HomeMy WebLinkAboutProposed Frost Creek Service Plan Adam's Rib Metro Districts No.1 and No. 2Adam's INIP September 12, 2000 r A Adam's Rib Recreational Area A Subsidiary of HBE Corporation 215 Broadway • P.O. Box 659, Eagle, Colorado 81631 Phone: 970-328-2326 Fax: 970-328-2328 Sara Fisher Eagle County Clerk and Recorder Post Office Box 537 Eagle, Colorado 81631 Re: Proposed Frost Creek Service Plan Adam's Rib Metropolitan Districts No.1 and No. 2 Dear Sara: Enclosed are 25 copies of the Frost Creek Service Plan for the proposed Adam's Rib Metropolitan Districts No. 1 and No. 2. which are hereby filed for consideration by the Board of County Commissioners in accordance with Subsection 32-1-202(1), C.R.S. Additionally, enclosed please find a check from the proponents of the proposed District in the arnount of $500.00, pursuant to Section 32-1-202(3), C.R.S., in the payment of the County's processing fee. We understand that the Board of County Commissioners will set the public hearing on this matter at its next regular public meeting, following final action by the Eagle County Planning and Zoning Commission, pursuant to Section 32-1-202(1), C.R.S. It is our understanding that, upon receipt of this letter, you will forward the copies of the Service Plan to the Planning Commission. The following documentation is also enclosed for use by the Board of County Commissioners in consideration of this Service Plan: A Petition for Approval of Service Plan. Transmittal to the Division of Local Government with Notice of Filing of Special District Service Plan, which is to be sent within five days of this filing, pursuant to Section 32- 1-202(1), C.R. S. We will coordinate with you with regard to the preparation, mailing and publication of the Notice of Hearing once the hearing has been scheduled by the Board of County Commissioners. At that time we will also provide a sample Resolution of Approval for adoption by the Board of County Commissioners. If you have questions regarding any of the above, please contact Charlie Wick at the Adarn's Rib office. We are working with our legal counsel, Jim Collins, regarding the above. Thank you for your assistance and attention to this matter. Sincerely, Randy Cloyd General Manager Enclosures Cc: Colorado State Auditor (w Service Plan) Division of Local Government (w Service Plan) Planning Director Eagle County Attorney STATE OF COLORADO DIVISION OF LOCAL GOVERNMENT Department of Local Affairs of Harold A. Knott, Director � ti s tr * 1876 Roy Romer Governor Larry Kallenberger Executive Director NOTICE OF FILING OF SPECIAL DISTRICT SERVICE PLAN Pursuant to CRS 32- 202(1), the County Clerk and Recorder, on behalf of the County Board of Commissioners, shall notify the Division of Local Government within five days after the filing of a service plan of a proposed special district. Please provide the following information and return this form to the Division of Local Government. Name of Proposed District type of District Proposed Time of Hearing Contact Person Filing Service Plan County Receiving Service Plan Clerk and Recorder Filing Date Date of Hearing Location of Hearing Phone Date Form DLG-60 Rev. 3/91 1313 Sherman Street, Room 521, Denver, Colorado 80203 1303) 866-2156 FAX (303) 866-2251 PETITION FOR APPROVAL OF SERVICE PLAN IN RE THE ORGANIZATION OF FROST CREEK METROPOLITAN DISTRICTS NO. 1 & 2, EAGLE COUNTY, COLORADO TO: BOARD OF COUNTY COMMISSIONERS EAGLE COUNTY, COLORADO Pursuant to the provisions of the Special District Act, more particularly, Section 32-1-202, C.R.S., the persons proposing the organization of the Frost Creek Metropolitan Districts No. 1 & 2 in Eagle County, Colorado, by their attorneys, Collins Cockrel & Cole, submit the Service Plan of such District, and respectfully petition the Board of County Commissioners of the County of Eagle for a Resolution of Approval thereof and certain other preliminary actions relating thereto. In support of this Petition, the Petitioners state: 1. That on September 12, 2000, there was filed with the County Clerk and Recorder for the Board of County Commissioners of Eagle County the Service flan for the Frost Creek Metropolitan Districts No. 1 & 2. 2. That the Service Plan fully complies with all provisions of the Special District Act, more particularly, Section 32-1-202 (2), C.R.S. 3. That the processing fee required by the County in the amount of $500.00 has been deposited with the Service Plan. WHEREFORE, the Petitioners request the Board of County Commissioners of Eagle County to enter such orders as may be necessary or proper preliminary to, and in connection with, a Resolution of Approval of the Service Plan of the Frost Creek Metropolitan Districts No. 1 & 2. submitted, oiames P. Collins, No. 7958 390 Union Boulevard, Suite 400 Denver, Colorado 80228 (303) 986-1551 Attorneys for Frost Creek Metropolitan Districts No. 1 & 2 Adam's'ti', Adam's Rib Recreational Area A Subsidiary of HBE Corporation +� 215 Broadway • P.O. Box 659, Eagle, Colorado 81631 Phone. 970-328-2326 Fax: 970-328-2328 September 12, 2000 Ms. Margaret Dubas Division of Local Government 1313 Sherman Street Denver, Colorado 80203 RE: Adam's Rib Metropolitan Districts No. I & 2 Frost Creek Service Plan Dear Ms. Dubas: Pursuant to Section 32-1-2-2 (1), C.R.S., enclosed is a Notice of Filing of Special District Service Plan, which is being filed on behalf of the Clerk and Recorder of Eagle County. Colorado for the Adam's Rib Metropolitan Districts No. I & 2. Please acknowledge receipt of this Notice by signing below and returning to this office via telefax number 1-970!328-2328. Thank you for your attention to this matter. Sincerely, Randy Cl . General M alter Adam's Rib Enclosure I hereby acknowledge receipt of the Notice of Filing of the Special District Service Plan this day of September, 2000. DIVISION OF LOCAL GOVERNMENT M Adam's 1111 , Adam's Rib Recreational Area A Subsidiary of HBE Corporation 215 Broadway • P.O. Box 659, Eagle, Colorado 81631 Phone: 970-328-2326 Fax- 970.328.2328 September 12, 2000 Colorado State Auditor Legislative Services Building 200 East 14"' Avenue Denver, Colorado 80203 RE: Adam's Rib Metropolitan Districts No. I & 2 Frost Creek Service Plan Dear Colorado State Auditors Offoce: We filed the Adam's Rib Metropolitan Districts No. 1 & 2 Frost Creek Service Plan with the Eagle County Clerk and Recorder on September 12, 2000. We understand we need to forward a copy to the State Auditor's Office. Thank you. Sincerely, Randy Cloyd, General Manager Adam's Rib Enclosure ADAM' S RIB METROPOLITAN DISTRICTs No. 1 AND Na 2 FROST CREEK SERVICE PLAN Eagle County November 9, 1999 Adam's Rib Moro\ S—cc Plan doc ADAM' S RIB METROPOLITAN DISTRICT NO. I ARAM' S RIB METROPOLITAN DISTRICT NO.2 EAGLE COUNTY COLORADO PREPARED FOR HBE CORPORATION PREPARED BY STAN BERNSTEIN AND ASSOCIATES, INC. Denver and Vail, Colorado COLLINS AND COCKREL, P.C., ATTORNEYS Denver, Colorado Adam's Rib Mcvo% Se cc Plan doc r TABLE OF CONTENTS CHAPTER I - INTRODUCTION......................................................................... 1 A. GENERAL OVERVIEW....................................................................................... 1 I. Dual District Structure...................................................................................... 1 2. Benefits of Dual District Structure............................................................. a. Coordinated Services......................................................................................................... 2 b. Uniform Mill Levy............................................................................................................. 3 c. Bond Interest Rates............................................................................................................ 3 3. Configuration of Districts................................................................................. 3 4. Long Term District Plan ................................................................................... 4 5. Existing Services and Districts......................................................................... 4 6. Property Owner Associations........................................................................... 4 B. GENERAL FINANCIAL INFORMATION AND ASSUMPTIONS ............................... 5 C. CONTE.N'TS OF SERVICE PLAN.......................................................................... 6 D. MODIFICATION OF SERVICE PLAN6 ................................................................... FIGURE I-1 DEVELOPMENTPLAN, ............................................................................................... 7 TABLE I-1 DEVELOP''V ENT PROJECTIONS................................................................................... 8 CHAPTER II - NEED FOR NEW DISTRICTS AND GENERAL POWERS ....................................................... 9_ A. NEED FOR METROPOLITAN DISTRICTS............................................................ 9 B. GENERAL POWERS OF DISTRICTS.................................................................... 9 - 1. Water.................................................................................................................9 a. Potable Water..................................................................................................................... 9 b. Irrigation Water.................................................................................................................. 9 2. Wastewater.............................................................................. 10 3. Streets and Paths............................................................................................. 10 4. Drainage..........................................................................................................10 5. Parks............................................................................................................... 10 6. Transportation.................................................................................................10 7. Mosquito Control ..................... S. Safety Protection............................................................................................. 10 9. TV Relay and Translation............................................................................... 11 10. Fire Protection................................................................................................ 11 11. Legal Powers.................................................................................................. 11 12. Other............................................................................................................... 11 CHAPTER III - DESCRIPTION OF FACILITIES AND IMPROVEMENTS.........................................................13 A. GENERAL---------------------------------- --------- 11 B. GENERAL DESIGN STANDARDS...................................................................... 13 C. STREET AND DRAINAGE IMPROVEMENTS...................................................... 13 1. Streets............................................................................................................. 13 2. General............................................................................................................14 (A) TABLE III -1 ADAM'S RIB IRRIGATION WATER RIGHTS................................................................ 15 TABLE III -1 ADAM'S RIB IRRIGATION WATER RIGHTS................................................................ 16 CHAPTER IV - COSTS AND REVENUE SOURCES ..................................... 17 A. COST OF CONSTRUCTION AND OPERATION 17 .................................................... 1. Development - Capital Costs.......................................................................... 17 2. Annual Operation and Maintenance Costs ..................................................... 17 3. Debt Service.................................................................................................... 17 B. REVE\SUE SOURCES........................................................................................ 17 1. Property Taxes................................................................................................ 17 2. Water Plant Investment Fees.......................................................................... 17 3. Sewer Tap Fees............................................................................................... 17-- 4. Specific Ownership Taxes and Interest Income ............................................. 17 5. Other Fees....................................................................................................... 17 CHAPTER V - FINANCIAL PLAN SUMMARY ............................................. 18 CHAPTER VI - PROPOSED AND EXISTING AGREEMENTS ................... 21 A. MASTER INTERGOVERNMENTAL AGREEMENTS ............................................. 21 B. AGREEMENT WITH ADAM'S RIB MASTER HOMEOWNER'S ASSOCIATION..... 21 C. OTHER AGREEMENTS/AUTHORITY................................................................ 21 CHAPTER VII - OTHER REQUIREMENTS AND CONCLUSIONS .......... 22 A. REQL"IREMENTS..............................................................................................22 B. CONCLUSIONS................................................................................................ 22 EXHIBIT A (I)k LEGAL DESCRIPTION AND MAP OF DISTRICTS COMBINED FINANCIAL PLAN STATUTORY CONTENTS OF THIS SERVICE PLAN v r CHAPTER I - INTRODUCTION A. General Overview This Consolidated Service Plan (hereinafter defined as "Service Plan") for Adam's Rib Metropolitan Districts No. 1 and No. 2 constitutes a combined Service Plan for two special districts proposed to be organized to serve the needs of a golf/residential development to be known as "Adam's Rib Planned Unit Development" (the "PUD"). The PUD, located in the Brush Creek Valley, is approximately six miles south of the Town center of Eagle, Colorado. It consists of approximately 1,109 acres comprising four residential development parcels planned for golf/residential development. Figure I - 1, at the end of this Chapter, contains a general "Development Plan" for the development, followed by Table I - 1, containing development projections. The public infrastructure to be constructed by the special districts will include some or all of the following: certain roads/signage, potable and non -potable water, wastewater lines and plant, drainage, fire hydrants, transportation and landscaping/recreational improvements. Adam's Rib Metropolitan District No.2 will serve as the Service District and pay for operation and maintenance of the public infrastructure, through intergovernmental agreements with the other District. This Service Plan addresses the improvements which will be provided by the special districts and demonstrates how these two districts propose to serve the needs of the PUD. 1. Dual District Structure. This Service Plan is submitted in accordance with Part 2 of the Special District Act (§ 32-1-201, et seq., C.R.S.). It defines the powers and authorities of, as well as the limitations and restrictions on, Adam's Rib Metropolitan Districts No. 1 and No. 2. Adam's Rib Metropolitan District No. 2 shall be referred to as'- "Sen-ice District," and Adam's Rib Metropolitan District No. 1 shall be referred to as "Financing District." Service District and Financing District are sometimes collectively referred to as "the Districts" and individually as "District." The use of a consolidated Service Plan for the Districts will help assure proper coordination of the powers and authorities of the independent Districts, and will help avoid confusion regarding the separate, but coordinated, purposes of the Districts which could arise if separate service plans were used. Unless otherwise specifically noted herein. general provisions of this Service Plan apply to both Districts. Where necessary, however, specific reference is made to an individual District to help distinguish the powers and authorities of each District. The "Combined Financial Plan" discussed in Chapter V refers to a collective financial plan for both Districts. It is intended to be read as a unified financial plan, which may be used for public improvements for the PUD. I Service District will be responsible for, or contracting for, managing the construction and operation of facilities and improvements needed for the PUD. Financing District will be responsible for providing the funding and tax base needed to support the Combined Financial Plan for capital improvements. Various agreements are expected to be executed by the Districts clarifying the nature of the functions and services to be provided by each District. The agreements will be designed to help assure the orderly development of essential services and facilities resulting in a community which will be both an aesthetic and economic asset to Eagle County (the "County"). It is anticipated that the Service District will construct. or will contract for construction of, the public infrastructure and the Financing District will finance the construction of public infrastructure which may be conveyed to the County. The Districts may also contract with a qualified entity to operate the Districts' water and wastewater systems. The Districts may also operate their own water and wastewater systems through the Service District. Adam's Rib Metropolitan District No. 2 as the Service District will initially own and operate certain public facilities and infrastructure throughout the PUD. Adam's Rib Metropolitan District No. 1 as the Financing District will generate the tax revenue sufficient to pay the costs of the capital improvements and maintenance. The formation of these Districts will create several benefits for the residents of the development and the County. In general, those benefits are: (a) providing for the construction, administration and operation of public improvements, and delivery of those improvements in a timely manner; (b) maintenance of reasonably uniform mill levies and reasonable tax burdens on all areas of the PUD through proper management of the financing and operation of public improvements; and (c) assured compliance with state laws regarding taxation in a manner which permits the issuance of tax exempt debt at the most favorable interest rates possible. Each of these concepts is addressed in greater detail in the following paragraphs. v 2. Benefits of Dual District Structure. a. Coordinated Services. As presently planned, development of the PUD will proceed in several phases, each of which will require the extension of public services and facilities. The dual district structure will assure that the construction and operation of each phase of public facilities will be primarily administered by a single board of directors consistent with a long term construction and operations program. Use of Service District as the entity responsible for providing for the construction of each phase of improvements and for management of operations will facilitate a well -planned financing effort through all phases of construction and will assist in assuring coordinated extension of services. 2 The dual district structure will also help assure that facilities and services needed for future build -out of the PUD will be provided when they are needed, and not sooner. Appropriate development agreements between Service District and the developer will allow appropriate timing of financing and construction of improvements. This, in turn, allows the full costs of public improvements to be allocated over the build -out of the PUD. b. Uniform Mill Levy. Allocation of the responsibility for paying debt for capital improvements will be managed through development of a unified financing plan for those improvements and through development of an integrated operating plan for long term operations and maintenance. C. Bond Interest Rates. The dual district structure is less risky and will allow bonds or other obligations to be issued to finance public improvements at lower rates than if a single special district is organized. 3. Configuration of Districts. In order to implement the dual district structure, the boundaries of Service District and Financing District need to be carefully configured. A map showing the boundaries of the Districts is provided in Exhibit A. Service District will contain approximately 1 5 acres, and Financing District will contain approximately 1,106.5 acres. The combined acreage of the Districts includes all acreage within the gated areas of the PUD. Legal descriptions and a map of the property within the boundaries of the Districts are attached to the end of this Service Plan as part of Exhibit A. The "service area" (the area legally permitted to be served) for Service District will consist of 2.5 acres excluding the property within Financing District's boundaries. Service District will have power to impose taxes only within its boundaries, and will be permitted to provide public services within the two Districts as well as to property or individuals outside of the PUD, including services such as transportation to Eagle County Regional Airport, which are not presently being provided by others. Financing District will have power to assess taxes and other charges permitted by law, and to obligate the remittance of general obligation collections and operating monies to the Service District. No residential units will be located within Service District. The Financing District will contain all residential properties within the PUD, expected to consist of approximately 300 single family homes and 15 attached/ accessory units as well as the golf course facility. The projected population of the PUD at full build -out is 896 persons (including permanent and second home residents), and the projected total residential valuation is approximately S288,140.000, at S914,730 per unit. With inflation at 3% over time, after 11 years (and assumed buildout) the total value will be S398,853,000. 3 It is possible that additional property may be included in the Districts. Under Colorado law, the fee owner or owners of one hundred percent (100%) of any property proposed for inclusion may petition the Boards of Directors of the Districts for inclusion, or annexation, of property into the Districts. Additionally, less than one hundred percent (100%) of the owners of an area may petition the Districts for an inclusion election, or the Boards may adopt a resolution calling for an election on inclusion of the property. The Boards of Directors will have discretion to permit inclusions without amending this Service Plan. Districts acknowledge that if property is included within their boundaries, the construction of improvements therein shall meet County regulations. 4. Long Term District Plan. After all bonds or other debt instruments have been issued by the Districts and adequate provision has been made for payment of all debt of Service District and Financing District. the electorate of the Districts may consider the consolidation of Service District and Financing District into a single entity, unless other Financing Districts have been included in the Service District and the Service District is providing services to a larger area. Service District and Financing District will consider consolidation at the time each District's debt has been paid and adequate provision has been made for operation of all District facilities and final buildout is completed. Ultimately, control of these decisions will rest with the electorate in each District. However, any Consolidated District would continue in perpetuity to operate and maintain the same services to the residents of the Districts. 5. Existing Services and Districts. There are currently no other entities in existence in the PUD area which have the ability and/or desire to undertake the design, financing and construction of improvements needed for the PUD. The County does not consider it feasible or practicable to pay for all the necessary services and facilities contained in this Service Plan for the PUD. Consequently, use of the new Districts is deemed necessary for the provision of these public improvements in the PUD. The Service District can enter into agreements, including intergovernmental agreements ("IGAs") with existing entities for operations and maintenance beyond those operation and maintenance services identified within this Service Plan to be done by existing entities. 6. Property Owner Associations. In addition to the Districts, it is intended that there be a master property owner association and, possibly, sub -associations which will, to the greatest extent possible, integrate functionally and operationally with the Districts. Also the Districts will integrate functionally and operationally with the property owners association. 61 r B. General Financial Information and Assumptions The 1999 certified assessed valuation of all taxable property (classified as agricultural) within the boundaries of the PUD is estimated to be approximately $88,030. The initial assessed valuation of property within Service District is expected to be approximately $87,500, and the initial assessed valuation within Financing District is expected to be approximately $500,000. The anticipated cost of improvements borne between the Districts and the developer are contained in Chapter IV. The Districts may obtain financing for the capital improvements needed for the PLTD through the issuance of general obligation bonds or other debt instruments by Financing District and from revenue bonds or other instruments issued by Service District. General obligation debt will be payable from revenues derived from ad valorem property taxes and from other sources. It is currently anticipated that significant credit enhancement and security for debt issued by Service District will be provided by the developer, or possibly that debt obligations will be issued to the developer in exchange for improvements. Financing District will issue general obligation debt after determination that the assessed valuation is sufficient to pay debt service with reasonable mill levies. thereby reducing risk to property owners. The preliminary financial forecast for the Districts is contained in Exhibit B to this Service Plan. This "Combined Financial Plan" demonstrates one method which might be used by the Districts to finance the cost of infrastructure. At the time bonds or other debt instruments are proposed to be issued, alternative financing plans may be employed and may be utilized by the Districts. Due to the credit enhancement and other support expected to be received from the developer, the Combined Financial Plan demonstrates that the cost of infrastructure described herein can be provided with reasonable mill levies, specifically -- established at 25 mills for debt service, 10 mills for administration, 5 mills for transportation and 40 mills overall, including operations. The figures contained herein depicting costs of infrastructure and operations will not constitute legal limits on the financial powers of the Districts; provided, however, that the Districts shall not be permitted to issue bonds which are not in compliance with the bond registration and issuance requirements of Colorado law. The financial structure contemplated in the Combined Financial Plan demonstrates that the risks associated with development of the PUD will be borne initially by the developer of the project by providing security behind the bonds or taking bonds in return for capital improvements. At such time as general obligation debt is issued, the responsibility for payment of the costs of infrastructure needed for the PUD will be shifted, incrementally, to Financing District. General obligation debt issued by Financing District will limit the responsibility for repayment of such debt to Financing District. In this manner, Eagle County can be assured that the risks of development and E the responsibility for repayment of debt issued for the PUD will be borne solely by the residents and property owners of the PUD, and will not become the responsibility, in any degree, of the County. C. Contents of Service Plan This Service Plan consists of a preliminary financial analysis and preliminary engineering plan showing how the facilities and services for the PUD can be provided and financed by the Districts. Numerous items are included in this Service Plan in order to satisfy the requirements of law for formation of special districts. Those items are listed in Exhibit C attached hereto. Each of the requirements of law are satisfied by this Service Plan. The assumptions contained within this Service Plan were derived from a variety of sources. Information regarding the present status of property within the Districts, as well as the current status and projected future level of similar services, was obtained from the developer. Construction cost estimates were assembled by the developer's personnel who have experience and access to experienced consultants in the costing and construction of similar facilities. Financial advice has been supplied by Stan Bernstein and Associates, Inc., which has extensive experience with Colorado local governments. Legal advice in the preparation of this Service Plan was provided by the law firm of Collins and Cockrel, P.C., which represents numerous special districts. D. Modification of Service Plan This Service Plan has been designed with sufficient flexibility to enable the Districts to provide required services and facilities for the PUID under evolving circumstances without the need for numerous amendments. While the assumptions upon - which this Service Plan are generally based are reflective of current zoning for the property within the PUD, the cost estimates and Combined Financial Plan are sufficiently flexible to enable the Districts to provide necessary services and facilities without the need to amend this Service Plan as zoning changes. Modification of the general types of services and facilities, and changes in proposed configurations, locations, or dimensions of various facilities and improvements shall be permitted to accommodate development needs consistent with then -current zoning for the property. 6 FIGURE I-1 Development Plan TABLE I-1 Development Projections Number of Units Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Units Adam's Rib Metropolitan Financing District Phases I -III 0 0 52 52 27 27 27 27 27 27 26 25 315 8 CHAPTER II - NEED FOR NEW DISTRICTS AND GENERAL POWERS A. Need for Metropolitan Districts The propem• in the PUD is currently undeveloped ranch land. No other entities exist which will finance the construction of the facilities contained herein. The agreements referred to in Chapter VI hereof will address and define the activities to be undertaken by various entities with regard to public improvements and their operation and maintenance. B. General Powers of Districts Each District will have power and authority to provide the services and facilities described in this Chapter both within and outside its boundaries in accordance with law. The powers and authorities of each District will be allocated and further refined in "master" IGAs between the Districts which may be voted upon and approved by their respective electorates. For purposes of the Control Act, the IGAs shall not constitute an amendment of this Service Plan. They will, however, constitute binding agreements between the Districts regarding implementation of the powers contained in this Service Plan. v Each District shall have authority to, but may not necessarily, provide the following services and facilities: 1. Water. a. Potable Water. The design, acquisition, installation, and - construction of a potable water system, including, but not limited to, water rights, water supply, storage, transmission and distribution systems for public or private purposes, together with all necessary and proper reservoirs, wells, water rights, equipment and appurtenances incident thereto which may include, but shall not be limited to, transmission lines, distribution mains and laterals, storage facilities, land and easements, together with extensions of and improvements to said systems. There will be dual water systems, one for potable water and one for irrigation water. b. IrriQation Water. The design, acquisition, installation, construction, operation and maintenance of an irrigation water system, including, but not limited to, water rights, water supply, storage, transmission and distribution systems for public or private purposes, together with all necessary and proper reservoirs, ponds, wells, Nvater rights, equipment and appurtenances incident thereto which may include, but shall not be limited to, transmission lines, distribution mains and laterals, storage 9 facilities, land and easements, together with extensions of and improvements to said systems. 2. Wastewater. The design, acquisition, installation and construction of a wastewater system, including, but not limited to collection, equipment and appurtenances incident thereto which may include, but shall not be limited to, collection mains and laterals, land and easements, together with extensions of and improvements to said systems. 3. Streets and Paths. The design, acquisition, installation, construction, operation, and maintenance of street landscaping improvements, together with all necessary, incidental, and appurtenant facilities, land and easements, bike and pedestrian paths, street signs and street lighting, together with extensions of and improvements to said facilities. 4. Drainage. The design, acquisition, installation, construction, operation, and maintenance of drainage systems and improvements, together with all necessary, incidental and appurtenant facilities, land and easements, together with extensions of and improvements to said facilities. Svstem will consist of culverts, selected storm sewers, ditches, swales, ponds, detention swales and curbs and gutters. 5. Parks. The design, acquisition. installation, and construction of District parks, land and facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to said facilities or systems, in supplement to, and not in lieu of, the facilities of Western Eagle County Metropolitan Recreation District ("WECMRD") whose consent shall be necessary for certain public park and recreation facilities and operations. 6. Transportation. a. Bus shelters and benches b. Bike and pedestrian paths C. Possible provision of an intra-District transit system, and a transit system which would provide services to areas outside of the Districts, the cost of which could be shared with third parties. 7. Mosquito Control. S2,000 annually. 8. Safety Protection. Road signs and traffic controls. 10 r 9. TV Relav and Translation. The Service District may operate a cable television system or may franchise it out to a third party. 10. Fire Protection. The Service District will not provide fire protection services, but fire hydrants and related incidental and appurtenant facilities will be installed. Fire protection services will be provided by Greater Eagle Fire Protection District. 11. Legal Powers. The powers of the Districts will be exercised by their Boards of Directors to the extent necessary to provide the services contemplated in this Service Plan. The foregoing improvements and services, along with all other activities permitted by law, will be undertaken in accordance with, and pursuant to, the procedures and conditions contained in the Special District Act, other applicable statutes, and this Service Plan, as any or all of the same may be amended from time to time. 12. Other. In addition to the powers enumerated above, the Boards of Directors of the Districts shall also have the following authority: a. To amend this Service Plan as needed, subject to the appropriate statutory procedures, including, by written notice pursuant to § 32-1-207, C.R.S., notice of actions which the Districts believe are permitted by this Service Plan but which may be unclear. In the event the County elects not to seek to enjoin any such activities under said statute, such election shall constitute agreement by the Countv that such activities are within the scope of this Service Plan. The Districts shall have the right to amend this Service Plan independent of participation of the other District; provided, that the Districts shall not be permitted to amend those portions of this Service Plan which affect, impair, or impinge upon the rights or powers of the other District without such District's consent; and b. To forego, reschedule, or restructure the financing and construction of certain improvements and facilities, in order to accommodate better the pace of growth, resource availability, and potential inclusions of property within the Districts, or if the development of the improvements and facilities would best be performed by another entity; and C. To provide all such additional services and exercise all such powers as are expressly or impliedly granted by Colorado law, and which the Districts are required to provide or exercise or, in their discretion, choose to provide or exercise; and d. To exercise all necessary and implied powers under Title 32, C.R.S. in the reasonable discretion of the Boards of Directors of the Districts; and e. This Service Plan is intended to be flexible so that modifications which are not significant or material will not necessitate amendment of the Service Plan. 12 CHAPTER III - DESCRIPTION OF FACILITIES AND IMPROVEMENTS Service District and Financing District will be permitted to exercise their statutory powers and their respective authority set forth herein to finance, construct, acquire, operate and maintain the public facilities and improvements described in Chapter II of this Service Plan either directly or by contract. If appropriate, the Districts may contract with various public and/or private entities to undertake such functions or perform responsibilities related thereto. The descriptions contained in this Chapter show the conceptual plan for the facilities and improvements described in Chapter II hereof. Detailed information for each type of improvements needed for the PUD is set forth in the following pages. It is important to note that the descriptions contained in this Chapter are conceptual in nature only, and that modifications to the type, configuration, and location of improvements will be necessary as development proceeds. Facilities will be designed in such a way as to assure that the facility and service standards will be compatible with those of the County and of other entities which may be affected thereby, or as otherwise set forth in the PUD approval and annexation agreements. The following sections contain general descriptions of the contemplated facilities and improvements which will be financed by Financing District. A. General Construction of all planned facilities and improvements will be scheduled to allow for proper sizing and phasing to keep pace with the need for service. All descriptions of the specific facilities and improvements to be constructed, and their — related costs, are estimates only and are subject to modification as engineering, development plans, economics, County's PUD and other applicable legal requirements, and construction scheduling may require. B. General Design Standards Improvements within the Districts will be designed and installed by Service District in general conformance with current standards adopted by Service District and established through the PUD requirements or as may be further required, if appropriate, in an IGA. C. Street and Drainage Improvements 1. Streets. The primary improvements to be operated and maintained by the Service District on an on -going basis is that of street maintenance/improvements 13 including snow removal, street and residential drainage. District coordination with the County regarding water and wastewater system and services and with the golf courses on the integrative aspects of the residential non -potable irrigation system will be necessary. Other improvements which will be operated and maintained by the Service District or by the Master Homeowners Association will be constructed and landscaped entrances and other common open areas (such as parks), transportation, bike/recreation/pedestrian paths, right-of-way maintenance, street lighting, street signs, and certain parking. The Districts' capital cost recovery will be based solely upon the financial capability of the Districts effecting such recovery. Ongoing maintenance and operation and administration costs will be recovered based solely on the Districts' ability to pay within the confines of established fees and charges as contained herein. 2 General. These improvements often become the responsibility of either the general purpose government or a homeowners association to operate and maintain, once constructed. When operated by a property owners association, neither the benefits of tax exemption or of governmental immunity become available to the property owners responsible for the ongoing maintenance. This is the reason that this Service Plan proposes that the Service District is empowered to take control, where applicable. from the developer for the aspects of capital improvements which may include the design, acquisition, installation, ownership; as well as the operation and maintenance of these improvements, depending on the determinations of the Boards of Directors of the Districts and the Master Homeowners Association concerning which should do this. 14 (a) TABLE III -1 ADAM'S RIB PUD IRRIGATION WATER RIGHTS Available for potable and non -potable irrigation for the PUD Irrigation Ditch (Listed from Upstream to Downstream) Water Rights (cfs) Senior Rights (1st and 2nd adjudications) E.J. Fulford 3.20 Matheny Tabor 2.00 Staton Cissna 6.80 Off 0.50 Miles 0.70 Frost Creek Ditch 1.00 Upper Frost 4.27 Schletter 0.51 Borah 3.20 Frost 1.60 TOTAL 23.78 ':MOTES Adam's Rib owns additional junior rights not listed and other senior rights that may be applied to the PUD Except for the E.J. Fulford, these ditches include only those lands in the PUD "- Historic areas irrigated within the PUD are approximately 559 acres t/- Historic consumptive use credits within the PUD are approximately 917 acre feet +/- Non -potable irrigation will be needed for 7 acres of parks +/-, 259 acres of residential +/-, 157 acres golf course +/- and 21 acres +/- of landscaped area and facilities. These will come from the above water rights not retained for potable needs. 15 TABLE III -1 Adam's Rib Irrigation Water Rights Proposed Raw Water System A non -potable irrigation system will be used at all the development parcels, for golf course irrigation, most of the residential irrigation, and open space/streetscape irrigation. The existing water rights historically used to irrigate these lands will supply the non -potable irrigation water. Water will be diverted at existing head gate or downstream locations and feed a series of streams (ditches) and operational and esthetic ponds throughout the project. Water will then be delivered to the respective irrigation systems. 16 CHAPTER IV - COSTS AND REVENUE SOURCES A. Cost of Construction and Operation. 1. Development - Capital Costs. The development -capital costs of the Districts are estimated to be $28,836,263 in uninflated 1999 dollars. 2. Annual Operation and Maintenance Costs. At full development, the annual operational and maintenance costs of the Service District totals $932,655 in uninflated 1999 dollars as shown on Exhibit 1 of the Financing Plan. 3. Debt Service. It is yet to be determined whether to issue bonds or instead to issue a limited general obligation note to the developer for reimbursement of the approximately $28,836.263 of costs. It is assumed that a debt service mill levy of 25 mills will be sufficient to make the annual debt service payments on the District's general obligation bonds. B. Revenue Sources. 1. Property Taxes. A mill levy of 40 mills is proposed to be assessed, raising approximately S1,948 per year for each $500,000 of residential value. This property tax (which will be in addition to any homeowners association dues or fees) will be income tax deductible to the property owner, and from which will have all landscape maintenance and Districts' operation expenses paid. 2. Water Plant Investment Fees. The expected water plant investment fees are S4,000 in 2000. 3. Sewer Tap Fees. The expected sewer tap fees are $5,000 in 2000. 4. Specific Ownership Taxes and Interest Income. These revenue sources are, of course, expected to be 6% of property taxes. 5. Other Fees. Residential irrigation water tap fees are expected to be about S4,000 in year 2000. frl A CHAPTER V - FINANCIAL PLAN SUMMARY Attached to this Service Plan as Exhibit B is a Combined Financial Plan which shows how the proposed services and facilities may be financed and operated by the Districts. The Combined Financial Plan includes the proposed operating revenue derived from ad valorem property taxes to be used by Service District. The Master IGAs are expected to provide that the obligation of Financing District to pay Service District for operating expenses incurred for provision of services to property within Financing District shall constitute "debt" of Financing District. Accordingly, mill levies certified to make necessary payments to Service District will be characterized as debt service mill levies notwithstanding that they are imposed to pay contractual obligations for operations and maintenance services provided by Service District. Service District anticipates borrowing its initial operating funds from the developer until such time as it is able to generate operating revenues from Financing District. The Combined Financial Plan includes the proposed debt issuance by Service District and Financing District and shows how the financial operations of the Districts will be coordinated.Financing District is expected to issue general obligation debt supported by ad valorem mill levies, from the revenue available from a 25 mill levy. This mechanism will help assure the transition of appropriate tax revenue to the payment of debt Issued to provide services for the PUD. It is presently anticipated that Service District will :ssue revenue bonds to the developer or secured by the developer and by financial comr_.itments received from Financing District. Other structures may be used. Districts shall be entitled to modify the proposed structure of the Combined Financial Plan by causing Service District to obtain funding directly from the developer, its leader, or assigns of developer, provided that all such borrowing shall comply with the -- requirements of state law regarding limitations on the amount of general obligation debt whici: may be issued. For example, Service District will be entitled to obtain funding from the developer rather than issuing revenue bonds and agree to repay the developer from revenue sources to which Service District might otherwise become entitled pursuant to the Master IGA or other agreements. Districts shall also be entitled to issue contingent repayment obligations in amounts which exceed the estimated general obligation debt estimated in this Service Plan on condition that the provisions of such contingent repayment obligations are in compliance with state law and are subject to the limitations of state law regarding the limitations on issuance of general obligation debt. Districts shall have the ability to utilize excess debt capacity which may be developed within Districts if the assumptions contained in Combined Financial Plan are more conservative than -xhat actually develops within the PUD. The balance of the information contained in this Chapter of this Service Plan is preliminary in nature. All dollars are stated in 1999, uninllated dollars. Upon approval of this Service Plan, the Districts will continue to develop and refine cost estimates contained herein and prepare for bond issuances. All cost estimates will be inflated to current dollars at the time of bond issuance and construction. Engineering and other contingencies, as well as capitalized interest and other costs of financing will be added. All construction cost estimates assume construction to applicable local, state or federal requirements. The maximum general obligation indebtedness for Financing District is not expected to exceed S 17.5 million (in 1999 dollars). The Districts shall have authority to finance and construct all facilities contemplated herein without the need to seek approval of any modification of this Service Plan. The Districts shall also be permitted to seek debt authorization from their electorates in excess of this amount to account for contingencies. Reasonable modifications of facilities and cost estimates shall likewise be permitted. Final determination of the amount of debt for which approval will be sought from each District's electorate from time to time will be made by the Board of Directors of each District based on then -current estimates of construction costs, issuance costs, and contingencies. Authorization to issue bonds and enter into various agreements described herein will be sought from each District's electorate pursuant to the terms of the Special District Act. and the Colorado Constitution as amended from time to time. In addition to ad valorem property taxes, and in order to offset the expenses of the anticipated construction and Service District operations and maintenance costs, the Districts will also rely upon various other revenue sources authorized by law. These will include the power to assess fees, rates, tolls, penalties, or charges as provided in § 32-1- 1001(l ), C.R.S., as amended. The Combined Financial Plan assumes various sources of revenue, including ad valorem property taxes, specific ownership taxes, utility, tap and Plant Investment Fees, and user charges, together with interest earnings on retained amounts, It is possible that a metered system of user charges will be established. The Combined Financial Plan does not project any significant accumulation of fund balances which might represent receipt of revenues in excess of expenditures under the TABOR Amendment. It is anticipated that certain of the operations of Service District will qualify as "enterprises" under the TABOR Amendment. If its operations do not qualify as enterprises under TABOR, revenues from all sources which exceed the permitted level of expenditures in a given year, will be refunded to taxpayers, unless a vote approving the retention of such revenues is obtained. To the extent annual District revenues exceed expenditures in this manner, the Districts will comply with the provisions of TABOR and either refund the excess or obtain voter approval to retain such amounts. The estimated costs of the facilities and improvements to be constructed and installed by the Districts. including the costs of acquisition of land, and engineering services, legal services, administrative services, initial proposed indebtedness, and other 19 major expenses related to the facilities and improvements to be constructed and installed, are not expected to exceed approximately S29 million in 1999 dollars. Organizational costs will be reimbursed to the developer by the Districts out of their initial revenue sources including debt instruments. The maximum voted interest rate for bonds will be twelve percent (12%); but the expected issuance rate is much lower. This maximum rate is set at this level just to accommodate some currently unforeseen market. The proposed maximum underwriting discount will be voted at three percent (3%), but are expected not to exist because these are to be directly placed, limited obligation securities. It is estimated that the limited general obligation bonds, limited obligation revenue bonds, or notes, when issued, will mature not more than twenty (20) years from date of issuance, with the first maturity being not later than three (3) years from the date of their issuance, as required by statute. In the discretion of the Boards of Directors. the Districts may set up other qualifying entities to manage, fund, construct and operate facilities, services, and programs. To the extent allowed by law, any entity created by the Districts will remain under the control of its Board of Directors. The Combined Financial Plan demonstrates that each District will have the financial capability to discharge the proposed indebtedness with reasonable mill levies assuming reasonable increases in assessed valuation and assuming the rate of build -out estimated in the Combined Financial Plan. 20 CHAPTER VI - PROPOSED AND EXISTING AGREEMENTS A. Master Intergovernmental Agreements As noted in this Service Plan, the relationship between Service District and Financing District, including the means for approving, financing, constructing, and operating the public services and improvements needed to serve the PUD will be established by means of Master IGAs to be executed by the Districts. The Master IGAs will establish extensive procedures and standards for the approval of the design of facilities, transfer of funds between the Districts, and operation and maintenance of the facilities. The Master IGAs will also provide for coordinated administration of management services for the Districts. Service District will be responsible for initial review and approval of plans for construction of improvements within the PUD. Service District shall be responsible to submit any plans necessary for improvements which it will construct, and plans for improvements which developers will construct. The purpose of this structure is to eliminate any need for the County to be involved with developers in the day-to-day review and approval of District or developer improvements within the PUD and to minimize the number of individuals with whom the County must deal in any review and approval process or may be required beyond the annexation agreement or PUD approval process. The County will work only with the District or its agents who will retain responsibility for assuring that plans submitted to the Counn, for approval are consistent with any requirements for review. B. Agreement with Adam's Rib Master Homeowner's Association It is anticipated that Service District will enter into an agreement with a master homeowners association for the integration of functions to the greatest extent legally possible to minimize costs and maximize benefits to both entities and their constituents. C. Other Agreements"Authority To the extent practicable, Service District may enter into additional intergovernmental and private agreements to ensure better long-term provision of the improvements and services and effective management. Agreements may also be executed with other service providers. All such agreements are authorized to be provided by each, pursuant to Colorado Constitution, Article XIV, Section 18 (2) (a) and Section 29-1-201, et seq., Colorado Revised Statues. 21 CHAPTER VII - OTHER REQUIREMENTS AND CONCLUSIONS A. Requirements Financing District and Service District shall be subject to the following additional requirements: 1. Submission of annual reports as described in §§ 32-1-207(3), C.R.S. 2. Material modifications of this Service Plan, except as contemplated herein, shall be subject to approval by the County in accordance with the provisions of § 32-1-207, C.R.S. B. Conclusions It is submitted that this Service Plan for Adam's Rib Metropolitan Districts No. 1 and No. 2 as required by § 32-1-203(2), C.R.S., has established that: 1 • There is sufficient existing and projected need for organized service in the area to be served by the Districts; 2. The existing service in the area to be served by the Districts is inadequate for present and projected needs; 3. The Districts are capable of providing economical and sufficient service to the area within their boundaries; 4. The area included in the Districts does have, and will have, the financial ability to discharge the proposed indebtedness on a reasonable basis; _ 5. Adequate service is not, and will not be, available to the area through any other existing municipal or quasi -municipal corporations, including existing special districts, within a reasonable time and on a comparable basis; 6. The facility and service standards of the Districts are compatible with the facility and service standards of Eagle County; 7. The proposal is in substantial compliance with the Eagle County Master Plan adopted pursuant to § 30-28-108, C.R.S.; 8. The proposal is in compliance with any duly adopted county, regional, or state long-range water quality management plan for the area; and 22 9. The ongoing existence of the Districts is in the best interests of the area proposed to be served. Therefore, it is requested that the County Commissioners of Eagle County, Colorado, Colorado, which has jurisdiction to approve this Service Plan by virtue of §§ 32-1-204.5, C.R.S., et seq., as amended, adopt a resolution which approves this consolidated "Service Plan for Adam's Rib Metropolitan Districts No. 1 and No. 2," as submitted. 23 EXHIBIT A Legal Description and Map of Districts r r LEGAL DESCRIPTION DISTRICT 1 ADAM'S RIB PLANNED UNIT DEVELOPMENT A parcel of land located in Tracts 79, 80, 81, 82, 84, 85, 86 and 87 in Sections 23, 24, 25, 26, 35and 36 and in Lots 5 and 7 of Section 26, all in Township 5 South, Range 84 West of the Sixth Principal Meridian, Eagle County Colorado, according to the Independent Resurvey of said Township and Range as approved on 20 June 1922; said parcel, with all bearings contained 'herein based on a bearing of N.00033'00"W. between the Town of Eagle street monument at Broadway and Fifth Street and the Town. of Eagle street monument at Broadway and Second Street, both being found 1/2, diameter iron rods in cast iron monument boxes, being more particular_y described as follows: Beginning at Corner 3 of Tract 74, being also Corner 4 of Tract 73, Corner 1 of Tract 80 and Corner 2 of Tract 79, from which said Town of Eagle street monument at Broadway and Fifth Street bears N.41027'05"W. 27,335.13 feet distant; thence along the northerly boundary line of Tract 79 S.88000'50"E. 1207.35 feet to a point on the boundary of that parcel described in Book 553 at Page 242 of the Eagle County Records; thence along said parcel boundary the following three (3) courses: 1) 5.05=35'54"E. 931.64 feet; 2) N.66°06'05"E. 62.43 feet; 3) 105.26 feet along the arc of a curve to the right having a radius of 165.47 feet, central angle of 36026,55", tangent of 54.48 feet and chord of 103.50 feet which bears N.84019'32"E to a point on the 1-4 _ine of said Tract 79, being also the 2-3 line of said Tract 7; thence departing said parcel bounaary and along said Tract line S.00005122"_. _6.86 feet to a point on the boundary of that parcel described in Book 473 at Pace 64 of the Eagle County Records; thence departing said "Tact line and along said parcel boundary the following ten (_D) courses: 1) N-78019'52"W. 42.77 feet; 2) 5.69006'30"W. 173.26 feet; 3) 5.79041'27"W. 83.72 feet; 4) N.83036'44"W. 34.19 feet; 5) N.60045'27"W. _06.89 feet; 6) N.38001'16"W. _42.78 feet; 7) 1.86°05'46"W. -,3.20 feet; 8) 5.06303'48"E. :70.61 feet; 9) 5.03036118"E. 320.96 feet; 10) S.87059119"E. 616.76 feet to a point on said 1-4 line of Tract 79, being also said 2-3 line of Tract 77; thence departing said parcel boundary and along said Tract line S.00005122"E. 1373.52 feet to Corner 3 of said Tract 77; thence continuing along said 1-4 line of Tract 79 S.00001'30"E. 2673.74 feet to Corner 4 of said Tract 79, being also a point on the 1-2 line of Tract 87; thence along the 3-4 line of Tract 79, being also the 1-2 line of said Tract 87 S.89059'41"W. 730.93 feet to a point on the centerline of Brush Creek Road; thence departing said Tract line and along said centerline the following courses r @ 1) 142.02 feet along the arc of a curve to the right having a radius of 970.00 feet, central angle of 08023'19", tangent of 71.14 feet and chord of 141.89 feet which bears S.23002121"W.; 2) S.27014'00"W. 122.18 feet; 3) 185.91 feet along the arc of a curve to the left having a radius of 730.51 feet, central angle of 14034'53", tangent of 93.46 feet and chord of 185.41 feet which bears S.19056'34"W.; 4) S.12039'07"W. 81.03 feet; 5) 299.28 feet along the arc of a curve to the right having a radius of 1766.42 feet, central angle of 09042,27", tangent of 150.00 feet and chord of 298.92 feet which bears S.17030'20"W.; 6) 625.92 feet along the arc of a curve to the left having a radius of 1557.93 feet, central angle of 23001'10", tangent of 317.24 feet and chord of 621.72 feet whch bears S.10050'59"W.; 7) S.00039'36"E. 303.98 feet; thence S.89020'24"W. 40.00 feet to the westerly right of way of Brush Creek Road; thence along said westerly right of way the following (3) courses: 1) 5.00039'36"E 69.64 feet; 2) 354.26 feet along the arc of a curve to the right having a radius of 312.35 feet, central angle of 24059'12", tangent of 179.99 feet and a chord of 351.46 feet whit: bears S.11050'01"W; 3) 177.07 feet along the arc of a curve to the left having a radius of 1294.96 feet, central angle of 7050'04", tangent of 88.67 feet and a chord of 176.93 feet which bears S.20024'34"W; thence leaving said westerly right of way of Brush Creek Road S.73°3C'29"E 40.00 feet to a point on the centerline of Brush Creek Road; thence along the cente_' ne of 'rush Creek Road the following five (5) courses: -) 227.29 feet along the arc of a curve to the le't having a radios of 1254.96 feet, central angle of 10022'37", tangent of 113.96 feet and chord of 226.98 feet which bears S.11018'13"W.; 2) _c.06'06 54"W. 697.62 feet, 3) 221.01 feet along the arc of a curve to the left having a radius of 433.42 'eet, central angle of 29012'57", tangent of 112.96 feet and chord of 218.62 feet which bears S.08029'32"E.; 4) 476.64 feet along the arc of a curve to the right having a radius of 559.76 feet, central angle of 48°47'16", tangent of 253.85 feet and chord of 462.37 feet which bears S.01017'38"W.; 5) S.25041'15"W. 91.78 feet to a point on the 2-3 line of Tract 87, being also the 1-4 line of Tract 86; thence departing said Brush Creek Road centerline and along said Tract line S.00°23'3-"E. 1333.61 feet to Corner 3 of said Tract 87, being also Corner 4 of said Tract 86; thence along the 3-4 line of said Tract 86 S.89045'39"W. 181.83 feet to t-e Southeast Corner of the Glen No. 2 Tract recorded in Book 652 at ?age 863 of the Eagle County Records; thence departing said Tract 86 line and along said Glen No. 2 boundary the following two (2) courses: 1) N- 1:'21'01"_. 243.76 feet; 2) S.85059'03"W. 621.93 feet to a point on the boundary of the Denzel Tract recorded in Book 654 at Page 074 of the Eagle County Records; thence departing said Glen No. 2 Tract and along said Denzel Tract boundary the following three (3) courses: 1) r.00000'58"W. 422.49 feet; 2) r.89058'34"W. 668.37 feet; 3) S.00001'26"W. 666.67 feet to a pcint on said 3-4 line of Tract 86; thence departing said Denzel Tract and along said 3-4 line of Tract 86 S.89045'39"W. 926.62 feet to an angle point in said Tract line; thence continuing along said Tract line S.89050'31"W. 256.31 feet to Corner 3 of said Tract 86; thence along the 2-3 line of said Tract 86 N.01045'29"W. 2664.40 feet to Corner 2 of said Tract 86, being also Corner 3 of Tract 85 and Corner 4 of Tract 84; thence along the 3-4 line of said Tract 84 S.89055'29"W. 2763.75 feet to Corner 3 of said Tract 84; thence along the 2-3 line of said Tract 84 N.00038'50"E. 2658.66 feet to Corner 2 of said Tract 84; thence along the 1-2 line of said Tract 84 S.89059'12"E. 232.69 feet to the Southwest Corner of Lot 7 of Section. 26; thence departing said Tract line and along the West line of said Lot 7 N.00010'28"W. 1223.44 feet to the Northwest Corner of said Lc_ 7, being also the Southwest Corner of Lot 5 of said Section 26; thence along the West line of said Lot 5 N.00010'28"W. 1328.75 feet to the Northwest Corner of said Lot 5; thence along the North line of said Lot 5 S.89041'45"E. 1151.2C feet to the Northeast Corner of said Lot 5, being also a point on the 2- 3 line of Tract 82; thence along said Tract line N.00007'25"W. 132.70 feet to Corner 2 of said Tract 62; thence along the 1-2 line of said Tract 82 N.8905-'59"_. 2757.25 feet to Corner 1 of said Tract 82, being also a point on the 2-3 line of Tract 80; thence along said 2-3 line N.0304;'35"W. 1362.51 feet to Corner 4 of Tract 81; thence departing said 2-3 line and along the 3-4 line of said Tract 81 S.89059121"W. 102.42 feet; thence N.0104:'49"W. 652.03 feet; thence N.38045'20"W. 260.83 feet, thence N.09°5="-6"E. 479.35 feet to the 1-2 line of Tract 81; thence along the 1-2 line of sale Tract 61, being also the 3-4 -ine of said Tract 72, N.89034'51"E. 206.06 feet z� Corner i of said Tract 81, being also Corner 4 of said Tract 72, Corner 3 of said Tract 73 and Corner 2 of said Tract 80; thence along the 1-2 line of said Tract 8r., being also the 3-4 line of said Tract 73, N.89031'57"E. 1497.36 feet t: Corner 4 of said Tract 73, being also Corner 1 of said Tract 80, Corner 2 of said Tract 79 and Corner 3 of said Tract 74, the Point of Beginning. Excluding there from a parcel of land belonging to the Town of Eagle recorded in book 5:3, paae 708 containing 3.500 acres, more or less. Acreage of said District 1, Adam's Rib PUD contains 1106.872 acres, more or less. u r, Mich4l,:-t.. 'm CO. �. � No . 9 ( Date:% Z 3 LEGAL DESCRIPTION DISTRICT 2 ADAM'S RIB PLANNED UNIT DEVELOPMENT -GOLF MAINTENANCE FACILITY A parcel of land located in Tract 85, Sections 35 and 36 ,all in Township 5 South, Range 84 West of the Sixth Principal Meridian, Eagle County Colorado, according to the Independent Resurvey of said Township and Range as approved on 20 June 1922; said parcel, with all bearings contained herein based on a bearing of N.00033'00"W. between the Town of Eagle street monument at Broadway and Fifth Street and the Town of Eagle street monument at Broadway and Second Street, both being found 1/2" diameter iron rods in cast iron monument boxes, being more particularly described as follows: Commencing at Corner 3 of Tract 74, being also Corner 4 of Tract 73, Corner 1 of Tract 80 and Corner 2 of Tract 79, from which said Town of Eagle street monument at Broadway and Fifth Street bears N.41027'05"W. 27,335.13 feet distant; thence S.07°22'23" 7105.93 feet to a point on the westerly right of way line of Brush Creek Road and the Point of Beginning; thence along said westerly right of way line of Brush Creek Road the following (3) courses: 1) S.00c39'36"E. 69.64 feet; 2) 354.26 feet along the arc of a curve to the right having a radius of 212.35 feet, central angle of 24059'12", tangent of 179.99 feet and a chord of 351.46 feet which bears S.11050100"W; 3) 177.07 feet along the arc of a curve to the left having a radius of -294.96 feet, central angle of 7050,04", tangent of 88.67 feet and chord of 176.93 feet w^ich bears S.20024'34"W; thence leaving said westerly right of way line of Brush Creek Road and along the perimeter of said parcel the following (7) courses: 1) 1.70°21'30"D:. 133.49 feet; 2) N-08=18 47"E. 206.91 feet, 3) N.44025'4311W. 61.12 feet; 4) N.C1054'38"W. 53.48 feet; 5) N.23047111"E. 81.77 feet; 6) N.01=24'55"E. 60.54 feet; 7) N.67c49'04"E. 257.97 feet to the Point of Beginning. 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A description of the proposed services; 2. A financial plan showing how the proposed services are to be financed; 3. A preliminary engineering survey showing how the proposed services are to be provided; �. A map of the Districts' boundaries and an estimate of the population and valuation for assessment of the Districts; 5. A general description of the facilities to be constructed and the standards of such construction, including a statement of how the facility and service standards of the Districts are compatible with facility and service standards of Eagle County; 6. A general description of the estimated cost of acquiring land, engineering services. Iegal services, administrative services, initial proposed indebtedness and estimated proposed maximum interest rates and discounts, and other major expenses related to the organization and initial operation of the Districts; 7. A description of any arrangement or proposed agreement with any political subdivision for they performance of any services between the Districts and _ such other political subdivisions; 8. Information satisfactory to establish that each of the following criteria as set forth in § 32-1-203, C.R.S., has been met: a. That there is sufficient existing and projected need for organized service in the area to be served by the Districts; b. That the existing service in the area to be served by the Districts is inadequate for the present and projected needs: C. That the Districts are capable of providing economical and sufficient service to the area within their boundaries; d. That the area to be included in the Districts has, or will have, the financial ability to discharge the proposed indebtedness on a reasonable basis; e- That adequate service is not, or will not be available to the area through Eagle County, other existing municipal or quasi -municipal corporations, including existing special districts, within a reasonable time and on a comparable basis; f. That the facility and service standards of the Districts are comp_ atible with the facility and service standards of Eagle County within which the Districts are to be located and each municipality which is an interested party under § 32-1-204(1), C.R.S.; g. The proposal is in substantial compliance with any master plan adopted pursuant to § 30-28-106, C.R.S.; h. That the proposal is in compliance with any duly adopted city, county, regional, or state long-range water quality management plan for the area: and i. That the continued existence of the Districts will be in the best interests of the area proposed to be served. C