HomeMy WebLinkAbout20191837.tiffTO: Board of County Commissioners
FROM: Bob Choate, Assistant County Attorney
DATE: May 6, 2019
SUBJECT: Notice of Increase in Debt Limitation for the Waterfront at
Foster Lake Metropolitan Districts No. 1 through 3
Commissioners,
In accordance with Weld County Code section 2-14-20(1), the County has received notice from the Waterfront at Foster
Lake Metropolitan Districts No. 1 through 3 of intent to increase their Total Debt Issuance Limitation from $27,320,000 to
$92,000,000 as described in the attached letter. According to C.R.S. §32-1-207 and Weld County Code section 2-14-20(1),
the Board has forty-five (45) days from the date that the Metro District publishes notice of said action to file an injunctive
action to ask a court to block this action. In this case notice was published on April 3, 2019, which would require the County
to file an injunctive action, if at all, by May 20, 2019.
Options:
1) Take no action. This would allow the metro district to continue with its plan without further review by the County.
2) Provide written notice to the metro district that the Board considers this action to be a material modification of the
previously -approved Consolidated Service Plan. This would require the metro district to submit a service plan
amendment to the Board for approval.
Recommendation:
I recommend the Board take no action. Director of Finance and Administration Don Warden's referral is attached for
your convenience. Mr. Warden concludes as follows:
"The information presented regarding the statements of significant assumptions seem reasonable and the
pro -forma financial plan prepared seems realistic and feasible, assuming the build out of the districts takes
place as projected. Therefore, from review of the service plans I would recommend approval of the
amendment of the Total Debt Issuance Limit in the Consolidated Service Plan from $27,320,00 to
$92,000,000 based upon my conclusion that the financial matters in the service plans appear to be in
conformance with the county's metro district policies."
I am available to answer any questions you may have.
Approve Staff
Recommendation
Work
Session
Requested
Comments
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Mike
Freeman
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2019-1837
50013a
MEMORANDUM
TO: Bob Choate, Assistant County Attorney April 24, 2019
FROM: Don Warden, Director of Budget and Management Analysis
SUBJECT: Review of Waterfront at Foster Lake Metro District 1-3
In response to your referral concerning the Service Plan amendment for the Waterfront at Foster
Lake Metro District 1-3 I have the following to offer as it relates to the financial plan of the
service plans primarily to increase the Total Debt Issuance Limit in the Consolidated Service
Plan from $27,320,00 to $92,000,000.
The financial plan submitted to justify the increase in Total Debt Issuance Limit in the
Consolidated Service Plan from $27,320,00 to $92,000,000 is adequate. The financial plan was
prepared by D.A. Davidson & Quantitative Group -CB, which are recognized experts in this
financial area. Statements of significant assumptions seem reasonable and the pro -forma
financial plan prepared seems realistic and feasible, assuming the build out of the districts takes
place as projected. No opinion is stated as to whether the build out is realistic and feasible given
the market conditions in the timeframe stated.
The financial plan calls for the Waterfront at Foster Lake Metro District 1-3 to each have a
maximum of 55.277 mills for the debt limit cap. The debt mill levy limit cap is within the standard
of a maximum debt mills in the Weld County Metro District Policies County Code Section 2-14-
30 with the permitted assessed valuation ratio adjustment per County Code Section 2-14-20 H
from the base year of 2006 to the current year's residential ratio of 7.2% to allow a maximum
debt mill levy of 55.277. As proposed the financial plan has a reasonable debt mill levy and a
reasonable debt tax burden on all residential and commercial properties within the Districts
(development).
The service plan calls for a maximum of 30 years for the length of bond debt, which conforms to
the county's metro district policy (County Code Section 2-14-30 B.) of a maximum of 30 years for
the length of bond debt. The districts can issue new debt with 15 years from the date of the
district's first debt authorization election. Upon written notice to the county, the districts may
issue debt after 15 years in order to provide service provided in the service plan if development
phasing is of a duration that makes it impractical to issue all debt within the 15 year period.
The information presented regarding the statements of significant assumptions seem
reasonable and the pro -forma financial plan prepared seems realistic and feasible, assuming the
build out of the districts takes place as projected. Therefore, from review of the service plans I
would recommend approval of the amendment of the Total Debt Issuance Limit in the
Consolidated Service Plan from $27,320,00 to $92,000,000 based upon my conclusion that the
financial matters in the service plans appear to be in conformance with the county's metro
district policies.
L1
SpencerFane'
RUSSELL DYKSTRA
DIRECT DIAL: 303-839-3845
RDykstra@spencerfane.com
March 28, 2019
VIA CERTIFIED MAIL
Weld County Board of County Commissioners
1150 O Street
P.O. Box 758
Greeley, Colorado 80631
File No. 5114923.2300
RECEIVED
APR 01 2019
WELD COUNTY
COMMISSION:q
Re: Waterfront at Foster Lake Metropolitan District Nos. 1-3
Dear Commissioners:
Our firm serves as general counsel to the Waterfront at Foster Lake Metropolitan District
Nos. 1-3 (the "Districts"). On August 29, 2007, the Weld County Board of County Commissioners
("BOCC") approved the Consolidated Service Plan for the Districts setting forth the Districts'
powers and limitations. The Districts intend to increase the Total Debt Issuance Limitation in the
Consolidated Service Plan from $27,320,000 to $92,000,000. Pursuant to Section 2-14-20(I) of
the Weld County Code and Section 32-1-207, C.R.S., the Districts are submitting this letter to
serve as the requisite forty-five (45) day written notice to the BOCC of such intention so as to
allow the BOCC to determine whether an increase in the total debt issuance limitation is a material
modification of the Districts' Consolidated Service Plan.
The increase in the total debt issuance limitation is necessary because: (i) development and
construction costs have changed dramatically since the Consolidated Service Plan was approved
in 2007; (ii) the assessed value of the property within the Districts' boundaries has increased; and
(iii) the development plans have been updated together with the financial plan, which require an
update to the authorized debt amount to reflect those changes. The financial plan enclosed with
this letter was prepared pursuant to the requirements in Section 2-14-20(I) of the Weld County
Code. Likewise, the Districts have determined that the fifteen (15) year Maximum Debt Mill Levy
Imposition Term as stated in the Consolidated Service Plan does not apply because the
development phasing of the Districts has been of a duration that makes it impractical to issue all
debt within said period.
In addition, pursuant to Section 2-14-20(I) of the Weld County Code and Section 32-1-
207(3)(b), C.R.S., enclosed with this letter is a notice of intent from the Districts addressing the
500I3a
L1
SpencerFane'
Weld County Board of County Commissioners
March 28, 2019
Page 2
Districts' intention to increase the total debt issuance limitation to $92,000,000. This notice will
be published in the Greeley Daily Tribune on Wednesday, April 3, 2019. Please do not hesitate to
contact me if you have any questions.
Best regards,
ussell Dykstra
Enclosures
DN 3505077.1
1041- Waterfront at Anderson Farms 11/21/2018
Town Of Mead
ONSITE ESTIMATED PUBLIC IMPROVEMENT CONSTRUCTION PLANS
1.1 STREETS Quantity Unit Unit Price Total
Curb and Gutter
11,000
LF
$ 16.00
$ 176,000
Combo Curb, Gutter, Walk
130,000
LF
$ 40.00
$ 5,200,000
Sidewalk
11,000
LF
$ 25.00
$ 275,000
Asphalt / Base Paving
310,000
SY
$ 40.00
$ 12,400,000
Soil Preparation
310,000
SY
$ 3.00
$ 930,000
Street Subex
460,000
CY
$ 3.00
$ 1,380,000
SUBTOTAL
$ 20,361,000
1.2 WATER Quantity Unit Unit Price Total
Water Lines
66,000
LF
$ 45.00
$ 2,970,000
Apurtenances
1
LS
$ 2,480,000
$ 2,480,000
SUBTOTAL
$ 5,450,000
1.3 SEWER Quantity Unit Unit Price Total
Sanitary Sewer Lines
66,000
LF
$ 60.00
$ 3,960,000
Sewer Manholes
275
EACH
$ 5,500.00
$ 1,512,500
Sanitary Underdrain
66,000
LF
$ 20.00
$ 1,320,000
SUBTOTAL
$ 6,792,500
1.4 STORM Quantity Unit Unit Price Total
Storm Drainage
48,000
LF
$ 75.00
$ 3,600,000
Storm Manholes
220
EACH
$ 5,500.00
$ 1,210,000
Inlets
250
EACH
$ 8,000.00
$ 2,000,000
Detention Basins
8
EACH
$ 80,000.00
$ 640,000
SUBTOTAL
$ 7,450,000
2.0 RECREATION AND OPEN SPACE SYSTEMS
Fishing Pier / Boat Docks
1
EACH
$ 200,000
$ 200,000
Pavilion
1
EACH
$ 150,000
$ 150,000
North Pocket Park
1
LS
$ 240,000
$ 240,000
South Pocket Park
1
LS
$ 240,000
$ 240,000
Community Center
1
LS
$ 2,200,000
$ 2,200,000
Open Space
8,851,320
SF
$ 1.75
$ 15,489,810
Entry Monuments
4
EACH
$ 60,000
$ 240,000
Trail System
15,900
LF
$ 6.50
$ 103,350
SUBTOTAL
$ 18,863,160
3.0 NON -POTABLE WATER SYSTEM IMPROVEMENTS
Storage / Transfer Facility
3
EACH
$ 100,000
$ 300,000
Pump Stations
3
EACH
$ 250,000
$ 750,000
Miscellaneous Piping
67,000
LF
$ 35.00
$ 2,345,000
SUBTOTAL
$ 3,395,000
TOTAL ONSITE COST
$ 62,311,660
TOTAL OFFSITE COST
$ 14,447,310
15% CONTINGENCY
$ 11,513,846
TOTAL COST W/ CONTINGENCY
$ 88,272,816
1041- Waterfront at Anderson Farms 11/21/2018
Town of Mead
STREET IMPROVEMENTS
OFFSITE WATER LINES AND APPURT Quantity Unit Unit Price Total
18" Waterline from SH66 to WCR 28
5,280
LF
$ 130
$ 686,400
Bidding and Construction - 15%
1
LS
$ 102,960
$ 102,960
SUBTOTAL
$ 789,360
OFFSITE DITCH IMPROVEMENTS Quantity Unit Unit Price Total
Spillway to Foster Lake
1
EA
$ 1,000,000
$ 1,000,000
Piping to Outlet #3
5,400
LF
$ 125
$ 675,000
Outlet #3 Headworks
1
LS
$ 350,000
$ 350,000
Breach Path Drop Structures
1
LS
$ 1,000,000
$ 1,000,000
St. Vrain River Restoration
1
LS
$ 2,500,000
$ 2,500,000
Bridges for Spillway / Breach Path
4
EA
$ 500,000
$ 2,000,000
Bidding and Construction - 15%
1
LS
$ 1,128,750
$ 1,128,750
SUBTOTAL
$ 8,653,750
OFFSITE TRANSPORTATION IMPROV Quantity Unit Unit Price Total
Potential Improv (TBD by Final Traffic Rep)
1
LS
$ 2,200,000
$ 2,200,000
Intersection of WCR 7 / SH 66
WCR 7 - between WCR 28 and SH66
Signal at WCR 5.5 / SH 119
Pedestrian Crossing Signal at High School
Design of Transportation Facilities (ass. 10%)
SUBTOTAL
$ 2,200,000
ARTERIAL ROADWAYS, ADJACENT TO THE SITE
Quantity Unit Unit Price Total
Weld County Road 7
Curb and Gutter
2,700
LF
$ 16.00
$ 43,200
5' Sidewalk
2,400
SY
$ 25.00
$ 60,000
Asphalt / Base Paving
9,000
SY
$ 40.00
$ 360,000
Soil Preparation
9,000
SY
$ 3.00
$ 27,000
Weld County Road 28
Curb and Gutter
13,000
LF
$ 16.00
$ 208,000
5' Sidewalk
12,000
SY
$ 25.00
$ 300,000
Asphalt / Base Paving
42,000
SY
$ 40.00
$ 1,680,000
Soil Preparation
42,000
SY
$ 3.00
$ 126,000
SUBTOTAL
$ 2,804,200
TOTAL OFFSITE COST $ 14,447,310
YEAR
2017
2018
2019.
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
Development Projection at 55.277 (target) District Mills for Debt Service —11/14/2018
Series 2022, G.O. Bonds, 100x, Non -Rated, 30-yr. Maturity; Service Plan
< < < < < < < < Residential > > > > > > > > < Platted/Developed Lots >
Mkt Value As'ed Value As'ed Value
Biennial @ 7.20% @ 29.00%
Total Reasses'mt Cumulative of Market Cumulative of Market Total Comm'l
Real Units 6.0% Market Value (2-yr lag) Market Value (2-yr lag) Sq. Ft.
O 0
O 0 0 0 0
O 0 0 7,020,000 0 0 0 0 $0
144 0 73,036,080 0 7,020,000 0 0 0 0 0 0
144 147,532,882 0 7,020,000 2,035,800 0 0 0 2,035,800
144 8,851,973 232,371,592 5,258,598 7,020,000 2,035,800 0 0 0 0 7,294,398 55.277 $395,148 $23,709
144 309,878,065 10,622,367 7,020,000 2,035,800 0 0 0 12,658,167 55.277 685,711 41,143
144 18,592,684 407,527,350 16;730,755 6,220,000 2,035,800 0 0 0 0 18,766,555 55.277 1,016,612 60,997
128 478,975,599 22,311,221 3,495,000 2,035,800 0 0 0 24,347,021 55.277 1,318,914 79,135
85 28,738,536 548,663,630 29,341,969 2,520,000 1,803,800 0 0 0 0 31,145,769 55.277 1,687,212 101,233
72 578,779,963 34,486,243 2,520,000 1,013,550 0 0 0 35,499,793 55.277 1,923,076 115,385
72 34,726,798 644,225,420 39,503,781 2,520,000 730,800 0 0 0 0 40,234,581 55.277 2,179,566 130,774
72 675,558,452 41,672,157 3,520,000 730,800 0 0 0 42,402,957 55.277 2,297,030 137,822
72 40,533,507 748,051,653 46,384,230 3,520,000 730,800 50,000 0 12,682,418 0 47,115,030 55.277 2,552,290 153,137
72 780,650,540 48,640,209 2,520,000 1,020,800 50,000 25,618,484 0 49,661,009 55.277 2,690,209 161,413
72 46,839,032 860,740,437 53,859,719 2,520,000 1,020,800 0 1,537,109 27,155,593 3,677,901 58,558;420 55.277 3,172;195 190,332
72 894,656,319 56,206,839 1,085,000 730,800 0 27,155,593 7,429,360 64,366,999 55.277 3,486,854 209,211
31 53,679,379 963,230,423 61,973,311 0 730,800 0 1,629,336 28,784,929 7,875,122 70,579,234 55.277 3,823,380 229,403
O 963,230,423 64,415,255 0 314,650 0 28,784,929 7,875,122 72,605,027 55.277 3,933,120 235,987
O 57,793,825 1,021,024,249 69,352,590 0 0 0 1,727,096 30,512,025 8,347,629 77,700,220 55.277 . 4,209,134 252,548
O 1,021,024,249 69,352,590 0 0 0 30,512,025 8,347,629 77,700,220 55.277 4,209,134 252,548
61,261,455 1,082,285,704 73,513,746 0 0 1,830,721 32,342,746 8,848,487 82,362,233 55.277 4,461,682 267,701
1,082,285,704 73,513,746 0 0 32,342,746 8,848,487 82,362,233 55.277 4,461,682 267,701
64,937,142 1,147,222,846 77,924,571 0 0 1,940,565 34,283,311 9,379,396 87,303,967 55.277 4,729,383 283,763
1,147,222,846 77,924,571 0 0 34,283,311 9,379;396 87,303,967 55.277 4,729,383 283,763
68,833,371 1,216,056,217 82,600,045 0 0 2,056,999 36,340,310 9,942,160 92,542,205 55.277 5,013,146 300,789
1,216,056,217 82,600,045 0 0 36,340,310 9,942,160 92,542,205 55.277 5,013,146 300,789
72,963,373 1,289,019,590 87,556,048 0 0 2,180,419 38,520,728 10,538,690 98,094,737 55.277 5,313,935 318,836
1,289,019,590 87,556,048 0 0 38,520,728 10,538,690 98,094,737 55.277 5,313,935 318,836
77,341,175 1,366;360,765 92,809,410 0 0 2,311,244 40,831,972 11,171,011 103,980422 55.277 5,632,771 337,966
1,366,360,765 92,809,410 0 0 40,831,972 11,171,011 103,980422 55.277 5,632,771 337,966
81,981,646 1,448,342,411 98,377,975 0 0 2,449,918 43,281,890 11,841,272 110,219,247 55.277 5,970,738 358,244
1,448,342,411 98,377,975 0 0 43,281,890 11,841;272 110,219,247 .55.277 5,970;738 358,244
86,900,545 1,535,242,956 104,280,654 0 0 2;596,913 45,878,804 12,551,748 116,832,402 55.277 6,328,982 379,739
1,535,242,956 104,280,654 0 0 45;878,804 12,551,748 116,832,402 55.277 6,328,982 379,739.
1,535,242,956 110,537,493 0 0 2,752,728 48,631,532 13,304,853 123,842,346 55.277 6,708,721 402,523
««««_ Commercial »»»»»
Mkt Value As'ed Value
Biennial @ 29.00%
Cumulative of Market
Market Value (2-yr lag)
Reasses'mt
6.0%
A'A:DAVIDSON
District District District
Total D/S Mill Levy D/S Mill Levy S.O. Taxes
Assessed [55.277 Target] Collections Collected
Value [55.277 Cap] @ 98% @6%
1,468 803;974,441
100,000 23,013,047
121,189,583 7,271,375
Total
Available
Revenue
$418,857
726,854
1,077,608
1,398,048
1,788,444
2,038,460
2,310,340
2,434,852
2,705,427
2,851,622
3,362,527
3,696,066
4,052,783
4,169,108
4,461,682
4,461,682
4,729,383
4,729,383
5,013,146
5,013,146
5,313,935
5,313,935
5,632,771
5,632,771
5,970,738
5,970,738
6,328,982
6,328,982
6,708,721
6,708,721
7,111,244
128,460,958
11/14/2018 A W@FLMD Fin Plan 18
NR LF Fin Plan SP
Prepared by DA.Davidson & Co...
Draft: For discussion purposes only.
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
Development Projection at 55.277 (target) District Mills for Debt Service -- 11/1472018
Series 2022, G.O. Bonds, 100x, Non -Rated, 30-yr. Maturity; Service Plan
9
D ADAVIDSON
YEAR
Net Available
for Debt Svc
Ser. 2022
$73,190,000 Par
[Net $56.687 MM]
Net Debt
Service
- - -
- Annual
Surplus -
Surplus
Release ft
to $7,319,000
-
Cumulative
Surplus
$7,319,000 Target
Debt/
- Assessed
Ratio -
Debt/
Act'I Value
Ratio
Coy. of Net DS:
@ 55.277 Target
rg
-
Coy of Net DS:
@55.277 Cap
2017
2018
2019
2020
2021
2022
$418,857
$0
$418,857
$418,857
578%
23%
0%
0%
2023
726,854
0
726,854
$0
1,145,711
390%
18%
0%
0%
2024
1,077,608
0
1,077,608
0
2,223,320
301%
15%
0%
0%
2025
1,398,048
0
1,398,048
0
3,621,368
235%
13%
0%
0%
2026
1,788,444
2,927,600
(1,139,156)
0
2,482,213
206%
13%
61%
61%
2027
2,038,460
2,927,600
(889,140)
0
1,593,073
182%
11%
70%
70%
2028
2,310,340
2,927,600
(617,260)
0
975,813
173%
11%
79%
79%
2029
2,434,852
2,927,600
(492,748)
0
483,065
155%
10%
83%
83%
2030
2,705,427
2,927,600
(222,173)
0
260,892
147%
9%
92%
92%
2031
2,851,622
2,927,600
(75,978)
0
184,914
125%
8%
97%
97%
2032
3,362,527
3,357,600
4,927
0
189,841
113%
8%
100%
100/
2033
3,696,066
3,695,400
666
0
190,506
102%
7%
100%
100%
2034
4,052,783
4,049,000
3,783
0
194,289
98%
7%
100%
100%
2035
4,169,108
4,167,200
1,908
0
196,197
89%
7%
100%
100%
2036
4,461,682:
4,458,800
2,882
0
199,079.
87%
6%
100%
100%
2037
4,461,682.
4,456,600
5,082
0
204,162
80%
6%
100%
100%
2038
4,729,383
4,726,800
2,583
0
206,745
78%
6%
100%
100%
2039
4,729,383
4,728,400
983
0
207,728
71%
5%
100%
100%
2040
5,013,146
5,011,600
1,546
0
209,275
68%
5%
100%
100%
2041
5,013,146
5,010,000
3,146
0
212,421
61%
5%
100%
100%
2042
5;313,935
5,309,400
4,535
0
216,956
58%
4%
100%
100%
2043
5,313,935
5,312600
1,335
0
218,291
51%
4%
-
100%
100%
2044
5,632,771
5,630,800
1,971
0
220,263
48%
4%
100%
100%
2045
5,632,771
5,631,200
1,571
0
221,834
41%
3%
100%
100%
2046
5,970,738
5,965,800
4,938
0
226,771
37%
3%
100%
100%
2047
5,970,738
5,966,000
4,738
0
231,509
31%
2%
100%
100%
2048
6,328,982
6,324,400
4,582
0
236,091
27%
2%
100%
100%
2049
6,328,982
6,326,400
2,582
0
238,672
21%
2%
100%
100/
2050 -
6,708,721
6,705,400
3,321
0
241,993
16%
1%
100%
100%
2051
6,708,721
6,706,000
2,721
0
244,714
10%
1%
100%
100%.
2052
7,111,244
7,106,142
- - 5,102
249,816 -
0
0%
0% - -
100%
100%
128,460,958
128,211,142
249,816
249,816
[ANov1418 22nrspA].
11/14/2018 A W@FLMD Fin Plan 18
NR LF Fin Plan SP
Prepared by DA.Davidson & Co..
Draft For discussion purposes only.
2
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
Development Projection -- Buildout Plan (updated 11/14118)
DA3DAVIDSON
FIRED INCOME CAPITAL MARREFE
Residential Development
Small Lots Standard Lots
Incr/(Decr) in Incr/(Decr) in
Finished Lot #Units Price Finished Lot # Units Price
# Lots Value @ Completed Inflated g Market # Lots Value @ Completed Inflated @ Market
Devel'd 10% 1,039 target 2% Value Devel'd 10% 200 target 2% Value
0 $350,000 0 0 0 $500,000 0
0 0 350,000 0 0 0 500,000 0
72 2,520,000 357,000 0 36 1,800,000 510,000 0
72 0 72 364,140 26, 218, 080 36 0 36 520,200 18,727,200
72 0 72 371,423 26,742,442 36 0 36 530,604 19,101,744
72 0 72 378,851 27,277,290 36 0 36 541,216 19,483,779
72 0 72 386;428 27,822,836 36 0 36 552;040 19,873,454
72 0 72 394,157 28,379,293 20 (800,000) 36 563,081 20,270,924
72 0 72 402,040 28,946,879 0 (1,000,000) 20 574,343 11,486,857
72 0 72 410,081 29,525,816 0 0 0 585,830 0
72 0 72 418,282 30,116,333 0 0 0 597,546 0
72 0 72 426,648 30,718,659 0 0 0 609,497 0
72 0 72 435,181 31,333,033 0 0 0 621,687 0
72 0 72 443,885 31,959,693 0 0 0 634,121 0
72 0 72 452,762 32, 598, 887 0 0 0 646,803 0
72 0 72 461,818 33,250,865 0 0 0 659,739 0
31 (1,435,000) 72 471,054 33,915,882 0 0 0 672,934 0
0 (1,085,000) 31 480,475 14,894,725 0 0 0 686,393 0
0 0 0 490,084 0 0 0 0 700,121 0
0 0 0 499,886 0 0 0 0 714,123 0
0 0 509,884 0 0 0 728,406 0
1,039 (0) 1,039 433,700,713 200 0 200
11/14/2018 A W@FLMD Fin Plan 18 Abs
108, 943, 958
Prepared by D.A. Davidson & Co.
3
YEAR
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
Development Projection -- Buildout Plan (updated 11/14/18)
Large Lots
Incr/(Decr) in
Finished Lot # Units Price
# Value @ Completed Inflated @ Market
Devel'd 10% 229 target 2% Value
Residential Summary
Total
Residential Total
Market Value Res'l Units
DADAVIDSON
"„.6 INCOMt CA.4141 ra..r5
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
0 0 $750,000 0
0 0 750,000 0
36 2,700,000 765,000 0
36 0 36 780,300 28,090,800
36 0 36 795,906 28,652,616
36 0 36 811,824 29,225,668
36 0 36 828,061 29,810,182
36 0 36 844,622 30,406,385
13 (1,725,000) 36 861,514 31,014,513
0 (975,000) 13 878,745 11,423,679
0 0 0 896,319 0
0 0 0 914,246 0
O 0 0 932,531 0
0 0 0 951,181 0
0 0 0 970,205 0
0 0 0 989,609 0
O 0 0 1,009,401 0
O 0 0 1,029,589 0
O 0 0 1,050,181 0
0 0 0 1,071,185 0
0 0 1,092,608 0
229 (0) 229 188,623,843
11/14/2018 A W@FLMD Fin Plan 18 Abs
$0
0
0
73,036,080
74,496,802
75,986,738
77,506,472
79, 056, 602
71,448,249
40,949,495
30,116, 333
30,718,659
31, 333, 033
31,959,693
32,598,887
33,250,865
33, 915, 882
14, 894, 725
0
0
0
0
0
144
144
144
144
144
128
85
72
72
72
72
72
72
72
31
0
0
731, 268,514 1,468
Prepared by D.A. Davidson & Co.
4
YEAR
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
Development Projection -- Buildout Plan (updated 11/14/18)
Commercial Development
Commercial - Generic
Incr/(Decr) in
Finished Lot Square Ft per Sq Ft,
SF Value @ Completed Inflated @ Market
Devel'd 10% 100,000 2% Value
Commercial Summary
Total Total
Commercial Commercial
Market Value Sq Ft
DA1DAVIDSON
s+zeo +0Ci*ME CAPITA, rawzers
Value of Platted &
Developed Lots
Adjustment Adjusted Value
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028.
2029
2030
2031
2032
2033
2034
2035
2036
2037
0
0
0
0
0
0
0
0
0
0
0
0
50,000
50,000
0
0
0
0
0
100,000
0
0
0
0
0
0
0
0
0
0
0
1,000,000
0
(1,000,000)
0_
0
0
0
0
0
11/14/2018 A W@FLMD Fin Plan 18
$200.00 $0
200.00. 0
204.00 0
208.08 0
212.24 0
216.49 0
220.82 0
225.23 0
229.74 0
234.33 0
239.02 0
243.80 0
248.67 0
50,000 253.65 12,682,418
50,000 258.72 12, 936, 066
0 263.90 0
0 269.17 0
0 274.56 0
0 280.05 0
0 285.65 0
0 291.36 0
100,000 25,618,484.
Abs
0 0
0 0
0 0
O 0
0 0
0 0
0 0
0 0
O 0
0 0
0 0
0 0
0 0
12,682,418 50,000
12,936,066 50,000
0 0
0 0
0 0
O 0
0 0
0 0
25,618,484 100,000
O 0
O 0
O 7,020,000
O 0
0 0
0 0
O 0
O (800,000)
O (2,725,000).
0 (975,000)
0 0
0 0
0 1,000,000
O 0
o (1,000,000)
0 0
0 (1,435,000)
O (1,085,000)
0
O 0
0 0
(0)
Prepared by D.A. Davidson & Co.
DADAVIDSON
SOURCES AND USES OF FUNDS
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
GENERAL OBLIGATION BONDS, SERIES 2022
55.277 (target) Mills
Non -Rated, 100; 30-yr. Maturity, SERVICE PLAN
(Full Growth + Reassessment Projections)
[ Preliminary -- for discussion only ]
Dated Date 12/01/2022
Delivery Date 12/01/2022
Sources:
Bond Proceeds:
Par Amount 73,190,000.00
73,190,000.00
Uses:
Project Fund Deposits:
Project Fund 56,687,141.67
Other Fund Deposits:
Capitalized Interest Fund
Debt Service Reserve Fund
Cost of Issuance:
Other Cost of Issuance
Delivery Date Expenses:
Underwriter's Discount
8,782,800.00
5,956,258.33
14,739,058.33.
300,000.00
1,463,800.00
73,190,000.00
Nov 14, 2018 9:08 am Prepared by D.A. Davidson & Co Quantitative Group -CB (Waterfront @ Foster Lake MD#1-3 MD 18:ANOV1418-22NRSPA)
6
D A.D.AVIDSON
BOND SUMMARY STATISTICS
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
GENERAL OBLIGATION BONDS, SERIES 2022
55.277 (target) Mills
Non -Rated, 100x, 30-yr. Maturity, SERVICE PLAN
(Full Growth + Reassessment Projections)
[ Preliminary -- for discussion only ]
Dated Date
Delivery Date
First. Coupon
Last Maturity
Arbitrage Yield
True Interest Cost (TIC)
Net Interest Cost (NIC)
All -In TIC
Average Coupon
Average Life (years)
Weighted Average Maturity (years)
Duration of Issue (years)
Par Amount
Bond Proceeds
Total Interest
Net Interest
Bond Years from Dated Date
Bond Years from Delivery Date
Total Debt Service
Maximum Annual Debt Service
Average Annual Debt Service
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
Total Underwriter's Discount
Bid Price
Bond Component
12/01/2022
12/01/2022
06/01/2023
12/01/2052
4.000000%
4.134852%
4.000000%
4.162957%
4.000000%
23.828
23.828
15.233
73,190,000.00
73,190,000.00
69,760,200.00
71,224,000.00
1,744,005,000.00
1,744,005,000.00
142,950,200.00
13,062,400.00
4,765,006.67
20.000000
20.000000
98.000000
Average
Par Average Average Maturity PV of 1 bp
Value Price Coupon Life Date change
Term Bond due 2052
73,190,000.00 100.000 4.000% 23.828 09/29/2046 127,350.60
73,190,000.00
23.828 127,350.60
Par Value
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
Target Value
Target Date
Yield
TIC
All -In
TIC
Arbitrage
Yield
73,190,000.00 73,190,000.00 73,190,000.00
-1,463,800.00 -1,463,800.00
-300,000.00
71,726,200.00 71,426,200.00 73,190,000.00
12/01/2022 12/01/2022 12/01/2022
4.134852% 4.162957% 4.000000%.
Nov 14, 2018 9:08 am Prepared by D.A. Davidson & Co Quantitative Group —CB (Waterfront @ Foster Lake MD#1-3 MD 18:ANOV1418-22NRSPA)
7
DA DAVIDSON
BOND DEBT SERVICE
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
GENERAL OBLIGATION BONDS, SERIES 2022
55.277 (target) Mills
Non -Rated, 100x, 30-yr. Maturity, SERVICE PLAN
(Full Growth + Reassessment Projections)
[ Preliminary -- for discussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2023 1,463,800 1,463,800
12/01/2023 1,463,800 1,463,800 2,927,600
06/01/2024 1,463,800 1,463,800
12/01/2024 1,463,800 1,463,800 2,927,600
06/01/2025 1,463,800 1,463,800
12/01/2025 1,463,800 1,463,800 2,927,600
06/01/2026 1,463,800 1,463,800
12/01/2026 1,463,800 1,463,800 2,927,600
06/01/2027 1,463,800 1,463,800
12/01/2027 1,463,800 1,463,800 2,927,600
06/01/2028 1,463,800 1,463,800
12/01/2028 1,463,800 1,463,800 2,927,600
06/01/2029 1,463,800 1,463,800
12/01/2029 1,463,800 1,463,800 2,927,600
06/01/2030 1,463,800 1,463,800
12/01/2030 1,463,800 1,463,800 2,927,600
06/01/2031 1,463,800 1,463,800
12/01/2031 1,463,800 1,463,800 2,927,600
06/01/2032 1,463,800 1,463,800
12/01/2032 430,000 4.000% 1,463,800 1,893,800 3,357,600
06/01/2033 1,455,200 1,455,200
12/01/2033 785,000 4.000% 1,455,200 2,240,200 3,695,400
06/01/2034 1,439,500 1,439,500
12/01/2034 1,170,000 4.000% 1,439,500 2,609,500 4,049,000
06/01/2035 1,416,100 1,416,100
12/01/2035 1,335,000 4.000% 1,416,100 2,751,100 4,167,200
06/01/2036 1,389,400 1,389,400
12/01/2036 1,680,000 4.000% 1,389,400 3,069,400 4,458,800
06/01/2037 1,355,800 1,355,800
12/01/2037 1,745,000 4.000% 1,355,800 3,100,800 4,456,600
06/01/2038 1,320,900 1,320,900
12/01/2038 2,085,000 4.000% 1,320,900 3,405,900 4,726,800
06/01/2039 1,279,200 1,279,200
12/01/2039 2,170,000 4.000% 1,279,200 3,449,200 4,728,400
06/01/2040 1,235,800 1,235,800
12/01/2040 2,540,000 4.000% 1,235,800 3,775,800 5,011,600
06/01/2041 1,185,000 1,185,000
12/01/2041 2,640,000 4.000% 1,185,000 3,825,000 5,010,000
06/01/2042 1,132,200 1,132,200
12/01/2042 3,045,000 4.000% 1,132,200 4,177,200 5,309,400
06/01/2043 1,071,300 1,071,300
12/01/2043 3,170,000 4.000% 1,071,300 4,241,300 5,312,600
06/01/2044 1,007,900 1,007,900
12/01/2044 3,615,000 4.000% 1,007,900 4,622,900 5,630,800
06/01/2045 935,600 935,600
12/01/2045. 3,760,000 4.000% 935,600 4,695,600 5,631,200
06/01/2046 860,400 860,400
12/01/2046 4,245,000 4.000% 860,400 5,105,400 5,965,800
06/01/2047 775,500 775,500
12/01/2047 4,415,000 4.000% 775,500 5,190,500 5,966,000
06/01/2048 687,200 687,200
12/01/2048 - - 4,950,000 4.000% 687,200 5,637,200 6,324,400
06/01/2049 588,200 588,200
12/01/2049 5,150,000 4.000% 588,200 5,738,200 6,326,400
06/01/2050 485,200 485,200
12/01/2050 5,735,000 4.000% 485,200 6,220,200 6,705,400
06/01/2051 370,500 370,500
12/01/2051 5,965,000 4.000% 370,500 6,335,500 6,706,000
06/01/2052 251,200 251,200
12/01/2052 12,560,000 4.000% 251,200 12,811,200 13,062,400
73,190,000 69,760,200 142,950,200 142,950,200
1.100 INCOME C•Ilifit MARCUS
Nov 14, 2018 9:08 am Prepared by D.A. Davidson & Co Quantitative Group —CB (Waterfront @ Foster Lake MD#1-3 MD 18:ANOV1418-22NRSPA)
8
DA:DAVIDSON
NET DEBT SERVICE
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
GENERAL OBLIGATION BONDS, SERIES 2022
55.277 (target) Mills
Non -Rated, 100x, 30-yr. Maturity, SERVICE PLAN
(Full Growth + Reassessment Projections)
[ Preliminary -- for discussion only ]
Period
Ending
Capitalized
Total Debt Service Interest Net
Principal Interest Debt Service Reserve Fund Fund Debt Service
12/01/2023
12/01/2024
12/01/2025
12,01/2026
12/01/2027
12/01/2028
12/01/2029
12/01/2030
12/01/2031
12/01/2032
12/D1/2033
12/01/2034
12/01/2035
12/01/2036
12/01/2037
12/01/2038
12/01/2039
12/01/2040
12/01/2041
12/01/2042
12/01/2043
12/01/2044
12/01/2045
12/01/2046
12/01/2047
12/01/2048
12/01/2049
12/01/2050
12/01/2051
12/01/2052
2,927,600 2,927,600
2,927,600 2,927,600
2,927,600 2,927,600
2,927,600 2,927,600
2,927,600 2,927,600
2,927,600 2,927,600
2,927,600 2,927,600
2,927,600 2,927,600
2,927,600 2,927,600
430,000 2,927,600 3,357,600
785,000 2,910,400 3,695,400
1,170,000 2,879,000 4,049,000
1,335,000 2,832,200 4,167,200
1,680,000 2,778,800 4,458,800
1,745,000 2,711,600 4,456,600
2,085,000 2,641,800 4,726,800
2,170,000 2,558,400 4,728,400
2,540,000 2,471,600 5,011,600
2,640,000 2,370,000 5,010,000
3,045,000 2,264,400 5,309,400
3,170,000 2,142,600 5,312,600
3,615,000 2,015,800 5,630,800
3,760,000. 1,871,200 5,631,200
4,245,000 1,720,800 5,965,800
4,415,000 1,551,000 5,966,000
4,950,000 1,374,400 6,324,400
5,150,000 1,176,400 6,326,400
5,735,000 970,400 6,705,400
5,965,000 741,000 6,706,000
12,560,000 502,400 13,062,400 5,956,258.33
2,927,600
2,927,600
2,927,600
2,927,600.00
2,927,600.00
2,927,600.00
2,927,600.00
2,927,600.00
2,927,600.00
3,357,600.00
3,695,400.00
4,049,000.00
4,167,200.00
4,458,800.00
4,456,600.00
4,726,800.00
4,728,400.00
5,011,600.00
5,010,000.00
5,309,400.00
5,312,600.00
5,630,800.00
5,631,200.00
5,965,800.00
5,966,000.00
6,324,400.00
6,326,400.00
6,705,400.00
6,706,000.00
7,106,141.67
73,190,000 69,760,200 142,950,200 5,956,258.33 8,782,800 128,211,141.67
Nov 14, 2018 9:08 am Prepared by D.A. Davidson & Co Quantitative Group -CB (Waterfront @ Foster Lake MD#1-3 MD 18:ANOV1418-22NRSPA)
9
IT',DU0 INCOW CAPITAL 14.01.5.
A:DAVIDS0N
BOND SOLUTION
WATERFRONT @ FOSTER LAKE METROPOLITAN DISTRICTS Nos. 1-3
GENERAL OBLIGATION BONDS, SERIES 2022
55.277 (target) Mills
Non -Rated, 100x, 30-yr. Maturity, SERVICE PLAN
(Full Growth + Reassessment Projections)
[ Preliminary -- for discussion only ]
Period Proposed Proposed Debt Service Total Adj Revenue
Ending Principal Debt Service Adjustments Debt Service Constraints
Unused Debt Sery
Revenues Coverage
12/01 /2023
12/01/2024
12/01/2025
12/01/2026
12/01/2027
12/01/2028
12/01/2029
12/01/2030
12/01/2031
12/01/2032
12/01/2033
12/01/2034
12/01/2035
12/01/2036
12/01/2037
12/01/2038
12/01/2039
12/01/2040
12/01/2041
12/01/2042
12/01/2043
12/01/2044
12/01/2045
12/01/2046
12/01/2047
12/01/2048
12/01/2049
12/01/2050
12/01/2051
12/01/2052
430,000
785,000
1,170,000
1,335,000
1,680,000
1,745,000
2,085,000
2,170,000
2,540,000
2,640,000
3,045,000
3,170,000
3,615,000
3,760,000
4,245,000
4,415,000
4,950,000
5,150,000
5,735,000
5,965,000
12,560,000
2,927,600-
2,927,600
2,927,600
2,927,600
2,927,600
2,927,600
2,927,600
2,927,600
2,927,600
3,357,600
3,695,400
4,049,000
4,167,200
4,458,800
4,456,600
4,726,800
4,728,400
5,011,600
5,010,000
5,309,400
5,312,600
5,630,800
5,631,200
5,965,800
5,966,000
6,324,400
6,326,400
6,705,400
6,706,000
13,062,400
-2,927,600
-2,927,600
-2,927,600
-5,956,258
2,927,600
2,927,600
2,927,600
2,927,600
2,927,600
2,927,600
3,357,600
3,695,400
4,049,000
4,167,200
4,458,800
4,456,600
4,726,800
4,728,400
5,011,600
5,010,000
5,309,400
5,312,600
5,630,800
5,631,200
5,965,800
5,966,000
6,324,400
6,326,400
6,705,400
6,706,000
7,106,142
726,854 726,854
1,077,608 1,077,608
1,398,048 1,398,048
1,788,445 -1,139,156 61.08910%
2,038,460 -889,140 69.62905%
2,310,340 -617,260 78.91583%
2,434,852 -492,748 83.16887%
2,705,427 -222,173 92.41110%
2,851,622 -75,978 97.40476%
3,362,527 4,927 100.14674%
3,696,066 666 100.01801%
4,052,783 3,783 100.09343%
4,169,108 1,908 100.04578%
4,461,682 2,882 100.06465%
4,461,682 5,082 100.11404%
4,729,383 2,583 100.05465%
4,729,383 983 100.02080%
5,013,146 1,546 100.03086%
5,013,146 3,146 100.06280%
5,313,935 4,535 100.08542%
5,313,935 1,335 100.02513%
5,632,771 1,971 100.03501%
5,632, 771 1,571 100.02790%
5,970,738 4,938 100.08276%
5,970,738 4,738 100.07941%
6,328,982 4,582 100.07245%
6,328,982 2,582 100.04081%
6,708,721 3,321 100.04952%
6,708,721 2,721 100:04057%
7,111,244 5,102 100.07180%
73,190,000 142,950,200 -14,739,058 128,211,142 128,042,101 -169,041
Nov 14, 2018 9:08 am Prepared by D.A. Davidson& Co Quantitative Group —CB (Waterfront @ Foster Lake MD#1-3 MD 18:ANOV1418-22NRSPA)
10
STATE OF COLORADO, WELD COUNTY
NOTICE OF INTENT TO INCREASE TOTAL DEBT ISSUANCE LIMITATION
WATERFRONT AT FOSTER LAKE METROPOLITAN DISTRICT NOS. 1-3, WELD
COUNTY, COLORADO
PUBLIC NOTICE IS HEREBY GIVEN that, pursuant to § 32-1-207(3)(b), C.R.S.,
Section 2-14-20(I) of the Weld County Code, and Section V.A.6 of the Consolidated Service
Plan for Waterfront at Foster Lake Metropolitan District Nos. 1-3, Weld County, Colorado, the
Boards of Directors of Waterfront at Foster Lake Metropolitan District Nos. 1-3 (collectively, the
"Districts") intend to increase the Total Debt Issuance Limitation in the Consolidated Service
Plan to $92,000,000.
NOTICE IS FURTHER GIVEN that, pursuant to and in accordance with § 32-1-
207(3), C.R.S., any action to enjoin such activity must be brought within forty-five (45) days
from publication of this notice, which date is Monday, May 20, 2019.
IN WITNESS WHEREOF, the Boards of Directors of Waterfront at Foster Lake
Metropolitan District Nos. 1-3, Weld County, Colorado, has authorized this notice to be given.
SPENCER FANE LLP
Attorneys for the District
PUBLISHED IN: Greeley Daily Tribune
PUBLISHED ON: Wednesday, April 3, 2019
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