HomeMy WebLinkAbout2016 Resolution No. 103• RESOLUTION NO. ift)
SERIES OF 2016
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A RESOLUTION CONDITIONALLY APPROVING THE SERVICE PLAN FOR IRON
WORKS VILLAGE METROPOLITAN DISTRICT.
WHEREAS, Section 32-1-204.5, C.R.S., provides that no special district shall be organized
within a municipality except upon adoption of a resolution approving or conditionally approving
the service plan of the proposed special district; and
WHEREAS, pursuant to the provisions of Part 2 of Article 1 of Title 32, Colorado Revised
Statutes, the Englewood City Council held a public hearing on October 3, 2016 at 7:30 P .M.
regarding the approval of the Service Plan for Iron Works Village Metropolitan District; and
WHEREAS, the Englewood City Council has considered the Service Plan for the proposed
Districts and all other testimony and evidence presented at the public hearing; and
WHEREAS, the Englewood City Council has encouraged the development of General Iron
Works site; and
WHEREAS, a component of the development is financing and constructing capital
improvements on the property; and
WHEREAS, the Metropolitan District is formed to provide planning, design, financing,
acquisition, construction, installation, relocation and the redevelopment of public improvements;
and
WHEREAS, these improvements will be financed by debt issued by the District; and
WHEREAS, this debt is not a debt of the City of Englewood and is repaid solely from
revenues available to the District, including ad valorem property taxes; and
WHEREAS, the proposed Metropolitan District is an independent unit oflocal government
separate and distinct from the City of Englewood; and
WHEREAS, the Englewood City Council must approve, conditionally approve or deny the
Iron Works Village Service Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, THAT:
Section 1. The above and foregoing recitals are incorporated herein by reference and, in
addition to the materials formally submitted in connection with the public hearing and testimony
presented at such public hearing, are adopted as findings and determinations of the City Council.
Section 2. The City Council finds and determines that all of the requirements of C.R.S. 32-1-
202(2), relating to the Service Plan for Iron Works Village Metropolitan District, attached as
Exhibit A, have been fulfilled and found to be acceptable .
The service plan shall contain the following:
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(a) A description of the proposed services;
(b) A financial plan showing how the proposed services are to be financed, including
the proposed operating revenue derived from property taxes for the first budget
year, of the district, which shall not be materially exceeded except as authorized
pursuant to section 32-1-207 or 29-1-301, C .R.S. All proposed indebtedness for
the district shall be displayed together with a schedule indicating the year or years
in which the debt is scheduled to be issued. The board of directors of the district
shall notify the board of county commissioners or the governing body of the
municipality of any alteration or revision of the proposed schedule of debt issuance
set forth in the financial plan.
( c) A preliminary engineering or architectural survey showing how the proposed
services are to be provided;
( d) A map of the proposed special district boundaries and an estimate of the population
and valuation for assessment of the proposed special district;
( e) A general description of the facilities to be constructed and standards of such
construction, including a statement of how the facility and service standards of the
proposed special district are compatible with facility and service standards of any
county within which all or any portion of the proposed special d1strict is to be
located, and of municipalities and special districts which are interested parties
pursuant to section 32-1-204 (1);
(f) A general description of the estimated cost of acquiring land, engineering services,
legal services, administrative services, initial proposed indebtedness and estimated
proposed maximum interest rates and discounts, and other major expenses related
to the organization and initial operation of the district;
(g) A description of any arrangement or proposed agreement with any political
subdivision for the performance of any services between the proposed special
district and such other political subdivision, and, if the form contract to be used is
available, it shall be attached to the service plan;
(h) Information, along with other evidence presented at the hearing, satisfactory to
establish that each of the criteria set forth in section 32-1-203, if applicable, is met;
(i) Such additional information as the Board of County Commissioners may require by
resolution on which to base its finding pursuant to section 32-1-203;
G) For a mental health care service district, any additional information required by
section 32-17-107 (2) that is not otherwise required by paragraphs (a) to (i) of this
subsection (2).
Section 3. The City Council further finds and determines as follows:
(a) There is sufficient existing and projected need for organized service in the area to
be serviced by the proposed special district.
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(b) The existing service in the area to be served by the proposed special district is
inadequate for present and projected needs.
( c) The proposed special district is capable of providing economical and sufficient
service to the area within its proposed boundaries.
( d) The area to be included in the proposed special district has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis.
Section 4 . The Service Plan is hereby conditionally approved and the Districts shall be
expressly permitted to proceed to an organizational election and to record the orders organizing
the Districts, but shall be prohibited from entering into any agreement, issuing any bonds,
entering into any other financial obligations or constructing any facilities. Notwithstanding such
authorization, it shall be an express condition to this Resolution that prior to the point at which
the District may enter into any agreement, issue any bonds, enter into any other financial
obligation or construct any facilities; the following conditions must be met:
1. The Districts and the City shall have entered into an intergovernmental agreement
acceptable to all parties.
2. A market study supporting the financial plan has been provided to the City
Manager.
3. In the event that the City and the Districts have not satisfied the requirements and
prior to October 3, 2017, then this Service Plan and any conditional approval
granted by the City Council shall be null and void, and of no further force or effect.
Section 5. A certified copy of this Resolution shall be filed in the records of the City and
submitted to the petitioners for the purpose of filing with the District Court of Arapahoe County
to obtain an order authorizing an organizational election.
Section 6 . If any section, paragraph, clause or provision of this Resolution shall for any reason
be held to be invalid or unenforceable, the invalidity or unenforceability of any such section,
paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution.
Section 7. This Resolution shall be in full force and effect upon its passage and approval.
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I, Loucrishia A. Ellis, City Clerk for the City of Englewood, Colorado, hereby certify the
above is a true copy of Resolution No.~ Seri~£)
Loucrishia A. Ellis, City Clerk
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SERVICE PLAN
FOR
IRON WORKS VJLLAGE METROPOLITAN DISTRICT
1454 0003 778838
CITY OF ENGLEWOOD, COLORADO
Prepared
By
WHITE BEAR ANKELE TANAKA & WALDRON
2154 E. Commons Ave., Suite 2000
Centennial, Colorado
August 12, 2016
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TABLE OF CONTENTS
l. INTRODUCTION ............................................................................................................... 1
A. Purpose and Intent. .................. ; ............................................................................... l
B. Needs Analysis/Basis for Statutory Findings ......................................................... I
C. District Functions Generally ..... ; .. , ...................................................... , ................... 2
II. DEFINITIONS .................................................................................................................... 2
Ill. BOUNDARIES ................................................................................................................... 4
IV . PROPOSED LAND USE/POPULATION PROJECTIONS/ ASSESSED VALUATION 4
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES ....... 5
A . Powers of the District. ............................................................................................. 5
B. Limitations of the District's Powers and Service Plan Amendment.. ........... : ......... 5
1. Operations and Maintenance Limitation ..................................................... S
2. Total Debt Issuance Limitation· ................................................................. 5
3. Construction Standards Limitation ............................................................. S
4. Consolidation Limitation ..................................................... , ...................... 5
5. Bankruptcy Limitation ............ '. ................................................................... 5
6. Service Plan Amendment Requirement.. ......................................... : .. , ...... : 6
7. Sales and Use True ................................................................... 6
C. Preliminary Engineering Survey .............................................................................. 6 • VI. FINANCIAL PLAN, ....................................................................................... ;~ ................... 7
A. General ................................................... : ...... ; .......................................................... 7
B. Maximum Voted Interest Rate and Maximum Underwriting Discount ........ ; ........ 7
C. Maximum Debt Mill Levy/Imposition Term .......................................................... 8
D. Debt Repayment Sources ........................................................................................ 9
E. Debt Instrument Disclosure Requirement. .............................................................. 9
F. Security for Debt. ........................................... , ......................................................... 9
G. TABOR Compliance ................................................................................................ 9
H. District's Operating Costs ..................................................................................... 10
VIL ANNUAL REPORT .......................................................................................................... 10
A. Genera]. .. . .. .. . .. . .. . . .......... .. . ........ ..... ........ .... ... .. ..... . ........... .... .. .. .... .. .. . .. .. .. ..... .. .. .. .• .. 10
B. Reporting of Significant Events ................... , ............... : ............ : ... ··:""········ .......... 10
VIII. CONSOLIDATION/DISSOLUTION .............................................................................. 11
IX. DISCLOSURE TO PURCHASERS ................................................................................. 11
X. INTERGOVERNMENTAL AGREEMENT .................................................................... 11
XI. CONCLUSION ................................................................................................................. 11
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EXHIBIT A.
EXHIBITB
EXHIBITC
.EXHIBITD
EXHIBITE
EXHIBITF
EXHIBITG
LIST OF EXHIBITS
Legal Description
Englewood Vicinity Map
District Boundary Map
Summary of Public Improvements
Preliminary Engineering Survey and Cost Estimates
Preliminary Financing Plan
Intergovernmental Agreement between the District and
Englewood
I. INTRODUCTION
A. Pumosc and Intent
Iron Works Village Metropolitan District (the "District") is an independent unit of
local government, separate and distinct from the City of Englewood (the "City"), and, except as
may otherwise be provided for by State or local law or this Service Plan, its activities are subject
to review by the City only insofar as they may deviate in a material matter from the requirements
of the Service Plan . It is intended that the District will provide a part or all of the Public
Improvements necessary and appropriate for the use and benefit of all anticipated property
owners within the District and the general public, The primary purpose of the District will be to
finance the construction of these Public Improvements and operate those improvements that are
not dedicated to the City. ·
B. Needs Analysis/Basis for Statutory Findings,
In order to establish compliance with the standards for Service Plan approval set forth
in Section 32-1-204.5, C.R.S ., the following needs analysis is provided:
1. There is Sufficient Existing and Projected Need for Organized Service.
Approximately 136 residential units will be constructed within the Service Area which require
Public Improvement installation and ongoing public services to the Project Therefore, demand
for the Public Improvements to be provided by the District to support the development is
demonstrable.
2. The Existing Service iri the Arca to be Served is Inadequate for Present
and Projected Needs/Adequate Service Through Other Governmental Entities Will Not Be
Available Within a Reasonable Time and on a Comparable Basis. The facilities and setvices to
be provided by the District are not currently and will not be provided by any county, municipal
or quasi-municipal corporations, including existing special districts. The District's boundaries
do not overlap the legal boundaries of any existing special district with the power or willingness
to provide the same services that the District proposes to provide. Neither the City, nor any
existing special district, plans to provide the facilities required for the development of the
Project. Therefore, provision of facilities will not be available through other governmental
entities. ·
3, The District is Capable of Providing Economical and Sufficient
Servicerrhe District Will Have the Financial Ability to Discharge Proposed Indebtedness on a
Reasonable Basis. The District is necessary in order to provide the most economical and
efficient means of undertaking District Activities to serve the residents and Project. The
Financial Plan attached as Exhibit F demonstrates the feasibility of providing the District
Activities proposed herein on an economical basis. Fonnation of the District is therefore
necessary in order for the Public Improvements required for the Project to be provided in the
most economic manner possible, as well as the District will have access to taic-exempt financing
that is not available to private entities.
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4. The Creation of the District is in the Best Interests of the Area to be
Served. The matters described in items 1 through 3 of this Section establish that the creation of
the District is in the best interests of the area to be served, in that they demonstrate a demand for
public improvements that will otherwise be unmet by other governmental entities and offer the
advantage of obtaining public financing to fund these improvements,
C. District Functions Generally
The District is authorized to provide for the planning, design, acquisition,
construction, installation, relocation and redevelopment of the Public Improvements from the
proceeds of Debt to be issued by the District and other available revenues. All Debt that is
payable from a pledge of property ta.xes is subject to the Maximum Debt Mill Levy. Debt that is
issued within this, and other parameters set forth in this Service Plan, will insulate property
owners from excessive tax burdens to support the servicing of the Debt and will result in a timely
. and reasonable discharge of the Debt.
it is expected that certain Public Improvements will be dedicated to either the City
or to other govcrruncntaJ entities according to the applicable procedures for the specific entity
(including but not limited to standards relating to construction). The District is authorized to
own, operate and maintain Public Improvements that are not dedicated to the City or other
governmental entities. Determination of specific Public Improvements to be dedicated to the City
and/or other governmental entities, or to be retained by the District, will be the subject of
separate actions and agreements among interested parties, including the Approved Development
Plan.
The City shall have and will exercise sole and exclusive jurisdiction over land use
and building, e.g., zoning, subdivision, building pennit, and decisions affecting development of
property within the boundaries of the District. Construction of all Public Improvements shall be
subject to applicable ordinances, codes and regulations of the City.
Unless the District has operational responsibilities for any of the Public
Improvements, it is the intent of the District to dissolve upon payment or defeasance of all Debt
incurred or upon a court determination that adequate provision has been made for the payment of
all Debt, or upon the occurrence of an event specified in Section 32-1-701(2} or (3), C.R.S.
Development within the District is necessary to provide the District with the
ability to undertake the District Activities. The grant of authority contained in this Service Plan
does not constitute an agreement or binding commitment of the District enforceable by third
parties to undertake the activities described, or to undertake such activities exactly as described.
II. DEFINITIONS
In this Service Plan, the following tenns shall have the meanings indicated below, unless
the context hereof clearly requires otherwise:
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Approved Development Plan: means the Development Agreement for the Project which
specifies the Public Improvements necessary for development of property within the
Service Area as approved by the City pursuant to the City's ordinances and codes, the
Planned Unit Development Plan, the Final Subdivision Plat, and as well as any site or
construction plans approved by City staff from time to time and water and sewer plans, as
· approved by appropriate utility providers and/or the City, as appropriate.
Board: means the board of directors of the District.
City: means the City of Englewood, Colorado.
City Council: means the City Council of the City of Englewood, Colorado.
Debt means bonds or other financial obligations not subject to annual appropriation for
the payment of which the District has promised to impose, collect and pledge an ad
valorem property tax mill levy, Fees, and/or any other legally available revenues of the
District
District: means the Iron Works Village Metropolitan District.
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District Activities: means any and all functions undertaken by the District in accordance
with this Service Plan and as permitted under applicable law in order to effectuate the
purposes for which the District is organized.
District Boundaries: means the boundaries of the area described in the District Boundary
Map. .
District Boundary Map: means the map attached hereto as Exhibit C, describing the
District's initial boundaries. ·
Fees: means any rate, fee, toll, penalty or other charge imposed by the District and
pennitted by applicable law for services, programs or facilities provided by the District.
Financial Plan: means the Financial Plan attached hereto as Exhibit F and described in
Section VI which describes (i) how the Public Improvements are to be financed; (ii) how
the Debt is expected to be incurred; and (iii) the estimated operating revenue derived
from property taxes for the first budget year.
Maximum Debt Mill Levy: means the maximum mill levy the District is permitted to
impose for payment of Debt as set forth in Section VI.C below.
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III.
Project: means the development or property commonly referred to as Iron Works
Village.
Public Improvements: means a part or all of the improvements authorized to be planned,
designed, acquired, constructed, installed, relocated, redeveloped and financed as
generally described in the Special District Act, except as specifically limited in Section V
below, to serve the taxpayers and inhabitants of the Service Area as detennined by the
Board of the District.
Service Area: means the property within the District Boundary Map.
Service Plan: means this service plan for the District approved by City Council.
Service Plan Amendment: means an amendment to the Service Plan approved by City
Council in accordance with the City's ordinances and applicable state law.
Special District Act: means Section 32-1-101, ~ ~ .• of the Colorado Revised Statutes,
as amended from time to time.
State: means the State of Colorado.
Taxable Property: means real or personal property within the Service Area subject to ad
valorem taxes imposed by the District .
BOUNDARIES
The initial area of the District Boundaries includes approximately 8.47 acres. A legal
description of the District Boundaries is attached hereto as Exhibit A. A vicinity map is
attached hereto as Exhibit B. A map of the District Boundaries is attached hereto as Exhibit C.
It is anticipated that the District's boundaries may change from time to time as they undergo
inclusions and exclusions pursuant to Section 32-1-401, ~ fil=fl., C.R.S., and Section 32-1-501, ~
fil=f!., C.R .S.
IV. PROPOSED LAND
VALUATION
USE/POPULATION PROJECTIONS/ ASSESSED
The Service Area consists of approximately 8.47 acres of residential development with
approximately 136 residential units. The current assessed valuation of the Service Area is
approximately $0 for purposes of this Service Plan and, at build out, is expected to be sufficient
to reasonably discharge the Debt under the Financial Plan . The population of the District at
build-out is estimated to be approximately three hundred fifty (350) people .
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Approval of this Service Plan by the City docs not imply approval of the development of
a specific area within the District, nor does it imply approval of the number of residential units
identified in this Service Plan or any of the exhibits attached thereto.
V. DESCRIPTION OF PROPOSED POWERS. IMPROVEMENTS AND SERVICES
A. Powers of the District
The District shall have the power and authority to provide the Public
Improvements and undertake related operations and maintenance services within and without the
boundaries of the District, as such power and authority is described in the Special District Act,
and other applicable statutes, the common law and the Constitution, subject to the limitations set
forth in this Service Plan. The specific types of Public Improvements shall be determined in the
discretion of the Board of Directors of the District.
B. Limitations of the District's Powers and Service Plan Amendment
l. Operations and Maintenance Limitation · The District shall dedicate certain
Public Improvements to the City or other appropriate jurisdiction in a manner consistent with the
Approved Development Plan, rules and regulations of the City and applicable provisions of the
City's ordinances. The District is authorized to own, operate and maintain any part or all of the
Public Improvements not dedicated to the City or other appropriate jurisdiction. Detennination
of specific Public Improvements to be dedicated to the City and/or other governmental entities,
or to be retained by the District, will be the subject of separate actions and agreements among
interested parties. A summary of the improvements anticipated to be owned and operated by the
District is attached as Exhibit D.
2. Total Debt Issuance Limitation The District shall not issue Debt in an
aggregate principal amount in excess of $4,500,000 absent a pennitted increase in such amount
as may be authorized pursuant to a future intergovernmental agreement with the City. Further, a
refunding, re-issuance or restructuring of outstanding debt and accrued interest shall not be
deemed new Debt that would count against the Total Debt Issuanc .e Limitation.
3. Construction . Standards Limitation The District shall ensure that the
Public Improvements to be dedicated to the City or other appropriate jurisdiction are designed
and constructed in accordance with the standards and specifications of the City and of other
governmental entities having proper jurisdiction. City approval of civil engineering plans and
issuance of applicable pennits are required prior to construction and installation of Public
Improvements.
4. Consolidation Limitation The District shall not file a request with any
Court to consolidate with another Title 32 district without the prior written consent of the City.
5. Bankruptcy Limitation All of the limitations contained in this Service
Plan, including, but not limited to, those pertaining to the Maximum Debt Mill Levy and the
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Fees have been established under the authority of the City to approve a Service Plan with
conditions pursuant to Section 32-1-204.5, C.R.S. It is expressly intended that such limitations:
(a) Shall not be subject to set-aside for any reason or by any court of
competent jurisdiction, absent a Service Plan Amendment; and
(b) Are, together with all other requirements of Colorado law,
included in the "political or governmental powers" reserved to the State under the U.S.
Bankruptcy Code (11 U.S.C.) Section 903, and are also included in the "regulatory or electoral
approval necessary under applicable nonbankruptcy law" as required for confirmation of a
Chapter 9 Bankruptcy Plan under Bankruptcy Code Section 943(b)(6).
Any Debt, issued with a pledge or which results in a pledge, that exceeds
the Maximum Debt Mill Levy, shall be deemed a material modification of this Service Plan
pursuant to Section 32-1-207, C.R.S., and the Town shall be entitled to all remedies available
under State and local law to enjoin such actions of the District.
6. Service Plan Amendment Requirement This Service Plan has been
designed with sufficient flexibility to enable the District to provide required services and
facilities under evolving circumstances without the need for numerous amendments. No
modification shall be required for an action of the District which does not materially depart from
the provisions of this Service Plan . While the assumptions upon which this Service Plan are
generally based are reflective of an Approved Development Plan for the property within the
District. the cost estimates and Financing Plan are sufficiently flexible to enable the District to
provide necessary services and facilities without the need to amend this Service Plan as
development and financing plans change. Modification of the general types of services and
facilities, and changes in proposed financing, timing, configurations, locations, or dimensions of
various facilities nnd improvements shall be pennitted to accommodate development needs
consistent with then-current Approved Development Plan for the property. Material
modifications to this Service Plan may be made only in accordance with Section 32-1-207,
C.R.S. Nothing herein is intended to modify or prevent the use of the provisions of Section 32-
l-207(3)(b ), C.R.S.
7. Sales and Use True. The District shall not exercise its sales and use tax
exemption in a manner that would reduce or cause a loss of sales or use tax revenues due to the
City from the construction of the Public Improvements . or from the provision of District
Activities.
C. Preliminary Engineering Survey
The Dislrict shall have the authority to provide for the planning, design,
acquisition, construction, installation, relocation, redevelopment, maintenance, and financing of
the Public Improvements within and without the boundaries of the District, to be more
specifically defined in an Approved Development Plan. An estimate of the costs of the Public
Improvements which may be planned for, designed, acquired, constructed, installed, relocated,
redeveloped, maintained or financed was prepared based upon a preliminary engineering survey,
attached hereto as Exhibit E, and estimates derived from the zoning on the property in the
Service Area.
All of the Public Improvements described herein will be designed in such a way
as to assure that the Public Improvements standards will be compatible with those of the City and
shall be in accordance with the requirements of the Approved Development Plan. All
descriptions of the Public Improvements to be constructed, and their related costs, are estimates
only and are subject to modification as engineering, development plans, economics, the City's
requirements, and construction scheduling may require. Upon approval of this Service Plan, the
District will continue to develop and refine cost estimates contained herein and prepare for
issuance of Debt. All cost estimates will be inflated to then-current dollars at the time of the
issuance of Debt and construction. All construction cost estimates assume construction to
applicable local, State or Federal requirements.
VT. FINANCIAL PLAN
A. General
The District shall be authorized to provide for the planning, design, acquisition,
construction, installation, relocation and/or redevelopment of the Public Improvements from its
revenues and by and through the proceeds of Debt to be issued by the District. The Financial
Plan is to issue such Debt as the District can reasonably pay from revenues derived from the
Maximum Debt Mill Levy, Fees and other legally available revenues. A Preliminary Financing
Plan is attached hereto as Exhibit F and depicts the anticipated revenue forecast and debt
issuance based upon current projections of development within the Project. The actual Debt
issuance of the District shall be based upon actual development within the Project. The
Financing Plan demonstrates one method that might be used by the District to finance the cost of
infrastructure. In any event, the total Debt that the District shall be permitted to issue shall not
exceed the Total Debt Issuance Limitation and shall be pennitted to be issued on a schedule and
in such year or years as the District determines shall meet the needs of the Financial Plan
referenced above and phased to serve development as it occurs. As long the District's Debt
otherwise complies with the restriction in the Service Plan, it will be deemed to be in material
compliance with the Service Plan for purposes of§ 32-1-1101(2) regardless of whether the
structure, dates and amount of Debt differ from the projections in the Financial Plan. All bonds
and other Debt issued by the District may be payable from any and all legally available revenues
of the District, including general ad valorem taxes and Fees to be imposed upon all Taxable
Property within the District. The District will also rely upon various other revenue sources
authorized by law. These will include the power to assess Fees, rates, tolls, penalties, or charges
as provideq in Section 32-1-1001(1), C.R.S., as amended from time to time.
B. Maximum Voted Interest Rate and Maximum Underwriting Discount
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. The interest rate on any Debt is expected to be the market rate at the time the Debt
is issued. In the event of a default, the proposed maximum interest rate on any Debt is not
expected to exceed fifteen percent (15%). The proposed maximum underwriting discount will be
five percent (5%). Debt, when issued, will comply with all relevant requirements of this Service
Plan, and State law and Federal law as then applicable to the issuance of public securities.
C. Maximum Debt Mill Levy/Imposition Tenn
The "Maximum Debt Mill Levy" shall be the maximum mill levy the District is
permitted to impose upon the Taxable Property within the District for payment of Debt, and shall
be determined as follows:
1. For the portion of any aggregate District's Debt which exceeds fifty
percent (50%) of the District's assessed valuation, the Maximum Debt Mill Levy for such
portion of Debt shall be fifty (50) mills less the number of mills necessary to pay unlimited mill
levy Debt described in Section VI.C.2 below; provided that if, after approval of this Service
Plan, there arc changes in the method of calculating assessed valuation or any constitutionally
mandated tax credit, cut or abatement; the mill levy limitation applicable to such Debt may be
increased or decreased to reflect such changes, such increases or decreases to be determined by
the Board in good faith (such determination to be binding and final) so that to the extent possible,
the actual la""< revenues generated by the mill levy, as adjusted for changes, are neither
diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in
the ratio of actual valuation shall be deemed lo be a change in the method of calculating assessed
valuation.
2. For the portion of any aggregate District's Debt which is equal to or less
than fifty percent (50%) of the District's assessed valuation, either on the dale of issuance or at
any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be subject
to the Maximum Debt Mill Levy and, as a result, the mill levy may be such amount as is
necessary to pay the Debt service on such Debt, without limitation of rate.
3. For purposes of the foregoing, once Debt has been detcnnined to be within
Section VI.C.2 above, so that the District is entitled to pledge to its payment an unlimited ad
valorem mill levy, the District may provide that such Debt shall remain secured by such
unlimited mill levy, notwithstanding any subsequent change in the District's Debt to assessed
ratio. All Debt issued by the District must be issued in compliance with the requirements of
Section 32-1-1101, C.R.S. and all other requirements of State law.
To the extent that the District is composed of or subsequently organized into one
or more subdistricts as pennitted under Section 32-1-1101, C.R.S., the term "District" as used
herein shall be deemed to refer to the District and to each such subdistrict separately, so that each
of the subdistricts shall be treated as a separate, independent district for purposes of the
application of this definition.
The District shall not impose a Debt service mill levy for more than forty (40)
years after the year of the initial imposition of such Debt service mill levy unless: (1) a majority
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of the Board of Directors of the District imposing the mill levy are residents of such District, and
(2) such Board has voted in favor of issuing Debt with a tenn which requires or contemplates the
imposition of a Debt service mill levy for a longer period of time than the limitation contained
herein.
D. Debt Repayment Sources
The District may impose a mill levy on Taxable Property within its boundaries as
a primary source of revenue for repayment of debt service and for operations and maintenance.
The District may also rely upon various other revenue sources authorized by law. At the
District's discretion, these may include the power to assess Fees, rates, tolls, penalties, or charges
as provided in Section 32-1-1001, C.R.S., as amended from time to time. In no event shall the
debt service mill levy exceed the Maximum Debt Mill Levy .
E. Debt Instrument Disclosure Requirement
In the text of each Bond and any other instrument representing and constituting
Debt, the District shall set forth a statement in substantially the following fonn:
By acceptance of this instrument, the owner of this Bond agrees
and consents to all of the limitations in respect of the payment of
the principal of and interest on this Bond contained herein, in the
resolution of the District authorizing the issuance of this Bond and
in the Service Plan for creation of the District.
Similar language describing the limitations in respect of the payment of the
principal of and interest on Debt set forth in this Service Plan shall be included in any document
used for the offering of the Debt for sale to persons, including, but not limited to, a developer of
property within the boW1daries of the District
F. Security for Debt
The District shall not pledge any revenue or property of the City as security for
the indebtedness set forth in this Service Plan, except as may be agreed to in writing by the City.
Approval of this Service Plan shall not be construed as a guarantee by the City of payment of any
of the District's obligations; nor shall anything in the Service Plan be construed so as to create
any responsibility or liability on the part of the City in the event of default by the District in the
payment of any such obligation. ·
G. TABOR Compliance
The District will comply with the provisions of TABOR. In the discretion of the
Board, the District may set up other qualifying entities to manage, fund, construct and operate
facilities, services, and programs. To the extent allowed by law, any entity created by the
District will remain under the control of the applicable District's Board.
773831 .9.
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H. District's Operating Costs
The estimated cost of acquiring land, engineering services, legal services and
administrative services, together with the estimated costs of the District's organization and initial
operations, are anticipated to be at least $100,000, which will be eligible for reimbursement from
Debt proceeds.
In addition to the capital costs of the Public Improvements, the District will
require operating funds for administration and to plan and cause the Public Improvements to be
constructed and maintained. The first year's operating budget is estimated to be $100,000 which
is anticipated to be derived from property taxes and other revenues.
The Maximum Debt Mill Levy for the repayment of Debt shall not apply to any
District's ability to impose and increase its mill levy as necessary for provision of operation and
maintenance services.
VII. ANNUAL REPORT
A. General
The District shall be responsible for submitting an annual report to the City
Manager's Office no later than August 15 1 of each year following the year in which lhe Order and
Decree creating the District has been recorded.
8. Reporting of Significant Events
The annual report shall include infonnation as to any of the following:
1. Boundary changes made or proposed to the District's boundaries as of
December 31 of the prior year. ·
2. Intergovernmental Agreements with other governmental entities, either
entered into or proposed, as of December 31 of the prior year.
3. Copies of the District's rules and regulations, if any, as of December 31 of
the prior year.
4. A summary of any litigation which involves the District's Public
Improvements as of December 31 of the prior year,
S. Status of the District's construction of the Public Improvements as of
December 31 of the prior year.
6. A list of all facilities and improvements constructed by the District that
have been dedicated to and accepted by the City as of December 31 of the prior year.
7. The assessed valuation of the District for the current year .
778838
8. Current year budget.
9. Audit of the District's financial statements, for the year ending
December 3 t of the previous year, prepared in accordance with generally accepted accounting
principles or audit exemption, if applicable.
10. Notice of any uncured events of default by the District, which continues
beyond a ninety (90) day period, under any Debt instrument.
1 t. Any inability of the District to pay its obligations as they come due, in
accordance with the terms of such obligations, which continue beyond a ninety (90) day period _.
VIII. CONSOLIDATION/DISSOLUTION
The consolidation of the District with any other special district shall be subject to the
approval of the City. The District will take all action necessary to dissolve pursuant to Section
32-1-701, et. seq., C.R.S., as amended from time to time, at such time as it does not need to
remain in existence to discharge its financial obligations or perform its services. In no event
shall dissolution occur until the District has provided for the payment or discharge of all of its
outstanding indebtedness and other financial obligations as required pursuant to State statutes.
IX. DISCLOSURE TO PURCHASERS
The District w1 II use its best cff orts to assure that all developers of the property located
within the District provide written notice to all purchasers of property in the District regarding
the Maximum Debt Mill Levy, as well as a general descriptioh of the District's authority to
impose and collect rates, Fees, tolls and charges.
X. INTER.GOVERNMENT AL AGREEMENT
The form of the intergovernmental agreement relating to the limitations imposed on the
District's activities is attached hereto as Exhibit G. The District shall approve the
intergovernmental agreement in the fonn attached as Exhibit G at its first Board meeting after
its organizational election. The City Council shall approve the intergovernmental agreement in
the form attached as Exhibit G at the public hearing approving the Service Plan.
XI. CONCLUSION
[t is submitted that this Service Plan for the District, as required by Section 32-1-203(2),
C.R.S., and Section 32-1-204.5, C.R.S., establishes that:
1. There is sufficient existing and projected need for organized service in the
area to be serviced by the Districtj
2. The existing service in the area to be served by the District is inadequate
for present and projected needs;
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3. The District is capable of providing ecopomical and sufficient service to
the area within its proposed boundaries; and
4. The area to be included in the District does have, and will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis.
Therefore, it is hereby respectfully requested that the City Council of the City of
Englewood, Colorado, which has jurisdiction to approve this Service Plan by virtue ot' Section
32-1-204.5, C.R.S., et seq., as amended, adopt a resolution approving this "Service Plan for Iron
Works Village Metropolitan District" as submitted .
778!~8
EXHIBIT A
Legal Description
. IRON WORKS METROPOLITAN DISTRICT
LOT 2, BLOCK 1, GENERAL IRON WORKS SUBDIVISION FILING NO. 2, LOCATED
IN THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF SECTION
34, TOWNSHIP 4 SOUTH , RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN,
ACCORDING TO THE PLAT THEREOF RECORDED MARCH 28, 2016 AT
RECEPTION NO . 06030247, COUNTY OF ARAPAHOE, STATE OF COLORADO
APPROXIMATELY 8.47 ACRES
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EXHIBITB
Englewood Vicinity Map
•
. AMHE ST AVE •
y, !'> y,
0 n CD YI
fT1 :c > ,-l'Tl z ~ > :;Q z ::e ~ ?l 0 > 3:: ;o A " > l"1
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VI VI VI VI
;-I ;-i ;-I ;-I
• BATES AVE
YIC/NITY NAP
{ NOT TO SCA!.£ )
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• 77883&
. EXHIBITC
District Boundary Map
llfNERAI. IIIOH WOAIIS '111.1.AIII
ENGLEWOOD, CDI.DAAOCI
IRON WCAKa MlnAIIPOUTAN DIITAICTIIIUIIOAIIY MA,
11a
I .~ II '"
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EXHIBITD
Summary of Public Improvements Eligible to Owned and Maintained by the District
The District may own, operate and maintain, including contracting for the operation and
maintenance thereof, those public purpose improvements not conveyed lo the City of
Englewood, including, but not limited to, the following public purpose improvements benefiting
the Iron Works Village Project:
1. Entry signage and monumentation
2. Common area la~dscaping, irrigation, lighting, bicycle parking, mailbox kiosks
3. Retaining walls, sound barrier walls, fencing
4. Streets, alleys, sidewalks and public parking
5. Storm water detention
6. Environmental remediation and containment
778838
•
EXl{IBITE
Preliminary Engineering Survey and Cost Estimates
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IRON WORKS VILLAGE METRO DISTRICT
ADDITIONAL PUBLIC IMPROVEMENT COST ESTIMATE
In addition to the Engineer's Estimate of Probable Cost ($2,406,978)•, the following are
estimates of additional eligible public Improvement hard costs:
1.
2.
3.
4.
Public Improvement Electric Lines 2,600 In.ft. x $100 =
Sound Fencing 1,200 In.ft. x $105.83 =
Landscaping
Entrance Signage/Monumentatlon
•$2,406,978 + $852,952 = $3,259,930
$260,000
$127,000
$439,952
$26,000
$852,952·
Preliminary Engineer's Estimate of Probable Cost
FOR
SAND CREEK PUD AMENDMENT IRON WORKS
VILLAGE
8/11/2016
GRADING AND EARTHWORK
TOTAL:$
STREETS AND PARKING LOTS • DISTRICT IMPROVEMENTS
TOTAL: $
WATER SYSTEM• PUBLIC IMPROVEMENTS
TOTAL: $
SANITARY SEWER SYSTEM • PUBLIC IMPROVEMENTS
TOTAL: $
STORM SEWER SVSTEM -DISTRICT IMPROVEMENTS
TOTAL: $
375,625.00
1,137,398.50
278,869.00
224,154.00
390,932.00
TOTAL IMPROVEMENTS: $ 214061978.50
Note: This Engineer's Opinion of Probable Construction Cost does not Include the following Items:
landscape/Irrigation Improvements, dry utility installation, contaminated soil cleanup, permit fees, survey
staking fees, construction managemenl rees, and any other Items not specifically Included In the estimate.
Refer to the following sheets for a detailed list of items included within this estimate.
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Description
1. Gradlna & Earthwork
Earthwork -Cul to Fill
Earthwork -Import
Notes:
Prellmlnary Engineer's Estimate of Probable Cost
for
SANO CREEK PUC AMENDMENT -IRON WORKS VILLAGE
8/11/2016
l Unit J Quantity Unit Cost
CY 5050 $2 .50
CY 16500 $22.00
Total Gradlna & Earthwork
Amount
$ 12,625.00
$ 363,000.00
$ 375,625.00
1. This Engineer's Opinion of Probable Construction Cost Is based on Preliminary Engineering Plans for Sand
Creek PUD Amenclment-Iron Works VIiiage prepared by Manharo Consultlng, dated June 13, 2016. At the time
this estimate was prepared, Flnal Construction Plans had not yet been prepared and therefore the llems Included
In this estimate are subject lo change.
2. This Engineer's Opinion of Probable Construction Cost does not Include the followlng items: landscape/Irrigation
improvements, dry utility installation, contaminated soil cleanup, perrnli fees, survey staking fees, construction
management fees, and any other Items not speclflcaUy included in the estimate.
3. This Engineer's Opinion of Probable Construction Cost is made on the basis of Engineer's experience end
quallflcattons using estimated quantities and represents Engineer's best judgment as an experienced and qualified
professional engineer generally famlllar with the construction Industry. However, since Engineer has no control over
the cost of labor, materials, equipment or services furnished by others, or over the Contractor's methods of
delenntnlng prices, or over competitive bidding or market conditions, or over quantities of work actually perfonned,
the Engineer cannot and does not guarantee that proposals, bids or actual ConstrucUon Cost will not vary from the
Opinions of Probable Construction Cost prepared by the Englnee;. This Opinion of Probable Construction Cost
is limited lo those items stated herein .
. Preliminary Engineer's EsUmate of Probable Cost
for
SAND CREEK PUD AMENDMENT -IRON WORKS VILLAGE
8/11/2016
Description Unit I Quantity! Unit Cost
2. Streets and Parking Areas
Street Pavement (assumes 6" full depth asohaltl SY 3506 s 32 .90
Alley Pavement (assumes 6" full depth asphalt) SY 4932 $ 49 .30
6-inch Concrete Curb and Gutter LF 2775 $ 31 .25
4-foot Concrete Sidewalk 6-inch LF 1136 $ 24 .00
5-foot Concrete Sidewalk 6-lnch LF 3407 $ 30 .00
3-fool Concrete Sidewalk 5-lnch LF 2024 $ 18 .00
ADA Ramps EA 9 $ 2,495 .00
Crossoans EA 2 $ 4,370 .00
Street Lights STORM 35 s 3,500 .00
Allev Access Driveway Aprons EA 11 s 2,250.00
3-foot Concrete Valley Pan LF 2029 s 28 .75
Retalnlna Wall SF 8000 $ 20.00
6' Hiah Saund Wall LF 1200 s 105 .00
Total Streets and Parking Lots
Notes;
Amount
$ 115,347 .40
$ 243,147 .60
$ 86,718.75
$ 27.264 .00
$ 102,210.00
$ 36,432 .00
$ 22,455 .00
$ 8,740 .00
s 126,000 .00
$ 24 ,750 .00
s 58,333 .75
s 160,000.00
$ 126,000.00
$ 1,137,398.50
1. This Engineer's Opinion of Probable Construction Cost Is based on Preliminary Engineering Plans for Sand
Creek PUO Amendment -Iron Works Village prepared by Manhard Consulting , dated June 13, 2016, At the lime
this estimate was prepared , Final Constructlon Plans had not yet been prepared and therefore !he items included
in this estimate are subject lo change.
2. This Engineer's Oplnion or Probable Construction Cost does not Include the following items : landscape/irrigaUon
improvements, dry utility installation, contaminated soil cleanup, permit fees, survey stak ing fees, construction
management fees, and any other items not specifically Included in the estimate. ·
3. Th is Engineer's Opinion of Probable Construction Co&I is made on the basis of Engineer's experience and
qualifications using estimated quantities and represents Engineer's best Judgment as an experienced and qualified
professional engineer generally famlllar with the construction Industry. However, since Engineer has no control over
the cost of labor, materials, equipment or services furnished by others, or over the Contractor's methods of
determining prices, or over compellUve bidding or market conditions, or over quantities of work actually performed,
the Engineer cannot and does not guarantee that proposals, bids or actual Construction Cost will not vary from the
Opinions of Probable Construction Cost prepared by the Engineer. This Opinion of Probable Construction Cost
Is limited to those items stated herein.
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Prellmlnary Engineer's Estimate of Probabia Cost
for
SAND CREEK PUO AMENDMENT -IRON WORKS VILLAGE
8/11/2016
Description Unit j Quantltvl Unit Cost
3. Water System
8-inch PVC LF 2722 $ 47.00
8-lnch Gate Valve EA 20 $ 1,880 .00
8-lnch -Horizontal Bends w/restralnl EA 12 $ 565.00
8-lnch bv 6-inch Tee w/restralnt EA 11 s 600.00
8-lnch bv 8-fnch Tee w/restrainl EA 9 $ 820.00
8-inch bv 8-inch Cross EA 1 $ 750 .00
8-lnch Plua w/B.O. EA 4 $ 2,950.00
Fire Hydrant Assemblv EA 11 $ 7,275.00
Total Water system
Notes:
Amount
$ 127,934.00
$ 37,600.00
$ 6,780.00
$ 6,600.00
$ · 7,380 .00
$ 750.00
$ 11,800.00
$ 80 ,025.00
$ 278,869.00
1. This Engineer's Opinion of Probable Construction Cost ls based on Preliminary Engineering Plans for Sand
Creek PUC Amendment-Iron Works VIiiage prepared by Manhard Consulting , dated June 13, 2016. At the time
this estimate was prepared, Final Construction Plans had not yet been prepared and therefore the items included
in this estimate are subject to change.
2. This Engineer's Opinion of Probable Construction Cost does not Include the following Items: landscape/lrrlgalion
improvements, dry utillty Installation, contaminated soil cleanup, permit fees, survey staking fees , construction
management fees, and any other items not specifically Included in the estimate.
3. This Engineer's Opinion of Probable Construction Cost is made on the basis of Engineer's experience and
qualiflcatlons using estimated quantities and represents Engineer's best judgment as an experienced and qualified
professional engineer generally familiar with the construction industry. However, since Engineer has no control over
the cost of labor, materials, equipment or services furnished by others, or over the Contractor's methods of
determining prices , or over competitive bidding or market conditions, or over quantities or work actually performed,
the Engineer cannot and does not guarantee that proposals, bids or actual Construction Cost will not vary from the
Opinions or Probable Construction Cost prepared by the Engineer. This Opinion of Probable Construction Cost
Is limited to those items stated herein . ·
Description
4. Sanlta Sewer S stem
8-inch PVC
4-foot l.D. Manhole
Noles·
Preliminary Engineer's Estimate of Probable Cost
for
$AND CREEK PUD AMENDMENT· IRON WORKS VILLAGE
8/11/2016
Unit jouantltyj Unit Cost
LF 2628 $ 53 .00 $
EA 23 $ 3,690.00 $
lTotal Sanitary Sewer
Amount
139,284 .00
84 ,870 .00
224,154.oo I
1. This Engineer's Opin ion of Probable Construction Cost is based on Preliminary Engineering Plans for Sand
Creek PUO Amendment -Iron Works Village prepared by Manhard Consulting, dated June 13, 2016 . Al the time
. this estimate was prepared, Final Construction Plans had not yet been prepared and therefore the items included
In this estimate are subject to change .
2. This Engineer's Opinion of Probable Construction Cost doe$ not Include the following Items: landscape/irrigation
Improvements, dry utility lnstallallon, contaminated soil cleanup , permit fees, survey staking fees , construction
management iees, and any other items not specilicaliy Included in the estimate.
3. This Engineer's Opinion of Probable Construction Cost is made on the basis of Engineer's experience and
qualificalions using esllmated quantities and represents Engineer's best Judgment es an experienced end qualified
professional engineer generally familiar with lhe construction industry. However, since Engfneer has no control over
the cost or labor, materials, equipment or services furnished by others, or over the Contractor's methods of
determining prices, or over competitive bidding or market conditions, or over quantities of work aclually performed,
the Engineer cannot and does not guarantee that proposals, bids or actual Construction Cost will not vary from the
Opinions of Probable Construction Cost prepared by the Engineer . This Opinion of Probable Construction Cost
is limited to those ilems stated herein.
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Prellmlnary Engineer's Estimate of Probable Cost
for
SAND CREEK PUD AMENDMENT· IRON WORKS VILLAGE
8/11/2016
Description Unit Quantity Unit Cost
5. Storm Sewer svstam
Storm Sewer In Streets (Assume RCP, 24• LF 1494 $ 88.00 inch averaQe size)
Storm Sewer in Landscape Areas (Assume LF 787 $ 30.00 HOPE, 12-inch averaoe size)
Flared End Section EA 3 $ 3 710.00
4-foot ID Manhole EA 15 $ 3,935 .00
Tvoe R Inlet EA 8 $ 4,940 .00
No 16 Vallev Inlet EA 3 $ 6,940 .00
Tvoe C Inlet EA 1 s 5,605 .00
Landscaoe Inlets EA 13 $ 750.00
Pond Pumo Vault EA 1 $ 50,000.00
Detention Pond Oullel Structure EA 2 s 20,000.00
iTotal Storm Sewer
Notes:
Amount
$ 131,472.00
$ 23,610.00
$ 11 ,130.00
$ 59,025.00
$ 39,520.00
$ 20,820.00
$ 5,605.00
s 9,750.00
$ 50,000.00
$ 40,000.00
390,932.00 i
1. This Engineer's Opinion of Probable Construction Cost Is based on Prellmlnary Engineering Plans for Sand
Creek PUC Amendment -Iron Works Village prepared by Manhard Consulting, dated June 13, 2016. At the time
this estimate was prepared, Final Construction Plans had not yet been prepared and therefore the Items Included
In this estimate are subject to change.
2. This Engineer's Opinion of Probable Construction Cost does not include the following items: landscape/irrigation
improvements, dry utility installation, contaminated soil cleanup, pennit fees, survey staking fees, construction
management fees, and any other items not specifically Included in the estimate.
3. This Engineer's Opinion of Probable Construction Cost Is made on the basis of Engineer's experience and
qualifications using estimated quantities and represents Engineer's best judgment as an experienced and qualified
professional engineer generally familiar with the construcllon industry. However, since Engineer has no control over
the cost of labor, materials, equipment or services furnished by others, or over the Contractor's methods of
determining prices, or over competitive bidding or market conditions, or over quantities of work actually performed,
the Engineer cannot and does not guarantee that proposals, bids or actual Construction Cost will not vary from the
Opinions of Probable Construction Cost prepared by the Engineer. This Opinion of Probable Construction Cost
is limited to those items stated herein. ·
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SAND CREEK PUD AMENDMENT -IRON WORKS VILIAGE
-( 11,...._ ___,·-=::c,__-_...,1 y_-
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l'IPICAI. :Z2' PIUVATE Al.UY CllOSS stCTION
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fi rit. -,~ '-= '" ,==,J ----' l..,rmc .,_..,__,... ......,
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•
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•
SAND CREEK PUD AMENDMENT -IRON WORKS VILI.AGE
LOCATED .. THE NOtlTlfWUT QIIAIITDI OF TIE NOIITHWUT GUAIIT!JI OF ll!CTION :U, TOWNIMP 4 SOUTH,
RANGE A WUT OF THE aomt PIIINCPAL IIEftlDWI, cown'Y OP ARAl'AHOE, ITATE OF COLOIIADO
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•
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• 778838
EXHIBITF
Preliminary Financing Plan
•
Iron Works Village Metropolitan District
(In the Oty of Enctewoc,d, Colorado}
l.lmllet! Tn, Ge-..1 Ollllptlan IIOIW!s
DD1" 5Ell\1CB l'IIOl'Ell'J"I" T/1..'C !IE\-0."l."E $\Jl\t\lAa\"
J,llllD.000
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:111211 •-COJ ... ... .... .... (1 .071)
21121 •.>U.Z .. .. 174.610 u.°"· f.1,116)
211%:1 •.>U.Z .. .. 174-61D 11 ..... (2.116)
2ll!J • .,.u .. .. 174,61) "·"" (2,116}
JIJ%A 4,lal,l>f -"'·"' DP" (UH)
:IOU •)GU., .. 17'/ol<i 11.IN (UI')
ZD25 •JOU .. 40 11~10 11,IN (1.&11')
lllff '-'4,,.1,M ... 17U1G u .... (2.11") -4.]6S,3U ..,, n,i,10 IJ,OK (l.11')
JIIZt . .,.,.,,.. .., 114.-...10 ll,CJ9<i {2.110)
:zu,a ,.,.u .. .., 174/>IO ll,006 (J,11')
Jilli . .,..,.. .. 174./ilD ll,1111 (1.Sf')
21111 4,11,'U,U -174,61. ll,°" (1.&1')
211]] • .,.u .. ... ., .. ,.,a IJ,OWi (1.111')
:IID4 •.K">.244 .., IT4,1'10 ~),-(1.IH)
IOU .,]6¼.l .. .. 174,610 l),ll'lr, (1.11'1
2DJ6 4,36>.2 .. .. u ...... ll.""' (1.~l•J .
lllll 4,)u,ZU .. 174,610 ll,D90 (1,116)
llDI .. ... n 1• n II
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ALL PIU)Jl!CtlONSANP nu.'E E.ffl1,nl"El' l'llOVlt>m B\"D£VEWl'EII n,..,..__..,_,.._..., ... i.-i ........... --..................
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·--..., 4.IJ1$ 11 ..... (2.31!) lff,GU ,. ·-900 I •n
..-~· ,!Jlll"!.fflJ l ,mo.ca, 'JTt ,t.01 161'1.fOD
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••••ooo
1,sn.1JOO
1.ns.000
l ,IJll,Clllll
1,020,000
tlCl,000
'"ff\,000
•'15.lm
ilO,CllO
U0,000
DS,000
145,IXXJ
•
.. ~~
ll1 .JA%
41-
«J"6•Ai
llmt~
J6111"~•
3<111%
.)J:16~
JO sr..
21~/4
n..-Ao
23 ll','
lll \S¼
U ?r.9 ·~ '"' 11..a-4
9 .1~\
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)._,?1i,
0 10".\
.....
. Iron Works Village Metropolitan District
(In the City of Englewood, Colorado)
Limited Ta1t, General Obligation Bonds
Estimated District Cash Raw -Operations and Maintenance
For Service Plan
O&:M PROPERTYTAX REVENUE SUMMARY
Asscssal Value M1U PropcrtT Tu SOTu Collccuon Net
Yc:ar Cnlh:cnon Y c-u" 1.c,,, RC\•c:nuc, (75•,eofPro cnyTu) Fccs2 RC\·murs l
:?018
1 201, :Z,7,218 15 4,458 ll4 (72) 4,721
2 2020 1,600,00, IS 24 ,900 1,868 (402) 26,3(,6
l 2021 4,365,244 10 43,652 l,%74 (704) 46,222
◄ 2022 4,)65,244 10 43,652 3,%74 (704) 46,222
5 2023 4,365,244 10 0,652 3,274 (704) -16,222
6 2024 ◄,365,244 10 43,652 ,l,%7◄ (704) 46,222
7 2025 4,365,244 10 43,652 3,274 (704) 46,222
8 2026 4,365,244 10 43,652 3,274 (704) 46,222 , 1D27 4,)65,244 10 43,652 l.27◄ (704) 46,222
10 2028 4,)65,244 JO 43,652 3,%74 (704) 46,222"
II 202' 4,365.244 · 10 · 43,652 3,274 (704} 46,222
12 2030 4,)65,244 ID . 43,652 3,Z7◄ (704) 46 ,222
13 2031 ◄,365,244 10 43,652 3,%7◄ (704) 46,222
. · 14 2032 4,)65,244 10 43,652 3,%74 (704) 46,222
15 :Wll 4,)65.244 10 43,652 3,274 (704) 46,222
ICi 2034 4,365,244 JO 43,652 3,274 {704) 46,22.2
17 2035 4,365,2« 10 43,652 J,%74 (704) 46,222
Ill 2036 4,365,244 10 43,652 3,274 (704) 46,222
19 2037 4,365,244 JO 43,652 3,274 (704) 46,222
20 2038 4,365,244 ,n 43,652 3,:?74 (104 46,222
Tnt> •Esormtcd AV Gro .. 1h 1165,8311 64,938 -U,%2 916.HIS
(I) Estunated SO T:o ,
(2) Esumatcd Collcct,on Fccs: O.oo-:. Biennial
(3) $uq,lus n...-cnucs, 1( :lnf, CUI be 7.50''•
I.SO',~
ALL PROJECTIONS .-\ND VALU!i E!J-OMATES PROVIDED BY DEVELOPER
The interest rate and rall"g assumptions are based on current mar~et co"dlllons and similar credits.
· The Oistric:t's actual resulu may differ, and Stifel makes 110 commitment to underwrite at these levels.
8/8/2016
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Iron Works Village Metropolitan District
(In the City of Englewood, Colorado)
Limited Tax, General Oblir:,11ion Bonds
Rcsidmtial Buildout Summary
ForService Plan
Unics
Sl'llomc
Cmnlo-lbJ
Th
Cnnd -2bJ
Dur,la
AveSF
11175
WXJ
1377
13211
1875
EOY 2016 Staning
Median Price
$491 ,250
5395,UOII
Sl<,7,133
$350,000
$463,750
Aascsud
Value
$39,IIH
531,442
$2?,224
S27,IIGO
$36,915
40
Mills
Annu:atPmt
$1,564
Sl ,258
Sl ,169
Sl,11-1
$l ,H7
2016
s
s
s
s
s
$ s
Rc,,dcob:al Assc:ucd Value S S
l\sscssmau Rate: 7.96~•
,\nnml Rue A\' S S
ToialAV $ S
ALL PROJEcnONS AND VALUE ESTIMATES PROVIDED BY DEVELOPER
The interest ntc and nbng u1umpoons are bu«I on current nwkc:t cunditions and !hmilu =dits.
1bc Dsstnct's actu:al remits ffl2f d,IT er, :md Stir.I INkes no commioncn1 10 undcrwnte 21 these In-els .
8/8/2016
Homa Sales RCffnucs
2017
989,S'JO s . $
1,810,925 s
s
1133,078 $
3,7.ll.893 s
3,733,893 S
7 _91;•;,
2'J7,21R S
297,21 8 S
2018
1,524,150 s . s
12.757 6 38 s
-s
2,838,703 s
17,120,491 $
17,120,4 91 S
7.96¾
1,362,191 S
1,660,009 S
21119
4.094,408
7,367.6-17
11,201 ,829
6,527,044
4,794,439
ll,985,367
· 33,985,367
7.96"'•
2,705,235
4,365,244
Product Typr
Sf-'llomc
Condn • 3 bd
Th
Cond· 2bd
Duplex
Toti!
•
Total
s 6,6011 ,448
$ 7,367."47
s 25,770.392
$ 6 ,527,044
$ R,566,220
s 54,839 ,751
P:ige3
Iron Works Village Metropolitan District
(In the City of Englewood, Colorado)
Limited T:ax. Gener:al Obligation Bonds
For Senrice Plan
DSSchnlule
Serl
~c Prinopal Couron lnlc:n:Sl To12!
1 12/1/2019 S 25,000 s 2,000,000 0.04 S 80,000 $ 105,000
2 12/l/201IJ S 45,000 s 1,975,000 0.04 s 79,000 s 124,000
3 12/1/2021 S 75,000 s 1,930,000 0.04 $ n,200 $ 152,200
4 12/1/"JlJU S 80,000 s 1,855,000 0.04 s 74,200 $ 154,200
5 12/1/2023 H0,000 $ ,.n5,ooo 0.().1 $ 71 ,000 s 151 ,000
6 12/1/2024 85,000 $ 1,695,000 0 .04 s 67,800 s 152,800
7 12/1/2025 90,000 s 1,lil0,000 . 0 .0-4 s 64,400 s 154,400 .
8 12/1/2026 S 90,000 $ 1,520,000 ·O.<M s 60,ROO s 150,800
9 12/1/2027 S 95,000 s 1,430.000 0 .114 s 57,200 5 152,200
10 12/1/2028 S 100,000 $ 1)35,000 0.04 s 53,400 $ 153,400
11 12/1/2029 $ 105,000 s 1,235,000 0.04 s 49,WO $ 154,400
12 12/l/2flJO S 110,000 $ 1,130,000 0 .04 $ 45,200 s 155,200
11 12/1/2031 S 110,000 s 1,020,000 0 .04 s -I0,800 s ISO.HOO
14 12/1/2032 S 115.000 $ 9 10,000 0 .0-4 s 3MOO s 151,400
1S 12/1/2033 $ 120,000 $ 795,000 0.04 s 31 ,800 s 151,800
16 12/1/2034 $ 125,000 $ 675,000 0 .04 s 27,000 $ 152,000
17 12/1/2015 $ IJ0,000 $ 550,000 0.04 s 22,000 $ 152,000
18 12/1/2036 S 135,000 $ 420,000 0 .04 s 16,800 s 1S1,800
19 12/1/2037 S l-l0.()00 s 21!5 ,000 0 .04 s 11,400 $ 151,400
20 12/1/2038 S 145,000 s 145.000 -004 s 5,800 $ 150,800
s 2.{J00,000 s
BoodTnw s 2,000.000
COi c:st s 100,000
Fcccs1 s 40,000
up1 · $ 160,000
DSR.1-._ s 155,000
Bond Proc,erds s l ,S4S,OOO
• C211 be used foe bst year bond parmmt
8/8/2016
STIFEL I l'ur.lir
· f:r..i,o t
• • •
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DISO.OSURE
Sri(d, Nicobus &. Cnmptny, Incorponied ('Sbfd) lw prqwrd the au:achcJ m:atenal$. Such nu1enal cnnmrs of
f:actuol or ,:encr:d ·,..rorm:ation (u defined in lhc SEC, Mllnl0p21 Advisor Rule); Sufd ts not h,neby pnmd,,,11 a
munrap•I tnblJ' nr obligated ~nn with :any aJ,-.a or nwang any tttommcnd:alion as lo Klion conaenung the
1tnJC:tUn,. tnnin,: or terms of any issuance of mun,apaJ sccunlics or muniapol financw ptoduccs. To the anent chat
Sofd pnmdcs any 2!1emalivcs, op lions, .calculations cw cumplcs ,n the attaCMd infonn:arion, such mfonmllOn is
not mtcnded to a.press :my TICW that the nrunaapal cnlily or obligated pcnmi could aduc\-c P2fticubr results in any
rnunocpal secum,cs tranucbon,. and those allcrrwiva, llf"lons, alcuboons or c:z:unpla do not amsorute a
.raommaidalion 1h21 any mt11Uap:al issuer or obligated pemm should dT«t any ffllJ'1lCl!>al sccunDCS 11211$action.
Slife! is acbng in its own intcteslS, IS not aaang as your mwuapaJ ><n'IIDI' uul doa not awe a fiduciary J111y pursuant
to Section 1 SB of the Scaurues Exdwigc Act of 1!134, os amended, 10 tho miruarJI mtny or oblig:,rcd p:arty '1111th
respect lo thee infornullOn and rrlJtemls con1211icd in this a,mm11111alion.
Slife) is rnmding informalion 2rld i~ dechrin,t to the P"'('OSed mun,cpal iuuer :and any obligatrd penon tha1 it hu ·
done 10 '"1hin lhe rq;ubtory fnmewotlr. or MSlB Ruic G-23 as an undawritcr (br dcfanibOn :also mduding lhc role
of pba:mtnt agent) and not JS a ftnanml aimsor, as ckfmed therein. With respect IO the n:ferenced proposed
JSltaDCC of muniapal ,eamncs. The primary. role of Snfd,, JS :an underwriter, is to purdwe 1ccuritics for ruale to
imcston: in :an um's• lmgth commcraaJ IDrUKDon. Sctnng ,n the role of undctwrita, Swd hos financw and
other ~a th31 dirrcr from those of the isSUCL The issuer should consult with its own fimncw ,ruJ/ or mun,ap:al,
t.g,,I. accowuing, tax and other ach-isors, JS applic:ablr, to lhe anent ·;r deems "l'Jlropmtc.
1licse mstrriat. ha.-c hrcn prcpored by Sorel for the client or potcnbal client to whom such m:a1crials 2ne mrealy
:addra1td :and deli\-cttd for discuss,on pwposcs only. All tctmJ anti condiuon1 an: subJcct to further discumon and
nr:got12110n. Sufd dOH n(I( c:xr,ress any .-icw AS 10 whether financing O(IDons pn:scntod in these m:atcmls arc
achicnblc or will hr anibblc 21 lhc time or :any. contempbccd cnnsacoon. These m:atcn:als do not COflSIINIC an
offer or soliatanon to sdl or purchase anr 1ttwilics and art nor 2 commitment by Slifd to protidc or an:ange any
fm:utcing for ""7 tans:Kbon or to purchase.,., sccuntr in coMeellon thetcw,th 2nd INJ' nor relied upon as 1111 ·
indiaoon that such an offer .,,,n hr provided in the future. Where indit2tcd. this prcs.,,ration may conwn
infurtnallUn lkm-ed from sOUfc.s other dun Stifel While we bclic\'e 1w:h uuormabon to be ·accurate and coffl{>ktr.
Stifel docs not 6""""'1""' the accuracy o{ this infonn:abon. 11us m:atcrial is based oo infonna1>on cum:ndy 2,-ailable
to Sofd ot its souras and is subject to clung,: Without notice. Safe! cl.... not proY1de accounnng. tax nr leg:J •ck-.cc;
howCTcr, you should be :awue that any proposed ind,cat,tt lnlU>elion could h2n: accounung. w:, lc,::,I or other
itnp~al1Dn5 dw shnuld be discussed with your adwors :and /or counsel :as you dttm appropnuc.
8/8/2016 . ·
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Pages
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EXHIBITG
Intergovernmental Agreement between the District and Englewood
•
• 778838
INTERGOVERNMENTAL AGREEMENT
BETWEEN
THE CITY OF ENGLEWOOD, COLORADO
AND .
IRON WORKS VILLAGE METROPOLITAN DISTRICT
THIS AGREEMENT is made and entered into as of this _ day of ____ _,
__ _, by and between the CITY OF ENGLEWOOD, a home-rule municipal corporation of
the State of Colorado (the "City"), and IRON WORKS VILLAGE METROPOLITAN
DISTRICT, a quasi-municipal corporation and political subdivision of the State of Colorado (the
"District"). The City and the District are collectively referred to as the Parties.
RECITALS
WHEREAS, the District was organized to provide those services and to exercise powers
as are more specifically set forth in ilie District's Service Plan approved by the City on October
3, 2016 ("Service Plan"); and
WHEREAS, the City and the District have determined it to be in the best interests of their
respective taxpayers, residents and property owners to enter into this · Intergovernmental
Agreement ("Agreement").
NOW, THEREFORE, in consideration of the covenants and mutual agreements herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties hereto agree as follows:
COVENANTS AND AGREEMENT
I. Incomoration by Reference. The Service Plan is hereby incorporated in this
agreement by this reference. The District agrees to comply with all provisions of Lite Service
Plan.
2. Enforcement. The parties agree that this agreement may be enforced in law, or in
equity for specific performance, injunctive, or other appropriate relief. The parties also agree
that this agreement may be enforced pursuant to Section 32-1-207, C.R.S. and other provisions
of Title 32, Article l, C.R.S., granting rights to municipalities or counties approving a service
plan of a special district. ·
3. Entire Agreement of the Parties. This written agreement constitutes the entire
agreement between the parties and supersedes all prior written or oral agreements,
negotiations, or representations and understandings of the parties with respect to the subject
matter contained herein.
4. Amendment. This agreement may be amended, modified, changed, or
terminated in whole or in part only by a written agreement duly authorized and executed by
the parties hereto. ·
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5. Governing Law: Venue. The internal laws of the State of Colorado shall govern
the interpretation and enforcement of this agreement, without giving effect to choice of law or
conflict of law principles. The parties hereby submit to the jurisdiction of and venue in the
district court in Arapahoe County, Colorado. In any proceeding brought to enforce the
provisions of this agreement, the prevaiJing party therein shall be entitled to an award of
reasonable attorneys' fees, actual court costs and other expenses incurred.
6. Beneficiaries. Except as otherwise stated herein, this agreement is intended to
describe the rights and responsibilities of and between the named parties and is not intended to,
and shall not be deemed to confer any rights upon any persons or entities not named as parties.
7. Effect of Invalidity . If any portion of this agreement is held invalid or
unenforceable for any reason by a court of competent jurisdiction as to either party or as to
both parties, such portion shall be deemed severable and its invalidity or its unenforceability
shall not cause the entire agreement to be terminated. ·
8. Assignability. Neither the City nor the District shall assign their rights or delegate
their duties hereunder without the prior written consent of the other party.
· 9. Notices. All notices, certificates or other communications hereunder shall be
• sufficiently given and shall be deemed given when given by hand delivery, overnight delivery,
mailed by certified or registered mail, postage prepaid, delivered electronically (if confinned
promptly ielephonically) or dispatched by telegram or telecopy (if confirmed promptly
telephonically), addressed to the following address or at such other address or addresses as any
party hereto shall designate in writing to the other party hereto:
City of Englewood
Attn: City Attorney
Englewood Civic Center
1000 Englewood Parkway
Englewood, CO 80110
Iron Works Village Metropolitan District
c/o White Bear Ankclc Tanaka & Waldron
Attn: Sean Allen, Esq.
2154 E. Commons Ave., Suite 2000
Centennial, CO 80122
10. Successors and Assigns. This agreement and the rights and obligations created
hereby shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns .
IN WITNESS WHEREOF, the District and the City have caused this Agreement to be
duly executed to be effective as of the day first above written.
Attest:
Secretary
APPROVED AS TO FORM:
IRON WORKS VILLAGE METROPOLITAN
DISTRICT, a quasi-municipal corporation and
political subdivision of the State of Colorado
By: _____________ _
President
WHITE BEAR ANKELE TANAKA & WALDRON
Attorneys At Law
General Counsel to the District
CITY OF ENGLEWOOD
By: ____________ _
Attest:
By: ________ _
Its: _________ _
APPROVED AS TO FORM: _________ _
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COUNCIL COMMUNICATION
DATE: October 3, 2016 AGENDA ITEM: SUBJECT: Resolution Conditionally
approving the Iron Works Village
10a Metropolitan District Service Plan
INITIATED BY: STAFF SOURCE: Audra L. Kirk, Planner 11
Community Development
,/
REVIOUS COUNCIL ACTION
1 ue to the cancellation of the September 26, 2016 Study Session owing to the lack of a quorum of City
ouncil, the presentation of this item with staff, representatives from BLVD Builders, and White, Bear
nd Ankele will take place at the October 3, 2016 City Council meeting.
ECOMMENDED ACTION
taff recommends that Council approve the attached Service Plan for the Iron Works Village
letropolitan District.
ACKGROUND
ity Council has encouraged the development of the General Iron Works site. A component of the
evelopment is financing and constructing capital improvements on the property. The Metropolitan
istrict is formed to provide planning, design, financing, acquisition, construction, installation, relocation
nd the redevelopment of public improvements. These improvements will be financed by debt issued
y the District. This debt is not a debt of the City of Englewood and is repaid solely from revenues
vailable to the District, including ad valorem property taxes.
he proposed Metropolitan District is an independent unit of local government separate and distinct
om the City of Englewood. City Council must approve, conditionally approve or deny the Iron Works
illage Service Plan by Resolution.
ity staff has reviewed the Service Plan, and has made no changes to the plan. City Council must
etermine if the following requirements of C.R.S.32-1-202(2) are fulfilled and acceptable:
(a) A description of the proposed services;
(b) A financial plan showing how the proposed services are to be financed, including the proposed
operating revenue from property taxes for the first budget year;
(c) All proposed indebtedness for the district shall be displayed in a schedule showing the years in
which the debt will be issued .
(d) Preliminary engineering or architectural survey (if applicable);
(e) A map of the district's boundaries;
(f) An estimate of population and valuation for assessment;
(g) Description of facilities to be constructed;
(h) The standards of construction and services and their compatibility with such standards of
nearby local governments;
(i) An estimate of costs (land acquisition, engineering and legal services, administrative services,
proposed debt and interest rates and other organizational and operational expenses);
U) Any proposed intergovernmental agreements for services; and
(k) Information showing that the criteria set out in C.R.S. 32-1-203, are met, or such additional
information as the City of Englewood City Council may require so as to meet those criteria .
INANCIAL IMPACT
his action should not have any financial impact on the City of Englewood.
1ST OF ATTACHMENTS
:esolution
ervice Plan
2
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