HomeMy WebLinkAbout2010 Ordinance No. 053•
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ORD INANCE :S:0 . _22
ERIES OF 2010
CONTRACTNO, l\'-f--.:1.o/0
l3 Y AUT HOR ITY
COUNC IL 13 1LL NU. 49
INTRODUCED BY CO 'C IL
~I E~IBER ll'ILS N
A:--1 O lilllNAt-:CE A PPROV ING AN ··INTERGOVERNMENTA L AGR EE~I ENT BETll'l :l ·.t-:
T HE CITY OF ENGLEWOOD . COi ORA DO AND K ENT PL ACE ~I ETR O POUTAN
DISTRICT NO . I AND K EN T PL A E ~I ETRO l'OLITAN DIST RI CT NO . 2"".
ll'IIEREA . 1hc Ci 1y Council of1hc Ci ly of Englewood nppro,·cd the Conso lidnicd Scr,icc
Plan for Kent Pbcc Mclrop0 litan D1s1nct No. I nnd No. 2 . by the pa ~sagt.: of Rc so lu1ion No. s~.
Series of 2007 : ,111d
\\'II EREA . the Englt.:\\Ood C11y Coum.:11 pnsscd Re so lution No. ~9. Series of 2008.
exte ndin g the Consolidated Scr\'lce Pl:rn for Kent Place i\ktmpohtan Distric t Nn I and No . 2:
nnd
WHEREAS. tl w l)1 stricl!-. were C'lrg:111i1cd to provide 1hosc scn·iccs and to ·xcrdsc power:-. a~
an.: more spccili c. ct forth in the Dist net s' Service Pi nn rnndi 1i on:1ll y appro\'cd hy th c
Re so lut ion No . 8S. crn:s of 200i: :rnd
WI IEREAS. 1hc condi 1i on:-<'f :ipprflval for Reso lution No. 88. Serie~ of:!007. ha, c bt:cn 111...:t m
tlwt the Engl.:,H1od Cit) ~l:111:1gcr h.1, rcccl\ 1:d am! :1pp1n,1:d il :-.u mmary of the markl.'l srndy
supporting the ti11anc1al plnn: and
\\'I IEREAS. the City or Eng.It:\\ (.i.1d and the Dbtricts haH! lh.:h.:nni11cd it to ht: 111 the hc sl
1nt1:1csts c1f their rc spl.'1.'.li,c taxp ayer-,, rc:-ulcnts :m d pmpcny °'' ncrs hl i..:111cr 11\10 thi-.
l111crgm cnun1:111a\ :\grccml.'.111:
NOW. T II FREFORF . flE IT ORDA INl :IJ llY T Iii: CITY COUNC IL OF T iil· lTI Y O F
l ·N( ;1 l;l\"0011 , CO i llR/\DO .. \S l"()I I Oll'S:
Scc1H111 I. l'hl! lntergmcnmll'llta\ 1\gn.:c ml.'.11\ entitled ··f111ergmcmml.'.1llal :\grcl.'.'mcnt
lk1 ,, l.'.cn the C11~ ,,f I 111.dc,,·01,d :md K1..·111 Pl:tc1..· f\lc1r,1p,1h1,1n 11 1..,tnct 'fo I and Kent Pla cl.!
\h:tw1wl11:m 1)1 -.1m:t 11 :!" 1, h1..·rc:h, :,n:eptcd ·m d ap prtnl!d h) the.: I ll l!k,H1,1d (.'11~ Council
;m d i.. ;U1,1d11..'ll hi.:rcltl ih ··l·\h1h11 \"
Sc\.·~-1 he :-.Liyur i-. hach~ authl,11,cd 11 , ,1gn ;md th e: Cny l "li.:,h. h l .1111.::,1
··Jn ll'1gcncrnll!l!ntal \grccmc111 Bet,, ci.:n th!.'. l'lly 111" l-t1gk\\1111d and Kt:111 Pl.11..'t: i\lL'.'trnpol11a11
ll1 ••.ir 1ct Nt1 1 .uul Kl.!1:1 Plarc ~k1rop1l\tt:111 Di :..ir1i.:t ,1,. ~--1~1 r ;111d ,1111'd1;ilfof"lhc C:11~ ,lf
I nglt:\\\)t,d .
Int roduci.:d. rc.:ad 111 full. and pa:-.:-i.:d tm lirst readin g 1111 thi.: 6th d;iy of Dct:cmh cr. 2010
Pubh !!h1..·<l h~ I nl e ;p, 11 Hill f,,r an Ord111;111c1.: 1111hc City\ 1lflkial 111..,,:-.papcr 011 thl! 10th da y l"lf
Dt:c l.'.mh..:r. :!Ol(l
9 b iv
Pub li shed as a Bill for ml Ordina nce on the Ci1y·s official wcbsnc heginni .1g on th e glh day ol •
December , 2010 for thirt y (30) dny s.
Read by title nn<l pa ssed on final rea di ng on the 201h day of Dece mber, 20 10.
Publi shcc! by litle in the City's officia l 11c,,sp:1pcr as Ordinance I o. ~ Series of:!0 10. on
the 24th dny of' Dece mb er, 20 I 0.
Publi shed by 1itle on the ity's officia l web site begi nni ng on the 22nd day of
December, 2010 for thi rty (30) dn ys .
I ...,;~.l''-'' ="-"'~'-'.51<('-~\..,,,___;)c,.....,=."'_-,:,:!'41,ouc,°""""~_:_-
, I . ,,,,.,r-Jnmes K, Woodward, Mayor
AllBS¼f/0/~//~ 1
[oucri shin A. Ell is. City Clerk
I, Loucrishia A. Elli s. City Clerk of' th e C11 y of' En gkwood, Colora do. hereby ce rti fy thnt th e
above and fon:gomg 1s _g,.t,r1c copy of th e Ord mancc passed on final rcndmg and publi shed by
11t lc as rd 111ance :-lo 2,_?Senes of20 10 0 _
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I NTERGOV ERNMENT AL AG REE M EN T
BETWEEN
THE IT\' OF EN GLEWOOD, COLORADO
AN U
KEN T l'LACE '11!:T llOl'OLITAN DISTRI T '0 . I
AN D
KE 'T l'LA E METR OPOLIT AN DI TRI CT I O . 2
THIS AG REE MENT is mad e and emered into as of this _ day of ______ .
1010 , by and between th e CITY OF ENG LEWOOD , a home-rule mun icipal corporat ion of th e
tate of Co lorado (the" ity"), and KEN T PLA E MET ROPOLITAN DI TIU CT NO. I and
KE T l'Li\ E METROPOLITAN DI ST RI CT 0. 2, quasi-municipal corp orat ions and politi cal
subdivi sion s of the tatc of Colorado (the "Distri cts"). The City and th e Di strict s are coll ectively
r~fcrrcll to as the Parties.
REC I T AL S
WHER EAS , th e Districts were organized to prov ide those servic es and to exerci se
powers as arc mo re spccifica liy set fo rth in ,he Districts' Serv ice Plan approved by the Ci ty on
Se pt emb er 17, 1007 ("Service Plan"); an d
WH EREAS. the ity and tl,c Di stri et; have determined it 10 be in the bes t in tere sts of
the ir re spe ctiv e taxpayer s, re sid ents and property owners to enter into thi s In tel gove rnm enta l
Ag ree mcnl ("Agre eme nt").
1OW rll EREFORE, in con sid eration of the covenant s and mut ual agreeme nt s herein
co nt ained, and for other good and val uab le considerat ion. the receipt and sufficiency of whi ch
an: hereby ackno\vl cdgl.'.d . the Partie s hereto agree as follow s:
, \\'ENA 'T A:-I D AG REE •I EN T S
1. Qru;_r~tion s and Maint enan ce I.imitati on. The Di stric ts sha ll dedi cate
t'l'rt :ti n Pu bli c Impro vem ents t·> tite Cit y or other appropriat e juri sdi ction in a maim er co nsistent
wit h Appro ved Dewl ,1p mcn t Plan s .ind ru les ,n1 J reg ul ,1t ion s of the Cit y and appl icab le
pnw,sions of the Cit y's ordinan ces. Jh c Dis tri cts shil ll he au th ori 1cd 10 ow n. oper :ne and
mai ntain an y part or all of the Publi c hnpro vcmcn ts not J ecli catctl t the Cit y or th e, app ro pri ate
1uris di c11 on. Determin ati on of spec ifi c Publi c Imp rove ment s to he ck dic:tt ed to th e Cit y ancl lor
n1!1 er gov emment ,11 en1ities. or to be retain ed hy the Di stri cts. will he the subjec t of se parate
:ic li on~ ,md aJ:!.rL·cmcnts am ong intere sted parli t.:s.
1. Toial Deht Iss uan ce Lim itation . The Dist ri cts sh·,1 1 not iss ue Debt in
excess of $30,000 ,00 0.
3. l'onstru ct ion' Standard s Limitat io n. rh e Di strict s shall en ·urc th at th e
l'u blic lmprovc mcn1 s to be ded icat ed to th e Cit y or oth er appr op ria te juri sdi ct ion arc designecl
:111J co nstru cted in accordan ce with th e standards anti specifi cat ions of the City and of ot her
go vernm enta l entiti es havin g proper juri sdi cti on. The Dis tricts "ill ob tain the Cit y's appnwal ol
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civil engineeri ng pl,ms and will ob tain app licab le pcm1it s for cons tru ct ion and ins tallati on of
Pub li c Imp rove ments pri or to pcrfonning suc h work.
4. Co nso li da ti on Limitation. The Di stri ct., shall not fil e a req ues t with any
Co urt 10 conso li da te with another Tit le 32 di strict wi th out th e p,io r "~ittc n co nse nt f th c Ci ty.
5. Bankrupt cv Limi tati on. All of the lim itati ons contai ned in th e crvicc
Plan, in clu din g, but not limit ed to, tho se pe rt ain in g to the Maximum Debt Mi ll Levy, ru ,d the
Fees have bee n es tabli shed under th e authorit y of th e Cit y to app•c11•c " crvice Pl an with
co nditi ons pursuant to Sec ti on 32-1-204.5, C.R.S. It is exp ressly inte nd ed th at such limitati ons:
(a) hall not be subject to se t-as id e for any reaso n or by an y co urt
of co mpet ent jurisdicti on. absent a Se rvi ce Plan An:c •!dmen t; and
(b) Arc, toge th er wi th all oth er re quirement ~ of olorad o law,
includ ed in th e "po lit ica l or gove rnment al powers" re served to the State under the U.S.
Bru1krupl cy Code ( I I U.S .C.) Se ction 903 , and are also in cluded in the "reg ulat ory or electora l
app rova l necessa ry un der ap plicab le nonbankrupt cy law" a req uired fo r con firmati on of a
Chap ter 9 Bru1kru ptcy Pl an und er Bankruptcy Co de Section 943(b)(6) .
.'\ny Debt, iss ued with a pledge or whic h resul ts in a pledge, th at exce eds th e Ma ximum
Debt Mill Lev y, sha ll be deemed a mat eri al modification of the Service Plan pursuant to Secti on
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32 -1-207 , C.R.S . and shall not •,can aut hori zed iss ,mncc of Deb t un less and u111i l such material •
mod ifi cat ion has bee n a pprovcc ' by th e Cit y as pru·t of a Serv ice Plan Ame ndmen t.
6. erv ice Plan Amcc1d menl Requirement. Acti ons of the Di str icts wh:ch
viola te the limitati ons set fo nh in the Service Plan shall be deemed t be mat eri al modifi ca ti ons
to th e Serv ice Plan and th e Cit y sh'.ill be en titl ed to "II remed ies avai lable under Stat e and loca l
law 10 enjo in such ac ti ons of th e Di strict s.
7. ales and l lse Tax. Th e Di strict s shall not exe rcise th eir sa les mid use
tax exe mp tion in a mann er tha t wo ul d red uce or ca use a loss or sa les or use tax r('v cnuc s clu e 10
th e Ci ty fro m th e cc>nstru etio n of th e Publ ic Im prove ments or fr om th e provi sion of Di stri ct
Ac tiviti es.
8. Co nso lid ation 1Di sso lwion. rh e co nsol idatio n of an y Dimict wit h any
othe r spc ial distric t shal l be subjec t to the approva l of th e ity. Each Di stri ct will take all acticn
m.!ecssary to dissolve pursuant to ccl ion 32-1-70 1, et . .leq . .R.S., as ame nded from tim e to
tim e, at suc h 1i me as it docs not need to r~main in exis tence to di sc harge it s finan cial obl igati on:"!
or perfo rm its se rvices. In no eve nt shall disso lu tion occ ur unti l the Distri ct has pro vided for th e
pnymcn t or disch,irgc o f all of its out standin g indebted ness and oth er fin ancial ob ligation s as
requ ired pursuant to Sta te statu tes.
9. Di sclos ure to Purchase rs. ·n,c Di str icts wi ll use their best effo rt s to assure
that all devel ope rs of th e property loca ted within the Districts prov ide wri ll cn 11011 ce to nll •
purc hasers of property in the Districts regard in g the Max imum Debt Mill Levy, as we ll as a
ge nera l descr ipti011 of the Dis tri cts ' auth or ity 10 im pos •. md co ll ec t rntcs, Fees. toll s and charges.
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10. Multiple Distr ict Structure. his anticipated that th e Di stric ts. co ll ec ti ve ly.
w:11 unde11ake th e fina ncing and co nstru ct ion of th e Publi c Improvement s. The nature of th e
fui,c1i ons and se rvice s to be prov id ed by each Dis tri ct shall be clarifie d in an in tergove rnmenta l
agr,,e men l between and among 1he Di stri cts. uch intergovernmental ngrc~me nl will be
designed to help ass ure 1he or der!,, dev cl op mclll of the Pub lic lmprovcments and essential
servi ces in accordance with the rcquiremems of 1he Se rvice Plan . lmplementmi on of such
intergovernmenta l ag ree me nt is essential 10 the orderly implemem at ion of 1he Serv ice Plan.
Accordingly, any de term in atio n of any Boa rd 10 set aside said imergove rn me nial agreement
wi1 hou1 the co nse nt of all of the Di str icts she.I I be a materi al modi fi cat ion ot' 1he Service Pla n.
Said in1ergovcrnmental agreemen t may be ame nded by mu tua l ag reeme nt of the Di stric ts without
the nee d 10 amend 1h e Service Plan .
11. Ann ual Report. Upon th e req uest of th e City , the Distric ts shall be
re spons ible for submini ng an aunua l repo rt to the Ci1 y Ma nage r's Offi ce no later th an August
I " of each yea r foll owi ng 1he year in which the Order and De cree creating th e Districts ha s
hccn ri,corclecl, co ntainmg 1he informati on set fo rth in ection VII of 1he ervice Plan.
12. Max imum Dehl Mi ll Levy. The "M,Lximum Deb t Mill Levy" sha ll be the
maximum mi ll levy any Distric t is prrmi ncd 10 impose upo n 1hc Taxable Property with in the
Dis1ri c, -r payment of Deb i. and shnll be determined as follows:
For 1hc portion of any aggregate Distri ct's Debi wh ich exceeds
fift y pcrecnl (50%) ~r the Di strict's assessed valuati on, the Ma.,imum Debt Mill Levy fo r such
portion of Deb i sha ll be fifty \50) mills les s the number of mill s ne cess ary 10 pay un li mitcd mill
levy !)chi de sc ribed i:i Section \11. .2 of 1he Service Plan ; prov ided that if there arc chan ges in
1h r mcthod ,.11' cakulmin g assL:s!-c d valuation or an y co nstituti onally manda ted tax credi t, cu l or
ahalcmc nt : 1\.c mill le ,')' limi1a1iun appli cable 10 such Debi ma y be increased or decreased to
rclkcl such cn:mgcs. such increases or decrease s 10 be cletennined by 1hc 13oard in goorl fa it h
(suc h d t.:1c 111 ,;11:iti \Hl to bi.: binding .md iiJ1al) so tha t to the c ~ai.;nt po ssible, the ac tual tax re ve nue s
gc ner:i lcd h) 1hc mill lev y. as acljus1cd for chan ges, are neith er dimin ished nor enhan ced as a
n::-iu h 11 f sm:h l han gt.:"' hir purp~1sl:S of th e foregoing. a chan ge in tlw ra tio ol 1ctual va luatio n
sh,1il Pt: dn·1111.·\I h• h" ,1 ~h.m~..: i11 thL· 1i1 r thP I or cak ulatin g. as'-cssc c! va luati on.
hir the punion uf' ,Ill) aggregate l)i s1ri ci's I chi \\hidt 1·; equal to
( 11 h.. ~ lh,111 Ii 11 ~ Jll'IL:l't ll \ SU11 1,) of thl' Distr ict· s u.sscsscd valuation. eithe r on tl 1c dutc t · issuan ce
or :11 :in) 11111c 1hcr,·.l11cr. lhl' 1P ill lc\'y IO he impo sed 10 repa y such portion :,f Deh l shall not be
,uh1,·r1 111 1hc ~ l,l\i1111 1111 Dehl ~ !ill Le , y anJ. as a res ult , 1hc mill levy muy he such amount as is
1H.:i.:cssar) 111 p.i~ thl· I kht si.:n !Cl' nn suc h Dehl, ,, ilhout limit ation o f rate.
hir puq1ose s of 1he foregoi ng, once Deb i has be en clctcrm inccl lu
he ,-i 1hi11 Sellinn \'l.l'.~ ol' 1hc Se,vice l'lw1 , so 1hal the Dis1ri e1 is cn 1i1kd 10 pled ge to its
paymen t an unli111i1 cJ .,d ,ahircm mill levy, 1lw Disiricl ma y provide thal such Dehl shall remain
scc urcJ h) suc h unli11111 cd mill lc,·y. no1wi,hs wndin g any subs cqucnl chnngc in th e l)i s1ric1's
Deb i 10 assesse d ra1 in . 1\II Dehl i•,s uccl by the Di s1ri c1 mu st be issued in rnmpliancc \\ith the
rcquirc mcnl s 11 1' Sc,'lnn :c-1-11111, C.R.S. aml all other req uirement s of Suuc law.
To th e ex tent that th e Di stri ct is co mposed of or ;ubs eq ue11tl y orgru ized into one
or more subd istri cts as permitted und er ection 32 -1-1101 , .R.S .. th e term "Di strict" as used
herein shall be deemed to refer to th e District and to each such subd istrict separately , so that ach
o f the subdi stri cts shall be treat ed .as a sepa ra te, ind epen dent district for purposes of the
ap pli cation of thi s definiti on.
13. Noti ces. All noti ces, de mru1 ds, req ues ts or other communi cati ons to be
se nt by one pany to th e other hereunde r or required by law shall be in writing and shall be
dee med 10 have been vali dly given or served by deli very of same in perso n to th e address 0r b~
couri er delive ry , via United Parcel Service or other nationa ll y reco gnized overnight air co uri e,
serv ice, or by depos iting sa me in tl1e nitcd Sta tes mail , pos tni,c prepaid , ad dressed as follo ws:
To the Di stri ct:
To th e City:
Kent Pla ce Metropolitnn Di strict Nos. I & 2
c/o White , Bear & Anke le Profe ss ional Co rporation
Attent ion: Kristen D. Bear , Esq.
2 154 E. Commo ns A ve nue, Suite 2000
r:cntenni al, CO 80122
1·hone: (303) 858-I 800
Fax: (303) 858-I 80 I
Ci ty o f Englewood
c/o Dani el L. Brotzman, Ci ty Att orney
Englewood Civic Ce nt er
I 000 Eng lewood Parkwa y
Englewood, 0 80 I I 0
Phone: (303) 762-2320
Al l notices. demands, reque sts or oth er co mmuni ca ti on~ shall be effective ,.pon
such perso nal deli ve ry or one (I) bu sin ess day after bl'in g deposi ted with United Parcel Sc , ,•ice
or oth er nationally recognized ove rnight air co urier se rvice or three (3) bus in ess day s .. !\er
depo sit in tt1 c Uni ted States muil. By givin g th e oth er pruty hereto at least ten (10) days wrtten
nouce th ereof in accrnd,,nce with the pro,isions hereof, each ol the Parti es sha ll have th e •ight
from ti n1c to time to change its addrc~s.
14 . f\mcnd ment. f hi s Agreement ma y he mne nd ed, modi fi ed, changec ', or
te rm ina ted in whole or in pan onl y by a writte n agreement dul y au th or ize d and execu ted bi th e
Parties here to and without amendme nt to th e Serv ice Pl an.
1:, As~.ignmcnt. No Party l1 crct o shall ass ign any of it s nghls nor dcle: .at e
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any o f it s duti es hereunder IO any perso n ur entit y with out havi ng fir st obtain ed the prior wri ten
conse nt of th e othe r Porty, whi ch co nse nt will not be unr easo nabl y withh eld . Any pur:'o ted
assignment or dele gat ion in violation of th e provisions hereof shall be ,oid 111d ineffectual.
16. Default/Re med ies . In th e ev ent of a brench OI default ul' th os Agrce1r,~nt •
by any Party , the non-default in g Part y sha ll be enti tl ed to cxe:c ise hii re medies avai lable at law
"r in equity, specifically includin g s•·i ts for specific perfonna, cc a,,d or monetary damages. In
tht 1•,·c nt of any pro ceeding to enforce th r. tenn s, covena nt s or co nditi ons he reo f, th e prevai li ng
Part y in such proceeding shall oc eniitil'd to ohtain as part of it s judgmen t or award it s reasonab le
attorneys' fees.
, , Go ve rning Law and Venue. Thi s Agree ment shall be gove rn ed and
co nstrued under th e laws of th e State of Colorado .
18. lnurem ent. Each of the terms, co ven ants and co nd it ions hereof shall be
binding upon and inure to the benefit of the Parti es hereto and th ei r respective successors and
assigns.
19. lnt ecratio n. Thi s Agree ment cJnsli tutcs the cnti·e agreement between th e
Panics w1ih "C Spec t to the matt ers aJdr ... ssP.d herein. A ll prior di sc uss ion~· and negotiat ions
regard ing the subj ec t matter hereof are mc"·od herein .
20. Part ie s Int ere sted Here in . Not hin g expre s,ed or implied in th is Ag reeme nt
is intended or shall he co nstn1 ed to confe r upon, or to give to, any perso n other than the Di str icts
and the Ci ty an y right , rem edy, or claim under or by reaso n of thi s Ag1ee n1 cnt or any covenant s,
tenm: con r\iti ons, or provi sion s th ereof, and all the cove nant s, terms, co ndit ions, and provi sions
i1. · ,· ·ment by and on be half of the Di stri cts and the City sh all be for the . ole and
ex, 1, • , .•• ,e fit of th e Di str icts and the Ci ty .
• 21. Scvcrahilitv . Ir any cove nant , term . con dition. or prov ision under this
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Agreeme nt sha ll , for w1y rca,un, be held to be in va lid or uncnfo1ccable , the inva lid ity or
uncnfo rceab ili1 y of such covc n1nt. tcnn , co ndi tion, or provi sion shci!l no t affect any other
provisio n con tai,~cd herein , the int ention being th at such provisions arc seve rabl e.
22 . Coun tc )art s. Thi s Ag reeme nt may he execu ted in one or more
l'oun tcrp.:irts, eac h of whi ch sha ll co nstit ut e an or ig inal and all of ,vhi ch shall co nslitu tc one and
thl.! sa me document.
21. l':ira cr:ip h !l ea ding s. Pa rngrap' headin gs arc msc ru.:d fo r convenience of
24. 1Jdi11t:d lcrm:,;. (\1pi1ali1cd terms usL·d hL·n:in :md not 01hcrw1sc dl'fim:d
!-i hall lm\'l' til t· mea nings :iscribcJ to thl'.lll in th1.: Scn·i...:c Pinn .
/R f'maimh•,· of page i11fe11 1io11al ~1 1 lcj: 1Jla11k .J
IN WIT NE SS WHEREOF , the Distri cts and the C ity have ca use d thi s Agreement to be
du ly executed to be effec ti ve as of th e dny rirst above \\Tin en.
Anest:
Secreta ry
Att es t :
sc~re tar y
Allcs t :
By: ________ _
It s: Lo uc ris h ia A. Ellis __
Ci y Clerk
KEN T PLA CE METROPOLIT AN DISTRICT
I , a quasi-mun icipal co rporat ion and politi cal
su bdivi sion of th e State of Co lorado
By:--------------
Presid ent
KENT PLA CE METROPOL ITAN DISTRI CT
2, a quas i-mun ic ipal co rpor:i tion and political
subdivi sion of th e State of Co lora do
By:--------------
Pre sid en t
CIT Y OF FNGLEWOOD
lly: --------------
James K . Woodward , Mayor
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COU CIL COMM NICAT IO
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Date: Age nda It em: Subj ect:
December 6, }010 11 a i Orchnan ce App1u\ ing an lntcrgm emmPn tal
Agre ment Bel\, ee n th e Cit\ oi Engle" ood and
Kent Place ~1e 1ropol itan D,s tr ic ts Nos I and}
Init ia ted B1 :
Staff Source:
Comrnuni t) De\ elopme nt D epa rtm ent Alan I\ h1 te
Conimun lt) De\ elopm ent Director
COU CIL GOAL AND PREV IOUS COUNCIL ACTION
The Se.._ic, Pl an ior Ken t Pl ace Me tr polit ,,n Dis tn tt :Sos. I & } "as app10,e~ "' Ci t\ Co un cil b1
Resolu tion 88, Series oi ~no ;, on Sep tember I i, }007, sub1 ec t to th e 10110\,ing cond itions:
1. The Dis tnc ls and the 11, :,h,11\ ha , e cnt er~d mto ,rn 1ntcrg 0\ ern men 1al ag ree ment
accep t,1ble to all par ti es .
..., A -,u111111tm 1 the 111,,rkt!t !,!lid) supp or tm g 1he tin~mcia l plan h;ls been prm idt>d Jnd
.,ppro, eel hv the itv Mana ger.
t In the e, en t th e Ci t) ,1nd 1h e Dis tric 1s hil\ e no t sa t1 !,11 ed th ~ r._.q u11 l'111enh prior tn Qpce mh er
31, :!008, then this Sef"\ ,ce Plan ,md ,,m co nd1 1i 0nal .,ppr O\ al gran t~d b\ the 1ty :;lull be
null ,w,d , nid, ,md 0 1 no turth er mn. t~ or euec t
Due 10 econonuc .md mar ket condi tio ns ioll11" 111g th e .1pprm ,1 1 0 1 th e Ser\ 1te Pl,rn in }007, th '
dc,elopment ot th e Kent Pl ,1Le pro1,•,t \\,1> del,l\ed. Ken t Plau• owners as ked tor ,,nd recehed ,,11
e,te11!,1on 01 th e 1im e frame 10 romp\) "1th the u1n d111ons ot ,1pp rm l,t 01 tht• Ser. ice Pl.in.
Rt'!>olu tmn No. Bl) Senl'!> 01 ::!OOfl . e,tendt:1d th t> penod to Dt•c.l:'mh ~r i I , ::!O 1 n.
REC.O ~\M[NDED ACT ION
~t.lll 1t•1.. 1m1111md, C11u1u..1l ,u lnpt l ,n 1m1I B,\l ,o . ..\-l1pp1 11\III~ ,m lnlt'rgn· ..rnnwnt,tl ~\\trt't•lllt"ll l
ht'l·,,1•1•n tlw (11\ .ind ~•.•nl Pl.Kt' \h•tropnht.m D1'1r11 h '"~-I ,11HI ~
BA KGROU D, ANA LY SI , AND ALT ER ,\TIVES IDE TIF IED
The• ln ter~O\ emmen tal Agreemen t rc1tc,a tc, ti ll' l11nit,1 II 01", ,m ta1ncd in th e Ser\ tee Pl,,n regardin~
th e m,1,1111um ,1m mml 0 1 deht to lw inu 1rrt•d b) 1h e Di stm 1-, ,1 11d th e ma,mnm1 mill le ,\ o he
11nposcd O ther prn,1<1011> 111 tl w I ,A, nnce rn cli«olut1011. consnhd,111 011 \\I th oth er dtS tn c t,, ,,nd
l'r\ il t' Pl ,Ul lmwnd11wnts "hK h I dill I fl~ .1pprm ,1 1 h, ti lt' < 11\
The apprm al oi th e Kent Place PUD included commi tments to build o r imprm e several items o i
public infras tru c ture , both o n and ofi the property, including o ff-si te widening oi Hampden and •
Uni\ersity, ins tallation oi th e Uni,ersi ty traffic signal , ,,ater and se,,er line ex tens ions, and on-si te
utilil) lines such as ,, ater, sewer and dis tri c t-owned storm !:ie \\ er fa cilities.
The use of a me trop oli tan dis trict is one meth od com m o nl y used in th e State to finance p ublic
imprm emen ts. A m etropoli tan dis tr ict is o ne ,,ay tc assure tha t "de, elo pment pays i!s own way"
by ta"i ng onl) th ose properties and owners ,, 1thin th e district to pa) for th ose infras tru cture
impro, emems.
FINANC IAL IMPACT
The re is no financial irnpac t 10 the C 11 y. The Metropolit an Dh .. tr ic ts are sole l) respo nsible fo r th e
costs of th eir o perati on, th e cos ts of issuing bo nds , bond ,d indebtedness pa, men ts and any o ther
financial obli ga t ions. N o ne o f th ese is a iinancial obli ga tiJn of th e City.
Property taxes 1,-ied b\ th e Distri cts appl \' o nly wi thin th e bo undaries o f the Kent Pla ce pro pert\.
Th,s levy will not applv to an y o th er property in th e City.
One provision of th e IGA is that th e Districts shall not e,ercise th eir sal es and use ta x exempir:>n in
a manner 1h at "ould red uce o r cause a loss o f sal es o r use tax re venues due to th e Ci ty frorn •h e
cons tru cti o n of th Public lmprm eme nt s or from the provisio n o f Dist rict . \c ti viti es.
LI ST OF ATTAC HM ENTS
/\\emo ap prmin g Updated 1'\arke t Study .111d Fina n ial Plrtn
o nsolida ted Service Plan ior Kent Pla ce /\1\etropoli tan D b tricts Nos. 1 and :!
Bill tor an Ordinance
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MEMORAN DUM
TO :
FROM:
DA1E:
SUB JECT:
~layer Wood ll'a rd a nd ~I e mbers ar'the Eng lewood Cit y Counci l
City ola n.,ger Gary Scars c/
November 30, 20 10
Ap p roval of the Updated Ma r ket Study and Fina ncial Plan , as required fo r the
IG A wit h the Ke nt Place Metro polita n Di stnct Nos. I and 2
Dear Mayor and Members of the Englewood City Council,
O!l Novembe r 17, ~O IO I re ce iver! th e Kent Place Market Researc h Report from King a nd
Associate s rega 1·ding the "ma rket a nd va luatio n ana lysis pertaini ng lo devc lop111ent of the
Ke nt Pl ace project located in the Cit y of Englewood, Co lorado." This up da ted assess ment of
the property provided: [ I) a scope .. ,d detai ls of the Kent Place deve lopme nt, (2) defined
the bo undaries of the trade a rea used in assessing the plann cl deve lo pm en t, the va luation
of the Kent Place project and prese nted a map of the trade a rea, (3) provided a
demogrnp hi c and economic overv iew fo r the 111 etropoli1an De nve r are a, f" ''·:cu sse d the
n1c 1ro polt1a n Dc 1n-e r residen ti al a nd comme rcia l rea l es tate tre nds, (S J h. · !e el
resident ia l and com mercial (retai l] rea l esta te trends with the trade a rea, (u, .i ut lines
demand forecas ts for the trade area, (7) assesses proj ec ted va luations from the vc1r'~ns
develop me nt and co mpo ne nt s of the Ke nt Pls cc projec t, and (8) provi des a ~um:nary,
l111di11g a nd cu nd usio ns for each of the report sectio ns dn d an ove ral l assessment nf the
projec t fl',ts ih ility .111d va lu:-ition.
llpon rL'CL'ivi11g th:s rl'port, I forw.inied 11 to \'icki Mattox, the.• City's long ll'n11 lin;111n.il
ro nsu \t ,1nt (,1 St1kl Nichols umi L•n,Ttll't'), i1rHI Direttors \\'h11c am! GryglPWll'I. to give Jill'
thl'ir op:nion, ,1lw111 the rep url. Fi11 ,111ci,1I .idvis111· Ms. Vick, ~laun~ respondl'd 011
11vcmbl'1· 22, ,o IO as foll ows: ··1 h,1ve reviewed the Ill'\\' 111fon11.itio11 provid ed hy the
p111po11c111, of l<FN T PLACE. II d1·vL•lopme 11 1 uccurs as projected the devclopn1t·11t s hould
1,e .iblc to P"l de bt s,·rvice wit hi11 the 111 ill lcvy h111i1s. Th e proposed dl'vclop11ie111 docs 11 01
include a ny fur sale res idential unit s which decreases the Cit)'°s expos ure to u11h appy
owners 1f 111ill lencs rise due to th e lack ofdcvc l11p1111"1 l. The s tate reg ul a1io11s rc l:ited lo
the s.i lc of sccunucs by Title 3, tlisti-icts prnt •cl 1111s11phislicatcd i11v1•· to rs. I dou't sec any
prohlcms w,d1 the pl,rn."
rage I of 3
Community Director Alan Wh ite provided th e fo ll owing in sig hts regarding th e rev ised
financia l plan :
1.
2.
3.
4.
5.
6.
Th e mark et analysis was prepared based upon trends of the past few years and
projec t ons five years into the future . It is difficult to fo reca st what may occur
durin g the nex t five years, and especia lly during difficult economic times. I wou ld
co nsid er th e proj ections prese nte d co nservative .
There have been sli ght up ward trends in mul ti -family rental residentia l and retai l
abso rptio n in the mark et area during th e last thr ee qu arters. These sli ght ly po sitive
trends were projected to continue .
Based on the projections prese nted, Kent Place nee d cap ture only 4% of the retail
and 9% of th e mult i-fa mily renta l residential dema nd in the trade area to ac hi eve
build out. Th ese rates are very lo w and appe ar to be atta in ab le.
The pre parer of the anal ys is recomm ended that valu es for the apartm ent uni ts,
grocery store space, bank, and in -lin e retail space be reduc ed to reflec t average
va lu es in the trade area. The se recomme nd ed redu ct ions were incorporated int o
the fi nancia l plan . Lowering these values is another approach to being co nse rvativ e
with potential assesse d va lu e an d prop erty tax revenue projections.
The financial pl an ass umes full buildout of the project and co ll ectio n of property
taxes by 2014. A mill levy of 35 mill s is ass um ed, whi ch ger.erates suffici ent annu al
revenue to make projected debt payments. Thi s mill le vy is co nsiderably less than
the maxim um debt mill levy (SO mill s) authorized in the Service Plan.
The rev ise d deve lopm ent plan res ults in only $2.6 million in debt being issued by
the Dis tricts , compare d to approximate ly $17.6 mill ion und er t he previous plan .
The debt is paid in 20 years in stead of 30 years under the previo us pl an. Both of
th ese are positive chan ges to the finan cia l pl an.
While I beli eve that Ms . Mattox and Director Wh ite have ide ntified the key elements of the
revised financia l plan, the insigh•s in the pl an's Exec uti ve Su mm ary a lso provide ad ditional
s upp ort for the fi nanci ng plan of the district Th e following are severa l of the key r ni nts
regardi ng th e fi nancia l plan that are raised in it's summ ary:
1.
2.
3.
"Weake r ec onomic trend s hav e lmp acte d the reg ion's re s id ent ial and commercia l
real estate markets during the pa s!. eighte"n to twenty -four month s, howeve r
thr ough the third quarter of 201 0, ,:0 mn'.~rcial rea l estate market tren ds in the
metro Denve r area have improv ed as hi gh li ghted by fa lli ng va can cy rates and
increase d demand (absorptio n). Metro Denv er apa rtme nt ma rk et per formance has
been very stro ng during the first three qu arters of 2010, characterized by f,,Jling
va ca ncy rates, increasi ng ave rag e renta l rat es and s ub sta ntia l unit dem and.
"As wi th metro Denv er, recent popul atio n and household growth rates in the trad e
are have slowed from past trends but nea r-term for ecas ts (2010-20 15) indicate
growt h rat es to nea rly double from recent trend s"
Trad e area apartme nt m~r ket perfor manc e trend s have bee n po sitiv e through third
qu art er of 2010; vac ancy rat ?Shave dropped (8 % at ye ar-end 2 009 to 4.8% Q3
2010) average rental ra tes J, .-ve increa sed ($818 year end 2009 to $870 per un it
Q3).
Page 2 of 3
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4. "T1·ade area retail marke t performance has been solid through mid-year 20 I 0. with
posi tive dema nd a nd lim ited new project constructio n. With th e recent co mpl etion
of the Streets of So uthgl enn redevelo pm ent projec t, so uth of Kent Place, large sca le
retail projec t devel op men t in th e tra de area is 11 0 1 a nti cipa ted during th e [next) few
ye<1rs. During the 2010-20 ! 5 time prriod, trade area retail demand of nearly
23 0,000 squa re feet is projec ted."
5. "Kent Pla ce is located within a growing portion of the metropolitan Denver a rea
with a strong base of infrast ru cture and am enities."
6. "The project site is extre mely we ll loca ted and is nea r majo r e mpl oyme nt a reas,
shoppin g, hea lth care centers (Swedish Medi ca l Center, Crai g Rehabilitation Ce nter],
educa ional ce nters (coll eges a nd univ ersi tie s), transportation rout s, li ghl rai l lin es,
and public recreatio n areas."
7. "New housing, includin g upper-end apa rtm e nt s, wi ll co ntinu e 10 be demanded in the
trade are as cvidcnccrl by rccc nl new proj ec t co nstruction trends."
8. "The ca pture rate for .i1e project's planned retai l s pace is very low a l j11st 4% of
projected trade area retai l demand durin g th e 20 10 lo 20 15 fo recast period."
9. "Th e pr ojec t de velop er, Co ntinuum Partne rs, LLC, has ex ten sive ex perience in th e
me tro Denver a rea, includin g large-sca le red eve lo pm e nt projects (Be lm ar)."
I 0. "Ki ng and Associates, In c. ha s co nclud ed thal the development pro gram a nd timing
fo r Kent Place as outlined by the proj ect de ve lo per is iltlainab lc in li ght of a partment
an d retail marke t trends in th e trc1d c area."
J\cconling 10 th e infonnation provided, I believe the forecas ts a nd projectio ns prese nt ed in
the marke t st ud y and fi nancia l plan arc conse rvative and the a mount of proj ec ted debt 10
be is sued by the Di strict has bee n sig nifi ca ntly reduc ed from the previou s plan. Ba se d 011
thi s informal ion, t he fina ncial plan shows that the Di stri ct has the ca pa city lo disc harge the
de bt it wi ll incu r in 20 years. It appea rs Lo me that the Gnan cial plan is achi evab le.
Therefore, I reco111111c11d th :ll th e mark et s tu dy be ;ippro vc d as s ubmitt ed.
llasrd 11 ·'1 c rcco111 111 c 11llat ions cf Di rector White and ~Is. Mc1ddox and in 111y review of
the i11!or:11 a1 .o n provi ded i11 the King 1.111tl J\s:,,u ci~llc s report, I believe thi1t Continuum is in
curnplian u.· \,'It It their req ui rem ent regarding a cd111pn•hc11 sivc a11U curre nt fi11a11cia l re port
•I I would l'l'n1 11n11cml Ci ty Counci l .t pp ro val of t ill' ln tcrguvcr nm cnta l Ag rcc nH.:nt 1.vi th
,. "t\l'11 t l'l.1l,._ fl-k tro pl;!n,111 Di,trid. 11irntor:; \VhitL' .md (;ryglPw ir-1 wi\l lH· at tht' llll'L'l ing
to lunh.•1 .!drt• -; ,111)' ron n•rn, th,1l the City Cm mn l rn;1_v h.1\'L'
PJGe3o f3
CONSOLIDATED SERVICE PLAN
FOR
KENT PLACE METROPOLITAN DISTRICT NO. l AND
KENT PLACE METROPOLITA DISTRICT NO. 2
CITY OF ENGLEWOOD, COLORADO
Prepared
By
WHIT E, BEAR • ANKELE
Profe ss ional Corporation
1805 Shea Ce nter Driv e, Suite I 00
Hi ghland s Ra nch, Colorado
September I 0, 2007
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I.
II
Ill.
TA BL E OF CONTE 'T
fNTRODUCT ION .................................... .
A. Pu rpose and Intent ........................ .
8. Needs Anal ysi;/Ba sis fo r Statutory Findin gs.
C. Distri ct Functions Genera lly .....
DEFfNJT IO S ..
BOUNDARIES ................. ..
..I
I
..I
. ........ 2
..................... 4
IV. PROPO SE D LA 'D USE/POP ULA TIO PRO JECT IONS /ASSESSED VALUAT ION.
V. DESCRJP TI ON OF PROPOSED POWERS, IMPROVEME TS AND SioR VICES ...... 5
Vi.
A. Powers of the Districts 5
8. Limit at ion s of the Distri cts' Powers and Service Pl an Amendment. ..................... 5
C.
D.
FINA
A .
8.
C.
D .
E.
F.
II.
I . Operation s and Maintenan ce Limi tation .......................... . ........... 5
2. Tota l Debt Iss uan ce Limi tati on. -.............. 5
3. Construc tion Sta ndard s Limit ation ... . ................. 6
4. Consolidat ion Limitation ............... . ................................. , ........ 6
5. Bank ruptcy Limita ti on..................... . ...... 6
6. Se rvice Pl an Ame ndm ent Requ ire ment .............. 6
7. Sales and Use Tax . .. . .... . .. .... .. . . . . ..... 6
Preliminary Engin eer in g Survey
~l ultip lc Di str ict Struc ture.
CIAL PL A ........ .
Ge nera l. ....
. ........... 7
............................. 7
... 7
Maximum Vo ted In terest Rate and ~aximum Underwriting Di scoun t ....
Maxim um Deb t Mill Levy.
Debt Repaymen t Sources .................. .
Debt In strument Di sc losu re Requ ire ment... ...
Sec urity fo r Debt
TABOR Compliance
Dis1ricts' pcrating osts ....
. ... 9
. .... 9
. ... 9
.... 9
.. .. 9
\ II. A 'NUAL 1<.E PORT 10
.. 10 A. Genera l...
B. Reporting of Significan t Events
\'Ill. C SO LIDAT ION /DISSO LUTIO.
IX.
X.
XI.
DI CLOSURE TO PURC HA SERS
INTER GOVERNMENTA L A REEMENT
0 LUSION ....................... .
................ 10
.. .. II
. ....... ii
.. ......... 11
........ 11
EX HIBI T A
EX Hllll T B
EX HI BIT C
EX IUB IT D
EX HIBIT E
EX H IBI T Jl
EX IH BITG
1901.liti•J
LIST OF EX HIUI TS
Legal Descriptions
Engle wood Vicinity Map
Dis tric t Bo un dary Map
Summa ry or Public Improvements
Prelimi nary Eng in eering Survey and Cos t Estim:.:.
Prelimi nary f-ina ncin g Plan
Int ergovern mental Ag ree ment be tween the Districts and
Englewood
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I. 1:\'TRODL'C T I O:\'
r\. Purpose anr. ln1cnt
Kent Pl ace \letropol iwn Dt stnc t 'o. I and Kem Place Metropoht:m Distnc1 No.
2 (t he "Dis 1ricts") arc independent uni t of loca l government . scp ara lc and di,,· ·t from th e Ci1y
of Eng lewood (1hc" 11y"). and, excep t as may otherwise be provi ded fo r by~· : oc loca l law or
this Ser\'ice Pla n. 1h cir activities arc subject to review by 1he City only i. , .. :· ,s 1hey may
deviate in a material ma11 er from the requirements of the Cf\'ic c Plan. l· " intend :d th a1 1hc
Di strict s " ill pro vide a par: or all of the Public Improvements nece ss aty a:•,! :tpp rop, ,ate for •.li e
us e c1,~d be nefit of all aruicipated propt::rty ow ne rs within the Di stricts anG 1hr: scnr ra l public.
Tr.e primaiy purpo ~e of 1hc Di stric1 s will be 10 finance the cons tru c u,,,. )f tl,e se Public
!:~1n rov cme nt s.
IJ1>1r ict No . I is pro po sed to be the Operating Di stri ct and is expec1cd 10 manag e
and l)v ersce 1hc Di stri ct Act'vi ti es. Di str ic 1 No. 2 is propo sed to be th e Finan cing Dis1rict and is
ex pected to inc lud e all fu1urc developmc111 area co mpri sing 1he Project.
B. Needs Ana lvs is /Ha sis for Stalut(,rv Findinc s.
In orde r to establish co mplian ce wi1h the s1andards for Service Plan approval se t fon h
111 ec uon 3:!-J -: "➔.S , C.R.S., 1h e foll.iwing ne eds analysis is pro,·ided:
I . There is Sufricicnt E'1s line and Pro;ccted Ne d frr Or
1s an ucipatcd that wi thin the next 6 years . approximatcl~1 300 re sid ential l1ili ts , constrnctcd
within the t.:rv icc Arc:i and an addit iona l 5 1,5 00 square 1Ct.:t of commercia l d1... 1op111cn1 will
occu r. whic h "'ill in clude both office and retai l dcv clopm nt. The an1i cip a1ccl tim in g for 1h is
commc r ial and rcsiden1ial dc\'el opm ent is sc fo nh in 1hc Financin g Plan . A,· ·o rdin gly. 1hc
tkm:md 10r 1h c Publi c lmprovcmcm s o be provided by th e Di st ri cts is demon str :ib1 t.:.
2. The Exis1ing Se rvice in the An .o be Served is ln;1d cqu~1te for Present
and...1'.Lillec1ctl Needs Ade, 11a1e Serv ice Throuuh O•lwr Gorern111en1a l t'ntitics \Viii Nut Re
.'\v ailablc~'u hin a Rf!:ison,1blc Tune and on a Comparabii: Basis. The i'aci lit1t.:s ;.md scrvu.:t.:s to
h1.. pron1.k:d hy 1h1.: p1\)j10S1,:d 1)1.,tri.:ts \\ 111 !h>l b,.: pru·•itkd ti) an) coun,y. muni.:ipal or qua.:i
lll~lllit:ipal ,.·\1q)oratin11~. in l.'.ludin~ c.x1~ttng ,pt:cial d1~trii.:ts. The Di .,;trkts ' bound:1rics Jo ntit
\, cdap tlic k gal b,Ju111...larh.:s llf till) c.\i:,trng spec ial d1st nct v 11h the J)O\\ cr to pro,·1de tilt: :,;rm,:
,1..T,·iL·cs th at the Distrn.:t., propost.: to pwnJt.:. Neither the City. nor an) c~1st111g special tJ1strn.:t,
pl.tr"; Ill j11"U\'ld1..· thc 1:1 ci lit1 es ft.:l.jlllll.:'d fur lh l' dt.:vdupme11t l}r thc Pr .. ,jct.:t. l'hcn:fo1e. pro, ISLllll or
1:1cil1t11:!'., ,, Il l not bt! :i,·;u lahlc thn.,ugh oth er Govt:rmm.:mal Fn 1111es.
:i. l'he Di stri cls arc Capa ble -)I' Pro vid ing Eco nomic al and S11lfaicn1
~et,:iccffhc I tslnc ts Will 1-la\'C 1hc Fin ancia l Abili,y to Discharec Propo sed J11de b1cdncss..Q!L~
R1..·:iso11ab lc Ba sis. Th e prnpo.;t:J Districts art.: necess ary in orde r to pro vi de th e most c('01.umical
and cfli cic nt mcan:; of 1111Ucn:1ktng District Activities to se rve l.!X isting and future rt:.::iidcnts
wi thin their rcspcc1i,c boundaries The !:'inani.:ial Plan ..t .ac hed as Exliihil F d1~mons1rates th e
feas ibili 1y of pro,·id tng the 11,stri.·• c11,·t11es pro posed herein on an ,·,·o non11cal basis f'hc
•t•
1orr1Jtion l1f 1hc Districts\\ 111 focilit~tt! the financing of th~ District Activities at thl' lea st cost. as
the Districts will have access to tax-ex 'mpt financing that is not a\'a!lable to pri\'atc entitia~.
-1. !he Crcatio11 or the D1stncts is 111 the L.CSI Intere sts t' the Area 10 be
. l}S..Q. The mauers desmb~d in item s I through 3 of thi s Section establish that the creation of
1he Dis1ric 1s is in the bes t ime, csts of the are a 10 be scr\'cd, in that they demonstrate a demand for
public impro\'cments 11131 will oth cl'\\ 1sc be unmet by other go,cmmc ntal entities and offer the
·J1rn nta ~e 0f ob taining public financing to fund the se improvemems.
Di str ic t Funct ions Gencral lv
The Distrir:s shall be authorizeJ to provide for the planning, design, acquis ition,
const r,,ct'nn, 111 ,a ll ati 11, reloca ti on and red e\'elopmen t of the rubli c l111 pr0\cmc111s from the
pro ceeds of Deb t to be issueJ by th e Di stri cts. All Debt that is pa yable from a pledge o f prope11y
taxe s is subjec t to the M> (i mum Deb t i\lill Lc\'y. Debt that is issued within this. and other
parame:1,;rs se t forth 111 th ,.; Se rv ice Plan, wil l 111s ulat c propcny owners from execs ivc tn.<
burde ns to sup p rt the scn·ic ing of th e Ddn an d will res ult in a tim ely and reaso nab le di sc harge
of the Debt.
ll i~ 1:xpcctcd thu t cl.!rtain Public l111p ro ,•c·111cni.s will be dL"dicatcd lo either the Ci1 y
or 10 other gove rnmental ent iti es acco rding to the app li cable; procedures fur the spe cific entity
(111cludin g but 11 01 lim1tt..d to standards relat in g to co nstru ction). Th e Di stri cts an.: authori zed to
own . opcr.\te li11 .. ! maintain Pu bli c lm provc mc11 1s that :ire not dcdicc1 1cd to the City or othe r
go"emmc111al ent it ies. Dctcm1ination ofspeciiic Public Improvcmr.:nt s 1,J be dedicated to the Cuy
:rnd or oth cr govc rnm l!ntal 1,;11t itics, or to be n!tainl!d by !hl! Dis tricts, will be the s ubje ct of
~l!paratc actio ns and agreement s am ong intr.:rcs tcd panics, in cludi11 1: the Appro\'cd Devel op ment
Plan .
Th e Cily sha ll ha ve and wil l t:XL"rcisc sok and l!Xclus iv L" juri sd 1ctio11 ov er land USl!
and building. e.g., zoning, subd ivi sion , bui lding permit , and decis ions affc.:ctmg c!cvdopmcm of
prope rt y \l'ithin the bounclnncs ,,f'thc Dist ricts . onstru cli on of all Pub lic lmpro\'cmc nts s hall he
~ubjcc t to appli ca ble t1rdi 11 anL'CS. codes and regu lations of the City .
It I" tht· 11Ht·nt ,,r tht: l)1stncts It' d1-.sph·1· up•1n paymL'nt or tkli.:a~ancl' of .tll lkbt
1nt:urn.:d or upon a l'1Hlll dt•tcm w11inn that ;uk .. 1u:1tL· pro, l"-ton li,1s bL"L"n 111;id1: fur tht: pa>mc1!l of
:ill n~h l. :rnd if thc l)i~trict~ 1avc :1u thorii'L'd opc1:iting furn.:til111s. 10 retain ouly the power
111..:c1.· .._;iry t<1 llllplt:-.c .111d ..:-ulkt·t l:l\L"S or fl•.=s to pay l'l1r thi::-.L" L"ost:,; at:d lo perform tlu.::,;c
runct1c,11"
I i. D"Fl ;\'ITI ONS
In 1111s Scrvit:c Plan. thc folio,\ 111g terms shall li:ivt.: the 111c,ll111H!S inda.:atcd bchn\, unit.::-.:-,
th'.: i.:o nl l!Xt hereof cknrly 1~~,1uires t11hc rwisc:
•
l
,.
• Approved Developm ent Pl an: means the Developme nt Agreem ent for th e Proj ect wh ,c h
sp ecifies the Public Im proveme nt s necessary fo r development of property wit hin the
Sen,ice Area as approved by the City pursuant to the City's ordin ances and codes, the
Planned Un it Dcvelopmem Pl an, the Fina l Subdi\'ision Pl at, and as we ll as any si te or
constrnc:ion pl ans appro,·cd by Ci ty staff from time 10 time and water and se wer plans, as
approved by appropriate utility providers and/or the ity, as appropriate.
Board: mea ns the board of directors o • one Di str ic t or th e boa rd s of direc tors of all
Di stri cts, in the agp.regate .
Ci tv: mean s the Cit y 01 Englewo od, Colorndo.
Citv Counci\: mca,,s the City Council of tb e Ci ty of Englewo od, Co lorado.
Debt: 111ca·.1s bond; vr other financial ob li gations no t subje ct to annual approp ri ation for
the pa yme nt of whi ch any Dis tri ct has promi sed to impos e, co l!,·,;: .,nd ,·ledge an ad
,·alorem pr operty tax mill lev y, Fees, and/or any ot her legall y av·1ilab lc revc1.1Jc s of the
Distric t.
Di strict: mean s an y one of Ken t Pl ace ivlctropolita n J ist ric t No. I or Kent p;,, c
~ lctropolitan Di st ri ct No. 2.
Di stri ct Activi ties : mc.tn s any and all fu nction s undcnak cn by th e Di stric ts in acco rdan cr.:
with thi s Service Plan and as penrnu ed undl.!1 :1pplicable law in order 10 cft~ct uatc the
purposes for which the Dis tricts arc organ ized.
Di st ri ct No . I : means Kent Pl ace~ lc1ropol 11 an Distric t No. I .
Di strict No. 2: mea ns Kent Place Met ropolita n Di stri ct No. 2.
Di str ic t Bou nd aries: mea ns the bounJarics of the arr,a descr ibeJ in the D;stri ct Bou ndary
~lap.
Di stri ct ll ou ncl:.n· Ltr: nw:m,· the :,:ar otta,h,·J hcr~to a, E,hibit C. Jc.:cnbing the
Oistn cts ' in11ial boundaries.
Di striill. mean s Oistril't No. I and District ~o. :!, collccuvcly.
Externa l Fi ra nci al Advisor: mc.:ans a co nsultant that: (i) a<l .scs Co!or:1do govern111ent:tl
entit ies on ma tti.:rs n:1.tung to th~ iss uance of scc unti1..:s by Lo;oudo governmental
cn titic s, inc ludin g matt ers such as th e pricing , sa les and 111:i rk l.!ting c..r !.•1ch scc llriti cs and
the proc urin g of bond ratings, cre di t enhan ce ment ,tnd insurance ir re spec t of such
securities; (ii ) sha ll be an und erwriter. inves tm ent banker, or individual li ste d as a public
linancc ad, isor Ill the 130110 Buycr,'s ~lun,cipal Market Place ; and (i ii) is :;o t an o f'ficcr or
employee of the Di stri cts and has not bee n otherwise engaged to provide se rvi ces in
• co nne ction wuh the tra nsac tion re lated 10 the appli ca ble Debt.
Fees: means any rate, fee , toll , pena lty or 01hcr cha rge imposed by lhe 'Jistri cts and
permined by applicab le law for se rri ces, programs or fac il ities prorided by ,he Di stric1s .
Fi nancia l Pl an: means th e Financial Plan de sc ribed in cc tion VI which de scribes (i )
how the Public Improvement s arc to be fin anced; (ii) how the Debt is ex pected to be
incurred; an d (iii) the estimated opera ting revenue derived from prope 11y taxes fo r the
fir;•. budg :t yea r.
_F i·1 a11 ci ng Di slric t: rieans District No. 2.
Max im um n_{"L 'di Levv : mean s the maximum mill levy any Di strict is permitted to
i:,1pose n r pay,~e nt of Debt as se t fo 11h in Section \11.C bel ow.
(}ru-plin g Pis1.,_:_,1. mean s Di stric t No. I.
@.il',;l. ';'cans the development or prope11y commonly referred to as Kent Pl ace.
Pub li c Improvements : means a pan o,-a!l of the improve me nt s auth orized to be plan ned.
j esigned, acquired, con structed, inst all ed, rel oca ted, redeveloped and fina nced as
ge:1erally de sc rib ed in the Special Distri ct Act, except as spec ifically limited in Section \I
below , to se rve the future tax payers and in hab it ants of th e Service A.rea as de1 ermined by
the Board of one or more of 1he Di s1ricts ..
erv ice Area: mean s 1hc propc11y wi1hin 1h e Dis1rict Boundary Map .
• ,c r\"ice Pl an: mea ns thi s se rvice plan for 1h e Di strict app roved by ity Council.
Service Pl an Amendment: mea ns an amendmen t lO 1he Se rvi ce Pl an approved by City
Council in ac cordan ce with the City 's ordin ances and appl ica b:e state law .
;:, ,cial Di m ic1 Act: mea ns Sect io n 32-1-10 I , !el filill., of 1he Co lorado Revised St atutes,
.~mended from ti me to time.
State: mea:1 s 1hc State of Co lorado.
Tax ahk Prope11v: means real or persona l propc11y 111thm 1hc Scrl"lcc Arca subJcc l to ad
valorem laxes imposed by 1hc Dist ri c1.
Ill. B O NDA RIE S
The area of 1h c Di s1ri c1 13ouncbries includes approx im atel y 11.4 acres. A lega l
•
de scrip tion of the Di s1ric t Bo undari es is a11a cbcd hcrc10 as Ex hibit A . A vicm it y map is
attached hereto as Ex hib it 13 . A map of the Di s1ri c1 Bound ari es is attached hcrc1 1 as Ex hibi t C.
It is anticipa led 1hat 1he Di str icts' boundarie s may change from time lo tim e as they undergo
inclusions and exclus ions pursua nt lo Sec tion 32-1-40 I , !el fil<ll-, C.R.S .. and Sec tion 32-1-50 I, !el
sc .. C.R .S. I •
lllt)lfo,l
• JV, PROPO ED LA :\'D l ' E/POPLIL ATI0:'1' PROJECT I ON /..\,SES .ED
\'ALUATI ON
The Serv ice Area cons1s 1s of appro,imately 11 .4 acres of mi, d u,e deve lop ment,
mcluding approxi mately 300 residentia l uni ts and 51,500 squa re feet of ret ail and office space.
The cu rrent assessed valuation of the cn·ice Arca is app roximate ly $3,57 4,47 4.00 fo r purposes
o f this Sen•ice Plan and, at build out, is expected 10 be su fficient to reasonably discharge the
Debt under th e Fi na ncia l Plan . The popula11 on of th e Distric ts al build-out is esti mated to be
approximately se ven hundred (700) people.
Approl'a l of this Sen•ice Plan by the 11y docs r,r,t im ply approva l of the de, elopmen l of
a s pecific are a within the Di stricts, no r docs II impl y appro\'a l of the number of residentia l units
or the tot al si te/fl oor area of commercial or ind ustria l bui,d in gs iden tifi ed in this Scn•icc Plan or
any of the exh1b11s attac hed thereto.
V OESCR I PT I 0:'1' OF PR O POSED PO WERS . 1,\IPRO \'E I ENTS AND . ERV ! E
Powers of th e Di stricts
Th e Di stri cts shall ha\'e the J owc r and authority to provid e th e Publi c
lmp rovcmc n1 s and un dertake rclat 1.:d opl'r:1ti ons and mainten ance se r vices wit hin an d wi th out the
b,n mdaries of the Dist ric ts, as such po wer and autho rity is descr ib ed in the Sp ecia l Di stri ct Act,
and ot her appl1cablc sta tut es, th e comm n la w and the Con s1i1u1ion , ~,,bjc ct to the limit ations se t
fo 11h in this Servic e Plan. The spc c,li c types o f Publi c Impro vements shall t _ clc1crminccl in th e
discrct il•n of1 hc Board of Directors of the Di stricts.
13 . ld,·1ita tions of the Di stricts' Powers and Service Plan Amend me nt
I. ! >n cra ti ons an d ~laintcnancc Limitation The Districts slrnll dedicate
certain Publi lm pro,·~mc nt s to the Cit y or otl H.:r appropria te jurisdi ction in a manner i;o 11s1stcnt
11 i1h the Approved Dcvc i0pmc11 1 Pl an, mies and regub 110 1i; of the L11y and ap pl i;a blc provisions
of the it y's ordm an i:cs. The Dis tricts shal i be au th orizr.:t~ tu Q\\ 11 , ,pcratc :11i: n,;11nta111 any part
l'r .di {,f thl' Pu blic lmp rovcml'nt s 11 01 dcd 1c at cd to tht.: Cny or other :ip prop 11,•11.: jurisdii..:tion.
lktl.'nmna1ion of spec ifi c Publi c lmp1<wcme1~l. to be oct icatt.:d It, tht.: Ci!v and'o r oth i..'r
goHTnmcntal t·nt111cs. 0 1 to bl! ret ;1111L·d by thL' Dismc1s, \ 111 be the subjec t of pa rate actions
.md agrce1m:11ts .unong, 111tcn.:stcd pnrtic.:s. A su111111:U)' o; thl! lllllll o, c..:ments ,uu icipatc <l ll1 be
011·ncd ;iml opera ted hy the IJ ,s1r ic1s is allachcd as Ex hihi1 n.
Total [)chi Issua nce Ljm11ation The Districts shall not issue l1 ch 1 ;11
exce ss uf S30,000,000 ab,.nt a pcnniucd increase in s uch am ount as may be au1h o1 i,ed pursu ,It
10 a futmc intcrgo\'cmme nt al .i.gn:cmc nt with the Ci ty. The lntcrgovcmmc ntal Ag 1ccmcnt
between Dis tri ct No . I an d Di strict o. 2, as is co n1 cmp la1cd in ccti on V(D) shall 11 01 be subjec t
10 ihc Tutal De bi Iss uance Limitation. r-unhcr, a refundin g, re-issuance or rcs t111 c1uring of
outstanding debt sh'111 not be dcc111ed new debt that would cou nt agamst the Tota l Debi Issuance
L1m11 ation.
3. Constructi on Standards L1nmatiQJJ The Distri cts sha ll ensure that the
Public Improvement to be dedicated 10 the C11y or otl1cr appropnate jurisdiction are designed
and con 1ruc 1ed in , cco rdance wnh the standards and specifications of the City and of other
governmental entities having proper jurisdiction . TI,e Dist·ic•s will obtain the ity's approval of
civil engineering plans and will ob ta in applicable pem1i1s for construct ion and installa tion of Public lmprm·emen ts prior 10 performing suc h work .
4. Consolidation limitation The Di stricts shall not file a request with any
Coun 10 consolida te with another Ti1Je 32 di stric t without the prior wriuen consent of1he City .
5. Bankruptcv Limitation All of the limitations contained in this Service
Plan, including, but nor limited 10, those penaining to the Maximum Debt Iii: Levy and the
Fees have been establ ished under the authority of the City 10 approve a Sen·ice Pl an with
conditions pursuant 10 Section 32-1-204.5, C.R.S. It is expressly intended that such limitations;
(a) Shall nqt be subjec t to set-aside for any rea so n or by any court of compe tent jurisdict ion, absent a Sl?"n ice Plan Amendment ; and
(b) Arc, toget her with all ot her requirem ems of Colorado law,
included in the "political or go ,·e nuncntal po\\ ers" resen•ed to the tale under the U.S.
Rankrupt cy Code ( I I U.S .C.) Sec tion 903, and arc also includea in the "rcgubrory or electonl
approval necessary under applicable nonbanlm1p1cy law" as required for confirma ti on of a
Chapte r 9 Bankniptcy Plan und er Bankn1p1cy Code ec11on 943(6)(6).
Any Debt , issued "ith a pl edge or which results in a pledge, that exceeds
the ~laxin1um Debt fill Levy, shall be deemed a material modification of thi s Service Plan
pursuant 10 Section 32-1-207, C.R .S . and shall not be an authorized issuance of Debt unless and
until such ma terial modification has been approved by the City as Jan of a Sen•ice Plan Amendment.
6. Service Pl an Amendment Requirement This ervice Plan ha s been
designed "uh sufficient nexibility 10 ennb le the Di stricts 10 pro, ide required services and
focili11e~ under evClJving circu,nstanccs w11hou1 the need for numerous ,nnendmcms. o
mod1t;•·a11nn sha ll tc required for .in awon of the Districts \\l11ch docs nor materially depart
from the prO\ 1s1on,, of tlus Sen ic e Pbn. 1'1aterial m d1fications lo this Sen•ice Plan may be
made only m accordance with ccuon 32-1-207, C.R.S. oth in g herein is m1c1,dcd to modify or pre,cm the use of the pro,isions of cc11on 32-1-207(3)(h), C.R ..
Sales .ind Use Tax. The Di stricts sh 111 not exercis~ their sa les and use
ta., e,emp1ion in a maancr that would reduce or cause" '1ss if sa les or use tax revenues due 10
the City from the constniction of the Public hnprovemcn . Jr from the provision of Di strict Acti\'i!ics.
•
•
•
t
C. Prelimin arv Engineering Survev
The Dis tricts shall hav e th e auth ority to provi de fo r the plann in g, design ,
acquis it ion, co nstrn ctio n, install ati on, rebcati on, redevelop ment , mainte nance , and fi nanci ng of
the Pu bli c Im proveme nt s within and wi th ou t th e boundaries of the Distric ts , to be more
spe cifi cally defi ned in an Ap pr ved De ve lopment Pl an . An estimate of the costs of th e Pub lic
Im prove ments which may be plann ed for , designed, acqu ired, constru cted , ins ta ll ed , re located ,
rede veloped , main ta in ed or fin ance d was prep ared based upo n a pre lim inary engi neerin g survey ,
att ached hereto as Ex hibit E, and es tim ates deri ved fro m th e zonin g on th e p ropet1 y in the
Se rvice Arca.
D. Mu lt iple Di stri ct Stru cture.
It is a111 icipat ed th at the Dis tri cts, co ll ective ly, wi ll un de 11ake the fin ancing and
constru ction of th e Pub l;c l mprov cment s. Th e natu re of th e fun ctio ns and serv ices to be
prov ided by eac h Di str ict shall be clarifi ed in an int ergove rn me ntal agreeme nt betwe en and
among th e Di stricts. All such agree ments will 15e designed to help assure the orderl y
develo pm ent of the Pub li ~ Improve ment s an d esse 111ial se ,v iccs in accorda nce with th e
requi rem ent s of thi s Se rvice !'Ian . Impl ementati on of such int ergo vernm ent al agreement is
ess en tia l 10 th e orde rly imp lementat io n of thi s Service Pl an. Ac cordi ngly, any detern1inati on of
any Board to set as ide said int ergovern menta l ag rccme 111 witho ut the co nse nt of all of the
Di stricts shall be a material modifi ca ti on of the Se rvice Pl an. Said inte rgovemmcntal agree ment
may be amende d by mu tu al agre ement of th e Di stri cts with ou t th e need to am end thi s Servi ce
Pl an.
V I. FINANC IAL PLAN
A. Ge nera l
The Di str ict s shall be auth ori ze d to pro vide fo r the pl ann ing, des ign, ac qui si ti on,
co nstru ctio n, in stalla ti on, re loc ation an d/o r redeve lopme nt of the Pub l ic Imp ro vement s fro m
their re\"e nu cs and by and through th e pro ceeds of Deb t to be iss ued by th e Districts. The
Fin ancial Plan for th e Di str icts shall be to iss ue such Debt as th e Dis tricts can reas onabl y pay
fr 111 r':v enuc s de rived fr om the Maximum De bt Mill Levy , Fees and other leg all y avai lable
n:vcn ucs. A Preli minary Fi nancing Pla n i:i atl ac hrd hereto as Ex hi bil F and dc pi cLs the
an ti cip ated reve nu e forecas t and deb t iss uan ce of th e Dis tricts base d up on curre nt projec ti on s of
dev elopment •v ith in th e Projec t. Th e actua l De bt iss uance of the Distri c ts shall be bas ed upo n
actual deve lo pm ent within the Proj ec t. In any event , th e tots Debt that th e Distri cts s hall be
pcrmi 11 ed to iss ue shall not exc eed the Total Deb t Issuance Limita tion and sha ll be perm itt ed to
be iss ued on a sc hedu le and in such year or ye ars as the Di strict s dctcnn inc shall mee t th e needs
of th e Finan cia l Pl an refer ence d above and phns ed to serve de vel opm ent as it oc curs. All bonds
and oth er Debt iss ued by th e Distri cts ma y be pa ya bl e fr om any and all lega ll y a vai lab le
reve nues of the Di stri cts, in clu din g ge nera l ad valorem taxes and Fees 10 be impose d upon all
Taxa ble Prope rty wi thin the Distri cts . Th e Di str ic ts wi ll al so re ly upon va rio us other re ve nue
sources auth ori zed by law . Th ese will in clu de th e power to asse ss f ee s, rat es, l 11 s, pcnn ltic s, or
cha rges as prov id ed in Se ct io n 32 -1-100 I (I). C.R.S., as am end ed fro m tim e to ti me .
tl)OIS (,. . J.
B . Maximum Voted Intere st Rate u d Maximum Undeiwritin~ Discount
The interest rate on any Debt is expected to be the market rate at the time the Debt
is issued . In tbe event of a default, the proposed maximum interest rate on any Debt is not
expected to exceed fifteen percent (15 %). The proposed maximum undeiwriting disco unt will be
three percent (3 %). Debt , whe n issued, will comply with all relevant requirements of this
Service Plan, and State law and Federal law as then applicable 10 the issuance of public
~ccuritiP,S
C . Maximum Debt Mill Levy
The "Maximum Debt Mill Levy" shall be the maximum mill levy any Dir,trict is
pem1itted to impose upon the Taxable Pro perty within the District for payment of Debt, a11d shall
be determined as follows :
I. For. the portion of any aggregate District's Debi which exceeds fi.'ly
percent 150%) of the Di stri t's assessed valuation , the Maximam Debt Mill Levy for sw:h
portion of Debt shall be fifty (50) mills less the number of mills neces sary 10 pay unlimited mill
levy Debt described in Section Vl.C .2 below; provided that if there are changes in the metho d of
calculating assess ed valuation or any constitutionally mandated tax credit, cu1 or abatement; th e
mill levy limitation applicable to such Debi may be increased or decreased to reflect such
cbanges, such increases or decreases lo be determined by the Board in good faith (such -.
determination to be binding and final) so that to the extent possible , the ac tual tax revenues
generated by the mill levy, as adjusted for changes, are neither diminished nor enhanced as a
result of such changes. For purpo ses of the foregoing, a chan ge in the ratio of actual valuation
shall be deem ed to be a change in the method of calculating as sesse d valuation.
2. For the portion of any aggregate District 's Debt which is equal to or le ss
than fifty percent (50%) of the Distri ct's assessed valuation , either on the date of issuance or at
any time thereafter, th e mill le vy to be impo sed to repay such portion of Debt shall not be subject
10 the Maximum Debt Mill Levy and, as a result, the mill levy may be such amount as is
nec essary to pay the Debt servi ce on suc h Debt , without limitati on of ra te.
3. For purposes of the foregoi ng, once Debt has bee n det ermined to be within
Section Vl.C.2 above, so th at the Di strict is entitl ed to pledge to its paymen t an unlimited ad
va lo rem mill levy , the District may pro vi de that such Debt shall remai n secured by such
un limited mi ll le vy, notwithstanding any subsequent change in the Di strict's Debt 10 assessed
ratio. All Debt iss ued by the Dis tri ct must be is sued in co mpli ance with the requirements of
Secti on 32-1-1101 , C.R.S . and all oth er requirements of State law .
To the extent that the District is composed of or sub sequently organized into one
or more subdistri cts as permitted under Section 32-1-1101, C.R.S., the term "Di strict" as used
herei n sha ll be deem ed to refer to the Di strict and 10 each such subdistri ct separa tel y, so that each
of the subdistricts shall be treated as a separate, independent distri ct for purpo ses of the
app licatio n of thi s definition.
19015 6-J .g .
• D. Debi Repavment So urres
Each of 1he Dis1ric1s may impose a mill levy on Taxab le Property wi1hin i1 s
boundari% as a primary :ource of revenue for repaym e11 1 of deb1 service and for opcra1ions and
maintenance . The Disrric1s ma y also rely up on various olhc r revenue sources au1horized by law.
Al 1he Dis1r ic1 's disc re1ion, 1hese may inc lu de 1he power 10 assess Fees, ra1es, 1oils, pena lt ies, or
charges as prov ided in Sec1io n 31-1-100 I, C.R.S., as amended from 1imc 10 lime. In no even1
sl:a ll 1bc deb 1 service mill levy in any Di s1ric1 exceed the Maximum Debt Mill Levy.
E. Debi Instrument Disclosure Reguirem cm
In 1h e 1ex1 of each Bond and any Olher instrumenl representing and consti1u1 ing
Debt, the Di s1 ric1 s sha ll se1 forth a sta 1eme n1 in subs1antia ll y 1he following fomi:
By acceptance of 1his instn1men1, the owner of 1hi s Bond agrees
and co nsents to all of th e limitatio ns in respect of the payme ry t of
the pri ncipa l of and int erest on this Bond co n1 ained herein; in the
resolulion of 1he Di s1ri ct a~tho riz in g 1he issu an ce of 1his Bond and
in the Service Pl an for crea ti on of the Di stri c1s.
Si mil ar language describ in g the limita1io ns in respec1 of 1hc payme 111 of th e
pr incipal of and intc resl on Debt se 1 forth in llu s Service Plan shall he inclu de d in any documenl
use d for the offering of 1he Debi fo r sa le to persons, includin g, but not lim:tcd 10 , a deve loper of
property with in 1he boundaries of 1hc Di s1ri c1.
F. Securi1v for Deb t
The Distric 1s shall 1101 pl r Jge any revenue or :,roperty of 1he City as sec uri1 y for
1he i11deb1eclness se1 fort!, in 1hi s Se rvi ce Pl an, excep 1 as may be agreed 10 in writing by 1he Ci1y.
Approva l of this Service Plan shall 1101 be cons1rued .,s a guarnn1e e r the ity ofpaymen l of an y
of 1he Dis1ric1s' obligmions; nor shall any1hing in 11,e Se rvi ~c Plan be construed so as lO creme
any responsibility or lia bi li1 y on 1hc part of 1hc Ci1y in :he cvem of default by •he Di st rict s in 1hc
paymcn l of any "uch obligation.
l., rABOR Co mplian c.c
The Dis1ricts will com ~ly with 1hc provisio,:s of TABOR. In the clisrn:tiun of1hc
Board, 1he Di stri cts may sci up ;1hc1 qualifying enti lies to manage, fund, construe! and opcra1c
fodli1ies, serv ices, and programs. To the ,~tcnl allowed by law, any entity crcaiccl by 1he
Dis1ricts will remain unJcr 1he con1ro l of 1h e appl icable Dis1ric1's Board.
I I. Distric1s' Jl!;Ii!!•J£..Qm,;
The estimated cos t of acqu iring land, eng in et;ring services, legal se rvicl!s and
a lministratile se rvice s, together wi1h 1hc c,1irnn1ed cos1s of1he Di stric ts' organization and i1itial
!90 15(,.J .9.
ope rati ons, , re anti cipa ted to be S \ 00,000 , which wi ll be eli gib le for re imbur se ment fr om Deb t
proceeds .
In additi on 10 the ca pita l costs of th e Publi c lmp r01e ment s, the Dis tri cts wi!I
0 equire op erat ing funds for admini stra tion and to plan and cause the Public Improvement s to be
~o nstru cted and maintai ned. The fir st yea r's op eratin g bud ge t is es timated to be $50 ,000 whi ch
is anti cipated to be derive d fro m prop en y taxe s and oth er revenu es.
The Maximum Debt Mill Levy fo r the repaymen t of Deb t shall not apply to any
District's ability to increa se its mill levy as ne cess ary for prov ision of pcration and maint enan ce
<e rvi ces to its tax paye rs and s,rvice users.
\'I I. A 'NUA L REPORT
A. Gen eral
Upon the requ es t of th e City , the Di stri cts shall be re spons ible for sub mitti ng an
annu al repon to the City Manag er's Qf(ice no lat er than Augu st I" of each year fo llow ing the
ye ar in which the Order and Dec ree crea ting th e Di stri cts ha s bee n re corded.
B. Re po rting of SiPnificant Even ts
Th e annu al repo n shall inc lude inform ati on as to any of th e fo ll ow ing :
I. Bound ary change s made or propo sed to th e Di stri cts ' boundarie s as of
De cemb er 31 of th e prior year.
2. Int ergove rnmen tal Ag reem ent s with oth er governmenta l entiti es , eith er
ent ered into or propos ed , as of Dee ember 3 1 of th e pri or yea r.
3. Co pi es of the Di stri cts ' mi es and reg ul ati on s, if any , as of Dec emb er 3 1 of
th e pri r yea r.
-1 . .\ summ ary of any liti r ati on wh ic h in vo h es the Di stri cts' Pu blic
lmp rov e111 ent s as of Decem be r 31 of the prior ye ar.
5. Statu s of the Di str icts ' con stm ction of the Publ ic lmp,o vements as of
Decemb er 3 I of th e prio r year.
6. A li st of all fa cil ities and im pr01c mcnt s const 1c1cd hl· the Di stric ts tha t
have been ded ica ted to an d acce pt ed by the Cii y as of Dece mber 3 1 of 1he pri or year.
7. Th e assesse d valua ti on of the Di st ri cts fo r th e cucrcnt year .
Current year bu dget ,nclud ing a descrip ti on of the Pu bli c Improveme nt s
to be con struc1ed ,n s uch year.
· 10-
• ( .
,. 9. Audi t of the Districts' financial statements, for th e yea r ending
• \
December 31 of the previous year. prepared in accordance \\'ith generally accepted accou111ing
principles or audit exemption, if applicable.
I 0. Notice of any uncured events of default by the Dis tricts, which cont inu e
beyond a ninety (90) day period, under any Debt instrument.
i I. Any inabili ty of the Distr icts lo pay th eir ob ligat ion s as th ey co n,c due, in
accordance wit h the 1cnns of suc h obl igafons, whic h co111 inue beyo nd a ninety (90) day period.
\'Ill. CO NS OLI DA T I O N/D IS .. O L UT ION
Th e co 1,so lid a1 ion of any Di stric t with any nthcr spec ial district sha ll be subjec t 10 the
ap pro, al of th e Ciry. Each Di stri ct will take all ac ti on ne cessary 10 dis so lve pursua nt to Section
32-1-"0 1, et. seq., .R.S., as amen ded from time 10 ti me, at s uch time as it docs 11 01 need to
remain in ex istence lo discharge its financial f'1~1i!!.atio ns or perform its scr ices. In no event
shall disso lu tion occur unt il the Di str ict Ins pre, Jed for the payment or di,charge of a ll outs '
ou tstand in g indebted ness and other financial obltg. :ions as required purs uant to Si:nc statutes.
IX . DI SC LOSU R E TO PURC II AS En S
Th e Di str icts will use re.:son:ible cffons t assure that all developers 0f th e property
lo cated within the Dist ri cts provide 11T1tte n notice to all purchaser s of property in th e Di stricts
regarding the ~la.,imum Debt Mill Levy, as well as a ge neral descriptiou of the Di s1ric11 ·
authority to impose aud co lle ct ra tes. Fees, tolls and charges.
X . I NT EI!G O\'EI N~IE:'l'T A L <\G REF.MEYr
Thi.! form or the intc rgovc11.111enta l agreeme nt rt:la ting 10 th e limitati ons impose d o 1 the
Dist ri cts' act ivities is attach ed hc·eto as Exhibit G . The Di st ricts shall approve the
1ntt.:rgov1:rnmcmal agn.:c.:mc nt in the fo :m attac hed as Ex llil.Jit G at their firs t Boa rd meeting afh:r
their org ani za tional election. Th e City Co un cil shall approve the intcrgovcr. s1en al agreement
in the fo nn attached as Ex hihit G at th e public heari ng arrroving lhc Service !'Ian .
\I. CO:XCI.I S IO N
It i, sub111i11cd that ihi s Sen n·c Plan for the Di stri cts. as m;uired by Se ction ~c-1-203(21.
l'.R.~. ,uul Scct1,>11 ,2-1-20.\.5, <' R.S., estahli she s that:
I. Then.: is suffkiL:nt c.,i:,ai:1g and projei.:tcd need for organi zl'd •!n ·icc 111 th~
area to bL scrv iccd by 1hc Dis tricts;
2. The existing service in the area to be se rved by the Districts is inadequate
for pn.:se nt aml projected needs;
Th e Districts ;ire capable ofprov:cling cco110111ical and !:ufti Cll'Ut sen:,.~ to
the are a \\'ithi11 :hei r propose d boundaries; and
4. The area to be included in the Districts doe, have, and will have. the
financial ability to discharge the proposed indebtedness on a rea sonable basis.
Therefore, it is hereby respectfully reque ste d that the Ciry Council of the City of
Englewood, olora,\o, which has jurisdiction to approve this Service Plan by virtue o f Section
32-\-204.5, C.R .S., ct 5.l<!h, as amended, adop t a re solution approv ing thi s '"Consoli dated Service
Pl an for Ken t Place Metropolitan Di<tricl . o . I an~ Ke nt Pl ace Metropolitan Di strict No. 2" as
submitted.
Re sp•.ctfull y ubmitted th is 101
• da y of September, 2007.
Re spectfully submiued.
Kr is ten D. Bear, Esq. 1 ,....
Cli nt C. Waldron , Esq .
• EX.HJBIT A
Legal Descriptions
Kent Pla ce M etro~olit a n Di s trict No. I :
TRACT D, KEN T PLACE FIRST FILfNG , FIRS T AMEN DME NT
Ke nt Pl a ce Metropolita n Di s trict No. 2:
11)11 156-,
LO TS I, 2, 3, 4, & 5, KEN T PLACE FlRSl' FILING, FIRST AME DMENT
TRA CTS A, B, C, & D, KE T PLACE FIRS T FILfNG , FIR ST AME DM EN T
•I•
•
\CIU\S6-)
EX I-IIBIT B
Englewood V1dniry Map
0 ,.,,
z
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0
0
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>-
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0
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1800 FT.
N I EB1
EAS T
UNIV.
EVANS
OF
DENVE
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E. BAllS AVE.
EAST 285 -,--✓-I
I• C~LS ~ c~~/~~
CITY OF ENGLEWOOD I ARAPAHOEllOUNTY I
VICINITY MAP
SCALE: 1 "= 2500'
AVENUE
g
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CD
0
0
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Ct'.
0
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EX HIBI T
Dis tri ct Bound ary Map
~
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'· : :
I
I
=:,;-;~%f;;,~~~~ . j;!
11 t 1111 l'l 1l--n-__
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• EXH IB IT D
Sum mary of Public Improvements
'90156-J
Kent Pl!lce Dist r ict lmpr ove111eots
lmprowmu,1 Poidforby Consrru~ied by Maintained by Ihdic.oted to Date of Estimated
Com-e ·----MointU1DJJce Cost
O111inu:c lmorovcments District Devclonr.r District District Final Plat TDD
Private Access l.andscape/Fcnc.e Developer Developer HOA HOA Completion TDD
lm".:l "t\'CfflerllS
PublJc Access Landscapc,Fcncr District Developer District Di.strict Completion TDD
l.t..'lierovements
Community Entrances Di.sirict Ocveloncr-Districl District Comnletion TDD
Communi~ Recreation Facilities Dcvcloner Dcveloott HOA HOA Comnlet.ion TBD
Private 1 ,._, SDacc and Private Parks Dcvel,.._r Devel,.._.. HOA HOA Comoletion TDD
Public s and Public Parks District Devcl--r District District Comnletion TBD
Private Acoe.s.s Allcvs Develoocr Devel HOA HOA Comnletion TBD
Offsile Road Im provements District Orvcloper CDOT,Cicyof COOT, City of Completion NIA
Englewood. Englewood.
An .. ahoe Coun~ 1 • --ahe>e' Count"
Private Access ln1 erior Stree:tscaoc Develooer Develooer HOA HOA Comnletion TDD
Public Access Interior Strcetscaoe District Dcvd District District Comnletion TDD
Private A..x:ess lnteri« Streets Oeveli.oa Devel,....... HOA HOA F-,_nal Plat TDD
Public Access Interior Struts District Devel---District District Final Plat TDD
All l.raterior Storm SeWttS District Dcvelonrr District District Comoletion TDD
Sani1arv Sewer Mains District Dcveloncr Cirv ofEn2lcwood Cirv nf Enl'lcwood Comnlction NIA
·."/atu Mains District Dcvelo~ Citv of Enolewood Ci~ ofEn°1ewood Comnletiun NIA
Gas Mains Develoocr PSC PSC Eascmmt NIA NIA
Electric Lines De vcloDCr PSC PSC Eascm<nt NIA NIA
ITclecommunications Dcvcloocr Devel-Telecom.. Co Eascm=t NIA NIA
Storm Wat.er Detcotion District Devel-----District Di.itrict Comnletioo TDD
Commercial Parkin1. Garae:c District Devel..,_,. Districl District Comol ction TDD
All Project Engineering and Con.struction Dislricl NIA NIA NIA NIA NIA
Manair.anc:nt includine. District Facilities
Ovcrlot Grading -All Developer Dcvcl~r NIA ,NIA NIA _ NIA
r , • <e ,,-.._ ,.
• EXHIBIT E
Preliminary Engi neering Survey and Cost Esti ma tes
190 1S6-: -l·
KENT PLACE AT CHERRY HILLS
Me tro Distnc:t Es11mate
9(71:001
Ellglblo Co111
Land Coll
L11'\CAcaJl•l10n TraClsAB,D' 113,504 sf S 5231 Isl
Soll Cost
Design
Entltlemo ntsondApprova1s
O,stnct Lepal I Ae:ounting
Aam lnlstnnrve Costs (Job Indirect)
Sub10:a1 Hord Costs
Hard Cost
Generol Cond11Jons
GC Fee
GC Sa!anes
S11ewonc
Cono'!te
t.,asonry
Metals
Thennal & Molat u·e
Eou1pmeni
M&ehonlc.aJ
E~ct,kal
Offsno lm:;rovo ments (Roadway , Traffic algna1)
Subtc:altfara Costs
TOTAL ELIGIBLE CO STS
5937394
239,S7C
lnci w land
S 15l.000
150,000
539,970
578,11111
27<,SJ0
357,73:I
J ,550,0111
729,271
356,11.CI
397 ,891!1
362,177
86 ,1117
444 ,545
305 ,299
1,100,000
11,543 ,<22
S 15,020,786
(.
•
•
•
EXHI BIT F
Preliminary Financing Pl an
2006
2007 , ...
,i::011
7010
'°" 2012
2013
2014
2015
20 16
20 17
20 11
2019
2020
20 2 1
2022
2013
202,
2025
2026
2027
"" 2029
2031
2032
2033
'°" '°" ,,,.
2037
2038
,,..
KENT PLA CE METROPOL/7 • f ' DISTRICT
C.velopmlnl Proj.ctlon at JS.00 Debt Ser,lce Mills
Se r. 2001 Senio r Non-R .. ted Bonas, 30-yur maturity
..:cccc<c cResldentlal> >>>>>>> < Platted/Oevrloped Lots >
gr.,.-.
13.6~1,SSO
,07 l l-',352.0~ 0 6'15,475
4 2,687.(M l 142,021>,773 0 14,400,160
117 296,i/1 274 10,694 42J 4,052,000
l.t S,SJS,425 J ,H ,44',0!>4 11.305.331 940,000
! 358.029,9111 23.622.993
:l 7,160,600 365.190,~IO 27.655.547
365, 190.SIQ 21499.1116
7,303.1112 372.'-94,392 19.069. ITC
372,C!k 392 2S Oe9 170
7,4'11.UI 379,S,l.&21!10
379,9-44 210
/,591,!116 3117,SU .165
3117 .~J.165
7,750.1163 .. Q,; ;:--,4 029
3 !;5 294,029
i ,;tOS,8!11 4 0J ,l99909
4 0J ,1!i:i,909
11,06J,998 4 11,25J.907
41l,25J 907
11,nS •. '711 41 9,489.166
4 19,411 9 186
1131911,784 4 27,8711,969
4 27.117 11,963
11,551,579 06,436,549
4J6,436,S49
11,7211.731 445,165.21!0
445.165.2110
11.90J,306 •S4 06,.5,s
454 068,5115
9.08U72 463. 149.957
270 113,7"2.44J
29.650,!";S,t
29.650 Ss.t
J. •JS65
30,2'3565
30,M l!4 J6
X,,Mll 4l6
J1 41=5.4 05
3 1 465,41 05
32,094 7 13
32,094,7 13
J2,7X.607
JZ.736.607
3J,3q1,339
JJ,J9 1,J J9
J.4 ,059,166
J.4059,1 6C
34,740,349
)4_74 '1,349
J.5,4 3S,IS6
35,41 35,156
.?6.1 0 ,859
ga.1#11.
11-rt l•OI
3,!il70,5SO
1117.~!!
41 ,176,046
1,175,080
272.600
(9 p.
<<<<<<<< Comm.,clal >>>>>:->>
!!.•'"'
37_53;
7,01 9 109,9111
6 ,944
171.909
l75,:C7
1711,IS4
1112,4131
11!6,oeo
1119,1101
193,597
191,459
201 ,411
205,,'47
20Sl,SSG
213,7417
211,022
m.m
51 ,500 2,1155,9711
NR Fll'\Plan
' 5,495,903
7,4167,975
8,595,<t37
11.767,:WS
11,767,J.45
l .!k2.6!c'2
11,942,692
9,121.546
9121,546
9,303,977
9.30:i.9n
9,490,0 57
9,490.057
9,679,l!SC
9,679,115&
9,1173,455
9,117),455
10,070,9.l4
10,070,92•
10.2n.J.n
10,212,;....J
::i,4TT,7<!9
10,<t 17,789
10,6117 ,345
10,11117,345
10,901,092
10,901,C92
11 ,11 9,114
11 ,119,114
11,341,496
an.=
:1-,.,.1•01 filial,•.!!....._.._!,~% !!.•=
so
SO JS.000 so
35,000 so
JS.DOD 0
3,970,550 JS.000 136,190 ll,619
1,593.1112 12.4 75,41 23 JS 000 4127 .907 "2.791
2, 165,71l 17,6-47,090 35 000 605,2S5 60,530
2."!12.677 27.290,750 35,000 936.07l 93,607
2.5"2,530 J0 ... ,1,6,7 35 000 1,045.179 1()4 ,518
2.542,530 3 1,04 \,7 17 JS 000 1,(;64,731
2.593,3111 31 ,662,551 J S 000 l ,G86,D25
2.593,llli 31 ,662,551 35.000 1.086,0 2!,
~645,2411
2,645,241!
2.6911,153
2.6911 ,1<;3
2.752.116
2.7!.Z,116
2.1107,151
2.1107,159
2.861,302
:,a&J ,302
2.920,5611
2.920.~I
2,978,979
Z,9711,9 79
3.0:S,559
3,038,559
3,099,330
3 ,099,330
3 ,111 1,311
l ,16 1,317
3.21<1 ,SU
32.295,1102 JS 000
32 295,802 35.000
32,941 ,7111 JS.ODD
32_94 1,7111 JSDOO
33,600.552 35.000
.:~.o00.~ ,;2 35 ooo
34,272.SEJ 35000
34,272,563 JSooa
J.4,958,0 15 35.000
34,9511 ,015 3S,OOO
35,657,175 35,000
35,657.175 JS.ODO
36,370,31 9 35.000
J6,J70,l19 JS.ODO
37,097,725 ]5000
37,0':.7,725 35.000
37,839,1579 JS.ODO
37 ,1139,679 35 000
38,596,473 lS 000
311,516,473 35.000
311,368,402 JS 000
1,1 U7.74 6
1,1 07,746
1.1~.901
1,129,901
1,152,199
1.152,4 99
1,175.s.t!I
1,175,s.t9
1,199,060
I 199,060
1,223,041
1,223,041
1247 .... 2
1,2<t 7,502
1272.4 52
1.272,4 52
1.297,901
1,297,901
l .l2J,IIS9
1,323,1159
1,350,336
106,473
108,603
108,603
110.ns
110,ns
1 12,990
,12.990
115,250
115.250
117,555
117,555
119,906
119.906
122,JCM
1::2,304
124,750
124,750
127,24 5
127,24 5
129,790
129,790
1l2,3115
132,3116
135,034
3 1,996,781 3,199,678
J't-e:ltlfOA.0....-._Co.
O,a1t;bC1o,o,u,on..,,...a1crftfl1mdl.ldinu<e
r--
9/1/2,, .liRf.,P,...,Of
2006
2007
2001
2009
2010
2011
''"' ,.,.
201 4 ,.,.
201 6
2017
20111 ,.,.
2020
2021
2022
J02 3
2024
2025
2026
2027
202! ,.,.
2030
2031
2031
2033 ,.,.
2035
:;;ou,
• .;l7 ,.,.
KEUT PLACE METROPOLITAN DISTI.JCT
D•velop,n•ut ProJeclio n at 3S.00 Debi S entce Mills
s.,. 200a Sanior 'lon-R•l•d Bonds. lO,ye.r m•lllflty
..._ ..
.. ,..
1!.750
17.07!,
17,535
18.091
18556
111.o.ca
1'1 "'77
20.283
20,120
6 ,000
6,000
6 ,000
6,000
6,000
6,000
6.000
6 ,0C!J
6,000
6,000
6.000
6,000
6,000
6,000
6,000
6 ,00{'
D,0 .J
f ,00
• .,_J2S
149,809
475.1!il2
684,57!'
1.0.C6,755
1,167.2J2
1.1 89,295
1,21J.18,I
1,213676
1,2311.197
1.238,803
1.263,711
1,248.891
1.273.749
1 273,749
1,299.104
1,299.104
1,324 ,966
1,324,966
1,351.345
1,351,345
1,378.252
1,378.252
1,405.697
1.405.697
1.4 31,691
1,433 69 1
1.462,24S
1.462.245
1,49 1,370
35,478.788
1 11.uo.DOOPar
pi .. 1512.0 ,MlilJ
" 0
0
74tl,4 17
1,l'.n l ,401
1,1 48,701
1.17J,&01
11'J6801
1,lU.701
1.218001
1_220,9,)1
1,242,601
1.241.901
1.270,001
1,26S,1D 1
1.294,001
1.Z!M.601
1,31 8,401
1,318.501
l ,A7.JOI
1,346,801
1,373.901
1.371 ,801
1,397.001
1,397.701
1,425,101
1,4 27,401
1.,ss.110 1 .... , .. ,, I
1,48.3,601
34~
~111-)10!
""
149JI09
475.192
(SS,8,IJ)
15,)54
" ' 154i4
16,JIIJ
20.975
20.196
17,902
21.110
6.990
J.7•&
11.~8
S,103
4,503
6 ,565
6 ,065
4,044
4 ,544
4,351
6.4S 1
8.696
7,996
8 ~')()
6 .290
6 ,4.4
8,744
7.769
8311,644 1
I\
, .... ~
ftefftu•ft
515,103
6,990
3.748
8.~8
5.103
•.503
6.565
6.{)65
4 ,044
'·"" 4.351
s.•51
8,695
7,998
8,!.90 ·~ .. ,.~
8,744
207,769
830,644
........
149,109
•5.001
.;,,SJ.158
584,512
603.043
618.537
6l4Jl20
655,895
616,091
693.994
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200.000
200,000
200,000
200.000
200,000
"" ,,,. ,,,. .,,.,,
14 1%
10t··
"" "" 56%
"" ,.,,
'"' s,,..
"" "" "" "" ""' "" Ji,..
"" "" "" 30%
"" "" "" ,.,.
"" "" 11'Ya
'"
,,,, ,,,. ,,, .
"" '" "' '" '" '" '" '" '" '" '" '" .,,
'" ...
'" '" '" '" '" "' '" "' "' "' '" "' '" '"
Page2d3
,,-.
p,, _ _,,ltyOA.D.,...
O,llft.lof<IUaa ....... ,.,.,,. ...... _.
~-... u ~ a
"' :,
:i 0 ..
0
I:
UJ " UJ u
:l .. ...
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~
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!
oocooooooooooooooooouoojooooooo
N. 1~
I
~ :;:
~
Ii
1;
···2~[~H~H!:n:~~-BHl~at~~r I!
I~
I
•
2006
2007
2008
2009
20 10
2011
2012
2013
20 14
2015
2016
.----,
KENT PLACE METROPOLITAN DISTRIC T
Develo pment Pr oj■ctlon {u pdat~ 01106.l07)
Re.'llden1i..1
P h. 1 -TOWN 1 (M ay fi e ld}
lnit<fl:Dec.rt ln
"•"'•C!
"'
. a
53 6,22i ,500
0 (6 227.500)
53
Priu
Compl•••<I lntLu..i a
5.l U "!•I
Sl.175.COO
1,198,&>0 0
~; I 227,d]O 64,790.910
0 1246919 0
1.27 1,8~8
1 2s1 . .:;s
0 ·.323.241
0 1.349,70t,
0 i 376,700
0 1.404.234
5' 64,750.9 10
9/7!. ~ KP MO NR Fin Plan 07
•
•Lots
De v•rd
lncrffO. ~,) 11'1
f lnl~h.C Loi
v:
1
~:e
a a
22 2,926,000
0 (2.926.000)
22
Pn. 1 • Rowhouses
Comphtitd lnff•ted @
UUl.!!_ltl 1%
S 1,330.000
1,356.600
22 1,383,732 30,442.1,)4
0 1,411,407 0
0 1,4 39,635
0 1,468,4 27
1,497,795
1,527,752
0 1,558.307
0 1,589,4 73
22 30,442,104
{\
Pag.
Ph. 1 -Towe, 2 (Pe'lros .. )
I Lots
o ... erd
lncr/10.u )ln
Vliue@!
"'
32 3, 7 b'l,OOO
4 (3,290,000)
(4 70,000)
36
Completed ln l\a11t d @
l61•1.!!_II 2%
S1 .175 .000
1,198,500
32 1,222.4.70 39.11 9.040
4 1,246 9 19 4.987,678
1,27 11158 0
1,297 295
1,323.241
1,349,7U6
0 1,376,700
0 1,404,234
36 44,106,7 18
,---...
P:~ed b'/ DA Da\'ldso.
~-P-'-.,'s
KENT PL.I.CE METROPOLJTAN DISTRICT
Oevdopmenl Projec:tlofl (upd•ted Ol/06107)
Ph.18Wes1PL Towrir3 ~
lnc;n(O.crl In 1ncr110ec:rJin lnc1JIDe<•Jln
Flni.hedlot •Unols '"'' Flnis hitdlol I Units p,w;. Rnlshed l o t I Units '"'' v .. 1u.9 Compt.led lnftated @ Matkel I U>ls Value@! Compi.:td lnfl.U•d@ M,111Ut llots Value g_ Compi.ted ln rLlltd Q
VEAR Dt:.erd 10~ 1lt.rg el " V•tu• 0.nf d TO'Y. 11ltargel "' Vatu1 0.ufd ... 101nou
2006 0 0
""'" 0 0 S1 .660 000 0 0 0 SI, 175,000 0 0 0 s2.100.ooo
200, 0 0 16~3200 0 0 0 1,198.500 0 0 0 2,142.000
2009 0 0 1,727064 0 0 0 1,222.470 0 0 0 2.164,840
2010 11 1,826.000 1,761.605 0 76 8.930.000 1,246,9 19 0 9 1,890,000 2,228.537
2011 2 11,494,000) 11 1,796.837 19.765,2 1 1 28 (5,6"0,000) 76 1,271 ,858 96,661,152 1 (1,680,000) 9 2.273.108 20,457,!KS
2012 0 (332,000) 2 1_832 77~ 3,665,5'18 6 (2.350,000J " l.297.:t95 36,324,258 0 (2 10,000) 1 2,3 18,570 2,3 18,57~
2013 0 0 0 1 859,430 0 0 {940,000) a 1,323,241 10,585.927 0 0 0 2.364,94 1 ~ I 2014 0 0 0 1,906 818 0 0 0 0 1,349,706 0 0 0 0 2,412,240
7015 0 0 0 1 944,955 0 0 0 0 1,376.700 0 0 0 0 2,460,485
:?:>1 6 0 0 t ,JSJ,85.: 0 0 0 1,404,234 0 0 . ,. ... _... . I
------------------
13 0 13 23,430,760 112 (0) 112 143,571.JTT 10 0 10 22,776,538
9171200 .. J>MD NR Fin P\an 07 -. Prepared by DA DcMCSOO&.
•
2006
2007
200a
2009
2010
2011
2012
2013
2014
2015
20 16
.. -
KENT P LACE M ETROPOUTAN DISTR.I C T
O•veloprMnl P roftttion ju pdated Ol/'06107)
'~:::
0
0
0
15
to ... ·er 3 Townhomes
lncrl(Dnr)ln
v.1o..i. @ c ...... v1•1•d 1r1n.ud e
171••_!!_•1
0 S1 , 100,000
0 1,122,000
0 :,440
i .650.000 1,167,329
2 {1,430,000) 15 1,190,675 17,660.131
0 (220000) 2 1,214,489 L.428.978
0 0 0 1.238,779 0
0 0 0 1,263,554
0 0 0 1,288.825
0 0 1,3 14 ,602
----17 0 17 20,289,108
9111. E KPM D NR Fin Plan 07
•
Ph. 2 • East Tow nhomes
lncrf{O.cr)in
Flnkl,.dlol •U•1II• I
Prke
Ye lu•9 Compl•l•d ln ft•t•d l!!
2~ 10,~ 7 t••j!•I
840,000
{700,000)
(140,000)
,'\
S1 .◄00,000
1,428,000
1,455,560
1,485,691
6 1,515,405 ~.092,430
1,545,713 1,545,7 13
1,576,627 0
0 1,608.160
0 1,640,323
0 1,6/3,130
10,636,143
Residential Summary
Rn idNUl.al
M.,1l 1tlV•lu•
so
134,352,054
4,987,678
154,744,502
44,737,354
10,58 5,927
349,407.514
107
11 7
34
270
P.5
,,--..
Prepared by DA Oavxlso.
r; -~ pf~.
KENT PLACE METROPOUTAN DISTRJCT
Or#•lopm•nl P rojecUo n (updall' ·">61()7) -
Comm•rclal
B.!!!!1 2!llS! Rntaurant
lncfflO.Cr)ln lncrf!Dtu)ln kKrl{O.cr)ln
Flnb.Md Loi Sqwlr•Ft par Sq fl, Fln_,._.l.ol: Sq16&A f l parSq Ft,, An.JattHl.ol: 5q.,,--;,:1 ,..rsqn .. V•)M•e Compl•t'11 1nnu1d@ Muk•l SF VUl•9 Compkted infblitd Cl ...,.., SF VW•@ Com,Ntad lnta.ted'f! Mun<
YEAR o. ..... rd ''"' 2S,'3Sllrg•~ "' -~lu• Om" ''"' 11.&o2b,get ... . .... 0.••rd ''"' 7,011brg1I "' .....
2006 D D
2007 D D $150.00
0 I 0
0 S120.00 0 0 0 S250.00
2008 25,SJS 389,025 S ISJ.00 0 11.602 139,224 S1Z2A0 0 0 0 SZSS.00
2009 0 (389.025) 25,935 S1 56.06 4,047.416 0 (139.224) 11 ,602 S 124.85 1,448,486 7,019 175.475 S260.10
20,0 0 0 $1 59.18 0 0 0 $127.34 0 0 (175,475) 7,019 S265.30 1,862.155
201' 0 0 $1 62.35 0 0 0 S129.89 0 0 0 S270.61
2012 0 0 S165.61 0 0 0 $132.49 0 0 0 S276.02
2013 0 0 $168.92 0 0 0 $135.14 0 0 0 $281.54
20'4 0 0 S1 72.30 0 0 0 $137.84 0 0 0 S-.l87 .17
2015 0 0 S175.75 0 0 0 S 140.60 0 0 f292.91
2016 0 S179.26 0 0 S143.41 0 0 $298.77
---------------------
25,935 0 25,935 4 ..47,4 16 11,602 0 11,602 1,448,456 7,019 0 7,019 1,862.155
917,200.KPMDNRF".-.Plan07 ,.. Prepared by DA Davidson •
• • ? ..
KEN T PLACE METROPOLITAN DISTRICT
Development ProjecUon (upd&ted 0IS/06l07)
Commerei.J Swnmary
li!:2<m
lnc ~DKtJln oP..•.no .............
flnl&h•dl.ol Squ~ti,fl p-,~Sq Ft. TOTAl Total V1lue •l-ol
SF 11 .. 1u •• ComP'-'ted lnll&tedQ Man.,, c..--, .,.,,__, ... .....
YEAR o.n rd ... ,.tutatQll ,. v.iu , Mafbt V1lu1 Sqfl O.v,ki,-1 Lots
2005 0 0 so
2007 0 0 $150.00 0 0 0 0
2008 0 0 S15J.OO 0 0 0 13.691,SSO
2009 0 0 $156.06 0 5,495,903 37.537 (13,046,075)
,10 6 ,944 104.160 $159.18 0 1,862,1551 7,019 13,754.685
2011 0 (HM,160) 6 ,944 $1 62.36 1,127,-461 1,127,461 6,9« (10,348.160)
2012 0 0 $1 65.61 0 0 ' 0 (3,11 2.000)
1013 0 0 $168.92 0 0 J (940,000)
2014 0 0 S1 72.JO
2015 0 0 $175.75
2016 0 $179,26
--------,.,27.•61 I 6,94◄ 0 6,944 8,435.519 5 1,500
917nEKPMONRFinPlan07 Prepared by DA Oavidsl
SOURCES AND USES OF FUNDS
KEN' PLACE METROPOLITAN DISTR ,CT
SERIES 2008 G.O. BONDS
Non -Rated , 30-Yoa r Maturity
~Jurcos :
Dated Date
Delivery Date
Bond Proceeds :
PdrAmount
Project Fund Deposits :
Project Fund Oeposll
Other Fund Dep osit&:
Capitalized lnte1es1 Fund
Debt Service Rcseive Fund
Dch11cry Dato Expenses :
Cos! of Issuance
12/0 1/2008
12/01/2008
17,650,000.00
17,650,000.00
12,456,397.00
2,1,59,203 .00
1,528 400.00
4,487,60300
706,000,00
17,650,000 00
(Ktnl Pince MO 06 ESEP0707-081lRJ50) P11,11 I
BOND DEBT SERVICE c• KENT PLACE M~TROPOLITAN DISTRICT
SERIES 2008 G .O. BONDS
Non -Rated1 30•Year Maturity
Annual
Porlod Dobt Debt
Ending Prlnclpat Coupon Interest Service Sorvtc,
06/01/2009 529,500 5l9,500
12/0112009 529 ,500 529,500 1,059,000
00/01 12010 529,500 529,500
12101/2010 529 ,500 5l9,500 1,059,000
06/0112011 5l9,500 529,500
12101/201 1 529,500 529,500 1,059,000
06/0i/2012 529 ,500 529,500
12/01/2012 529 ,500 529 ,500 1,059,000
06/01 /2013 529,500 529,500
12/01/2013 45,000 6.000'>1 529 ,500 574 ,500 1. 104,000
06/0112014 528,150 528,150
12/01/201'4 185,000 6.000% 528,150 693,150 1,221 ,300
06/01/201 5 523 ,200 523,200
12/01/2015 200,000 6.0001' 523 ,200 723,200 1,248,400
06101/2010 517,200 517 ,200
12/01/2016 235,000 6.000% 517,200 752 ,200 1,269,400
06/01 /20 17 510,150 510,150
12/01/2017 245,000 fl .000% 510,150 755,150 1,285 ,300
06/01/201 8 502 ,600 502,800
12/01/201 8 285 ,000 6.000% S0l,600 767,800 1,200,600
06/01 /2019 ◄94 ,250 •~.250
12101,2019 305 ,000 6.000% ACM ,250 799,250 1,293,500
06/0 1/2020 '485 ,i 'lO 485,100
12/01/2020 3'5,000 8.000% ◄85 ,101., 830 ,100 1,315,200 ~ 06/01/2021 474,750 474 ,750
1V01/2021 36 5,000 6.000% -474 ,750 839 ,750 1,31-4 ,500
06/01 /2022 463,800 -463 ,800
12/01/2022 415,000 6.000% -4 63,800 878 ,800 1,3-42 ,600
06/0 1/2023 451 ,350 451 ,350
12/01/2023 435 ,000 6.000% 451 ,35(' 886 ,350 1,337,700
06/0 112024 438 ,300 438,300
12/01/2024 -490,000 6.000% -438 ,300 928 ,300 1,366 ,600
0610 1/202 5 423 ,600 423,600
12/0 1/2025 520,000 6.000% 423 ,600 943 ,600 1,367 ,2'}0
06/0 1/2026 -4 08,000 ◄08,000
12/01/2026 575,000 6.000% 408 ,000 983 ,000 1,3 91 ,000
06/01/202 7 390,750 390,750
12/01/2027 610 ,000 6.000% 390,750 1,000,750 1,391 ,500
0610 1/2028 37 2,450 372,450
12101/2028 675,000 6.000% 372 ,450 1,047,450 1,-419,900
06/0 1/2029 352 ,200 352,lOO
12/01/2029 715 ,000 6.000% 352,200 1,067,200 1,41 9,400
06101/2030 330,750 330,750
12/0112030 785 .000 6.000% 330 ,750 1,115,750 1,44 6,500
06/01/2031 307 ,200 307,200
12/01/2031 630,000 6.000% 307 ,2UO 1.137,200 1,4-44 ,400
06/01/2032 282 ,300 282 ,300
1l/011?032 905,000 6.000% 282 ,300 1,187,300 1,469 ,600
06/0112033 255 ,150 2!5,150
12/01/2033 960!)00 6.000% 255 ,150 1,21 5,150 1,470 .300
06/0 1/203' l26,350 226 ,350
12/0F2034 1,045,000 6.000% l26,350 1,271 ,350 1,~97,700
06/01/2035 195,000 195,000
12/01/2035 1,110,000 6.000% 195,000 1,305 ,000 f.500,000
06/01/2,38 161 ,700 161 ,700
12/01'2030 1,20 5,000 6.000% 161 ,700 1,366,700 1,528,400
06/0 1/203i 125,5 50 125,550
12/01/2037 1,275,000 6.000% 125,550 1.400,SSl'i 1,526 ,100
06/01/2038 87 ,JllO 67,300
(~
12/01/2038 2,910,000 6.000% 87,300 2,9'il7 ,:lO0 3,08',600
17,650,000 23,909 ,700 41,559,/(,1 41,559,700
Sep 7, 2007 <I ~:) pm Prep11ed try DA . Oallld 1on & Co Ou1njt11M1 Grou~PM (K l'lt Pt1c1 MO OO:ESEP0707-0BNR3Sc;J P•o• 2
(9
Date
O&I01/200S
12/Ul/2009
:IE/01/2010
12/01/2010
O&IOl/2011
12/01/20 11
06/01/2012
12/0112012
06101/2D13
12/01'2013
06/01/2014
12/01/201◄
06/0112~15
12/Ut/2015
061'01/2016
12101/2016
OM)1/2017
12/01/2017
06IOU2011
12/01/2011
06/0112019
12/01/20UI
0&/'01/2020
12/01/2020
06/01/2021
12/Ut/2021
06/01/2022
12/01/2022
oe/01/2023
12I01/2O23
06/01/202◄
12/01/202◄
06/01/2025
12/01/2025
061'01 • .!:02f5
1211',1/202II
061)1/2027
14!/01/2027
06/'01/2021
12/01/2021 ...,,/2029
12/01/2029
06/01/2030
12/01/2030
Ol5o'01'2t131
12/'D11203 1
O&I011'2032
12/01/2032
OM>l/2033
12/01/2031
06/01/2034
12/01/2034
06/0112035
Principal
45,000
165,000
200.000
235.000
2,s.000
21!15,000
305 ,000
3,45,000
365.000
◄15,000
◄35.000
490,000
520.000
575,000
610,00I?
675,000
715,000
715,000
830.000
905,000
960.000
1,045,000
529,500
529,500
529,500
5251,500
529,500
529.500
529.500
529,500
529,500
~29.500
521,150
521,150
523,200
523.200
517,200
517.200
510,150
510,150
502.800
502,800
◄M.250
◄9◄.250
◄SS,1 00
<185.100
HC.7 50
<17 ◄.7 50
◄6 3.i\OO
◄6 3.8 ."IO
◄51 ,JSO
◄51 .350
438.300
•~<>.3'.10
<23,600
423.600
•oa.ooo
<108 .000
390.750
390,750
372,CSO
372.C50
352.200
352,200
330,750
330,7 50
307.200
307.200
28::!.300
282.300
255,150
255,150
226.350
228,350
195,000
Sep 7. 2007 4 :23 pm Pre;,.ared by DA o.wtson & Co Ouantitalive Grou p-PM
8
NET DEBT SERVICE
KENT PL.ACE METROPOLITAN DISTRICT
SERIES 2008 G .O. BONDS
Non-Rated, JO-Year Maturity
Tntal
D•bt S<:i..ice
529.500
529.500
529,500
529,500
529,500
529,500
529,500
529,500
529,500
57 4.SOO
528.150
693,150
523 ,200
723,200
517,200
7 52,200
510,150
755,150
502.800
717,800
.. 9 ... 250
799,250
<185,100
830.100 c1•.1so
839.750
C63,8,0
878,800
•51,350
886,350
438.300
9 28.300
423,600
9◄3.600
◄08.000
91'3.000
390.750
1,00....750
372,◄50
1,047.C50
352,200
1,067.200
330 ,750
1,115,750
307.200
1,137.200
282.300
1,187.300
255,150
1,215,150
226.350
1.271 ,350
195,000
Gen.Fund
-70.281 .07
•58,587.56
-◄6.154 .05
-35,1 ◄0.S<I
-23.C27.02
-11 ,711.5 1
245.913.75
O.bt S an'ke
R .. _ Fund
36,299.50
36.299.50
36,299.50
36,299.50
36,299.50
36.2119.50
38.299.50
35,299.50
36,299.50
36.299.50
36.299.50
36.299.50
36.299.50
36,2119.50
31,299.50
36,299.50
36.299.50
36.299.50
36,299.tiO
38,299.50
36,299.50
JE,299.50
3'1,2119.50
36,2911.50
36,.29t.50
"38.2519.50
36,299.50
36,29Sl .50
36,.299.50
36,.29Sl .50
36,299.50
36.2911.SO
36,299.50
38.29!i.50
36,299.50
M.2ff.SO
36,299.50
38 .299.50
36,299.50
36,299.50
36,299.50
J6.2H.50
36,299.50
38.299.SO
38.299..SO
38.299.50
36,299.50
Capltallud
lnt-rnt Fllfld
599.711.07
518,057.56
571,354.0 5
564,540.5"
552,927.0'2
5<1 1,2 13.51
Nol
Debt S trric:e
247 .216.75
493.200.50
493.200.50
538,200.50
491 ,850.50
856,150.50
4a:6 ,900.50
ee:s.900.50
480,900.50
715,900.50
47J,85D.50
718.850.50
465,500.50
751.S00.50
<157,150.50
762.1150.50
448,100.50
7 113.100.50
4 31,<150.SO
&03.4.S0.50
427.500.50
IM2,500.50
<115,0SO.SO
850.DSQ.50
<102,000.50
192,000.50
387,300.50
907,300.50
371 ,700.50
9<16,700.50
354,450.50
964,450.50
338,1 5D.S!J
1,011.150.50
3 15,900.50
1.030,900.50
29◄,<150.50
1,079 ... 50.50
2 70,900.50
1,100,900.50
246,000.50
1,151.000.50
21a.8sa.so
1,171,850.50
190,050.50
1,235,050.50
158,700.50
An11u.1
Ne1 L:..":
740,'11 7..l5
1,031 ,401 .0:'I
1,1 ◄8 .701 .nr
1,173,801.00
1,1116,101.00
1,1112.701 .00
1,218.001 .00
1,220 ,901.00
1,2<12,501.00
1,241,901.00
1,270,t'Ol .OO
1,265.101.00
1,iiM ,00 1.00
1,2k o01.00
1,318,401 .00
1,311,901 .00
1,J.47.301.00
1.345,801.00
1.373,9C1.00
1,)71,801 .00
i ,3 117,00 1.00
1,317,701.00
1,<1 25,101.tlO
I.
(Kent Place MD 06:ESEP0707-0aNRl5D) Page 3
Oat•
12/01/21l~S
06/01/2036
12/01/2036
06#01/2037
12/01/2037
06/'l)~/2038
12/01'2036
Princ::hial
1,110,000
1.205,000
1.275.000
2.910.000
NET DEBT SERVICE
KENT PLACE METROPOLITAN OISTRJCT
SERIES 2008 G.O. BONDS
Non-Rated, JO-Year Maturity
T•"" lnllrffl o,trt Senk•
O.bt S.l'Yke CapltalLr.ed Nat
195,000
161 .700
161,700
125.550
12S,SSO
'7,300
87,JOO
1.305,000
161,700
1,366.700
125.550
, ..... -6.550
117,JOO
2,997,300
Gen. Fund R,se,.,. Fund lnterast Fund Debt Sanic::•
J6,2H,SO
36.299.SO
36,299.50
35,299.SO
3S.2M.S0
36,2".50
1,564.&H..SO
1,268,700.50
125.◄00.S0
1,330,400.50
H ,250.50
1,3&4.250.50
51 ,000.50
1,432,600.50
Ann-I
Net DIS
1,42.7,◄01 .00
1,455,801.00
1.453.501.00
1,413,601.00
17,650.000 23,909,700 ◄1.559,700 0 ,00 3,481,573.00 3,◄22.983 .75 3-4,6-41, l ◄J-2S 3-4,541.143.25
----..,~-----------------------------------------------~ S.p 7. '20f ""pm Prep.vwd by DA Davidson & Co Ouontiialh,,e GrOllp-PM (Kant AK:11 MD 06:ESEP0707-48N{ ~Paoe ◄ • • •
1---e
Data
12101/2008
06101/2009
12/01/2009
06/01/2010
12/011201!)
06l01/20 11
1210112011
Oept'r.1t
2,95~.203
2,959,203
l nlOf e5l
@ ◄.75%
70,28 1.07
58,567.56
46,854.05
35,140.54
23,427.02
11 ,7 13.51
245,983.75
Sep 7. 2007 4:23 pm Prepared by D.A o.mdson & Co Ou.ntilalive Group-PM
C,
CAPITALIZED INTEREST FUND
KENT PLACE METROPOLITAN DISTRICT
SERIES 2008 G.O. BONDS
No n -Rated, JD-Year M aturity
Ca pitalized Inte rest Fund
Debt Service
P rincip a l Reserve Fund Debt Service
493,200.50 36,299.50 -70,281 .07
493,200.50 36,299.50 -58,567.56
◄93.200.50 36,299.50 -46,854.05
493,200.50 36,299.50 -35, 140.54
◄93.20C .50 36,299.50 -23.427.02
493,200.50 36.299.50 -11,7 13.5 1
2,959,203.00 2 17,797.00 -2◄5.983.75
~
Scheduled
Dcaws Ba lance
2,959,203 'JO
529,500 2.466,002.50
529,500 1,972,802.00
529,SOC 1 .◄79,601.50
529.500 986,401.00
529,500 493 ,200.50
529.500
3 ,177,0.....,..
IK<ffll ~ MO oe:ESEP0707-08NR3SO) Page S
DEBT SERVICE RE SERVE FUND • I
KENT PLAC E METR OPOLITAN DISTRICT \
SERIES 2008 G.O. BONDS
Non -Ra tod , 30-Y oar Maturity
Oobt Sorvlco Ro sorvo Fund
lnttrHI Cap!tallud
0111 Otpotll @4,75% Prlnclpal lnt1r11tFund D11)tS1rvlct 8 ■l1nc1
12101'200!1 1.528,•00 ,.s21.•co
06/0 1/2009 38 ,29950 -36 ,2!195, 1,s2e.•oo
12J0 1/20DD 38,299.50 -36,299,50 1,528,400
06/0112010 38,299.50 -36,29950 1,528,400
12/0 112010 36 ,29950 -36 ,2119 50 1,5 21 ,400
06/0 112011 36.29950 -3 6,2111150 1,521,400
12/01/201 1 3629950 -36,299,50 1,52MOD
06/01/2012 31129950 -36,211950 1,528 400
12/01/2012 311.299.50 -J&,:111150 1,521 400
05/0 1/2013 3629950 -38 ,29950 1,528 400
12I01/201J 3629950 -311,29950 1,528 400
06/0 112014 38 ,299.50 -36,2lil9 .50 1.52!.400
1ZID1120U 315 .29950 ·311 ,29950 1,521,400
06/0 1/2015 36,2911.50 -311,29950 1,!i21,.C 00
12/0 112015 36 ,291.50 -38,299,50 1.sze.400
06/01/201!. 38.29950 -38,29950 1,s2&.400
12/01/2018 38,299,50 -38,299.50 1,521,400
08/0 1/20 17 36,29950 -38,29950 1,s211,4oo
12/01/2017 3829950 -36,29950 1,52 1,400
06101/.!0 111 3629950 -36,299 50 1:s21,400
12/01/20 111 38,29950 ·38,291150 1,521,400
06/01120 19 36,29950 -38,29950 1,521,400
12101/20 19 36,29950 -36,29950 1,s2e ,400
OG/0112020 38,29950 -311 ,291150 1,521,400
12/0 112020 36,;19950 -36,211950 1,521,400
08101/2021 38 ,2 9950 -36,29950 1,521,400 ce lVC l /2021 36,291150 -36,21111.50 1,521,400
0610 11202Z 36211950 ·36,29950 1,521.400
12/0lf2022 36.29950 -36,299.50 1,521.◄00
06/01/2023 36,29950 ·36,29950 1,521,•llO
1210112023 38 ,29950 -38,291150 1,s2a.,oo
06/0 lr.?02 4 36 29950 -36,299.50 1,52a.,oo
121011202• 35,29950 -36,299.50 1,528,•00
06/01/2025 36,29950 -36,2995( 1,528,400
12/0112025 36291150 -36,291150 1,52&,•00
06101/2026 J&.29950 38,2H!O 1,521,,00
l2I01/Z028 3629950 •38,29950 1,528,400
06/'0H2027 lS,29950 -3629950 1,528 ,400
12/01/2027 JS ,299.50 -36,299,50 u2e,400
06/01/2028 36 ,29950 -31129950 1.528400
12101/2028 36 ,29950 -36,29950 1,528400
06/01/2029 3629950 -J6,299 50 \,528,.;00
12/01/2029 36.29950 -36,2119.50 1}28 400
06/01/2030 36,29950 -36,29950 u28.400
12101/20~0 3629950 -36,29950 1,520 400
06/'01/2031 J6 . .21i9SO J&;,>!J&SO l5]840(j
12JOl/203\ 38.29950 -3fl29950 u:e,4CO
06~1 032 ~11299 so -36 2J~ SC. uie400
12/0\r.!032 36.29950 -36211950 1.5:.e -1 00
06/01/2033 36.291150 -3629950 ,.~28.400
12/01/2033 JG.299 50 -36.29950 1.521400
06/01/203• 36.211953 -36,29950 1,528400
12'CIH2034 36.29950 -36 299 ~J 1528400
06/01/20J5 l&,29950 -36,29~ 50 1,5211400
12/01/2035 36.299 ~,, -J629950 , 52e400
00101/2038 36,291 36.::!0950 1,52e40o
12m11203e 311,2995(. -36::!91150 1,5211 400
06/01/2037 36,29950 .J6,29950 1,521400
12/01/2037 36,29950 -36,29950 1,528 ,400
06/01/Z03! JG 29950 .J&.211950 1,S.2 8,400
12/0112036 311 .29950 1,5211 400 •l,564,60950
1,5211 400 2177,97000 1.528,41,, -217 ,797.00 •3,4IIU730C
( •
Seo·:1:107 , ~3 pm f'reo,1 e:, b) 0 A oa .. ,:!1on & Co 011,nt11,1 •• Group-PM {Ken! Pince MO OG ESEP0707,0IINRJ50) P1911 6
EXHllllT G
Int ergove rnmental Ag ree ment betwee n th e Di stri cts and Englewoo d
I 'T ERGOVE RNME 'TAL AG R..EE ~IEN T
BETW EEN
T HE CIT Y OF ENG LEWOOD , COLO RAD O
A 'D
KEN T PL A E ~IETROPOLITAN DIST R.I CT NO. I
AN D
I , NT PL ACE IET ROP OLITA N ll lST R.I CT NO. 2
THIS A.:;REE 1ENT is made an d ent ered into as of this _ Jay of _____ ,
---·' by and betwee n th e CITY OF ENG LEWOOD, a home-rule municipal corpora tion of
the State of Co lorado {the "C it y"), and KENT PLACE MET RO PO LI TA DISTRI CT NO. I and
KE T PLA CE METROPOLITAN DJSTRJ CT NO.2, quasi-mu nicip al co rp oratio ns and politica l
sub divi sions of the Sta ,e of Co lorado (the "Di stricts"). Th e Ci ty and the Di strict s arc co lle cti ve ly
referred 10 as the Parties.
RECITAL
IVHEREA , the Distric ts we re orga nize d to provide those se rvices and to exerc ise
powe rs as are mo re specifica ll y se t forth in th e Di stri cts' Se rvice Plan approved by the ity or,
________ ("Service Plan"); and
WHERF.AS, th e City an d the Di stricts hav e dctcnnincd it 10 be in the best inter ests of
their res pe ct ive ta xpaye rs, res id ents and prope rt y ow ners to ente r into th is Int ergovernmenta l
Agreeme nt ("Agre ement ").
OW , TH EREFO RE , in co nsid eration of the covenan ts and mutu al agr eeme nt s herein
contai ned, and fo r other good and valuab le co nsi deration, the re ce ipt and sufficiency of whi ch
arc hereby acknowledged, the Parti es heret o agree as fo llow s:
COVENANT AN D AGREE 1ENT
Opera tio ns and Mai ntenance Limitati on. The Di stric ts shall dedic at e
cc11 ain Publ ic Im provements to the it y or otht:r a1 prop riatc juri sdi ction in a mann er co nsis ten t
with •\ppr.wed 11 cvdop ment l'l ans and ru les and regu latio ns of the City and appl icab le
provi sio ns of the City's ordinan ces. The Distr1 ts shall be auth orized to ow n, operate anJ
ma1111a111 ,,ny pan or all of'thc Puhh c lmprovcmcl\l s 1101 dedicated to the Cit y or other app ropriate
junsdicti on. 11ctermin atio n of spec ific Pub li c Im provements 10 be dedica ted to th e -11 y andiur
other governme ntal e1t1itics, or to be ret ain ed by the Di stric ts, will be th e su bj ec t of' separa te
actions and ag n:1•n1cnt s among in tcie stcd parti es
2. To tal Debt Iss uan ce Lin11 ·1ill!!J. The Di stri cts shall not iss ue Deb t in
excess of$30 ,000,000.
3. Co nstruc ti on Standard s Limi tation. Th e Dis tr ic ts shall ensu re !ha t the
Public Improvements to be dedica ted to th e City or ot her appropriat e jurisd iction arc de i:,ned
and constru cted 111 accordance wllh the standards and specifi ca ti ons of the Ci ty and of other
govcrn me1t1a l entitie s havi ng proper jurisdi cti r,n. Th e Distr icts wi ll obtai n th e City's appro\'a l of
civil engineering plans and will obtain app licable pcnnits for construct ,on and in s tallation of ( •
Public Improve, •ents prior 10 perfonn in g such work.
4. Con solidat ion Limitatio n. The Di stri cts shall not file a reques t with any
Coun 10 co nso lidate with ano th er Title 32 di stri ct withou t the prior writt en consen t of th e City.
5. Bankrup1 cv Li mi tation. Al l of the limitation s co nt ained in the Service
Pl an, in cluding, but not li mit ed to, th ose pena inin g to th e Ma ximum Debt Mi ll Le vy, and th e
Fe es have bee n es tab lished under the autho rity of th e City to ap prove a Service Pl an with
con dition s purs uant 10 Section 32 -1 -2 04.5, C.R.S. It is expre ss ly int ended th at such limit aiions:
(a) Sha ll not be subj ec t 10 set-a side for any reason or by a ny co un of
competent juri sdi cti on, abse nt a Service Pl an Ame ndment ; and
(b) Arc , toge th er with all othe r requirement s of Colora do law,
in cl ud ed in the "political or gove rnment al powers" re served to th e State under th e U.S.
Bankrup tcy Co de (11 U.S.C .) Sec ti on 903, and '!!:,e also in clud ed in the '·regulat ory or e lec tora l
appr :,v al nc cess my u1,d er appl icable nonb ankruptcy law" as required fo r co nfi nnatio n of a
Cha pt er 9 Bankrupt cy Plan und er P.aukrupt cy Co de Sec ti on 943(b)(6).
An y Deb t, issued wi th a pl edge or which res ult s in a pledge, that exceeds the /Vlaximum
Deb t Mill Levy, sha ll be dee med a material mod ificat ion of th e Ser vice Plan pursuant 10 Sect ion
32-1-207, .R.S. and shall not be an authori ze d iss ua nce of Debt unle ss and until such material c•
mod ification has bee n approved by the c;1y as pan ofa Ser\'ice Pl an Amendment.
6. Se rvice Plan Amendm ent Requirement. Act ions of 1hc Distri cts wl1ich
violate th e lim itutions set fo rth in th e Serv ic e Plan shall be de emed to be material mod ifi cati ons
'J the Se rvice Pl an and th e Ci ty shall be en titl ed to all re med ies avai lab le undc• Stat e and local
law to enj oin such action s of th e Di stri ct s.
7. Sales and Us e Tax . Th e Di stri cts sh all not exe rcise the ir sale s and use
ta x exemp ti on in a mann er th at wou ld n.:du cc or cau se a loss of sa lt!s or usl! tax rr\·c nuc s du e to
the Ci ty from the co ns1ru c1i on of the Pu blic lmprov c111c111s or fr om th e provi i ion f' Di s trict
A .:t1 vit1c s.
8. Conso li dation/D isso lution . rI,e conso lida ti on of an y Di stric t with any
other s pe cial district shall be subject to the appro,·a l of the ity . E,,ch Di strict will take al l acti on
necessary to disso lve purs ua111 to Sec ti on 32 -1 -70 I, et. seq., C.R.S., as amended fro m time to
time. at such time as it docs not ne ed to remain in exis ten ce to discharge it s fina ncia l ob ligat ions
or perform its se rvi ces. In no eve nt shall di sso lu tion occ ur unti l th e Dist ri ct has prov ided f'or the
pa "mc nt or di sci iaq;c of all of its ou tsta ndin g indeb tedne ss and other finan cia l ob li gati ns as
,equircd pursuant to State statu tes. , \,, :,--
\'I? 'v)e11
9. lJ isc losure 10 Purchase ,... Th e Di stri cts wi ll use -rensonrrble · effo11 s to
as sure 1ha1 all developers of th e property located wit hin the Di st ri cts provide wr itten not ice to all •
purchasers o f property in the Di str icts regard in g th e Maxi mum Deb t Mi ll Levy, as we ll as a
gene ral descr iption of the Di stri cts ' autho rit y to impo se and co ll ect ra tes, Fee s, toll s an d cha rge s.
••
10. \!ultiplc District Structure. It is anticipated thM the Districts, col lect1vely,
"11! undertake the financing and construction of the Publ ic lmpro,emcms. The nature of the
func1ions and se\"\•iccs to be provided by each District sha ll be darif:ed in an intergovernmental
agrccmc:.r be:wccn and among the Dis tric ts. Such mtcrgo\'ernrnc nt al agn;cmcnt will be
de sig ned lO help assure the orderly dt'vclopment of the Public Improvements and essential
<;t:r\'i~es in .. 1ccor<l.1n~c \\ 1th the rcqJi~cmt:nts of the Scr\'icc Plan. l mpll:mcnlation of such
intcrgovc mmen 1 .il agreement is essential to the orderly 11nplcmcntauon of the Serv ice Plan.
Accordingly, any dctcm1 in atio 11 of any Board to set aside said intergove rn menta l agreemcm
without the consen t of all of the Distric ts shall be a materia l modifica tio n of the Service Plan.
Said intergovernme nta l agr!.!cmc nt may be amended by mutual ag reement of th e Distric ts wit hout
tht.: m.:~·l to amend the Service Plan .
11. :\nnnal Re mrt. l 'pon the reques t of the City, the Districts sha ll be
rcspons1blc for submitting an annua l report to the Cuy ~lanagcr's Office no late r tha n August 1"
of each )'Car ~ llowing the yea r in which the Order and Decree creating the Di st rict. has been
recorded, containing. the tnformat1on se t fo rth in cction VII ofthr crv1cc Plan .
12. ~laxi111nm Deb t Mill Le""· The" laximu111 Debt ~till Lc\'y" shal l be the
111:1\111111111 11111! levy any Distr ict is pe rn1 itt ed to impose upon the Taxable P rors11y wi thin the
Dismct fc \'11\Cllt of Deb t. and shall be dctcr111incd as follows:
(J) For the portion of any aggrc[!a \c l)is 1rict ·s Dt:bt wh ich exceeds
li1iy pe rcent (5ll"o) ut' the District 's assessed \':,!nation, the ~ta,i111u111 Debt ~l 11! l.evy for such
portion of Debt shall be tiny (50) mills less the number of mills ncccss,ry to pay unlimi ted 11111!
lcw Debt described in Section \'1.C.2 of the Service Plan: provided tha t if there arc chani;cs in
the me thod of c,1kul:ning asscssc.:d va lua tion or any constllu tiona\ly ma nda ted tax cn.:dit, cut or
abatement, the null le,·)· limitauun applicable to such IJeht may be inc reased or decreased tu
r..:lkcl sud 1 t:hangc!\, suc h mcrcast.:s or dccn:a~cs to be cktcnni ncd by the l3ua rd in go od faith
( sul.'.h dctl'm1i11a 1011 to hi.: binding and final) so that to the i;x tcnt poss1hlc . the ac tual tax ri.:vc nuc ~
~c1:::ratcd by the mill k, y, as adjusti.:<l for ch:rngcs. arc ndllu.:r <li1111111shcd nor l!Ilh,111c ·d :is a
n::-:ult \\r such ..::h:m~t..:s. Fur purposes of' tl~c fon:g.oing. J change in the ratiC' of aL"tua l "alua11un
,hall hi..: di..:i..:1111.:d Ill 1,..: a l'.h ang,c 111 tht: mt.:tl,od or i:akulating assi..:s:-.L·d \'ail1a11on.
t l, I l·nr tht.: poi til\Jl pf ,111. ~l1'~ri:::atc I )i ;u·1ct ·,; Debt \\·h1rh I" t.:qual to
,1 1 k , th.Ill lilt) pi.:r~cnt i:-00 11 0) ol tht.! lhslllL't', ,l'\'\L':-.SCti \"alu;1t10I\. 1.:1thu llll th e <l.ill: 11r1 ... su;\lh.'l'
11 ,It ,my 11111~· tht:rL',lnL'I. tliL' 1111\1 l.:\-y to he 1111JllbL'd to tqM) such p,u1inn or lkht sb.1 11 not he
1hJi.:d h1 th·· \l.1,1:m1111 lkh1 r-.1t1\ I.L·,·y and. a";\ 1i.:sult. tilt..: n111\ k,) may be sm:h anlLllllll as 1s
ae~.: 1r~ w pay thL· lkh1 "ilT\'1cc on ·uch ndn. ,,itllllut 1111111:111011 nfr.w.:.
(I.:') For purpoM.:s or thi.: forc go111g . onci.: D1.:bt has b1.:cn dc11.:nnincJ to
he '"1h111 Sect ion \'I.C.2 of the Sen·ice l'lan, so that the ll1strict is c:,,::led to pledge to it s
pa~mi.:nt an 1111l11mt1.·d ad \':tlon:m 1111l1 lcv y. thi.: ll1 st rict may pro\'idc 1hal such Debt shall rcma111
~c~urc d by such unli 1mtcd mill k\'y, nut" 11h,1.i11ding ;iny subscqul·nt t:ha11gt.:1111 thl' ni"1n c1·s
tkbt to .t~~c:-.,i.:d r,llio. ,\II Ddit 1ssut:t.l by the I lJMm.:l mu~t he ,ssucd 1n crn11pliam::c with the
n:qum:mcnts qfSt:.:-tion J:!-1-1101, C.R.·. aml all utht.:r ri.:qui1cmi:nts L)fStatc law.
To the extent that the District is compose d of or subseq uently orga ni ze d into one
or more su bdi stri cts as pe nni tted und er Sec ti on 32 -1-1 IOI, C.R.S ., th e .c1m "Di stric t" as used
herei n shall be deemed to refer to the Distri ct and to each suc h subdistric t separa tely , so that each
of the subdistricts shall be treated as a sepa rate, independent di st ri ct fo r purpo ses of the
app li cation of this defi nit ion.
13. Notices. All noti ces, demands, reque sts or uthe r co mmunication s 10 be
se nt by one pany 10 th e other hereunder or requi red by law shall be in wri ting and shall be
dee med to have been va lidly given or served by deli very of sa me in person to th e addre ss or by
co uri er delivery, via Un it ed Parcel Serv ice or other nati onall y recog ni zed ove rni gh 1 air co uri er
se rvice, or by depo siting sa me in the Uni ted Sta tes mai l, po stage prepaid , addressed as fo ll ows:
To th e Distri ct:
To th e City:
Kent Pl ace Metropo lit an Di stri ct
c/o White, Beu r & Ank ele Pro fessio nal Co rporat ion
Attention : Kri sten D. Bea r
I 805 She a Cen ter Dri ve, Suite I 00
Hi gh lands Ran ch, CO 80 129
Ph one: (303) 858-I 800
fox: (303) 858-180 1
Cit y of Engl ewood
c/o Daniel L. Bro tzman, City Attorney
Eng lewood Civic en ter
1000 Englewood Parkw ay
En glewood, CO 80 I I 0
Ph one: (303 ) 762-2320
All notices, de mands, rcqul!sts or oth er comm uni ca tio ns shall be effec tive upon
such perso nal deliv ery or one (I) busine ss day afie r being deposit ed wi th United Parce l Servi ce
or other nationall y recognized overn igh t air courier se n •ice or three (3) busi nes s days aficr
depo sit in th e United Sta tes mail. By givi ng the oth er pa rt y hereto al leas t ten (IO) days wri uen
no tice th ereof in accord:mce with th e pro,·isions hereof, each of the Parti es shall have th e right
from ti me to tune to cha nge its add ress.
14 . Amendment. Thi s Agreement ma y be amended. modified, changed, or
1crmina1cd in whole or in part on ly by a written agreeme nt dul y authori ze d and exect:tcd by the
Parties hl!rcto and with out amcndmcn • :o the Se rv ice Plan.
15 . Assimuncnt. o Pany hereto sha ll assign any of its rig hts no r dclcga1c
any of it s duties hereunder to any person or entity wit hout havin g fir st obtained the prior written
co nsent of th e uthe r Part y, whi ch ,·on sen t wi ll not be unr easonab ly withhe ld. Any purported
assig nment or delegation in , iolat ion i,f the provi sion s hereof shall be voi d and ineffec tual.
16. Defaul t/Remedies. In the event of a brea ch or defdult of thi s Agreeme nt
by any Party, th e non-defaulting Pany sha ll be entitled to exe rcise all remedies available al bw
or in equity, specifically includin g suits fo r specific performance and/or monctnry clamagc i-In
the event of any proceeding to enforce th e term s, covenants or co nd itions hereof, the prevailing
Pa rty in s uch proceeding sha ll be entitled to obtain as part of it s judgmen t or award its reaso nable
attorneys ' fee s.
17. Govern in g Law and '/enue. Thi s Agree ment shall be go\'emed an d
construed under the law s of the State of Co lorado.
IS. lnurement. Each of th e tem1 s, covena nt s and co ndit ions hereo f shall be
binding upon and inure to the benefit of the Pan ics hereto and the ir respective succ esso rs and
ass igns.
19 In tegra ti on. Thi s Agreeme nt const itute s the cnurc ag 1ecmen 1 be tween the
Partie s wi th re spec t to th e matter s add re sse d here in . All pri or di sc uss ions and negotiati ons
re gard in g th e subject matter hereo f are merg ed herein.
20. Panic s Inte rested Herein. No th ing expresse d or implied in thi s Ag reemen t
is int end ed or shall be co nstrue d to co nfe r upon , or to give to, any perso n oth er than the Di stric ts
and the it y any ri ght , remedy , or claim und er or by reaso n of th is A greeme nt or any covenant s,
term s, co ndi ti ons, or prov isio ns the reo f, and all the cove nants, tenns, co nditi ons, and pr ovisions
in th is Ag reement by and on be half of th e Di stricts and th e Cit y shall be fo r th e so le and
exc lusi ve ben efit of the Di stri cts and th e City .
21. ;icvcrnbilitv. I f any co v1,;nant, term, cond iti on, or prov ision under this
Agree ment shall , any reaso n, be he ld to be in va lid or une nforceable. the inva lidi ty or
unc nfo rce abil ity of such co-·i:nnnl. tcnn, co nditi 11 1 or provi sio n shall not affec t any other
provis ion contained herein. the intenti on being th at such provi sion s are sc,·crable.
]2. Countcnart s. Thi s Agri:eme nt may be cx1.:cu tcd Ill one or man:
cu untt.:rpart s, t.:ac h of whi ch shall constitu te an rigi nal and all of whic h sha il cons titute one and
the sa me document.
23. E.l.!.G!gD_! ih I k :1dim.?s. Para graph hc~1din gs arc 111 sc rtcd 10r co nvL:n icn cc of
rd'cn.:n cc onl v.
24. I l_clim:d T!,:_l_"IIJ1:!, Ca pllalizcd tt.:rms usi.!d hL'rei11 and not otherwise dc!incd
shall h:ivc tlH.: mc:mmg.s a-:c ribed to them in the Service Plan.
/Ucm aiwlc r ofpa;;c iute111 io11a l(r left /Jlr111h.J
IN \l'ITNESS WHEREOF, the Di stri cts ana the City have caused thi s Agreement to be du'y executed to be effec tive as o f the day first above wri uen.
Auesr:
Sec reta ry
At tes t:
Sec ret ary
Attes t:
By: ________ _
Ii,: --------
KENT !'LACE M£TROPOL!T AN CISTRJ T I
By:
Pr es ident
KENT PL ,~CF METROPOLITAN DISTRI CT~
By:_~------------Pre sident
ITY F ENGL EWOOD
By:--------------
1\l'l'H O l 'E ll A TO rOR 1\I : _____ _ --
191115•3
6