies, will undertake projects and activities described herein in order to eliminate the identified conditions of blight while also implementing the goals and objectives of the Comprehensive Plan and all other Town -adopted plans which impact properties within the Area. These include the recent key goals and policies of that plan which this Urban Renewal Plan will advance are described in detail in Appendix B: Excerpts from 2013 Firestone Master Plan. 5.3 Relationship to Other Community Plans Implementation of this Plan will be consistent with the development goals and objectives in other community plans and guides which pertain to development in the Area. The Sump Basin Master Drainage Plan (2010), Town of Firestone Raw Water Irrigation System Master Plan (2010), Town of Firestone Potable Water Master Plan (2010), South Weld 1-25 Corridor Master Plan (2010), Town of Firestone Design Criteria and Construction Regulations, and Town of Firestone Parks Design Criteria Manual. 6.0 Authorized Urban Renewal Undertakings and Activities The Act allows for a wide range of activities to be used in the implementation of an urban renewal plan. The Authority is authorized to provide both financial assistance and improvements in partnership with property owners and other affected parties in order to accomplish the objectives stated herein. Public - private partnerships and other forms of cooperative development, including Cooperation Agreements, will be essential to the Authority's strategy for preventing the spread of blight and eliminating existing Bighorn Urban Renewal Plan blighting conditions Without limitation, undertakings and activities of the Authority in the furtherance of this Plan as described as follows 601 Undertakings and Activities to Remedy Blight As described in Section 4 0 of this Plan, five qualifying conditions of blight were identified in the Study Area of which this Urban Renewal Plan Area is a part Implementation of this Plan by providing urban renewal resources for public and private improvements will remedy many of the following conditions b Predominance of defective or inadequate street layout — OBSERVED The site survey determined that perimeter access to the Study area is very poor and there are no permanent public streets or rights -of -way The Study Area can only be accessed from two locations a temporary drilling access road on the south and a ranch pasture gate on the north Otherwise, the site is enclosed by continuous fencing without access points Urban renewal tools and resources can help finance development that provides improved access to and within the Area d Unsanitary or unsafe conditions — OBSERVED The site survey and additional research noted the presence of abandoned well locations on the site and active drilling are unsafe conditions within the Study Area As a safety and security precaution, the drilling pad is fenced and managed by a security guard to limit access It is not clear what safety and security measures will be imposed after drilling is completed and the wells are in the production phase Urban renewal tools and resources that contribute to quality development will eliminate unsanitary and unsafe conditions within the Area e Deterioration of site or other improvements — OBSERVED Although the Study Area is not developed with streets and buildings, existing and former well sites are deteriorated Perimeter fencing is also in degraded condition compared with other urban areas Urban renewal tools and resources can help finance development that includes site improvements such as roads, utilities, parking areas, sidewalks, landscaping, open space, and other features Development that includes these features will improve the Area f Unusual topography or inadequate public improvements or utilities — OBSERVED Inadequate public improvements and utilities were observed throughout the Study Area due to the undeveloped state Water, sewer, natural gas, and electric power do not yet reach the 8 Bighorn Urban Renewal Plan Study Area, which has not been annexed to a sanitation district. The South Platte Supply Canal crosses the southern and eastern parts of the Study Area and is a significant obstacle to development. Urban renewal tools and resources can help finance development that provides right-of-way and other public land dedications. They can also be used to finance and construct physical improvements to public streets, utilities, and parks. Urban renewal tools and resources may also support mitigation measures to reduce the impact of the existing irrigation canal crossing the Area. g. Defective or unusual conditions of title rendering the title nonmarketable — OBSERVED The Special Use Permit (SUP) approved in 2018 by the Town of Firestone prescribes conditions related to drilling 19 oil and gas wells in the south portion of the Study Area. Features of the SUP include drilling equipment, tanks, fencing, parking areas, and access roads. The SUP and the conditions that it imposes on property within the Study Area are legal limitations that will make it difficult to market and/or develop property within the Study Area. In addition, existing oil and gas wells, even if they were plugged, will impose limitations on how the property in the Study Area can be developed. The South Platte Supply Canal easement also makes that portion of the Study Area non -developable. Urban renewal tools and resources can be used to address issues related to the irrigation canal easement as well as finance and construct measures to mitigate the impacts of the oil and gas wells within the Area. Therefore, conditions of title may make portions of the Study nonmarketable for development. 6.2 Project Development Plan The primary goal of this Plan is to eliminate the current conditions of blight in the Area and prevent those conditions from reoccurring. Recognizing that oil and gas wells are the initial activity planned for the Area, ultimate development is residential housing planned around decommissioned or operating oil and gas wells primarily located in the southern part of the site. This can be accomplished through careful site planning that provides ample open space and other natural buffers where oil and gas wells are located. However, the Authority is authorized to approve any uses for the Area that eliminate blight and are consistent with the Comprehensive Plan and applicable zoning, including, without limitation, mixed use development, including residential, commercial, industrial, and public uses. 6.3 Complete Public Improvements and Facilities The Authority may undertake certain actions to make the Area more attractive for private investment. The Authority may, or may cause others, including, without limitation, one or more Districts to install, construct, and reconstruct any public improvements, including, without limitation, parking facilities. The Authority may, or may cause others to, demolish and clear buildings and existing improvements for the purpose of promoting the objectives of the Plan and the Act. Additionally, the Authority may, or may 9 1 Bighorn Urban Renewal Plan cause others to, install, construct and reconstruct any other authorized improvements, including, without limitation, other authorized undertakings, or improvements for the purpose of promoting the objectives of this Plan and the Act 6.4 Plan Modification The Authority may propose, and the Town Board may make, modifications to this Plan as may be necessary, provided, however, any modification of the Plan shall (a) comply with the provisions of the Act, including §31-25-107(7), (b) not impair Bonds or the ability of the Authority to pay any outstanding Bonds, including any reimbursement obligations of the Authority, or (c) not impair the ability of the Authority or any party to any then -existing agreement to fully perform their respective covenants and duties under any such agreement The Authority may, in specific cases, allow non -substantive variations from the provisions of this Plan if it determines that a literal enforcement or application of the provision would constitute an unreasonable limitation beyond the intent and purpose stated herein, but not substantial modifications In the future, all or a portion of the property in the Area may be included into metropolitan districts or other existing districts or future taxing bodies Such inclusion is not a substantial modification of this Plan and the Authority anticipates negotiating cooperation or tax sharing agreements with the Taxing Bodies at that time 6.5 Provide Relocation Assistance While it is not anticipated as of the date of this Plan that acquisition of real property will result in the relocation of any individuals, families, or business concerns, if such relocation becomes necessary, the Authority will adopt a relocation plan as necessary to comply with applicable provisions of the Act 6.6 Demolish, Clear and Prepare improvements The Authority is authorized to demolish or cooperate with others to clear buildings, structures and other improvements within the Area in an effort to advance projects deemed consistent with the vision stated herein Such demolition or site clearance is necessary to eliminate unhealthy, unsanitary, and unsafe conditions, eliminate obsolete uses deemed detrimental to the public welfare, remove and prevent the spread of blight, and facilitate redevelopment of the Area by private enterprise 6.7 Acquire and Dispose of Property It is not expected that the Authority will be required to acquire property to carry out the Project However, if the Authority determines such acquisition is necessary, it is authorized to acquire any such property by negotiation or any other method, including eminent domain Properties acquired by the Authority may be temporarily operated, managed and maintained by the Authority if requested to do so by the acquiring entity and deemed in the best interest of the Urban Renewal Project and the Plan Such property shall be under the management and control of the Authority and may be rented or leased pending its disposition for redevelopment 10 Bighorn Urban Renewal Plan The Authority may sell, lease, or otherwise transfer real property or any interest in real property subject to covenants, conditions, and restrictions, including architectural and design controls, time restrictions on development, and building requirements in accordance with the Act and this Plan. 6.8 Enter into Redevelopment / Development Agreements The Authority may enter into Redevelopment / Development Agreements or other contracts with developer(s) or property owners or such other individuals or entities determined to be necessary to carry out the purposes of this Plan, including the pledge by the Authority of Available Property Tax Increment Revenues to pay eligible costs pursuant to the Act or any other applicable law. Further, such Redevelopment/ Development Agreements, or other contracts, may contain terms, provisions, activities, and undertakings contemplated by this Plan and the Act. Any existing agreements between the Town and private parties that are consistent with this Plan are intended to remain in full force and effect, unless all parties to such agreements agree otherwise. 6.9 Enter Into Cooperation Agreements The Authority is authorized to enter into such Cooperation Agreements as may be required by the Act, including tax sharing agreements. The Authority may also use the mediation and other provisions of the Act when necessary to provide adequate financing to carry out this Plan. This paragraph shall not be construed to require any particular form of cooperation. 6.10 Other Project Undertakings and Activities Other Project undertakings and activities deemed necessary by the Authority to carry out the Plan may be undertaken and performed by the Authority or pursuant to agreements with other parties or public bodies in accordance with the authorization of the Act and any applicable law or laws. 7.0 Project Financing The Authority is authorized to finance the Project by any method authorized by the Act or any other applicable law, including without limitation, appropriations, loans or advances from the Town; federal loans and grants; state loans and grants; interest income; pay as you go arrangements; annual appropriation agreements; agreements with public and private parties or entities including, without limitation, Districts; issuance of Bonds; sale of securities; Tax Increment Financing (including property tax increments); loans, advances and grants from any other available source. Any financing method legally available to the Town, the Authority, any private developer, redeveloper or owner may be used to finance in whole or in part any lawful cost or financial obligation, including without limitation, the cost of public improvements described, authorized or anticipated in the Act or Plan or in any manner related or incidental to the redevelopment of the Area. Such methods may be combined to finance all or any part of the Project. Any financing method authorized by the Plan or by any applicable law, including without limitation, the Act, may be used to pay the principal of and interest on and to establish reserves for Bonds and all forms of indebtedness (whether funded, refunded, assumed or otherwise) incurred by the Authority or the Town to finance the Project in whole or in part. 11 Bighorn Urban Renewal Plan The Authority is authorized to issue Bonds in amounts sufficient to finance all or part of the Project. The Authority is authorized to borrow funds and to create indebtedness in carrying out this Plan. The principal, interest and any premiums due on or in connection with such indebtedness may be paid from Tax Increment Financing revenue or any other funds available to the Authority. The Project may be financed by the Authority pursuant to the Tax Increment Financing provisions of the Act. Property taxes levied after the effective date of the approval of this Plan upon taxable property in the Area each year by or for the benefit of each specific public body that levies Property Taxes in the Urban Area on taxable property in the Urban Renewal Area, shall be divided for a period not to exceed twenty-five (25) years after the effective date of this allocation provision, as follows: 7.1 Base Valuation Revenues That portion of the taxes which are produced by the levy at the rate fixed each year by or for each such specific public body upon the valuation for assessment of taxable property in the Area last certified prior to the effective date of approval of the Plan or, as to an area later added to the Area, the effective date of the modification of the Plan. 7.2 Increment Valuation Revenues That portion of said property taxes in excess of the base amount of property taxes paid into the funds of each such public body as provided above must be allocated to and, when collected, paid into a special fund of the authority to pay the principal of, the interest on, and any premiums due in connection with the Bonds of, loans or advances to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise, the Authority for financing or refinancing, in whole or in part, the Urban Renewal Project, or to make payments under an agreement executed pursuant to §31-25-107 of the Act. Unless and until the total valuation for assessment of the taxable property in the Urban Renewal Area exceeds the base valuation for assessment of the taxable property in the Urban Renewal Area, as provided above, all of the taxes levied upon the taxable property in the Urban Renewal Area must be paid into the funds of the respective public bodies. When such Bonds, including interest thereon and any premiums due in connection therewith, have been paid, all taxes upon the taxable property in the Urban Renewal Area must be paid into the funds of the respective public bodies, and all moneys remaining in the special fund that have not previously been rebated and that originated as property tax increment generated based on the mill levy of a taxing body, other than the municipality, within the boundaries of the Urban Renewal Area must be repaid to each taxing body based on the pro rata share of the prior year's property tax increment attributable to each taxing body's current mill levy in which property taxes were divided pursuant to provision. Any moneys remaining in the special fund not generated by property tax increment are excluded from any such repayment requirement. Notwithstanding any other provision of law, revenues excluded by §31-25- 107(9) (a) (II) of the Act are not intended to be included in Available Property Tax Increment Revenues. 12 Bighorn Urban Renewal Plan Available Property Tax Increment Revenues shall be irrevocably pledged by the Authority for the payment of the principal of, the interest on, and any premiums due in connection with such Bonds, including any loans, advances and other indebtedness incurred by the Authority to finance the Urban Renewal Project, but excluding any offsets collected by the County Treasurer for return of overpayments or any reserve funds reserved by the Authority for such purposes in accordance with §31-25- 107(9)(a)(III) and (b) of the Act, and also excluding a reasonable amount each year as determined by the Authority for payment of maintenance and operating expenses associated with administering the Plan, carrying out the Urban Renewal Project, and maintaining the existence of the Authority. The Available Property Tax Increment Revenues (as described and defined in this Plan) are immediately subject to the lien provided by the provisions of §11-57-208, C.R.S., effective as of the date this Plan is approved by the Town Board of Trustees. Such pledge is necessary and required for the benefit of the Authority and private enterprise to carry the Urban Renewal Project in accordance with the requirements of §31-25-107(4)(g) of the Act. Such Available Property Tax Increment Revenues are and shall be subject to the lien of such pledge for the Duration of the Project without any physical delivery, filing, or further act. The creation, perfection, enforcement and priority of the pledge of the Available Property Tax Increment Revenues as provided herein shall be governed by §11-57-208, C.R.S. The lien of such pledge on the Available Property Tax Increment Revenues shall have priority over any and all other obligations and liabilities of the Authority with respect to the Available Property Tax Increment Revenues. 8.0 Severability If any portion of this Plan is held to be invalid or unenforceable, such invalidity will not affect the remaining portions of the Plan. 13 Bighorn Urban Renewal Plan Appendix Appendix A: Bighorn Urban Renewal Area Legal Description and Map Bighorn Urban Renewal Plan Firestone Big Horn Urban Renewal Area BEING A PART OF SECTION 17, T2N, R67W OF THE 6TH P M , DESCRIBED AS FOLLOWS COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 17, THENCE S 89°52'35" W, 330 00 FEET ALONG THE NORTH LINE OF SAID SECTION 17 TO A POINT, THENCE S 02°09'00" W A DISTANCE OF 30 02 FEET TO THE NORTHWEST CORNER OF THAT TRACT OF LAND, AND THE TRUE POINT OF BEGINNING THENCE S 02°09'00" W, 1359 91 FEET TO A POINT, THENCE N 32°06'00" E, 182 82 FEET TO A POINT, THENCE N 49°05'10" E, 95 06 FEET TO A POINT, THENCE N 56°44'35" E, 104 76 FEET TO A POINT, THENCE N 68°47'40" E, 58 42 FEET TO A POINT 30 FEET WEST OF THE EAST LINE OF THE NORTHEAST'A OF SAID SECTION 17, THENCE S 02°09'00" W, 1544 15 FEET ALONG A LINE 30 FEET WEST OF AND PARALLEL TO THE EAST LINE OF THE NORTHEAST Y4 OF SAID SECTION 17 TO A POINT, THENCE S O1°50'35" W, 1921 15 FEET ALONG A LINE 30 FEET WEST OF AND PARALLEL TO THE EAST LINE OF SAID SECTION 17 TO A POINT, THENCE S 22°48'07" W, 8153 FEET TO A POINT OF CURVE TO THE RIGHT, THENCE 199 62 FEET ALONG THE ARC OF SAID CURVE TO A POINT OF TANGENT, SAID ARC HAVING A RADIUS OF 165 00 FEET, A DELTA ANGLE OF 69°19'00" AND BEING SUBTENDED BY A CHORD THAT BEARS S 57°27'37" W, 187 66 FEET, THENCE N 87°52'53" W, 395 81 FEET TO A POINT, THENCE N 75°49'03" W, 153 75 FEET TO A POINT, THENCE S 00°09'57" W 574 76 FEET TO A POINT 30 FEET NORTH OF THE SOUTH LINE OF THE SOUTHEAST 'A OF SAID SECTION 17, THENCE S 89°25'57" W, 612 03 FEET ALONG A LINE 30 FEET NORTH OF AND PARALLEL THE SOUTH LINE OF THE SOUTHEAST 'A SAID SECTION 17 TO A POINT, THENCE N 00°34'03" W, 633 60 FEET TO A POINT, THENCE N89°25'57" E, 105 00 FEET TO A POINT, THENCE N 00°34'03" W, 660 00 FEET TO A NO 4 REBAR WITH AN ALUMINUM CAP STAMPED LS 2149, THENCE CONTINUING N 00°34'03" W, 325 07 FEET TO A NO 5 REBAR WITH A PLASTIC CAP STAMPED PLS 22576, THENCE S 89°25'57" W, 670 00 FEET TO A NO 5 REBAR WITH A PLASTIC CAP STAMPED PLS 22576, THENCE N 00°34'03" W, 99 75 FEET TO A NO 4 REBAR WITH AN ALUMINUM CAP STAMPED LS 2149 AT A POINT OF CURVE TO THE LEFT, 15 Bighorn Urban Renewal Plan THENCE 670.45 FEET ALONG THE ARC OF SAID CURVE TO A POINT TANGENT, SAID ARC HAVING A RADIUS OF 750.00 FEET, A DELTA ANGLE OF 51°13'08" AND BEING SUBTENDED BY A CHORD THAT BEARS N 26°10'37" W, 648.35 FEET TO A POINT; THENCE N 51°47'11" W, 118.29 FEET TO A POINT; THENCE N 38°12'49" E 645.98 FEET TO A POINT; THENCE N 51°47'11" W, 485.34 FEET TO A POINT; THENCE N 71°19'37" W 212.22 FEET TO A POINT; THENCE N 00°52'00" W, 707.88 FEET TO A POINT; THENCE S 89°08'00" W, 155.32 FEET TO A POINT; THENCE N 00°52'00" W, 646.77 FEET TO A POINT; THENCE S89°53'00" W, 44.96 FEET TO A POINT; THENCE N 00°07'0O" W, 255.00 FEET TO A POINT OF CURVE TO THE LEFT; THENCE 110.72 FEET ALONG THE ARC OF A NON -TANGENTIAL CURVE TO A POINT OF REVERSE CURVE, SAID ARC HAVING A RADIUS OF 50.00 FEET, A DELTA ANGLE OF 128°52.11" AND BEING SUBTENDED BY A CHORD THAT BEARS N 26°26'54" E, 89.44 FEET; THENCE 32.18 FEET ALONG THE ARC OF SAID REVERSE CURVE TO A POINT TANGENT, SAID ARC HAVING A RADIUS OF 50.00 FEET, A DELTA ANGLE OF 36°52'11" AND BEING SUBTENDED BY A CHORD THAT BEARS N 18°'33'06" W, 31.62 FEET TO A POINT; THENCE N 00°07'00" W, 265.00 FEET TO A POINT 30 FEET SOUTH OF THE NORTH LINE OF THE NW 1/4 OF SAID SECTION 17; THENCE N 89°53'00" E, 148.15 FEET ALONG A LINE 30 FEET SOUTH AND PARALLEL THE NORTH LINE OF THE NW ' OF SAID SECTION 17 TO POINT 30 FEET SOUTH OF THE NORTH 'A CORNER OF SAID SECTION 17; THENCE N 89°52'35" E, 2395.38 FEET ALONG A LINE 30 FEET SOUTH AND PARALLEL TO THE NORTH LINE OF THE NORTHEAST % OF SAID SECTION 17 TO THE TRUE POINT OF BEGINNING. SAID PARCEL HAVING AN AREA = 235.43 ACRES, MORE OR LESS. 16 11 _� ' 11 IEEE! I 1 1 i 1 '� � iiii 4 rr {�. Milli _ EXHIBIT B T �, T . .1 �� 1 i ___ bI "�' FIRESTONE j, _ BIG HORN URBAN �o: _ re � illt t RENEWAL AREA APRIL 2019 swot ELI! AVENUE �' ' - L ...., 40, , .. j , . a • Ls, _.. t / _ I I h .. y BIG HORN PLAN AREA..........._----;" ,\ � .' l l Q� Id. . - f1 - (APPROXIMATE AREA N I SCALE, THIS EXHIBIT IS NOT RIGHTS -OF -WAY. AND PROPERTY BOUNDARIES REFERENCE - 235.43 AC) !.1000' A SURVEY. ALL LOT UNES ARE SHOWN FOR ONLY. ,J 71 1 `~`'' I �� \ Yi r F • w_ — I C ' 1 .----.___ / �_.. w ( Bighorn Urban Renewal Plan Bighorn Urban Renewal Plan Appendix B: Excerpts from 2013 Firestone Master Plan Town of Firestone Master Plan, adopted 2013 (excerpts taken verbatim, but formatted for clarity) Policies summarized here are relevant to the proposal Urban Renewal Area 120 LAND USE r 12 1 Community Character Elements Firestone has a character unique to the region A variety of elements work together to create the Firestone community, including the following • A transportation system that is properly designed and constructed to meet the current needs of the existing traffic volumes • A comprehensive and unified parks and trails system Firestone is a pedestrian and non - motorized connected community, where one can walk to work, home or service centers on a comfortable and convenient trail system • Effective and efficient public safety and security Without public safety, Firestone citizens and employees cannot be free to enjoy the benefits of their community • "Four-sided" architecture is required along major streets and visual corridors • A "world class" Central Park campus that inspires national and international recognition as a Civic, Cultural and Community Center • Superior recreational facilities, including the Firestone Regional Sports Complex • A balanced approach to a blend of housing and commercial opportunities • An equal number of available jobs to employable citizens • A focus on a comprehensive "cradle" to "grave" land use and community system where all components of the life cycle are considered and accommodated • A community where the freedom to worship is fully embraced • A specific focus on the senior segments of the Firestone community, to assure these residents are appropriately considered in land use and community decisions If optimized, the senior population can bestow valuable leadership and wisdom that comes from experience of time • Proper transition and integration between different types of land uses • Convenient access to a wide variety of retail goods and services • Downcast lighting and strategies to effectively preserve the "night sky " • Low, but appropriate, taxes • Stable political leadership • A tangible and inspired sense of community 12 2 Employment and Office Employment and Office land use areas provide for office and light industrial uses where primary employment opportunities exist 19 s Bighorn Urban Renewal Plan 12 3 Commercial and Office Commercial land use areas provide for retail commercial and office areas These land uses are located along key arterial streets and the intersections of key arterial streets Regional commercial and office land uses are generally located near I-25 12 4 Residential Low Residential low -density land use areas are generally located in the central and eastern portions of the MPA Residential Low provides for only single-family residential uses or clustered multi -family land uses 12 5 Residential Medium Residential Medium land use areas provide for single family or single-family attached land uses, including duplexes and town homes, but excluding condominiums and apartments unless they are clustered These use areas are generally located in and along arterial streets and at or near key intersections 12 6 Residential High Like Residential Medium land use areas, Residential High land use areas provide for higher density town homes, condominiums, and apartments These land use areas are generally located in and along arterial streets and at or near key intersections 12 7 Mixed Use Mixed -Use land use areas provide for a potential mix of all land uses, except for very low -density single family residential To the extent possible, based on ownership boundaries, Mixed Use areas should be master planned as one comprehensive project to assure compatibility and the appropriate balance of the various intended uses The larger Mixed Use areas should provide for a significant portion of the area dedicated to retail commercial, office or employment uses These Mixed Use areas can on a local scale accommodate the concepts of "new urbanism" providing places where people can live, work, recreate and shop for goods and services The Mixed Use areas along Locust Street, SH-66 and Road 7 may vary somewhat in size and shape to accommodate market needs Mixed Use areas may accommodate residential land uses located above retail commercial uses if proper compatibility can be assured 20 Bighorn Urban Renewal Plan 12 8 Parks, Trails, Open Space, and Recreation One of the key features of the Firestone Parks and Trails system is the Firestone Trail, which is an integral part of the Colorado Front Range Trail system This approximately 9 mile long trail is generally shown in Figure 17 Firestone sold its ownership in the trail south of SH-52 to the City of Dacono, to enable Dacono to annex it and coordinate trail development Since acquisition by the Town in 1997, numerous improvements to the Firestone Trail have been installed by the Town Over half of the entire length of the Firestone Trail within the Urban Growth Boundary has been paved with a 10 -foot wide concrete trail It is planned that the area outside of the Town Boundary, the Firestone Trail will be maintained in a dirt or crusher fines surface 12 9 Community Separators Community Separators are areas intended for non -urban development Agricultural farming and ranching uses are encouraged in these areas, except for large scale dairy farming and poultry operations, which are considered too intense to be compatible with the urban development The Town should continue to work with local governments and private individuals and groups to develop detailed acquisition strategies and implementation plans to potentially acquire development rights and conservation easements in these areas - 12 10 Educational Facilities The St Vrain Valley School District and the Weld RE -1 School District prepare a facilities plan for their respective areas of the MPA Based on average residential densities, approximately one elementary school is required for each section A high school site is planned for the Central Park property as described in Section 12 11 12 11 Central Park and Other Public Facilities The Firestone Board of Trustees, Planning Commission, and Parks, Trails and Recreation Advisory Board have worked diligently with public input to refine the overall master plan for Firestone's 272 -acre Central Park, which was acquired by the Town in 2005 Central Park has been planned to be a world - class campus that inspires national and international recognition as a civic, cultural and community center An Amended Preliminary Development Plan for the Park was approved in 2009 Specific focus has been on architectural styles and themes for building and park amenities 12 12 Historic Firestone and "The Loop" The extension of McClure Street to Colorado Boulevard is a high priority This extension is critical to the development of "The Loop" By having access to Colorado Boulevard from both McClure Street and 21 Bighorn Urban Renewal Plan Grant Avenue a "loop" opportunity is created, which will help revitalize and restore this mixed -use area of historic Firestone back to a quaint residential, commercial and office area as it was originally established 12 13 Community Support Facilities The Firestone Development Regulations provide the opportunity for community support facilities, such as religious institutions or cemeteries, in almost all land use categories The Town encourages the preservation of property for such purposes in larger scale developments Because of their overall need and benefit to the community, senior housing developments have the potential to be located in all land uses areas, except those designated for open space and parks Such developments would need to be appropriately screened and buffered from adjoining land uses to assure compatibility Furthermore, any such proposal would be subject to the Town's Land Development Regulations and the stated conditions and standards of approval 12 14 Conditional, Special, Temporary, and Accessory Land Uses The Firestone Development Regulations and Municipal Code provide information regarding Conditional, Special, Temporary, and Accessory Land Uses For applications that require formal processing and action by the Town Board of Trustees, specific submittal requirements and processing information is specified in the Regulations or the Code Information about these uses as they relate to a specific property is often described in a development plan recorded with the Weld County Clerk and Recorder 12 15 Firestone Master Plan Map The Firestone Master Plan Map shows both the MPA and the UGA, as well as other Master Plan components Specifically, the Master Plan Map shows all different types of land uses and the key arterial transportation corridors that serve them Major park and trail improvements are also shown Certain areas outside of the UGB, which are not annexed or shown as within the existing limits of Weld County's RUA, are shown as Community Separator areas 22 Hello