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Home My WebLink AboutProposed Service Plan Adam's Rib Ranch Metropolitan Districts No. 1 and No. 2Aam's Rib Area A of HBE idiary rporation Adai 1,s 'n'' 215 Broadway -Recreational P.O. Box 659, E gle,SColo ado 8116310 Phone: 970-328-2326 Fax: 970-328-2328 September 12, 2000 Sara Fisher Eagle County Clerk and Recorder Post Office Box 537 Eagle, Colorado 81631 Re: Proposed Service Plan Adam's Rib Ranch Metropolitan Districts No.1 and No. 2 Dear Sara: Enclosed are 25 copies of the Adam's Rib Ranch Service Plan for the proposed Adam's Rib Ranch 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 amount 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 Adam'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. ;r4* 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 COLOFADO DIVISION OF LOCAL GOVERNMENT Departmerit of Local Affairs of cow �w Harold A. F.nott, Director s } 1876 Roy Romer Governor Larry Kallenberger Executive Director NOTICE OF FILING OF SPECIAL DISTRICT SERVICE PLAN Pursuant to CRS 32-1-202(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 (303) 866-2156 FAX (303) 866-2251 PETITION FOR APPROVAL OF SERVICE PLAN IN RE THE ORGANIZATION OF ADAM'S RIB RANCH 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 Adam's Rib Ranch Metropolitan Districts No. 1 & 2 in Eagle County, Colorado, by their attorneys, Collins Cockrel & Cole, submit the Service Plan of such Districts, 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 Plan for the Adam's Rib Ranch 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 Adam's Rib Ranch Metropolitan Districts No. 1 & 2. Respectfully submitted, LL1NX COCKREL dames P. Collins, No. 7958 390 Union Boulevard, Suite 400 Denver, Colorado 80228 (303) 986-1551 Attorneys for Adam's Rib Ranch Metropolitan Districts No. 1 & 2 �],':�,"�� '�', Adam's Rib Recreational Area A Subsidiary of HBE Corporation A ll) 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 Ranch Metropolitan Districts No. I & 2 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 Ranch 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, lrlvl�4* Randy Cloyd, General Manager 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 By A'':a",'s Kilo, 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 Leoislative Services Building 200 East 14"' Avenue Denver. Colorado 80203 RE: Adam's Rib Ranch Metropolitan Districts No. I & 2 Service Plan Dear Colorado State Auditors Offoce: We filed the Adam's Rib Ranch Metropolitan Districts No. 1 & 2 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, eneral Manager Adam's Rib Enclosure ADAM'S RIB RANCH METROPOLITAN DISTRICTS No. 1 AND No. 2 SERVICE PLAN Eagle County Ranch Submittal July 2000 Adam s Rib R—h Memo, ARAM' S RIB RANCH METROPOLITAN DISTRICT NO. 1 ADAM' S RIB RANCH METROPOLITAN DISTRICT NO.2 EAGLE COUNTY COLORADO PREPARED FOR HBE CORPORATION PREPARED BY STA-NL BERNSTEIN AND ASSOCIATES, INc. Denver and Vail, Colorado COLLINS COCKREL & COLE A PROFESSIONAL CORPORATION ATTORNEYS Denver, Colorado Adam s Izn Rmc6 Metro% Semce Plamdoe r TABLE OF CONTENTS CHAPTER I - INTRODUCTION-------------------------------------------------------------- I A. GENERAL OVERVIEW.....................................................................................1 1. Two District Structure..................................................................................2 2. Benefits of Two District Structure...............................................................4 a. Coordinated Services.......................................................................4 b. Uniform Mill Levy...........................................................................5 C. Bond Interest Rates..........................................................................6 3. Configuration of Districts............................................................................6 4. Long Term District Plan..............................................................................8 5. Existing Services and Districts....................................................................8 6. Property Owner Associations......................................................................9 B. GENERAL FINANCIAL INFORMATION ACID ASSUMPTIONS ..............................9 C. CONTENTS OF SERVICE PLAN.......................................................................12 D. MODIFICATION OF SERVICE PLAN................................................................13 E. DEVELOPMENT PLAIN AND PROJECTIONS.....................................................13 CHAPTER II - NEED FOR NEW DISTRICTS AND GENERAL POWERS...........................................................................................14 A. NEED FOR METROPOLITAN DISTRICTS.........................................................14 B. GENERAL POWERS OF DISTRICTS.................................................................14 1. Water..........................................................................................................15 a. Potable Water.................................................................................15 b. Irrigation Water..............................................................................15 2. Wastewater.................................................................................................16 3. Drainage.....................................................................................................16 4. Parks and Recreation..................................................................................16 5. Mosquito Control.......................................................................................17 6. Safety Protection........................................................................................17 7. TV Relay and Translation..........................................................................17 8. Fire Protection............................................................................................17 9. Leizal Powers..............................................................................................17 10. Other..........................................................................................................18 11. Streets and Paths........................................................................................19 CHAPTER III - DESCRIPTION OF FACILITIES AND IMPROVEMENTS........................................................................... 20 A. GENERAL.................................................................................................... ' 1 B. GENERAL DESIGN STANDARDS....................................................................21 C. STREET AIND DRAINAGE IMPROVEMENTS.....................................................21 1. Streets.........................................................................................................21 ' General................................................................................... (A) TABLE III - 1................................................................................................. 23 i (A) TABLE III - 1................................................................................................. 23 ADAm'S RIB RANCH IRRIGATION WATER RIGHTS.............................................23 CHAPTER IV - COSTS AND REVENUE SOURCES ..................................... 25 A. COST OF CONSTRUCTION AND OPERATION..................................................25 l . Development - Capital Costs.....................................................................25 Annual Operation and Maintenance Costs................................................25 3. Debt Service.................................................................... B. REVENUE SOURCES......................................................................................26 1 Property Taxes...........................................................................................26 Water Plant Investment Fees.....................................................................26 3. Sewer Tap Fees..........................................................................................26 4. Specific Ownership Taxes and Interest Income.........................................26 5. Other Fees..................................................................................................26 CHAPTER V - FINANCIAL PLAN SUMMARY ............................................. 28 CHAPTER VI - PROPOSED AND EXISTING AGREEIIENTS................... 34 A. MASTER INTERGOVERNMENTAL AGREEMENTS...........................................34 B. AGREEMENT WITH ADAm'S RIB R:INCH NLASTER HOMEOWNER'S ASSOCIATION...............................................................................................34 C. OTHER AGREEMENTS/AU—HORIIY...............................................................35 CHAPTER VII - OTHER REQUIREMENTS AND CONCLUSIONS .......... 36 A. REQUIREMENTS............................................................................................36 B. CONCLUSIONS..............................................................................................36 EXHIBIT A LEGAL DESCRIPTION AND MAP OF DISTRICTS EXHIBIT B FINANCIAL PLANS EXHIBIT C STATL-TORY CONTENTS OF THIS SERVICE PLAN 11 CHAPTER I - INTRODUCTION } A. General Overview This Consolidated Service Plan (hereinafter defined as "Service Plan") for Adam's Rib Ranch 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 Ranch." Adam's Rib Ranch, located in the Brush Creek Valley, extends southeast for approximately 4.5 miles. It consists of approximately 1704.85 acres divided into 21 separate residential development parcels planned for primarily golf/residential development. The acreage within the Metropolitan Districts will be less than the Plan. The acreage within the Districts is approximately 1,561.4 acres -- District No. 1 approximately 1,555.4 acres and District No. 2 approximately 6.0 acres. Development plans and projections are shown on District No. 1 and No. 2 Financing Plans attached as Exhibit B to this Service Plan. The public infrastructure to be constructed by the special districts include domestic water, sewer, storm drainage, fire hydrants, raw water irrigation, cable. and parks and recreational improvements, including a public executive 9 hole golf course. Adam's Rib Ranch 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 �F will be provided by the special districts and demonstrates how these two districts propose to serve the needs of Adam's Rib Ranch. 1. Two 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 Ranch Metropolitan Districts No. 1 and No. 2. Adam's Rib Ranch Metropolitan District No. 2 shall be referred to as "Service District," and Adam's Rib Ranch 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 possible, however, specific reference is made to an individual District to help distinguish the powers and authorities of each District. The coordinated "Financial Plans" discussed in Chapter V refers to financial plans for both Districts. They are intended to be read as a unified financial plan, which may be used for public improvements for Adam's Rib Ranch. I Service District will be responsible for managing the construction and operation of facilities and improvements needed for Adam's Rib Ranch. Financing District will be responsible for providing the funding and tax base needed to support the coordinated Financial Plans 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. It is anticipated that the Service District will construct. and the Financing District will finance some of the construction of, public infrastructure. An intergovernmental agreement ("County IGA") is proposed to be entered into between Service District and Eagle County and any other necessary governmental entity setting forth how the entities will work together to provide long term operations and maintenance of all improvements and facilities, and how Eagle County will work in tandem with the Developer and the Districts to streamline the review and approval of each phase of development within Adam's Rib Ranch. It is anticipated that Adam's Rib Metropolitan District No. 2 (Frost Creek) will provide certain water and wastewater services to Adam's Rib Ranch. The establishment of Adam's Rib Ranch Metropolitan District No. 2 as Service District which will initially own and operate the public facilities throughout Adam's Rib Ranch, and the establishment of Adam's Rib Ranch Metropolitan District No. 1 as Financing District which will generate the tax revenue sufficient to pay the costs of the capital improvements and maintenance, will create several benefits for the residents of the development. In general, those benefits are: (a) administration of construction 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 Adam's Rib Ranch 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. 2. Benefits of Two District Structure. a. Coordinated Services. As presently planned, development of :edam's Rib Ranch will proceed in several phases, each of which will require the extension of public services and facilities. The two 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 4 C operations program. Use of Service District as the entity responsible for construction of y 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. The two district structure will also help assure that facilities and services needed for future build -out of Adam's Rib Ranch 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 for improvements, thereby helping residents avoid, as much as practicable, the long term carrying costs associated with financing improvements too early. This, in turn, allows the full costs of public improvements to be allocated over the build -out of Adam's Rib Ranch and helps avoid overly disproportionate cost burdens being imposed on the early phases of development. b. Uniform Mill Lew. Allocation of the responsibility for paying debt for capital improvements will be managed through development of coordinated financing plans for those improvements and through development of an integrated operating plan for long term operations and maintenance. Use of Service District to manage these functions will help assure that no area within Adam's Rib Ranch becomes obligated for more than its share of the costs of capital improvements and 5 r operations. Low density areas will not bear an overly disproportionate burden of debt and operating costs, nor will high valued areas bear overly disproportionate burdens. C. Bond Interest Rates. The two 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 two 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 5.93 acres, and Financing District will contain approximately 1557.62 acres. The combined acreage of the Districts also covers all acreage within certain gated areas of Adam's Rib Ranch. 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 Sen-ice District will consist of 1704.85 acres including the property within Financing District's boundaries. Service District will have power to impose taxes only within its legal boundaries, and will be permitted to provide public services within the two Districts as well as to property or individuals outside of Adam's Rib Ranch, including services 6 such as transportation to the Town of Eagle and 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 to the Service District. No residential units will be located within Service District, and it is anticipated that at build -out Service District and Financing District may be consolidated. The Consolidated District would contain all residential properties within Adam's Rib Ranch (except the 170 local housing units) with housing expected to consist of approximately 1,168 residential and 120 lodging units (permanent and residential) plus 150 accessory units. The projected population of Adam's Rib Ranch at full build -out is -1.125 persons, and the projected total valuation is approximately S879,067,500 at S683).357 per unit. 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 (100116) 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 be subject to any required approval by Eagle County. 4. Long Term District Plan. After all bonds or other debt instruments have been issued by the Financing District and adequate provision has been made for payment of all debt of Service District and Financing District, the electorate of the Districts will have the opportunity to consider the consolidation of Service District and Financing District into a single entity. 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. Ultimately, control of these decisions will rest with the electorate in each District; but it is planned that the Consolidated District will 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 Adam's Rib Ranch area which have the ability and/or desire to undertake the design, financing and construction of improvements needed for Adam's Rib Ranch. Eagle County (the "County") does not consider it feasible or practicable to pay for all the necessary services and facilities contained in this Service Plan for Adam's Rib Ranch. 8 Consequently, use of the new Districts is deemed necessary for the provision of these public improvements in Adam's Rib Ranch. The Service District can enter into 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 or those identified between Eagle County and Adam's Rib Ranch, in the PUD approvals.. 6. Property Owner Associations. In addition to the Districts, it is intended that there be a master property owner association and 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. B. General Financial Information and Assumptions The 1999 certified assessed valuation of all taxable property within the boundaries of .edam's Rib Ranch is estimated to be approximately S 1-53,880. The initial assessed valuation of property within Service District is expected to be approximately 9 S 1,000, and the initial assessed valuation within Financing District is expected to be approximately$ 140, 100. The balance is the local housing, recreation and school areas. The anticipated cost of improvements are contained in Chapter IV. The Districts may obtain financing for the capital improvements needed for Adam'; Rib Ranch 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. The "Financing Plans" (for District No. 1 (Financing District) and District No. 2 (Service District)] 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. "Financing Plans" are 'revenue and expense neutral" with regard to Eagle County. 10 f Due to the credit enhancement and other support expected to be received from the developer, the coordinated Financing Plans demonstrate that the cost of infrastructure described herein can be provided with reasonable mill levies, expected to be established at 35 mills for debt service and 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 coordinated Financing Plans demonstrate that the risks associated with development of Adam's Rib Ranch will be bome initially by the developer of the project. Due to the nature of liabilities associated with issuance of revenue bonds, the entire risk of development will rest with the developer until such time as Financing District has the ability to issue general obligation debt. At such time as general obligation debt is issued, the responsibility for payment of the costs of infrastructure needed for Adam's Rib Ranch 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, the County can be assured that the risks of development and the responsibility for repayment of debt issued for Adam's Rib Ranch will be borne solely by the residents and property owners of Adam's Rib Ranch. and will not become the responsibility, in any degree, of the County and the Town of Eagle. Mill levies paid by Adam's Rib Ranch residents are expected to be 35 mills for debt and operations. 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 Adam's Rib Ranch 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 zom 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 l� law firm of Collins Cockrel & Cole, a professional corporation, 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 Adam's Rib Ranch 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 Adam's Rib Ranch, the cost estimates and coordinated Financial Plans 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. Plan. E. Development Plan and Projections. Development plans and projections are shown on District No. 1 Financing 13 A CHAPTER II - NEED FOR NEW DISTRICTS AND GENERAL POWERS A. Need for Metropolitan Districts The property in Adam's Rib Ranch is currently undeveloped ranch land. No other entities exist which will finance the construction of the facilities contained herein. Any IGAs referred to in Chapter VI hereof will address and define the activities to be undertaken by various entities, including Adam's Rib Metropolitan District No. 2 (Frost Creek), 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, if necessary, in "master" IGAs between the Districts which may be voted upon and approved by their respective electorates although this is only required when it involves a multi -year debt. 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. 14 facilities: Each District shall have authority to provide the following services and 1. Water. a. Potable Water. The design, acquisition, installation, construction, and operation 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 a dual water system, one for potable water and one for irrigation water. b. Irrigation 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, wells, water rights. equipment and appurtenances incident thereto which may include, but shall not be 1� limited to, transmission lines, distribution mains and laterals, storage facilities, land and easements, together with extensions of and improvements to said systems. 2. Wastewater. The design, acquisition, installation, construction, and operation 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. 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. System will consist of culverts, selected storm sewers, ditches, swales, ponds, detention swales and curbs and gutters. 4. Parks and Recreation. The design, acquisition, installation, and construction of District parks, land and facilities, including a public executive par 3 gold course, 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 16 A Recreation District ("WECMRD") whose consent shall be necessary for these public park and recreation facilities and operations. 5. Mosquito Control. $2,000 annually. b. Safety Protection. Road signs and traffic controls. 7. TV Relav and Translation. The Service District may operate a cable or other technology television system or may franchise it out to a third party. 8. Fire Protection. The Service District will not provide fire protection services, but will install fire hydrants and related incidental and appurtenant facilities. Fire protection services will be provided by Greater Eagle Fire Protection District. 9. LeQal 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. r Y 10. 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 County that such activities are within the scope of this Service Plan. Each District 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 better to accommodate 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 13 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. Any material modifications to this Service Plan, or the provision of additional services, shall be subject, in all circumstances, to approval by Eagle County. 11. 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 will be undertaken by the developer or the District and the streets will remain private to the District. Such improvements may be paid for by revenue or general obligation bonds secured with Development Fees. 19 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 Adam's Rib Ranch 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 Eagle County and of other entities which may be affected thereby. The following sections contain general descriptions of the contemplated facilities and improvements which will be financed by Financing District. 20 I 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, Eagle County's and other applicable legal requirements, and construction scheduling may require. B. General Design Standards Improvements within the Districts will be designed and installed by the developer or Service District in general conformance with current standards adopted by Service District 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 developer and/or the Districts and/or the Master Homeowners Association on an on -going basis is that of street maintenance/improvements including snow removal. street and residential drainage and residential non -potable irrigation mains. Developer 21 coordination with Adam's Rib Metropolitan Districts No. 1 and No. 2 (Frost Creek) regarding water and wastewater system and services and with the golf courses on the integrative aspects of the non -potable irrigation system will be necessary. Other improvements which will be operated and maintained by the developer and/or the Districts and/or by the Homeowners Association, will be constructed with 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. Ongoing maintenance and operation and administration costs will be paid by the developer, the Districts, or the Homeowners Association. 2. General. These improvements often become the burden of either the general purpose government or the 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 and oversee the design. acquisition, installation, ownership, and operation and maintenance of these improvements, depending on the determinations of the Boards of Directors of the Districts and the homeowners association concerning which should do this. (a) TABLE III -I ADAIM'S RIB RANCH IRRIGATION WATER RIGHTS Available for potable and/or non -potable irrigation for Adam's Rib Ranch Water Rights Irrigation Ditch (Listed from Upstream to Downstream) (cfs) Senior Rights (1st and 2nd adjudication) Upper Frost 3.500 Hollingsworth Potter 3.200 Love Frost 2.900 McKenzie 1.710 Love White 9.500 Wilkinson 5.800 Matthews 5.000 Hernage 1.612 TOTAL 33.222 NOTES Adam's Rib Ranch owns additional junior water rights not listed here These ditches include only those lands to be annexed Areas irrigated by the ditches are approximately 1,600 acres —: - of which 962 acres are in the Ranch PUD Historic consumptive use credits are approximately 1,750 acre feet Non -potable irrigation on the Ranch PUD 800 to 900 acres will be needed for all parcels to come from these water rights not retained for potable needs. _3) Proposed Raw Water System A non -potable irrigation system will be used at all the development parcels, for golf course irrigation, 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. 24 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 533,607,487, plus costs of streets. paths, bikeways, etc. 2. Annual Operation and Maintenance Costs. At full development, the annual operational and maintenance costs of the Service District are shown in District No. 2 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 above -stated approximately 533.6 million of costs. This limited general obligation will provide for a maximum total mill levy of the District of 35 mills for debt service and operations. so that no unexpected burden will occur to the residents of Adam's Rib Ranch. Accordingly, the debt service schedule would depend upon the ability of the Districts to produce funds available for debt service at the established rates from the revenue sources detailed in the following subsection. 25 B. Revenue Sources. 1. Prope , Taxes. A mill levy of 35 mills is proposed to be assessed, raising approximately 5350 per year for each $100,000 of residential value. This property tax 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 water plant investment fees will be set and retained by the Districts. Districts. 3. Sewer Tap Fees. The sewer tap fees are set and retained by the 4. Specific Ownership Taxes and Interest Income. These revenue sources are, of course. expected to be received; but. for conservative estimating purposes, are shown. 5. Other Fees. Irrigation water tap fees to average $2,000 per single- family/ duplex home (excluding hotel rooms and condominiums) and monthly user 26 charges to average of $35.00/month annual monthly average - $70.00/month per unit average for only six months of each year are expected to be established. 27 I CHAPTER V - FINANCIAL PLAN SUMMARY Attached to this Service Plan as Exhibit B are Financing Plans which show how the proposed services and facilities may be financed and operated by the Districts. The Financing Plans include 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 Financing Plans include 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, but limited to the revenue available from the expected 35 mill levy. including operating costs. This mechanism will help assure the transition of appropriate tax revenue to the payment of debt issued to provide services for Adam's Rib 28 0 Ranch. It is presently anticipated that Service District will issue revenue bonds to the developer or secured by the developer and by financial commitments received from Financing District. Other structures may be used. The Districts shall be entitled to modify the proposed structure of the coordinated Financing Plans by causing Service District to obtain funding directly from the developer, its lender, 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 which 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. The Districts shall also be entitled to issue contingent repayment obligations in amounts which exceed the 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. The Districts shall have the ability to utilize excess debt capacity which may be developed within the Districts if the assumptions contained in the coordinated Financing Plans are more conservative than what actually develops within Adam's Rib Ranch. 29 The balance of the information contained in this Chapter of this Service Plan is preliminary in nature. All dollars are stated in 2000, uninflated 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 general obligation indebtedness for Financing District is not expected to exceed S33.6 million plus the bonds for streets, paths, etc. 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. 30 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(1), C.R.S., as amended. The Financing Plans assume various sources of revenue, including ad valorem property taxes, specific ownership taxes, water irrigation tap and use 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 Financing Plans do 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. 3l 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 major expenses related to the facilities and improvements to be constructed and installed, are not expected to exceed $33.6 million in 2000 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 eleven percent (11 %); 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 is expected be voted not to exceed four percent (4%), but are expected not to exist because the bonds 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 32 programs. To the extent allowed by law, any entity created by the Districts will remain under the control of its Board of Directors. The coordinated Financing Plans demonstrate 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 coordinated Financing Plans. 33 CHAPTER VI - PROPOSED AND EXISTING AGREEMENTS A. Master Intergovernmental Agreements As noted in this Service Plan, the relationship between Service District and FinancinQ District, including the means for approving, financing, constructing, and operating the public services and improvements needed to serve Adam's Rib Ranch 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. t ansfer 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. B. Agreement with Adam's Rib Ranch 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. 34 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., C.R.S. 35 0 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 Eagle County in accordance with the provisions of § 32-1-20 C.R.S. B. Conclusions It is submitted that this Service Plan for Adam's Rib Ranch 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; 36 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 anv 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 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 37 9. The ongoing existence of the Districts is in the best interests of the area proposed to be served. T:lerefore. it is requested that Eagle County, Colorado, which has jurisdiction to approve rAs Ser: ice Plan by virtue of § 32-1-204.5, et seq., C.R.S., as amended, adopt a resolution which approves this consolidated "Service Plan for Adam's Rib Ranch 14—.:opoiitan Districts No. 1 and No. 2," and as submitted; that Eagle County knows of and understands this Service Plan; and that this approval by the County is necessary under the TABOR Amendment in order to meet the regularly scheduled election in November 3001 for. the authorization to issue debt and the adoption of the mill levy. Under the provisions of TABOR, the Districts could not otherwise authorize debt and establish a mill levy •antil the next scheduled election in November 2000, and these issues need to be accomplished with the planned start of construction of the Adam's Rib Ranch development in 2000. Respectfully submitted. COLLINS COCKREL & COLE James P. Collins, Reg. #7958 390 Union Boulevard, Suite 400 Denver, Colorado 80228-1556 3s EXHIBIT A Legal Description and Map of Districts LEGAL DESCRIPTION ADAMS RIB RANCH METROPOLITAN DISTRICT 1 A parcel of land located in Tracts 37,38,55,59,61,62,63,67 and 69 in Sections 2,3,4,9,10,11,13,14, and 15 of 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 00°33'00" 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 %" diameter iron rods in cast iron monument boxes, being more particularly described as follows: Beginning at Corner 1 of said Tract 62, being contiguous across public lands to the Mill Park Annexation to the Town of Eagle, from which said Town of Eagle street monument at Broadway and Fifth Street bears N71°33'30"W 14625.77 feet distant; thence along the 1-2 line of said Tract 62 and contiguous across public lands to the Mill Park Annexation to the Town of Eagle N 89°57'21" W 1000.00 feet; thence departing said contiguous boundary to the Town of Eagle and continuing along said Tract line N89°57'21"W 3299.36 feet to Corner 2 of said Tract 62, being also Corner 6 of said Tract 37; thence along the 6-1 line of said Tract 37 N 00°14'04" W 1346.43 feet to Corner 1 of said Tract 37; thence along the 1-2 line of said Tract 37 S 89°59'00" W 2779.15 feet to Corner 2 of said Tract 37, being also Corner 1 of Tract 38; thence along the 1-2 line of said Tract 38 S 89°57'40" W 310.11 feet to a point; thence departing said Tract line and continuing the following twenty (20)courses: 1) S 00°25'38" E 167.38 feet 2) S 51 °42' 56" E 195.07 feet 3) S 35°43'57" W 437.89 feet 4) S 12°56' 14" E 161.86 feet 5) N 87°28' 50" E 119.93 feet 6) S 35°15'29" E 448.84 feet 7) S 21 °20' 56" W 158.13 feet 8) S 56°1537" W 141.62 feet 9) S O1°07'21" W 15.09 feet 10) S 54032'54" W 134.73 feet 11) S 13°58'53" E 140.84 feet 12) S 14.11'0V W 152.10 feet 13) S 54°33'26" W 90.22 feet 14) S 10°59'05" E 224.89 feet 15) S 44°23'08" W 160.18 feet 16) S 22010'31" W 164.55 feet 17) S 56°08'45" W 122.68 feet 18) N72°41.57" W 76.70 feet 19) S 17° 18' 03" W 170.07 feet 20) S 17°46'42" E 160.44 feet to the 1-2 line of Tract 58; thence along said 1-2 line of Tract 58, N 89'05' 11" E 659.78 feet to Corner 8 of Tract 55, being also Corner 1 of Tract 58 of said Township and a angle point on the 2-3 line of Tract 37; thence along 2-3 line of said Tract 37 S 00014'04" E 463.80 feet to the Northerly Right -of -Way boundary of Brush Creek Road; thence departing said Tract line and along said Right -of -Way boundary the following six (6) courses: 1) 120.21 feet along the arc of a curve to the right having a radius of 2285.00 feet, central angle of 03°00'51" , tangent of 60.12 feet and a chord of 120.19 feet which bears S 54°30'25" E; 2) S 52-59.59" E 33.80 feet 3) S 51°43'35" E 115.13 feet 4) 293.22 feet along the arc of a curve to the left having a radius of 6465.00 feet, central angle of 02°35'55", tangent of 146.63 feet and chord of 293.19 feet which bears S 53001'33" E 5) S 54°19'30" E 105.80 feet 6) S 57-11.23" E 36.11 feet to a point on the boundary of Peters Subdivision; thence departing said Right -of -Way boundary and along said Peters Subdivision boundary the following (6) six courses: 1) N 25°21.44"E 241.16 feet 2) S 58032'29" E 390.77 feet 3) S 71056'50" E 192.31 feet 4) S 62°03'06" E 50.05 feet 5) S 85°52'45" E 171.57 feet 6) S 000 11' 30" W 298.81 feet to the Northerly Right -of -Way boundary of Brush Creek Road; thence departing said Peters Subdivision and along said Right -of -Way boundary the following five (5) courses: 1) S 59-59.33" E 519.40 feet 2) S 30°00'27" W 13.58 feet 3) S 58057'32" E 348.17 feet 4) S 50°07'20" E 471.96 feet 5) S 66035' 17" E 342.40 feet to a point on the boundary of that parcel described in Book 234 at page 462 and Book 271 at Page 437 of the Eagle County Records; thence continuing along said Right -of - Way boundary the following five (5) courses: 2 1) S 00027' 53" E 2.10 feet 2) S 72004'03" E 458.75 feet 3) S 00°46' 51 " E 6.41 feet 4) S 75003'26" E 581.13 feet 5) S 86050'37" E 102.01 feet to a point; thence departing said Right -of Way boundary N 17058'36" E 315.22 feet to a point on the southerly Right -of -Way boundary of the proposed. realigned Brush Creek Road; thence continuing along said proposed Right -of -Way boundary the following three (3) courses: 1) S 73°27'39" E 174.77 feet 2) S 71 °59' 17" E 121.84 feet 3) 600.20 feet along the arc of a curve to the right having a radius of 760.00 feet, central angle of 45°14'54", tangent of 316.73 feet and chord of 584.72 feet which bears S 41°21'38" E; thence departing said proposed Right -of -Way boundary S 55°00100" W 214.61 feet to a point; thence N90°00'00"W 220.00 feet to a point on the 4-5 line of said Tract 63 with Corner 4 of said Tract bearing N00°19'01"E 284.99 feet; thence along the 4-5 line of said Tract 63 S 00°19'01" W 1123.81 feet to Corner 5 of said Tract 63 being also Corner 2 of said Tract 69; thence along the 2-3 line of said Tract 69 SO1°01'327' E 1260.99 feet to Corner 3 of said Tract 69, being also Corner 6 of said Tract 88; thence along the 34 line of said Tract 69, being also the 5-6 line of said Tract 88, S 89°27'37'' E 1408.67 feet to Corner 5 of said Tract 88, being also a point on the boundary of Lot 2 of Section 14; thence along said Lot 2 boundary, being also the 4-5 line of said Tract 88. S 00002'58" E 1360.57 feet to Corner 4 of said Tract 88; thence continuing along said Lot 2 boundary and along the 3-4 line of said Tract 88 S89026' 16"W 1056.07 feet to the West line of said Section 14; thence departing said Tract line, continuing along said Lot 2 boundary and along said West line of Section 14 S 00'01'07" W 300.99 feet to the West Quarter Corner of said Section 14; thence along the South lines of Lot 2 and Lot 3 of said Section 14 S 89°59'08" E 2656.40 feet to the Center Quarter Corner of said Section 14, being also the Southwest Corner of Lot 4 of said Section 14; thence along the South line of said Lot 4 S 89°59'08" E 1206.27 feet to the Southeast Corner of said Lot 4, being also a point on the 2-3 line of Tract 67; thence along said 2-3 line S 00008'08" E 1006.82 feet to Corner 3 of said Tract 67; being also Corner 2 of Tract 68; thence along the 34 line of said Tract 67, being also the 1-2 line of said Tract 68, N 88°07'46' E 1290.87 feet to Corner 1 of Tract 68, being also Corner 4 of said Tract 67; thence along the 1-4 line of Tract 68; being also the 4-5 line of Tract 67, S 00002' 14" E, 1382.38 feet to Corner 5 of said Tract 67,being also Corner 4 of Tract 68, Corner 2 of Tract 73 of said Township and being a point on the boundary of that Parcel described in Book 539 at Page 285 of the Eagle County Records; thence along the 1-2 line of said Tract 73, being also the 5-6 line of said Tract 67and along said Parcel boundary S 89°49'38" E 301.62 feet; thence departing said Tract line and continuing along said parcel boundary the following Twenty- four (24) courses: 1) 73.99 feet, along the arc of a curve to the left having a radius of 144.63 feet, central angle of 29° 18'34", tangent of 37.82 feet and a chord of 73.18 feet, which bears S58047'46"E. 2) S 12°04' 19"E. 377.96 feet, 3) S1801335"E. 95.23 feet, 4) S 11 °4838"W. 39.85 feet, 5) S68°50'05"W. 42.22 feet, 6) N76°25'52"W. 51.24 feet, 7) N71 °28'24"W. 72.09 feet, 8) N86°33'26"W. 124.70 feet, 9) N77°38'37"W. 51.93 feet, 10) N68°39'30"W. 111.77 feet, 11) N61 °30'07"W. 122.02 feet, 12) N72030'05"W. 46.45 feet, 13) S81 °32'57"W. 51.34 feet, 14) S58°32'19"W. 53.93 feet, 15) S46°50'02"W. 57.75 feet, 16) S 11043' 11 "E. 71.68 feet, 17) S 17°41'03"E. 106.52 feet, 18) S 19°30'25"E. 85.04 feet, 19) S21035'06"E. 57.08 feet, 20) S04048'11"E. 65.68 feet, 21) S06° 11' 14"W. 82.96 feet, 22) S08026'02"W. 123.59 feet, 23) S10027'57"W. 181.72 feet, 24) S87°52'44"W. 1080.84 feet to a point on the 2-3 line of said Tract 72; thence along said 2-3 line S.00°31'26"W. 1409.13 feet to the Northwest Corner of Ladybelle View Subdivision (Amendment No. 1); thence departing said Tract line and along the North boundary of said Ladybelle View Subdivision and said North boundary extended S.89°57'53"E. 2813.56 feet to said 1-4 line of Tract 73, being also said 2-3 line of Tract 74; thence along said Tract line N.00003'48"W. 1192.73, said 2-3 line of Tract 74, also being the 1-4 line of Tract 73, to a point intersecting the East line of a 50 foot right-of-way, from which Corner 2 of said Tract 74, being also Corner 5 of said Tract 66, Corner 1 of said Tract 73 and Corner 6 of Tract 67 bears N.00°03'48"w. 1469.29 feet distant; thence departing said Tract line and along said right-of-way boundary the following six (6) courses: 1) N06° 10'20"W. 441.44 feet, 2) 347.37 feet along the arc of a curve to the left having a radius of 5759.58 feet, central angle of 03°27'20", tangent of 173.74 feet and a chord of 347.31 feet, which bears N07054'00"W. 3) N09" 7'40"W. 217.68 feet, 4) 107.34 feet along the arc of a curve to the right having a radius of 491.67 feet, central angle of 12°30'30", tangent of 53.88 feet and chord of 107.12 feet, which bears N03022'25"W. 4 5)NO2°52'50"E. 262.58 feet, 6)103.29 feet along the arc of a curve to the left having a radius of 506.69 feet, central angle of 11 °40'48", tangent of 51.82 feet and a chord of 103.11 feet, which bears N02057'34"W. to a point on the 1-2 line of said Tract 73, being also the 5-6 line of said Tract 67; thence along said Tract line N89°49'38"W. 37.54 feet to the centerline of said Brush Creek Road; thence departing said Tract line and along said centerline the following twenty (20) courses: 1) 178.62 feet along the arc of a curve to the left having a radius of 806.14 feet, central angle of 12°41'43", tangent of 89.68 feet and chord of 178.25 feet, which bears N 14°43'04"W. 2) N21 °0356"W. 149.13 feet, 3) 218.81 feet along the arc of a curve to the left having a radius of 495.09 feet, central angle of 25°19'23", tangent of 111.22 feet and a chord of 217.04 feet, which bears N33043'37"W. 4) N46023'19"W. 201.67 feet, 5) 219.83 feet along the arc of a curve to the right having a radius of 418.98 feet, central angle of 30003'41 ", tangent of 112.51 feet and a chord of 217.31 feet which bears N31°21'28"W. 6) N16019'38"W. 419.17 feet, 7) 103.42 feet along the arc of a curve to the right having a radius of 780.12 feet, central angle of 07035'44", tangent of 51.78 feet and chord of 103.34 feet, which bears N 12")1'46"W. 8) N08043'54"W. 93.72 feet, 9) 182.18 feet along the arc of a curve to the left having a radius of 1297.57 feet, central angle of 08°02'40", tangent of 91.24 feet and chord of 182.03 feet, which bears N12045'14"W. 10) N 16°46'3,4"W. 94.78 feet, 11) 174.52 feet along the arc of a curve to the left having a radius of 1090.26 feet, central angle of 09010' 17", tangent of 87.45 feet and a chord of 174.34 feet, which bears N21 °21'43"W. 12) N25°56'51 "W. 60.28 feet, 13) 172.19 feet along the arc of a curve to the left having a radius of 484.96 feet, central angle of 20°20'36", tangent of 87.01 feet and a chord of 171.28 feet, which bears N36007'09"W. 14) N46017'27"W. 555.64 feet, 15) 80.96 feet along the arc of a curve to the left having a radius of 2299.07 feet, central angle of 02"01'03", tangent of 40.48 feet and a chord of 80.96 feet which bears N47017'59"W. 16) N48°18'30"W. 553.16 feet, 17) 229.50 feet along the arc of a curve to the left having a radius of 997.15 feet, central angle of 13°11'13", tangent of 115.26 feet and a chord of 228.99 feet, which bears N54054'07"W. 18) N.61 °29'43"W. 167.42 feet; 19) 224.37 feet along the arc of a curve to the right having a radius of 607.37 feet, central angle of 21 °09'56", tangent of 113.48 feet and chord of 223.09 feet, which bears N.50°54'45"W.; 20) N40°19'47"W. 545.75 feet, to a point on the 2-3 line of Tract 67, being also the 1-6 line of Tract 69, from which Corner 6 of said Tract 69 bears S00°04'20"E. 949.14 feet distant; thence along said Tract line N00°04'20"W. 30.35 feet, to a point from which Corner 2 of said Tract 67, being also Corner 5 of Tract 64, bears N00°04'20"W. 365.44 feet distant; thence departing said Tract line the following two (2) courses: 1) S40°22'23"E. 30.92 feet, 2) N00°04'20"W. 388.83 feet to a point on the 1-2 line of said Tract 67, being also the 5-6 line of said Tract 64; thence along said Tract line S89°31'50"E. 1396.09 feet, to Corner 1 of said Tract 67, being also Corner 6 of said Tract 64, Corner 3 of Tract 65 and Corner 2 of Tract 66; thence along the 3-4 line of said Tract 65, being also the 1-2 line of said Tract 66, S89°26'48"E. 1395.55 feet, to Corner 4 of said Tract 65; thence along the 4-5 line of said Tract 65 N02013' 19"W. 2691.92 feet, to Corner 5 of said Tract 65; thence along the 5-6 line of said Tract 65 N89°44'24"E. 1318.74 feet, to Corner 6 of said Tract 65; thence along the 1-6 line of said Tract 65 N00°05'12"W. 1322.30 feet, to Corner 1 of said Tract 65: thence along the 1-2 line of said Tract 65 S89°46'49"W. 2641.44 feet, to Corner 2 of said Tract 65, being also Corner 1 of said Tract 64; thence along the 1-2 line of said Tract 64 S89007'02"W. 2791.66 feet, to Corner 2 of said Tract 64, being also Corner 6 of Tract 62 and Corner I of Tract 63, thence along the 6-1 line of Tract 62; N00017'39"W. 2585.94 feet, to the Point of Beginning. Said parcel containing 1,560.577 acres, more or less. Except that portion of a parcel of land as described in Book 234 at Page 462 and Book 271 at Page 437 as located in the Eagle County Records and described as follows: Commencing at Corner 3 of said Tract 61; thence along line 3-2 of said Tract 61 N 00027'53" W 767.38 feet to a point on the Northerly Right -of -Way line of proposed realigned Brush Creek Road and the Point of Beginning; thence continuing along line 3-2- of said Tract 61 N 00°27'53" W 836.66 feet; thence departing said Tract line S 72009'53" E 563.79 feet to a point; thence S 00027'53" E 226.55 feet to a point; thence N 72009'53" W 105.30 feet to a point; thence S 00027'53" E 624.91 feet to the northerly Right -of -Way line of the said proposed Brush Creek Road ; thence along said Right -of -Way line N72054'38"W 328.89 feet to a point; thence continuing along said Right -of -Way line N64°23'25" W 135.52 feet to the Point of Beginning. Said Parcel contains: 9.031 acres more or less 7 Total Area Adams Rib Ranch Metropolitan District 1 = 1555.402 acres more or less 1 ';: ; � -" �%�•��12./?map ;s S. Kunkel, PE-P2�018913089 IhteY • L O • r LEGAL DESCRIPTION ADAMS RIB RANCH METROPOLITAN DISTRICT 2 (SERVICE DISTRICT) A parcel of land located in Tracts 61and 63 in Sections10 and 11 of 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 00°33'00" 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 %2" diameter iron rods in cast iron monument boxes, being more particularly described as follows: Commencing at Corner 3 of said Tract 61, being also the angle point on the northerly line of Tract 60 from which said Town of Eagle street monument at Broadway and Fifth Street bears N48°51'04"W 12756.38 feet distant; thence along the northerly line of said Tract 60 S 87°42'52" E 1463.85 feet; to Corner 1 of said Tract 60, being also Corner 4 of Tract 63 and the Point of Beginning; thence along the Northerly boundary of said Tract 60 N 87°42'52" W 71.79 feet to the Northerly Right -of -Way line of Brush Creek Road; thence along said Northerly Right -of -Way N 69° 13'44" W 136.03 feet to a point: thence continuing along said Northerly Right -of -Way N 86°50'37" W 166.75 feet to a point; thence leaving said Northerly Right -of -Way N17058736'E 315.22 feet to the southerly Right -of -Way line of the proposed realigned Brush Creek Road; thence along said proposed Right -of -Way the following three (3) courses: 1) S 73°27'39" E 174.77 feet 2) S 71 °59' 17" E 121.84 feet 3) 604.67 feet along the arc of a curve to the right having a radius of 676.11 feet, central angle of 51014'30'', tangent of 324.24 feet and chord of 584.72 feet which bears S 46°21'38'' E: thence departing said proposed Right -of -Way line S 55°00'00" W 268.74 feet to a point; thence N90°00'00"W 219.88 feet to a point on the 5-4 line of said Tract 63: thence along the 5-4 line of said Tract 63 N 00019'01'' E 284.99 feet to Corner 4 of said Tract 63 and the Point of Beginning: Said Parcel contains: 6.W-ac es more or less • to i - - ZAW Ja s S. Kunkel, PE-PL 23 Dale r, EXHIBIT B Financing Plans Stan Bernstein and Associates, Inc. Financial Planners and Consultants For Local Governments, Municipal Bond Underwriters, and Real Estate Developers 707 Seventeenth Street, Suite 2900 Denver, Colorado 80202 Telephone:303-291-0495 Fax:303-291-0625 Email: stanplan@earthlinknet MEMORANDUM TO: Mr. Randy Cloyd Mr. Charlie Wick Mr. James P. Collins, Esq. FROM: Stan Bernstein DATE: July 24, 2000 SUBJECT: Financing Plan Re: Adam's Rib Ranch Metropolitan District # 1 (Financing District) — DRAFT 3 (Eagle County Submittal) Attached for you review is the third draft of a Financing Plan for Adam's Rib Ranch Metropolitan District #1— Financing District (the "District'. The Financing Plan is based upon completion of approximately 1,166 residential living units, plus a 120 room hotel, with a total uninf ated value of approximately $864 million as presented on Schedule 2, page 3. The Financing Plan also assumes that (i) two 18-hole private golf courses will be completed by September 1, 2002 and 2003 respectively and (ii) one public executive 9-hole golf course (to be initially owned by the Adam's Rib Ranch Metropolitan District #2) will be completed by September 1, 2003. Exhibit I (Combined General and Debt Service Funds Cash Flow Forecast — 2000 — 2043), page 1, indicates based upon (i) a debt service mill levy of 23.00, and (ii) Adam's Rib Recreational Area's ("ARRA'j expectations of land sales and values (as presented on Schedule 1, page 2) and buildout rates and values (as presented on Schedule 2, page 3) that non -rated 7.5% general obligation bonds maturing serially over a thirty-year period could be issued by the District as follows (see Schedule 3, page 4 for detailed schedule of general obligation bond issues and related debt service requirements): • 12/1/2003 $11,500,000 0 12/12011 $14,180,000 Memorandum July 24, 2000 Page 2 It is assumed that the net proceeds of these general obligation bond issues ($10,321,250 in 2003 and $13,762,950 in 2011) will be transferred to Adam's Rib Ranch Metropolitan District #2 — Service District and used to redeem letter of credit supported low -floater revenue bonds expected to be issued by Adam's Rib Ranch Metropolitan District #2. It is assumed that in addition to a 23.00 mill debt service levy, the District will levy 12.00 mills for operating and maintenance purposes. It is assumed that the property taxes generated from. this operating and maintenance mill levy will be transferred to Adam's Rib Ranch Metropolitan District #2 for the purposes of enabling it to fund its administrative, operating, and maintenance expenses. Stan Bernstein and Associates, Inc. has developed the above information based upon key assumptions regarding real estate development plans and values provided by ARRA. Stan Bernstein and Associates, Inc. has not independently reviewed, evaluated, examined, or audited such assumptions and, consequently, does not vouch for the achievability of the Cash Flow Forecasts presented on Exhibit I or on supporting Schedules 1, 2, and 3. 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Financial Planners and Consultants For Local Governments, Municipal Bond Underwriters, and Real Estate Developers 707 Seventeenth Street, Suite 2900 Denver, Colorado 80202 Telephone: 303-291-0495 Fax. 303-291-0625 Email: stanplan@earthlinlc net MEMORANDUM TO: Mr. Randy Cloyd Mr. Charlie Wick Mr. James P. Collins, Esq. FROM: Stan Bernstein DATE: July 24, 2000 SUBJECT: Financing Plan Re: Adam's Rib Ranch Metropolitan District # 2 — Service District — DRAFT 3 (Eagle County Submittal) Attached for you review is the third draft of a Financing Plan for Adam's Rib Ranch Metropolitan District #2 — Service District (the "District'). The Financing Plan is based upon completion of approximately 1,166 residential living units, plus a 120 room hotel, with a total uninflated value of approximately $864 million. The Financing Plan also assumes that (i) two 18-hole private golf courses will be completed by July 1, 2002 and 2003 respectively and (ii) one public executive 9-hole golf course (to be initially owned by the Adam's Rib Ranch Metropolitan District #2) will be completed by September 1, 2003. Exhibit I (Combined General, Debt Service, and Capital Projects Funds Cash Flow Forecast — 2000 — 2025), page 1, indicates that credit enhanced low -floater revenue bonds could be issued by the District as follows (see Schedule 2, page 3 for detailed schedule of revenue bond issues and related debt service requirements): • 6/1/2001 $ 31,235,000 Memorandum July 24, 2000 Page 2 It is assumed that the interest on these revenue bonds (assumed to be 6% including annual letter of credit fees) will be paid from Developer Capital Improvement Fees contributed to the District from Adam's Rib Recreational Area ("ARRK. Total Developer Capital Improvement Fees forecast to be collected from ARRA by the District are $13,326,618 (NPV @ 9% is $7,762,097). It is assumed that these bonds will be redeemed from (i) Adam's Rib Ranch Metropolitan District #1 transferring general obligation bond proceeds to the District on December 1, 2003 ($10,321,250), and on December 1, 2011 ($13,762,950), and (ii) $7,150,800 of water and sewer and irrigation tap fee revenues projected to be collected by the District. It is assumed that the property taxes generated from Adam's Rib Ranch Metropolitan District #1 12.00 operating and maintenance mill levy will be transferred to the District for the purposes of enabling the District to fund its General Fund administrative, operating, and maintenance expenses as detailed on Exhibit I, page 1. It is assumed that the proceeds of the District's Series 2001 revenue bonds (including interest earned on such bond proceeds in amount of $1,632,487) will be used to pay $31,307,487 of total estimated capital improvement costs of $33,607,487 required by the District as presented on Schedule 1, page 2. It appears that during 2007 ARRA will need to "cost recovery advance" to the District $875,000 for infrastructure costs not funded from the credit -enhanced low floater revenue bonds — it is possible that the District could be in a financial position to repay this "cost recovery advance" in 2013. It appears that the District will be able to pay cash for capital improvement requirements in 2007 ($875,000), 2009 ($200,000), and in 2011 ($350,000). Schedule 3, page 4, presents the District's forecasted Water and Sewer Utility Fund's cash flow. The water and sewer tap fees and user fees are expected to be -generated from 1,208 completed single family equivalent units within the boundaries of Adam's Rib Ranch Metropolitan District #2 as well as from the completion of 170 local housing units not expected to be included within the boundaries of Adam's Rib Ranch Metropolitan District #2 (these 170 local housing units are also assumed to have access to the District's raw water irrigation system). It is assumed that water and sewer tap fee revenues (assumed to average $2,000 for water taps and $4,000 for sewer taps) will be used to redeem $6,059,800 of revenue bonds issued by the District; water and sewer tap fee revenues in amount of $2,208,200 are expected to be transferred to the District's General Fund It is assumed that and water and sewer monthly user fees (assumed to average $35 per month for water and $35 per month for sewer) will significantly exceed water and sewer utility fund operating and maintenance costs and that $13,526,520 of net water and sewer utility fund surpluses will Memorandum July 24, 2000 Page 3 be transferred to the District's General Fund. It is assumed that water irrigation fee tap fee revenues will be generated from an average one-time $2,000 charge per residence (excluding the hotel); and that (i) $700 of this fee will be used to pay the District's operating and maintenance expenses, (ii) $300 of this fee will be used to acquire and install meters, and (iii) $1,000 of this fee will be used to redeem $1,091,000 of revenue bonds expected to be issued by the District. It is assumed that monthly irrigation user fees per residence will average $35 per month, and that these fees will be used to pay (i) irrigation system repairs and maintenance costs (estimated to be 60% of such fees) and (ii) irrigation system related management and administrative costs (estimated to be 40% of such fees). Stan Bernstein and Associates, Inc. has developed the above information based upon key assumptions regarding real estate development plans and values provided by ARRA. Stan Bernstein and Associates, Inc. has not independently reviewed, evaluated, examined, or audited such assumptions and, consequently, does not vouch for the achievability of the Cash Flow Forecasts presented on Exhibit I or on supporting Schedules 1, 2 and 3. 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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: 4. 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 the County and Eagle; 6. A general description of the estimated cost of acquiring land, engineering services. legal services, administrative services, initial proposed indebtedness and estimated proposed maximum interest rates and discounts. and other major expenses related to the organization and initial operation of the Districts; ?. A description of any arrangement or proposed agreement with any political subdivision for the 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; C. That adequate service is not or will not be available to the area through the County or Eagle. 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 compatible with the facility and service standards of the County or of Eagle within which the Districts are to be located and each municipality which is an interested parry under § 3 2-1-204(1), C.R.S.; a. The proposal is in substantial compliance with any master plan adopted pursuant to Y 30-28-106, C.R.S.; h. That the proposal is in compliance with any duly adopted city, county, re?ional, or state long-range water quality management plan for the area; and That the continued existence of the Districts will be in the best interests of the area proposed to be served. L-_