TC Res. No. 2000-10RESOLUTION NO. 10
SERIES OF 2000
A RESOLUTION OF THE TOWN OF AVON,, EAGLE COUNTY, COLORADO,
APPROVING THE SERVICE PLAN FOR
MOUNTAIN VISTA METROPOLITAN DISTRICT
WHEREAS, pursuant to Sections 32-1-204.5 and 32=1-205, C.R.S., as amended, the
Service Plan for Mountain Vista Metropolitan District (a copy of which is attached hereto and
made a part hereof) has been submitted to the Town Council of the Town of Avon (the
"Council"); and
WHEREAS, notice of the hearing before the Town Council of the Town of Avon,
Colorado, was duly published in the Eagle Valley Enterprise on February 10, 2000, as required
by law; and
WHEREAS, pursuant to the provisions of Title 32, Article 1, C.R.S., as.atnended, the
Council held apublic hearing on the Service Plan for Mountain Vista Metropolitan. District on
February 22, 2000; and
WHEREAS; the Council has considered the Service Plan, and all other testimony and
evidence presented at the hearing.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE.TOWN
OF AVON, COLORADO:
1. The hearings before, the Council were extensive and complete; that all pertinent
facts, matters and issues were submitted; that all interested parties were heard or
had the opportunity to be heard; and, that evidence satisfactory to the Council of
each of the following was presented:
a. There is sufficient existing and projected need for organized service in the
area to be served by the proposed Special District.
b. Existing service in the area to be served by the proposed Special District is
inadequate for present and projected needs.
C. The proposed Special District is capable of providing economical and
sufficient service to the areas they intend to serve.
d. The areas to be included within the proposed Special District have or will
have the financial ability 'to discharge the proposed indebtedness on a
reasonable basis.
2. That the Town Council of the Town of Avon, Colorado, does hereby determine
that the requirements of Sections 32-1-202(2) and 32-1-203(2), C.R.S., relating to
the filing of a Service Plan for Mountain Vista Metropolitan District and the
requirements of Sections 32-1-204.5, C.R.S., relating to the hearing by the
Council, have been fulfilled in a timely manner.
3. That the Town Council of the Town of Avon, Colorado, does hereby approve the
attached Service Plan for Mountain Vista- Metropolitan District as presented to
Council on February 22, 2000, conditioned on execution of the Amendment to
Development Agreement for Confluence and Tract C by March 31, 2000.
4. A certified copy of this Resolution shall be filed in the records 'of the Town and
submitted to the petitioners for the purpose of filing in the District Court of Eagle
County.
5. That all resolutions or parts thereof in conflict with the provisions of this
Resolution shall be repealed.
Done this 22nd day of February, 2000, at Avon, Colorado.
TOWN COUNCIL OF THE TOWN OF AVON, EAGLE
COUNTY, COLORADO.
By: ,
J Yoder or
APP O ED AS TO FORM AND LEGAL SUFFICIENCY:
Burt Levin, Town Attorney
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STATE OF COLORADO. )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN COUNCIL
OF THE TOWN OF AVON, COLORADO AT 5:30 P.M. ON THE 22nd DAY OF
FEBRUARY, 2000, AT THE TOWN MUNICIPAL BUILDING FOR THE PURPOSE OF
CONSIDERING THE ADOPTION OF RESOLUTION NO. 00-10, SERIES OF 2000:
A Resolution of the Town of Avon, Eagle County, Colorado, Approving the Service Plan
for Mountain Vista Metropolitan District
A copy of said Resolution is attached hereto, and is also on file at the office of the Town Clerk,
and may be inspected during regular business hours.
Following this hearing, the Council may consider passage of this Resolution.
This notice is given and posted by order of the Town Council of the Town of Avon, Colorado
Dated this 17th day of February, 2000.
TOWN F AVON, COLORADO
BY:
Kris Nash
Town Clerk
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON
FEBRUARY, 18, 2000:
AVON MUNICIPAL BUILDING-IN THE MAIN LOBBY
AVON BEAVER CREEK TRANSIT BUS STOP AT AVON CENTER
AVON RECREATION CENTER; AND
CITY MARKET IN THE MAIN LOBBY
s~
Prepared for
Mountain Vista Metropolitan District
By
White and Associates Professional Corporation
8005 S. Chester, Suite 125.
Englewood, CO 80112
303-858-1800
February 16, 2000
•
TABLE OF CONTENTS
I. INTRODUCTION ................................................................................................1
A. GENERAL OVERVIEW 1
B. GENERAL FINANCIAL INFORMATION AND ASSUMPTIONS 1
C. CONTENTS OF SERVICE PLAN 2
D. MODIFICATION OF SERVICE PLAN 2
II. PURPOSE OF AND NEED FOR THE PROPOSED DISTRICT 2
A. PURPOSE AND INTENT .............................................................................2
-B. NEED FOR:DISTRICT 3
C. GENERAL POWERS 3
1. Powers Regarding Services and Facilities 3
a. Parks and Recreation 3
•
b. Sanitation
c. Water ..................................................................................................4
d. Streets .................................................................................................4
e. Traffic and Safety Controls 4
2. Miscellaneous Powers 4
a. Legal Powers 4
b.. Other 4
III. BOUNDARIES, POPULATION AND ASSESSED VALUATION
ESTIMATES 5
A. GENERAL .....................................................................................................5
B. POPULATION 5
C. ASSESSED VALUATION 5
IV. DESCRIPTION OF PROPOSED FACILITIES 5
A. PARK AND OPEN SPACE 6
1. Parks .........................................................................................................6
2. Street Landscaping 6
3. Cost Estimates ...........................................................................................7
B. GRADING ...............................:.....................................................................7
1. Overall Plan 7
2. Cost Estimates ..........................................................................................7
C. SANITARY SEWER COLLECTION SYSTEM 7
1. Overall Plan 7
2. Design Criteria.. . 7
3. Wastewater Treatment 7
4. Cost Estimates 7
D. WATER SYSTEM 7
1. Overal Plan 7
2. Design Criteria 8
3. Water Demand 8
4. Water.Distribution System 8
5. Metering ..............................................................................................:....8
6. Cost Estimates 8
E. DRAINING HAPROVEMENTS, STREET IMPROVEMENTS AND
PARKING FACILITIES 8
1. Roadway Infrastructure 8
2. Drainage Facilities 9
3. Parking Facilities : 9
4. Cost Estimates 9
F. DESCRIPTION OF COST ESTIMATES 9
G. TOWN OF AVON CONSTRUCTION STANDARDS 9
H. OWNERSHIP AND OPERATION 9
I. SERVICES OF DISTRICT 10
V. FINANCIAL PLAN 10
A. GENERAL. PLAN OF FINANCE 10
0
B. OPERATING COSTS 12
0
............................12
A. ELECTIONS 12
VII. MODIFICATION OF SERVICE PLAN ..........................................................13
VIII. RESOLUTION OF APPROVAL
14
IX. PROPOSED INTERGOVERNMENTAL AGREEMENT AND
DEVELOPMENT AGREEMENT 14
A. INTERGOVERNMENTAL AGREEMENT ................................................14
B. OTHER AGREEMENTS 14
X. CONCLUSION .........................................................................:...:....................14
VI. GENERAL MATTERS
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LIST OF EXHIBITS
EXHIBIT A Town Board Resolution of Approval
EXHIBIT B' Legal Description
EXHIBIT C Avon Vicinity Map
EXHIBIT D Boundary Map
EXHIBIT E Statutory Contents of Service Plan
EXHIBIT F Regional Improvements and Cost Estimates
EXHIBIT G Financing Plan
EXHIBIT H Form of Confluence. Intergovernmental Agreement
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I. INTRODUCTION
A. General Overview. This service plan ("Service Plan's for the Mountain Vista.
'Metropolitan District (hereinafter the "District') is for a special district proposed to be organized
to serve the needs of a new project to be known as "Mountain Vista" The proposed District is
generally located in Block 2 in the Benchmark at Beaver Creek Subdivision, Amendment 4,
Town of Avon, Eagle County, Colorado. It is bordered on the northeast by Beaver Creek Blvd.,.
on the northwest by Benchmark Road, on the west by Tract G and on the south by Lot B.
One of the purposes of the proposed District is to provide public improvements to. be
dedicated to the Town of Avon or retained by the District for the use and benefit of the District's
inhabitants and taxpayers. A primary purpose of the proposed District is to enter into an
intergovernmental agreement (the "Confluence IGA") with the Confluence Metropolitan District
regarding mill levies to be imposed on property within Mountain Vista in order to allocate the
District's financial, construction and maintenance responsibilities with respect to certain regional
improvements depicted in Exhibit F hereto (the "Regional Improvements"). A form of the
Confluence IGA is attached as Exhibit H. The Regional Improvements, as well as other
improvements to be provided by the District shall include the types of facilities and
improvements generally described in Section H. C below consisting largely of water, wastewater,
streets, parking, park and recreation facilities and other improvements needed for the area. This
Service Plan addresses the improvements which are expected to be provided by the District. The
District may, with the Town of Avon's agreement, engage in other activities.
This Service Plan was prepared by White and Associates Professional Corporation, 8005
South Chester Street, Suite 125, Englewood, Colorado 80112; telephone (303) 858-1800.
B. General Financial Information and Assumvtions
The 2000 certified assessed valuation of all taxable property within the boundaries of the
Districts is assumed to be zero ($0) for purposes of assuring the conservatism of the financing
plan. The anticipated costs of improvements, including the Regional Improvements, necessary to
provide access to and appropriate services within the District are substantial. and are estimated in
Exhibit G.
The District may obtain. financing for the capital improvements needed for the District
through the Confluence IGA, the issuance of general obligation bonds and revenue bonds. Such
obligations may be paid from ad valorem property taxes and from other sources including but not.
limited to parking fees and sales, lodging and real estate transfer tax rebates received from the
Town of Avon. The financial forecast for the District is contained in Exhibit G to this Service
Plan. The. "Financing Plan" demonstrates one method which might be used by the District to
finance the cost of infrastructure. At the time bonds are proposed to be issued, alternative
financing plans may be employed and be utilized by the District.
0 The Financing Plan demonstrates that the cost of infrastructure described herein can be
provided with reasonable mill levies. The figures contained herein depicting costs of
infrastructure and operations shall not constitute legal limits on the financial powers of the
District; provided, however, that the District shall not be permitted to issue bonds which are not
in compliance with the bond registration and issuance requirements of Colorado law.
. The assumptions contained within this Service Plan were derived from a variety of
sources. Various figures were derived from the zoning and development guide for Mountain
Vista. Figures used in the Financing Plan are more conservative. Information regarding the
present status of property within the District, as well as the current status and projected future
level of similar services, was obtained from the developer. Alpine Engineering, Inc., which has
experience in the costing and construction of similar facilities, assembled construction cost
estimates. Operations cost estimates were assembled by J.W. Simmons and Associates, P.C.
based upon information supplied by the developer. The Financing Plan was assembled by J.W.
Simmons and Associates, P.C. based on assumptions provided by the developer. The developer
prepared projections of growth and market values. The law firm of White and Associates
Professional Corporation, which represents numerous special districts in the state, provided legal
advice iri the preparation of this Service Plan.
C. Contents of Service Plan. This Service Plan consists of a financial analysis and
engineering information showing how the facilities and services of the District can be provided
and financed. Numerous items are addressed in this Service Plan in order to satisfy the
requirements of law relative to formation of a special district, as identified in Exhibit E attached
hereto. It is believed that each of the requirements of law and the Town of Avon Code are
0 satisfied by this Service Plan.
D. Modification of Service Plan. This Service Plan has been prepared with sufficient
flexibility to enable the District to provide requisite public services and facilities as are necessary
to meet the needs of the community under evolving circumstances. While the assumptions upon.
which this Service Plan are generally based are reflective of current zoning for the property
within the proposed District, the cost estimates and the Financing Plan are sufficiently flexible to
enable the District to provide necessary services and facilities without the need for repeated
amendments to the Service Plan. Modification of the proposed configuration of improvements,
scheduling of construction of such improvements, and the locations and dimensions of various
facilities and improvements shall be permitted to accommodate development needs consistent
with zoning for the property.
H. PURPOSE OF AND NEED FOR THE PROPOSED DISTRICT
A. Pose and Intent. The District is being formed with the express intent of
executing.the .Confluence IGA. Failure to execute the Confluence IGA or to certify the mill
levies when and as required therein, shall be a material modification of and departure from this
Service Plan. Additionally, it is intended that the District will provide certain essential public-
purpose facilities , for the use and benefit of all anticipated inhabitants and taxpayers of real
property within the boundaries of the District which are wholly located within the Town of
• Avon. It is not the intent of the District to provide ongoing services other than as specifically set
forth in Section IV.H hereof. The District acknowledges the need and its intent to cooperate with
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the Town of Avon to serve and promote the health, safety, prosperity, security and general
welfare of its inhabitants. As evidence of such cooperation and need to coordinate activities with
the Town of Avon, the proposed District shall obtain a resolution approving this Service Plan.
from the Town of Avon which shall be attached. hereto as Exhibit A. Should the purposes of the.
District change from what is stated herein, it shall be considered to be a material modification of
this Service Plan.
B. . Need for.District. There are currently no other entities located in the surrounding
area of the District which have the ability and/or desire to undertake the design, financing and
construction of improvements needed for the project. It is the petitioners' understanding that the
Town of Avon does not consider it feasible or practicable for it to provide the Regional
Improvements depicted in Exhibit F hereof and described herein. Among other reasons
articulated herein, formation of the District is necessary in order that the Regional Improvements
be provided in the most economic manner possible.
C.- General Powers. The proposed District will have power and authority to provide
the services and facilities generally described in this Service Plan.
1. Powers Regarding Services and Facilities. The District shall have
authority to construct, operate and maintain the services and facilities described below. Pursuant
to the Confluence IGA, funding for the District's share of the Regional improvements will be
derived from by the District's certification of a limited mill levy. The Confluence Metropolitan
District is to use such proceeds to secure its bonds issued to construct the Regional
Improvements. Necessary funding for additional improvements may be provided by the issuance
of general obligation bonds, limited tax general obligation bonds, revenue bonds, lease purchase
financing, 63-20 corporation obligations or any other financing method legally available to
metropolitan districts. The District shall have the power to construct, operate and maintain all
facilities and improvements described below including but not limited to a 15,000 square foot
conference center, a pedestrian overpass connecting the Confluence area with the Town core
area, and the Avon Town Center Mall, established by Town ordinance 81-11. The following
activities shall be permitted:
a. Parks and Recreation. The design, acquisition, installation,
construction, operation and maintenance of public park and recreation facilities or programs
including, but not limited to grading, soil preparation, sprinkler systems, playgrounds, playfields,
swimming pools and spas, tennis courts, exercise facilities, bike paths, hiking trails, pedestrian
trails, pedestrian bridges, pedestrian malls, public fountains and sculpture, art, and botanical
gardens, picnic areas, skating areas and facilities, common area landscaping and weed control,
outdoor lighting of all types, community events and other facilities, together with all necessary,
incidental and appurtenant facilities, land and easements, and all necessary extensions of and
improvements to said facilities or systems.
b. Sanitation. The design, acquisition, installation, construction,
. operation and maintenance of storm or sanitary sewers, or both, flood and surface drainage,
wastewater treatment and disposal works and facilities, grading therefor and all necessary or
3
proper equipment and appurtenances incident thereto, together with all necessary, incidental and
• appurtenant facilities, land and easements, and all necessary extensions of and improvements to
said facilities or systems.
C. Water. The design, acquisition, installation, construction,
operations and maintenance of a complete water and irrigation water system, including but not
limited to transmission and distribution systems for domestic and other public or private
purposes, together with all necessary and proper facilities, equipment and appurtenances incident
thereto which may include, but shall not be limited to, transmission lines, distribution mains and
laterals, land and easements, together with extensions of and improvements to said systems.
d. Streets. The design, acquisition, installation, construction, and
maintenance of street and roadway improvements, including but not limited to parking facilities;
curbs, gutters, culverts, storm sewers and other drainage facilities, detention ponds, retaining
walls and appurtenances and entry monumentation, as well as sidewalks bridges, paving,
lighting, grading, landscaping, undergrounding-of public utilities, snow removal equipment and
other street improvements, together with all necessary, incidental, and appurtenant facilities; land
and easements, together with extensions of and improvements to said facilities.
e. Traffic and Safety Controls. The design, acquisition, installation,
construction, operations and maintenance of traffic and safety protection facilities and services
through traffic and safety controls and devices on streets and highways,. environmental
monitoring, as well as other facilities and improvements including but not limited to, main entry
• buildings, access gates, signalization at intersections, traffic signs, area identification signs,.
directional assistance, and driver information signs, together with all necessary, incidental, and
appurtenant facilities, land easements, together with extensions of and improvements to said
facilities.
2. Miscellaneous Powers. The District shall have the following
miscellaneous powers with respect to activities to be conducted pursuant to this Service Plan.
a. Legal Powers. The powers of the District will be exercised. by its
board 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.
b. Other. In addition to the powers enumerated above, the board of
directors of the District shall also have the following authority:
i. To amend this Service Plan as needed, subject to applicable
state and local laws contained in Title 32, C.R.S. and the Town of Avon Code, including, by,
written notice pursuant to Section 32-1-207, C.R.S., of actions which the District believes are
permitted by this Service Plan but which may be unclear. In the event the Town elects not to
4
seek to enjoin any such activities under said statute, such election shall constitute agreement by
the Town that such activities are within the scope of this Service Plan. The District shall have
the right to amend this Service Plan; and
ii. To forego, reschedule, or restructure the payment and
construction of certain improvements and facilities in order to better accommodate the pace of
growth, resource availability and potential inclusions of property . within the District, or if the
development of the improvements and facilities would best be performed by another entity; and
iii. To provide all such additional services and exercise all such
powers as are expressly or impliedly granted by Colorado law, and which the District is required
to provide or exercise or, in its discretion, choose to provide or exercise; and
iv. To exercise all necessary and implied powers under Title
32, C.R.S. in the reasonable discretion of the board of directors of the District.
III. BOUNDARIES, POPULATION AND ASSESSED VALUATION ESTIMATES
A. General. Mountain Vista will contain approximately 3.24 acres of real property
divided into several development phases, which are planned for residential housing. The
improvements, which are described in this Service Plan, are necessary and applicable for the
entirety of the Mountain Vista community.
The service area of the District is generally described as all real property within the
boundaries of the 'District. The boundaries of the District are more particularly depicted in the
map contained in Exhibit D and pursuant to the legal description attached as Exhibit B.
Exhibit C is a Town of Avon vicinity map which generally reflects the District's location
within current Town boundaries. The petitioners assure that the District is entirely within the
current boundaries of the Town of Avon.
. B. Po ula~tiion. The estimated timing for construction of commercial properties and
interval ownership units, and corresponding population estimates of transient hotel guests an&or
interval ownership residents, is contained in Exhibit G.
C. Assessed Valuation. An estimate of projected assessed valuations within the District
is set forth in Exhibit G which contains the financing plan for the District. At buildout,
Mountain Vista will consist of condominiums, hotel, office, retail and time-share development.
IV. DESCRIPTION OF PROPOSED FACILITIES
This section describes the key facilities and improvements expected to be provided by the
District: As noted in Section II.C.1, the District. will obtain funding pursuant to the terms of the
Confluence IGA for the construction, operation and maintenance of the Regional Improvements
and through the issuance or incurrence of various types of obligations for the construction,
5
operation and maintenance of additional facilities and improvements. The District may contract
with various public and/or private entities to undertake such functions and shall execute the
Confluence IGA, as further described herein.
The following general descriptions of improvements are preliminary only, and will be
subject to modification and revision as engineering plans, financial factors and construction
scheduling and costs may require. The improvements shall be subject to the overall limitations
on the powers of the District set forth in Section II hereof. Improvements not specifically
described herein shall be permitted as long as they are generally contemplated in Section II
hereof, and are within the District's financial ability to provide such improvements. -Should the
types of improvements materially change from what is stated in Section II of this Service Plan, it
shall be considered to be a material modification of this Service Plan.
Cost estimates for "Regional Improvements" which are the subject of the IGA are
depicted in Exhibit G and Exhibit F. Notwithstanding the cost estimate allocations set forth on
..Exhibit F,- the District shall be permitted to reallocate costs between categories of improvements
as it deems necessary in its discretion. The total estimated cost of the facilities is approximately
$16,000,000 in 2000 dollars, exclusive of cost of issuance, organizational costs, inflation, and
other similar costs. All materials and supplies acquired for provision of facilities will be exempt
from. all state, local and other sales, use and other taxes. All facilities described herein will be
designed in. such a way as to assure that the facility and service standards will be compatible with
those of the Town of Avon and of other municipalities and special districts which may be
affected thereby. 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, the Town of Avon's requirements, and constructing scheduling
may require.
A. Park and Open Space. The park and open space improvements expected.to be
constructed and maintained within the District include pocket parks, open space areas and
landscaping. The District also expects to acquire, construct, operate and maintain public parks
outside the District boundaries and appurtenant thereto. All parks and open areas outside District
boundaries will be planned in cooperation with Avon. Where appropriate, the District may
contract with various public and/or private entities to undertake such functions.
1. Parks. The park improvements anticipated to be constructed within are
primarily "pocket parks" within development parcels and may consist of irrigated turf, hardscape,
walkways, shrubs, mulch beds, and other uses consistent with neighborhood parks. The park
improvements anticipated to be constructed outside the District will be public parks designed in
cooperation with Avon.
2. Street Landscaping. The major streets are anticipated to have landscaping
along both sides and along any medians. This landscaping may consist of required fencing,
identification markers, shrub and flower beds, mulch beds, irrigated and non-irrigated turf and
. native grasses, subdivision identification markers, trees, and other landscape features commonly
associated with streetscape design.
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3. Cost Estimates. The estimated construction costs for the development of
0 the park and recreation improvements located within the District are shown on Exhibit F.
B. Grading.
1. Overall Plan. Grading will consist of reshaping the road rights of way in
compliance with the approved overlot grading plan.
2. Cost Estimates. The estimated construction costs for grading the road
rights of way necessary for Mountain Vista are presented in Exhibit F.
C. Sanitary Sewer Collection System.
1. Overall Plan. The sanitary sewer collection system is expected to include
- - -buried -sewer mains, manholes and related appurtenances -located predominately within the - -
District's boundary. All wastewater facilities will be conveyed to and operated and maintained
by Avon. The. Town of Avon will charge system users for its services in accordance with the
Town of Avon policies. The exact configuration of the sanitary sewer collection system is
currently being designed.
2. Design Criteria. The proposed sanitary -sewer collection system is
• expected to include sewer mains designed to collect sewage from the development areas within
Mountain Vista. The sewer system components will be designed and installed in accordance
with the applicable standards of all entities with jurisdiction. over the District, including the
Colorado Department of Health. A sanitary sewer system analysis will be prepared to determine
appropriate line sizes and slopes. The minimum line size of a sewer main is expected to be eight
(8) inches.
. 3. Wastewater Treatment. Wastewater will be collected and transported to
the Town of Avon treatment plant..
.4. Cost Estimates. The estimated construction costs for development of the
sanitary sewer collection system for Mountain Vista are shown on Exhibit F.
D. Water System.
1. Overall Plan. The water system will consist of a water distribution system
consisting of buried water mains, fire hydrants, and related appurtenances located. predominately
within the District's boundaries. The final configuration of the internal water system is yet to be
designed. When design . and construction are finalized, the system will serve each development
tract from adjacent streets and roads. The District shall dedicate to the Town, of Avon all utility
facilities traditionally owned and operated by the City for operations and maintenance.
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2. Desi riteri - The proposed domestic potable water distribution system
• is expected to include pressurized water mains with multiple pressure zones. Water system
components will be installed in accordance with the applicable standards of all entities with
jurisdiction over the District including the Town of Avon. The Drinking Water Design Criteria
of the Colorado Department of Health will also be followed where applicable. The water system
will also be designed based on the Town of Avon fire protection requirements.
The Town of Avon pump station will primarily control system pressure. Water
transmission mains will be installed from a direct connection to the Town of Avon's water
distribution system. Treated water will be delivered to the mains by high-pressure pump
stations.
3. Water Demand. The individual water system components will be sized
based upon the projected potable, irrigation and fire flow requirements of Mountain Vista.
- - 4.- Water Distribution S, cyg . The Town of Avon will own' the water
distribution system. The system is expected to include main distribution and transmission lines
and related appurtenances. At completion, the water distribution system will provide domestic
potable water to all platted lots within the District. The mains will provide for normal and peak
water demands of the project as well as the delivery of fire protection water.
5. Metering. Water users within the District will be metered. Billings for all
water service will be based on actual water use to the extent reasonably practicable. The billing
• process will be the responsibility of the Town of Avon.
6. Cost Estimates. The estimated construction costs for the development of
the domestic water system for Mountain Vista are presented in Exhibit F.
E. Draining Improvements. Street Improvements and Parking Facilities. After
conveyance by the developer of the street rights-of--way or appropriate easements to the District,
the District is expected to construct curbs, gutters, culverts, drainage ditches, sidewalks, box
culverts, tunnels, paving, lighting, landscaping and other road, street and drainage facility
improvements which the project will require, as well as necessary traffic and safety protection
devices and controls. The District is also expected to construct parking facilities.
1. Roadway Infrastructure. All public streets and streets dedicated. by plat
within the District will be maintained by the Town of Avon. This will include all roadway
infrastructure as it is completed and accepted by the Town of Avon. With the exception of
private roads within the District, snow removal and other roadway maintenance on roads within
the District will be. the Town of Avon's responsibility.
2. Drainage Facilities. The storm drainage facilities, exclusive of the water
quality pond.will be owned, operated and maintained by the Town of Avon after dedication and
• acceptance by the Town of Avon.
8
• 3. Parking Facilities. The parking facilities are expected to be owned by the
District, or a 63-20 corporation, and operated and maintained by the District, such corporation or
a third party contractually obligated to provide such services in accordance with the Amendment
to the Development Agreement and Colorado State law relative to public indebtedness. The
financing of the parking facility from rebates derived from the Town shall be deemed by the
District and the Town to be in the best interest, and serve the public purpose, of the Town.
4. Cost Estimates. The estimated construction costs for the development of
the drainage improvement, roadway system and parking facilities for the project are shown on
Exhibit F.
F. Description of Cost Estimates. The cost estimates for all improvements
summarized in Exhibit F are based on quantities taken from preliminary development plans and
preliminary utility and drainage plans. The unit prices, based on recent bids or contracts, were
multiplied by the individual quantities. The cost estimate subtotals were increased for
landscaping architecture and surveying, contingencies, and similar costs to arrive at the total cost
estimates.
G. Town of Avon Construction Standards. To the extent design and construction
responsibilities are within its control, the District shall ensure that any proposed improvements
set forth in this Section IV will be designed and constructed solely in accordance with the
standards and specifications set forth by the Town of Avon, if applicable and will obtain
approval of civil engineering plans and a permit for construction and installation of
improvements from the Town of Avon.
H. Ownership and Operation. The District shall dedicate or cause all of the public
water and wastewater improvements, all public streets and streets dedicated by plat, all public
drainage facilities, and all public sidewalks as well as all rights-of-way and easements necessary
for access to, facilities to be conveyed to the Town of Avon upon completion of construction and
installation. Improvements including the park and recreation improvements, parking facilities,
all tract landscaping improvements, landscaping along major streets, entry features, drainage
tracts and pocket parks will, be retained by the District for operations and maintenance. The
District may contract with homeowner associations or other private or nonprofit entities for
operation of the facilities. The District is expected to undertake all ownership, operations and
maintenance responsibilities for the improvements which are not conveyed to the Town of Avon,
and will do so either itself or by contract with homeowner associations or other private or
nonprofit entities as noted above. If the District elects to operate the facilities itself, revenue to
pay the expenses of operations may be obtained from fees legally imposed by the District or
other legally available revenues of the District. Whether the facilities are operated directly by the
District, or are operated by the associations or private nonprofit entities user fees may be
.obtained by the District to offset the expenses. User fees for use of recreational facilities will be
different for residents of the District than for outside users. Approval of this Service Plan by the
Town of Avon constitutes the Town of Avon's agreement that the District may perform these
functions.
9
I. Services of District. The District will require operating funds to plan and cause'
• the facilities contemplated herein to be completed. Such costs are expected to. include
reimbursement of organizational costs, legal, engineering, accounting, bond issuance costs and
compliance with state reporting and other administrative requirements. The first year's operating
budget is estimated to be $25,000. An overall financing plan showing the anticipated operating
costs, phasing of bond issues, and related matters is attached as Exhibit G.
V. ' FINANCIAL PLAN
A. General Plan of Finance.
It is presently anticipated that the District will enter into the Confluence IGA discussed in
Section LA and IX respectively. Such agreement is expected to allocate the District's financial,
construction and maintenance responsibilities with respect to the Regional Improvements and to
provide that such financial obligation of the District shall constitute "debt" of the District.
Additionally, mill levies certified under the IGA to make necessary payments to the Confluence
Metropolitan District will be for Regional Improvements characterized as debt service mill
levies: In addition, it is anticipated that certain funds will, be made available to the District from
agreements with the Town of Avon in order to assist with the provision of parking and related
facilrtes' It `is expected the parking fees generated by such parking facilities will also be used -to
defray the cost' of other improvements. The District anticipates borrowing its initial operating
funds from private entities until such time as it is able to generate operating revenues from the,
District. The parking facility will be financed by bonds not expected to exceed $7,000,000 and
other non-regional improvements are to be financed by bonds not expected to exceed $5,000,000.
The Financing Plan identifies the proposed debt issuance and mill levy schedules of the
District and is provided for purposes of showing the financial operations of the District.
Pursuant to the Confluence IGA, funding for the District's share of the Regional Improvements
will be provided by the District's obligation to certify, levy and collect ad valorem taxes
generated by a limited mill levy and distribute the proceeds thereof to the Confluence
Metropolitan District. The Confluence Metropolitan District is to use such proceeds to, secure its
bonds issued to construct the Regional Improvements. The District is also expected to issue
revenue, bonds secured by revenues expected to be received from agreements with the Town, a
limited mill levy and parking fees in order to finance parking facilities. This mechanism will
help assure the transition of appropriate tax revenue to the payment of bonds issued to provide
services to the District. Other structures may also be used.
-The District's new money general obligation bonded debt limitation ("debt limitation")
will be $16,000,000, exclusive of costs of issuance, organizational costs, inflation and other
similar costs. Increases in debt necessary to accomplish a refunding, reissuance or restructuring
of debt, and bonds payable from sources other than ad valorem taxes shall not count against the
debt limitation. Contractual general obligation debt under the IGA shall not compute against the
• bonded general obligation debt limitation or restriction of the District. The debt limitation shall
10
not be increased unless approved by the Town of Avon and as permitted by statute and under the
provisions of this Service Plan.
Exhibit G shows how the proposed services and facilities may be financed and operated
by the District and identifies the proposed debt issuance schedule of the District. The initial
District limited tax obligations under the Confluence IGA are depicted in Exhibit G. The timing
of the District's obligations under the Confluence IGA and the issuance of bonds will be adjusted
from time to time to meet development requirements. All bonds and obligations will be issued
or incurred in compliance with applicable state law.
The Financing Plan demonstrates one method that might be used by the District to
finance the cost of infrastructure. At the time bonds are proposed to be issued, alternative
financing plans may be employed and be utilized by the District. Such alternative financing
plans shall be submitted to the Town of Avon in advance for administrative review regarding
overall consistency of the revised plan with this Service Plan. Any material economic deviation
of such proposed plans from the scope of this Service Plan may be deemed a material,
modification hereof and may be subject to all applicable laws governing approval of material
modifications. The District shall be required to pay an administrative fee for reviews required in
case of material modifications. Due to the support expected to be received from the developer,
the Financing Plan demonstrates that the cost of infrastructure described herein can be provided
with reasonable mill levies assuming reasonable increases in assessed valuation and assuming the
rate of build-out estimated in the Financing Plan.
The total mill levy for the improvements and services proposed for the District is
expected initially to 'be approximately 45 mills. The actual mill levy will vary from this
depending on final costs, variations in the total assessed valuation within the District under the
current method of valuation, and the amount of revenue which may be generated from user fees.
The balance of the information contained in this section of this Service Plan is
preliminary in nature. All dollars are stated in 2000, uninflated dollars. Upon approval of this
Service Plan, the District will continue to develop and refine cost estimates contained herein and
prepare for bond issuances. All cost estimates will be inflated to then-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 estimated costs of the facilities and improvements to be constructed and installed by
the District, including the costs of 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 set forth in Exhibits F and G of this Service
Plan. The estimated costs of the organization and initial operation of the District, including
legal, engineering, administrative and financial services, are expected to be $100,000.00. These
organizational costs will be reimbursed to the developer by the District out of its initial revenue
is sources including bond issue proceeds. Other facilities and improvements may be constructed by
the District as long as they do not materially depart from the matters set forth herein.
11
B. Qperating Costs. In addition to showing the anticipated bond issues of the
District discussed in the preceding section, the Financing Plan includes the proposed operating
revenue derived from ad valorem property taxes for the first budget year and thereafter. Fees and
taxes currently being collected by the Town shall continued to be collected by the Town. Any
tax rebates upon which the financing plan relies will be the subject of written agreements with
the Town.
In addition to ad valorem property taxes, and in order, to offset the expenses of the
anticipated construction as well as operations and maintenance, the District will also rely upon
various other revenue sources authorized by law and may form non-profit. corporations to assist
with the issuance of bonds. Additional revenue sources will include the power to assess fees,
rates, tolls, penalties, charges as well as tax and other rebates or credits as provided in Section
32-1-1001(1), C.R.S., as amended from time to time. The Financing Plan assumes various
sources of revenue, including ad valorem property taxes, specific ownership taxes, `facilities fees,
and user- charges, together with interest earnings on retained amounts. It is anticipated that a
system of user charges will also be established for recreation improvements and other
improvements not owned and operated by the Town of Avon. The Town's tap fees shall continue
to be collected and used by the Town in its sole discretion.
The Financing 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 the operations of the District may qualify as an "enterprise under the TABOR
Amendment. If its operations do not qualify as an enterprise 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 District will comply with the
provisions of TABOR and either refund the excess or obtain :voter approval to retain such
amounts. In the discretion of the Board of directors, the District may set up other qualifying
entities to manage, fund, construct and operate facilities, services, and programs. To the extent
allowed by law, any entity created by the District will remain under the control of its board of
directors.
The maximum voted interest rate on bonds will be 18%. The proposed maximum
underwriting discount will be 5%. It is estimated that the general obligation bonds, 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 its issuance, as required by statute.
VI. GENERAL MATTERS
A. Elections. Following approval of this Service Plan by the Town of Avon, and
after acceptance of the organizational petition and issuance of orders from the District Court, an
election on the question of organizing the District and approving bonded indebtedness and
various agreements described herein will be scheduled. All elections will be conducted as
provided in the Court orders, the Uniform Election Code of 1992 (as substantially amended by
12
House Bill 93-1255), and the TABOR Amendment, and are currently planned for May 2, 2000,
but may be held on any legally permitted date. The election questions are expected to include
whether to organize the District, election of initial directors, and TABOR Amendment ballot
issues and questions. Thus, the ballot may deal with the following topics (in several questions,
but not necessarily using the exact divisions shown here):
1. Whether to organize the District,
2. Membership and terms of the initial board members,
3. Approval., of new taxes,
4. Approval of maximum operational mill levies,
5. Approval of bond and other indebtedness limits,
6. Approval of an initial property tax revenue limit,
7. Approval of an initial total revenue limit,
8. Approval of an initial fiscal year spending.limit, and
9. Approval of a four-year delay in voting on ballot issues.
Ballot issues may be consolidated as approved. in Court orders. The petitioners intend to
follow both the letter and the spirit of the Special District Act,. the Uniform Election Code, and
the TABOR Amendment during organization of the District. Future elections to comply with the
TABOR Amendment are anticipated and may be held as determined by the elected board of
directors of the District.
• Once organized, the District shall be subject to the following additional requirements:
1. Submission of annual reports as described in Section 32-1-207(3), C.R.S.,
in the form prescribed by the Town.
2. At the Town's option, the District shall be dissolved twenty-five years
from the date of organization on condition that all debt of the District has been retired and all.
operations of the District have been assumed by other entities, or on condition that adequate
provision has been made for retirement of all outstanding debt of the District and all operations
of the District. has been assumed by the Town or other entities, in either case such that the
District has no outstanding obligations of any kind such that it may be legally dissolved under
state law. Said dissolution shall, at the Town's option, occur prior to twenty-five years from the
District's date of organization if adequate provision has been made for payment of all debt and
for operations of all remaining facilities owned by the District.
VII. MODIFICATION OF SERVICE PLAN
Material modifications of this Service Plan, except as contemplated herein, shall be
subject to approval by the Town in accordance with the provisions of Section 32-1-207, C.R.S.
Said requirement of Town approval shall specifically include any attempted inclusion of land
into the boundaries of the District except as specifically set forth herein.
13
The District shall obtain the prior approval of the Town. of Avon before making any
• material modifications to this Service Plan as noted herein. Material modifications shall include
modifications of a basic or essential nature including any additions to the types of services
initially provided by the District, change in debt limit, change in revenue type, or change : in
maximum mill levy.- Failure to execute the Confluence IGA or authorize the milllevies
contemplated therein as described in Article II (A) herein is a material modification within the
meaning of this Article. The examples of material modifications listed above do not represent an
exclusive list of material modifications. Approval by the Town of Avon shall not be required for
mechanical modifications to this Service Plan necessary for the execution of the Financing Plan.
for public improvements previously outlined herein. Specifically, Town approval shall not be
required for minor language changes, adjustments or revisions to the Service Plan or any of its
Exhibits that do not rise to the level of a material modification as defined herein.
VIII. RESOLUTION OF APPROVAL
The proposed District agrees to incorporate the Town of Avon's Resolution of Approval,
including any conditions on such approval, into the Service Plan presented to the appropriate
District Court. Such resolution shall be attached as Exhibit A.
IX; PROPOSED INTERGOVERNMENTAL AGREEMENT AND DEVELOPMENT
AGREEMENT
• A. Intergovernmental Agreement. The District shall execute the Confluence IGA. In
accordance with Article II.A the District understands that one of its express purposes is executing .
the Confluence IGA and authorizing the mill levies contemplated therein, the execution and
performance of which shall be a condition of approval of this Service Plan.
B. Other eements. To the extent practicable, the District may enter into
additional intergovernmental and private agreements when it is in the best interest of the District
to better ensure long-term provision of improvements, services and effective management.
Agreements may be -executed -with property owner associations and other service providers to
coordinate the provision of these essential public services.
X. CONCLUSION
It is submitted that this Service Plan for the District, as required by Section 32-1-203(2),
C.R.S., has established that:
(a) There is sufficient existing and projected need for organized service in the. area to
be serviced by the District;
(b) The existing service in the area to be served by the District is inadequate for
present and projected needs;
•
14
(c) The District is capable of providing economical and sufficient service to the area
• within its proposed boundaries,
(d) The area to be included in the District, does have. and will have, the financial
ability to discharge the proposed indebtedness on a reasonable basis;
(e) Adequate service is not, and will not be, available to the area through the Town of
Avon, or other existing municipal or" quasi-municipal corporations, including existing special
District, within a reasonable time and on a comparable basis;
(f) The facility and service standards of the District are compatible with the facility
and service standards of the Town of Avon within which the District is to be located and each
municipality which is an interested party under Section 32-1-204(l), C.R.S.;
(g) The proposal is in substantial compliance with a comprehensive plan adopted
pursuant to-Section 146-2196 of the Town of Avon Code; -
(h) The proposal is in compliance with any duly adopted county, regional, or state
long-range water quality management plan for the area; and
(i) The creation of the District is in the best interests of the area proposed to be
served.
Therefore, it. is requested that the Town of Avon, City Council, which has jurisdiction to
approve this Service Plan by virtue of Section 32-1-201, C.R.S., et seg. as amended, adopt a
resolution which approves this Service Plan for the District as submitted.
Respectfully submitted,
WHITE AND ASSOCIATES
PROFESSIONAL CORPORATION
By: Vv
Gary R. White, Attorney # 013522
Todd W. Wallace, Attorney #031477
Counsel to Petitioners
MVMD/SvcP1anFina1tww0800021600
0544.0003
E
15
EXHIBIT A
Town Council Resolution of Approval
•
•
2
A RESOLUTION OF THE TOWN OF AVON,
EAGLE COUNTY, COLORADO, APPROVING
THE SERVICE PLAN FOR
MOUNTAIN VISTA METROPOLITAN DISTRICT
WHEREAS, pursuant to Sections 32-1-204.5 'and 32-1-205, C.R.S.,. as amended, the
Service Plan for Mountain Vista Metropolitan District, a copy of which is 'attached hereto and
made a part hereof, has been submitted to the Town Council of the Town of Avon (the
"Council'; and
WHEREAS, notice of the hearing before the Town Council of the Town of Avon,
Colorado was duly published in the Eagle Valley Enterprise on February 10; 2000, as required
by law; and
WHEREAS, ;notice- of the hearing before the Town Council of the Town of Avon,
Colorado was duly mailed by first class mail, on February 2000 to the owners of record of
all property within the proposed District as such owners of record are listed in the proposed
service plan and the Town Council; and
WHEREAS, pursuant to the provisions of Title 32, Article 1, C.R.S., as amended, the
Council held a public hearing on the Service Plan for Mountain Vista Metropolitan District on
February 22, 2000; and
WHEREAS, the Council has considered the Service Plan, and all other testimony and
evidence presented at the hearing; and
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, COLORADO:
1. The hearings before the Council were extensive and complete; that all pertinent
facts, matters and issues were submitted; that all interested parties were heard or had the
opportunity to be heard; and, that evidence satisfactory to the Council of each of the following
was presented:
A. There is sufficient existing and projected need for organized
service in the area to be served by the proposed Special District.
b. Existing service in the area to be served by the proposed Special
District is inadequate for present and projected needs.
C. The proposed Special District is capable of providing economical.
and sufficient service to the areas, they intend to serve..
d. The areas to be included within the proposed Special District have
or will have the financial ability to discharge the proposed. indebtedness on a
reasonable basis. .
2. That the Town Council of the Town of Avon, Colorado, does hereby determine
that the requirements of Sections 32-1-202(2) and 32-1-203(2), C.R.S., relating to the filing of a
Service Plan for Mountain Vista Metropolitan District and the requirements of Sections 32-1-
204.5, C.R.S., relating to the hearing by the Council, have, been fulfilled in a timely, manner.
3. That the Town Council of the Town of Avon, Colorado, does hereby approve the
attached Service Plan for Mountain Vista Metropolitan District as presented to Council on
February.22; 2000, conditioned on the execution of the Amended Development Agreement for
Confluence and Tract C by March 31, 2000.
4. A certified copy of this Resolution shall be filed in the records of the Town and
submitted to the petitioners for the purpose of filing in the District Court of Eagle County.
5. That all resolutions or parts thereof in conflict with the provisions of. this
Resolution shall be repealed.
Done this 22nd day of February 2000, at Avon, Colorado.
Pi
M V M D\RESO\T W W 1555020200
0544.0003
TOWN COUNCII. OF THE TOWN OF AVON,
EAGLE COUNTY, COLORADO
By:
or
2
EXIMIT B
Legal Description
A parcel of land described as Lot C, Avon Center at Beaver Creek, Benchmark at. Beaver
Creek, Amendment No. 4, Town of Avon, Eagle County; Colorado, being more particularly
described as follows:
Beginning at the easternmost corner of Lot C, also being the northernmost comer of Lot
B thence along the line common to Lots B and C, S52041' 01"W, 397.57 feet; thence departing
said common lot line, N65° 58' 08"W, 22.72 feet; thence N02° 30' 12"W, 576.33 feet to a point
on the southerly right-of-way of Benchmark Road; thence along said right-ofway N59° 20'
02"E,. 16o.op feet to a point on the westerly right-of-way of Beaver Creek Boulevard thence
along.said right-of-way S270 05' 2311E, 400.62 feet; thence continuing along said right=of-way
along the arc.of a tangent curve to the left, 80.83 feet, having a radius of 540.00 feet, a central
angle of 08° 34' 36" and a chord which bears S31 ° 22'41"E2 80.76 feet to the Point of Beginning.
Parcel contains 3.24 acres.
0
TRACT C
BLOOC 2
BENC HNARK AT BEAVV ORE
AMQdOMENT NC). 4
99OK 274. PACE An
22.72'
N65'58'08"W
Fr-goo'
00
LOT C
3.24- AC.
:LTA 08'34'-'6"
= 80.33`
540.00'
40.49'
(0 Sa1'22'41"c 80.75'
j
P.O.S.
I
<I A
/
LOT B /
\ LOT A
\ \ AVON QCTER AT $EAVgt CRc,,,_- C
BOOK 309...PACE 600
\ ANO BOOK 33-. PACE:285
EXffiBIT C
• - Town of Avon Vicinity Map
•
E
0
EXHIBIT D
Boundary.Map
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EXHIBIT E
Statutory Contents of Service Plan
1. A description of the proposed services;
2. A financial plan showing how the proposed services are to be financed;
3. A preliminary engineering or architectural survey showing how the proposed
services are to be provided;
.4. A map of the District's boundaries and an estimate of the population and
valuation for assessment of the District;
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 District are
compatible with facility and service standards of Town of Avon and. of municipalities and special
districts which are interested parties pursuant to Section 32-1-204(1), C.R.S.;
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 District;
7. A description of any arrangement or proposed agreement with any political
subdivision for' the performance of any services between District and such other political
subdivision;
8. Information satisfactory to establish that each of the following criteria as set forth
in Section. .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 serviced by the District;
(b) That the.. existing service in the area to be served by the District is
inadequate for the present and projected needs;
(c) That District is capable of providing economical. and sufficient service to
the area within their proposed boundaries;
(d) That, the area included in the District has, or will have, the financial ability
to discharge the proposed indebtedness on .a reasonable basis;
0
(e) That adequate service is not, or will not be available to the area through
' Town of Avon, other existing municipal or quasi-municipal corporations, including
existing special District, within a reasonable time and on a comparable basis;
(0 That the facility and service standards of the District are compatible with
the facility and service standards of Town of Avon within which the District is to be
located and each municipality which is an interested party under Section 32-1-204(1),
C.R.S.;
(g) The proposal is in substantial compliance with any master plan adopted
pursuant to Section 32-28-106, C.R.S.;
(h). That the proposal is in compliance with. any duly adopted city, county,
regional, or state long-range water qualitymanagement plan for the area; and
(i) That the organization of the District will be in the best interests of the area
proposed to be served.
•
•
•
•
EXHIBIT F
Regional Improvements and Cost. Estimates
REGIONAL IMPROVEMENTS
ENGINEER'S OPINION OF PROBABLE COSTS
FOR CERTAIN IMPROVEMENTS LOCATED IN OR ABOUT
THE CONFLUENCE PROPERTY
FEBRUARY 16, 2000
•
is
ITEM D
ESCRIPTION
UNIT
QUANTITY UNIT.PRICE
TOTAL
T
aft Control
LS
1 $ 30,000.00
S 30,000.00
Mobilization
LS
1
$764,71720 .
S
UBTOTAL
5 794,717.20
T
opsoil Remove and Stockpile
CY
2000 $ 1.80
$ 3,60Q00
Topsoil Replace on Roadway Slopes
CY
2000 $ . 4.80
$ 9,600.00
Excavation
CY
28000 S 2.30
$ 64,400.00
Embankment
CY
25000 $ 1.50
$ 37,500.00
Export of Unsuitable Material
Cy
3000 $ 11.00
$ 33,000.00
Class 6 ABC (8")
TN
7700 $ 14.00
$ 107,800:00
Asphalt (6")
TN
4400 S 36.00
$ 158,400.00
Curb and Gutter
LF
4700 $ 14.00.
$ 65,800.04
.
Street Patching
LS
1 S 20,000.00
S 20,000.00
Sidewalk
SF
11000 S 3.00
$ 33,000.00
Flandicap Ramps
EA
2 $ .800.00
S 1,600.00
Bridge
EA
1 $ 2,000,000.00
$ 2,000,000.00
AIDLanes in. Hwy 6 (Already Complete)
$ -
-
Ingress/Egress Avon Road improvements
LS
1 S 300,000.00
$ .300,000.00
SUBTOTAL
$ 2,834,700.00
EROSION CONTROL
Sit Fence
LF
2100 $ 4.00
$ 8,400.00.
Stone Outlet Structure
EA
4 $ 500.00
$ 2,000.00
Stabilized Construction Entrance
EA
2 S 4,000.00
S 8,000.00.
SUBTOTAL
$ 18,400.00
DRAINAGE
24" CMP
LF
2937 S 32.00
$ 93,984.00
24" End -Sections
EA
3 S 300.00
$ 900.00
Ripmp
Sy
150 $ 15.00
$ 2,250.00.
Curb. Inlets
EA
25 $ 2400.00
S 60;000.00
Construct Swages
LS
1 $ 4,800.00
S 4,800.00
Construct Sedimeritation/Detention Ponds
LS
1 S 136,000.00
S 136,000.00
SUBTOTAL
$ 297,934.00
SEWER
8' DIP for Sewer
LF
980 S 63.30
S 62;0.34.00
4" PVC Services
LF
500 $ 28.00
$ 14,000.00
Sewer Video
LF
980 $ 2.00
S 1,960.00
Sewer Service Encasement
LS
3 S 3,000.00
$ 9,000.00
Sewer Manhole
EA
11 S 2,500.00
$ 27,500.00
Rack Excavation
LS
1 $ 18,000.40
$ 18,000.00
SUBTOTAL
S 132,494.00
WATER
12" DIP
LF
1900 $ 42.00
$ 79,800.00
12" Gate Valves
EA
8 S 1,000.00
$ 8,000.00
Water Service Lines
LF
500 S 24.00
$ 12,000.00
Rock Excavation
LS
1 $ 7,500.00
S 7,500.00
Fire Hydrant Assembly
EA
7 $ 3,750.00
S 26,250.00
1244 Wet Tap
EA
2 S 3,351.94
S 6.703.88
SUBTOTAL
$ 140,253.88
SHALLOW UTILITIES
Joint Trench
LF
2000 $ ' 20.00
$ 40,000.00
Gas
LF
2000 5 20.00
$ 40,000.00
Gas Services
LF
450 $ 12.00
$ 5,400.00
Pedestals and Handholds
EA
10 $ . 300.00
S 3,000.00
Relocation of Existing Utilities
LS
1 S 3,000.00
$ 3,000.00
Splice Vault
EA
12 $ 2,000.00
$ 24,000.00
3-Phase Transformer
EA
15 S 12,500.00
S 187,500.00
Road Cuts
LS
1 S 10,000.00
$ 10,000.00
SUBTOTAL
S 312,900.00
MISCELLANEOUS
Lot C Service Plan.xis2:21 PM02118/2000
•
i
•
Revegetstlon is not included.
Topsail assumed at 1.9 depth
This estimate does not include tap fees, engineering, construction management platting, surveying,
construction staldng. permitting, landscaping, offsite uglily system upgrades, street signage. street
lights, geoteehnical services, Improvement Location Certificates or easement acquisition
Due to the invert elevations of the adjacent existing sewer, it is assumed that future buildings will
require sewer pumps.
Lot C Service Plan.xls2.21 PM02/162000
ON-SITE IMPROVEMENTS FOR LOT C
ENGINEER'S OPINION OF PROBABLE COSTS
FEBRUARY 16, 2000
•
•
ITEM D
ESCRIPTION
UNIT
QUANTITY
UNIT PRICE
TOTAL
M
obilaation
LS
1
$ 51,901.78
S
UBTOTAL
S 51,901.78
T
opsoil Remove and Stockpile
CY
$ -
Excavation
CY
$ -
Embankment
CY
S -
Export of Unsuitable Material
CY
$ -
Curb and Gutter
LF
1600 -
$ 14.00
$ 22,400.00
Street Patching
LS
1
$ 20,000.00-
S . 20,000.00
Sidewalk
SF
7000
$ 3.00
$ 21,000.00
Handicap Ramps
EA
3
$ 800.00
$ 2,400.00
SUBTOTAL
S Kamm
EROSION CONTROL
Sib Fence
LF
1600
$ 4.00
$ 61400.00
Stone Outlet Structure
EA
-
$
Stabilized Construction Entrance
EA
$ -
SUBTOTAL
$ -6,400.00
DRAINAGE
24" CMP
LF
1280
S 32.00
S 40,980.00
Riprap
SY
50
$ 15.00
$ 750.00
Curb Inlets
EA
10
$ 2,400.00
S 24,000.00
Detention Stricture on Lot C
EA
1
S 306,800.00
S 308,800.00
SUBTOTAL
$ 372,510.00
SEWER
8" DIP for Sewer
LF
480
S 63.30
$30.384.00
4" PVC Services
L-
100
$ 28.00
$ 2;800.00
Sewer Video
LF
480
$ 2.00
$ 960.00
Sewer Service Encasement
LS
1
$ 600.00
$ 600.00
Sewer Manhole
EA
4
is 2,500.00
$ 10,000.00
Rode Excavation
LS
1
$ 25,000.00
$ 25,000.00
SUBTOTAL
S 69,744.00
WATER
8" DIP
LF
700
S 40.00
$ 28,000.00
Water..Service Lines
LF
100
$ 24.00
S 2,400.00
Rock Excavation
LS
1
S 2,500.00
5 2.500.00
Fire Hydrant Assembly
EA
2
$ 3,750.00
$ 7,500.00
12x8 Wet Tap
EA
1
S 2,800.00
S 2,800.00
SUBTOTAL
$ 43,200.00
SHALLOW UTILITIES
Joint Trench
LF
500
S 20.00
S 10,000.00
Gas
LF
500
S 20.00
$ 10,000.00
Gas Services
LF
150
$ 12.00
S ' 1,800.00
Pedestals and Handholds
EA
5
S 300.00
$ 1,500.00
Relocation of Existing Utilities
LS
1
$ 20,000.00
$ 20,000.00
Splice Vault
EA
4
2,000.00
S 81000.00
3-Phase Transformer
EA
5
S 12,500.00
$ .62,500.00
Road Cuts
LS
1
S 10,000.00
3 10,000.00
SUBTOTAL
$ 123,800.00
TOTAL
$ 733,355.78
10% Contingency
S 73,335.58
TOTAL
$ 806,691.36
Revegetation is not included.
Topsoil assumed at 1.0' depth
This estimate does not include tap fees, engineering, construction management, platting, surveying,
construction staking, permitting, landscaping, offsite utility system upgrades, street signage, street
lights, geotechnical services, Improvement Location Certificates or easement acquisition
• Due to the invert elevations of the adjacent existing sewer, it is assumed that future buildings will
require sewer pumps.
Lot C Service Plan.xis2:22 PMO211612000
OFFSITE IMPROVEMENTS FOR LOT C
ENGINEER'S OPINION OF PROBABLE COSTS
FEBRUARY 16, 2000
•
•
ITEM D
ESCRIPTION
UNIT
QUANTITY
UNIT PRICE
TOTAL
T
raffic Control
LS
i
3 20,000.00
S 20.000.00
M
obiTmation
LS
1
$ 3,504.76
S
UBTOTAL
$ 23,504.76
T
opsoil Remove and Stockpile
CY
$ -
E
xcavation
CY
$ -
E
mbankment -
CY
$ -
Export of Unsuitable Material
CY
$ -
Curb and Gutter
LF
$ '
Street patching
LS
S -
Sidewalk _
Sr-
$ -
Handicap Ramps
EA
$ "
SUBTOTAL
$ "
EROSION CONTROL
Silt Fence
LF
600
5 4.00
$ 2,400.00
Stone Outlet Structure
EA
$ '
Stabilized Construction Entrance
EA
$ '
SUBTOTAL.
$ 2;400.00
DRAINAGE
24" CMP
LF
783
S 3200
$ 25,056.00
Riprap
SY
$ '
Curb Inlets
EA
'
Detention Structure on Lot C
LS
$ -
Bore Under Railroad
LS
1
S 60,000.00
3 60,000.00
SUBTOTAL
$ 851056.00
SEWER
8" DIP for Sewer
LF
40
3 63.30
$ 2.532.00
4- PVC Services
LF
40
5 2.00
5 80.00
Sewer Video
LF
$ .
Sewer Service Encasement
LS
3 '
Sewer Manhole
EA
$ '
Rock Excavation
LS
$ '
SUBTOTAL
$ 2,612.00
WATER
r DIP
LF
$ -
Water Service Unes
LF
$
Rock Excavation
LS
5 -
Fire Hydrant Assembly
EA
$ '
12x8 Wet Tap
EA
$ '
SUBTOTAL
$ "
SHALLOW UTILITIES
Joint Trench
LF
$ '
Gas
LF
$ '
Gas Services
LF
$ '
Pedestals and Handholds
EA
$ "
Relocation of Existing. Utilities
LS
5 "
Splice Vault
EA
$
"
3-Phase Transformer
EA
5 '
Road Cuts
LS
$ "
SUBTOTAL
$ "
TOTAL
$ 113,572.70
10°x6 Contingency
11,357.2
5 8
TOTAL
$ 124,930.04
Revegetation is not included.
Topsoil assumed at 1.0' depth
This estimate does not include tap fees, engineering, construction management, platting, surveying,
construction staking, permitting, landscaping, offsite utility system upgrades, street signage, street
lights, geotechnical. services, Improvement Location Certificates or easement acquisition
Due to the invert elevations of the adjacent existing sewer, it is assumed that future buildings will
require sewer pumps.
Lot C Service Plan.xls2:23 PM0211612000
•
a ,
EXHIBIT G
Financing Plan
0
•
Mountain Vista Metropolitan District
Forecasted Statement of Sources
and Uses of Cash
For the Years Ending
December 31, 1999 through 202
•
IUj
•
CONTENTS
Accountants Compilation Report
Exhibits
Forecasted Sources and Uses of Cash
Schedules of Absorption, Market Values and Assessed Valuation
Schedules of Sales Tax, Lodging Tax, Real Estate Transfer Tax Rebates
and Parking Garage Fees
Debt. Service Schedule Taxable Revenue Bonds
Debt Service Schedule- Tax Exempt District Improvement Bonds
Summary of Significant Assumptions and Accounting Policies
I
II
III
IV
V
0
J.W. Simmons &Associates, P.C. Certified Public Accountants
.
Mountain Vista Metropolitan District
We have compiled the accompanying forecasted statement of sources and uses of cash of the Mountain Vista
Metropolitan District and the related forecasted schedules of debt service, absorption, market values, assessed
valuation, sales tax, lodging tax , real estate.transfer tax rebates and parking garage fees (Exhibits I to IV) for the
years ending December 31,1999 through 2024, in accordance with standards established by the American Institute
of Certified Public Accountants.
A compilation is limited to presenting in the form of a forecast information that is the representation of management
and does not include' evaluation of the support for the assumptions underlying the forecast. We have not examined
the forecast and, accordingly, do not express an opinion or any other form of assurance on the accompanying
statements or assumptions. Furthermore, there will usually be differences between the forecasted and actual results,
because events and circumstances frequently do not occur as expected, and those differences may be material. We
have na responsibility to update this report for events and circumstances occurring after the date of this report:
February 16, 2000
•
5670 Greenwood Plaza Blvd. #505, Englewood, Colorado 80111-2409
Telephone (303) 689-0833 Fax (303) 689-0834
•
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Mountain Vista Metropolitan District I
Schedules of Absorption, Market Values and Assessed Valuation
j Far the Years ending 1999 through 2006
Schedule of Absorption 1
0
Pmnbrn, rimmintinn loan Innn mill inn, 7nn~ 9nna 9nne Sena "m T.,.I
Tract C
i
1
Hotel (amts)
125
125
Residential time share (units)
501
35
461 j 1331
Employee Housing
201
I 201
Commercial retail (square feet)
3,750
17,800
1,500' 81800; 1 31,850
I I
Schedule of Market Values
Market par
lh,n W, so loon 4nnn mill 7nm wno Mru InnF Ina, 111117 T,sr
Tract C
Hotel
100,000
0
0
01
0
0
0
0
.11,500,000
12,5000
Residential time share
385,000
0
0
19,250,000
0
13,475,000
0
18,480,000
0
51;105,000
Employes Housing
100,000
2,000,000
2,000,000
Canotrerdalmai7
300
0
0
1,125,000
0
5,340,000
0
450,000
1,640,000
9,555.000
Totals
A
0
375 000
0
19,815,0001
0
18 930 000
15140 000
75 260 ODO
I
Schedule of Assessed Valuation
Assessmeit to
Market Ratin 1999 2000 2001 21102 2003 2nO4 2005 2nn6 Total
Tract C
Hotel
29.00%
0
0
0
0
0
0
0
3,625,000
3.625,000
Residential tune share
9.74%
0
0
1,874,950
0
1,312,465
0
1;799,952
0
4,987,387
Employee Housing
9.74%
194,800
194,800
Consneraal rata)
29.00%
0
0
3266250
0
1,548,600
0
130,500
765,600
2,770,950
Totals
0
0
Z396,000
0
Z861,065
0
1930 452
4;390, 600
_ _ _ 0
11' 578117
Cm &tive
0
0
39 000
Z396,000
1 5,257,065
1 5,257,065
1 7187 517
11,578,117
1 115 117
Collection Yr
2001. -
2002
2003
1004
2005
2006
2007 .
2008 .
_ 2009
_
Assessment to Market Ratios
Cononeraal 29.00%
Residential 9.74%
Inflation Rate 0.00%
•
01 60M AVON C1.WK4. PREIIMNAARY DRAFT-SUBJECT TO CHANGE
Exhibit 11
Mountain Vista Metropolitan District: I
Schedules of Sales Tax. Lodging Tax Real Estate Transfer Tax Rebates and Parking Garage Few
For the Years ending 1999 through 2022. _
( Schedule of Sales and Lodging Tax Rebates _
Annually
nun nAnn enm ltm -)nn,) 7nnA Onrm 096 7nD7 Thmef m
I
Traet C - Huth Lodging
Tract C - Hotel WW vacations
i
81,675
14,625
163,350
29,250
163,350
I
29,2501
0
A
0
0i 0
0
0
96,300
i
19 600
f 19 600
lions I Hotels
Mini Vac
Avmagedaily ra"
599.00
$65.00
Occupancy Days per Year
220
GO
Sales Tax Rate
4.00%
4.00%
Lodging Tax Rate
4.00%
4.00%
Percent of Rebate to Oistrict
75,00%
75.00%
Schedule of Real Estate Transfer Tax Rebates
Units built 2001
Units built 2003
Units built 2005
Tract C - residential term share
1999 2000 2001 2002 2003 3004 2005 2006 2007 Total
250,000 350,000 125,000 625,000
175,000 175,000 87,500 497,500
1801000 180,000 77,500._. _437.500
0 0 250,000 250,000 300,000 175,000 267,500 180,000 77,500 1,500,000
Note: Real estate transfer tax rebates collected prior to the completion of the parking garage, are retained in escrow. The forecast assumes the escrow wig be released to the District in 2005
Schedule of Parking Gars Fees
Annually
1999 2000 2001 2002 2003 2004 2005 2006 2007. Thereafter
Chhumndative Tana Share Units
30
60
96
117
156
185
200.
Cmmmdative Hotel nights
13.750
27.500
Gammmdative Retail Parking spaces
6.5
13.0
40.5
68.0
71.0
815
89.0
;Thum Share Parking Fees @ $50 per year (50 weeks per year)
15,000
45,000
117,000
213,000
341,250
426;250
481,250
fHotel Parking Fees • $850 per hotel night
0
0
0
0
0
116,875
239;750
Retail Parking Usage Fees $100 per month per space
7,800
15,600
48,600
81,600
85,200
97,800
106,800
Z2,800
60,600
165,800
294.60 0
428,450
640.925
821,800
•
0211612000 AVON C1.WK4 PRELMINARY DRAFT-SUBJECT TO CHANGE Eftit III
Mountain Vista Metropolitan District
Debt Service Schedule - Taxable Revenue Bonds
for the Years ended 2000 through 2022
•
Total - Annual
Princinal Cannon Interest Pavment. Pavment Balance
•
•
2000
OI
2001
0
0
0i
2001
0,
01
0;
0
2002
0
0
0~
2002
0
0
0'
0
2003
0
0
01
2003
0
0
0
0
i 2004
0
0
0
2004,
0
0
0
0,
2005
0
01
0 .
2005
0
0
0
0
2006
0
0
0
2006
0
0
0
0
5,800,000.
2007
174,000
.174,000
5,800,000
2007
0 6.00%
174,000
174,000
348,000
5,800,000
2008
i
174,000
174,000
5,800,000
2008
01 6.00%
174,000
174,000
348,000
5,800,000
2009
174,000
174,000
5,800,000
2009
300,000 1 6.00%
174,000
474,000
648,000
5,500,000
2010
I
165,000
165,000
5,500,000
2010
320 0001 6.00%
137,500
457,500
622,500
5,180,000
2011
129,500
129,500
5,180,000
2011
340,000 6.00%
129,500
46000
599,000
4,840,000
2012
121,000
121,000
.
4,840,000
2012
360,0.00 6.00%
121,000
481,000
602,000
4,480,000
2013
112,000
112,000
. 4,480,000
2013
380,000 6.00%
112,000
492;000
604,000
4,100,000
2014
102,500
102,500
4,100,000
2014
405,0001 6.00%
102,500
507,500
610,000
3,695,000
2015
92,375
92,375
.
3,695,000
2015
425,000 6.00%
92,375
517,375
609,750
3,270,000
2016
I
81,750
81,750
3,270,000
2016
455,000, 6.00%
81,750
536,750
618,500
21815,000
2017
70,375
70,375
2,815,000
2017
480,000 6.00%
70,375
550,375
620,750
2,335,000
2018
58,375
58,375
2,335,000
2018
510,000 6.00%
58,375
568,375
626,750
1,825,000
i 2019
45,625
45,625
1,825,000
2019
540,000 6.00%
45,625
585,625
631,250
1,285,000
2020
32,125
32,125
1,285,000
2020
570,000 .6.00%
32,125
602,125
634,250
715,000
1 2021
17,875
17,875
715,000
2021
715,0001 6.00%
17,875
732,875
750,750
0
2022
0
0
0
2022
6.00%
. 0
0
0
0
2023
0
0
0
1 2023
6.00%
0
0
0
i
5 800 000
3 073 500
8,873,50'0
8 873 500
0211612000 AVON C1.WK4 PREUMINARY DRAFT..... SUBJECT TO CHANGE
Exhibit IV
Mountain Vista Metropolitan District
Debt Service Schedule - District Improvement Revenue Bonds
For the Years ended 2002 through 202
i Total Annual
Princinal Cnunan Interest Pavment Pavment Balance
r.
•
2002
2003
0
0
2003
0
0
0
2004
0
0
2004
0
0
0
4,200,000
2005
105,000
105,000
4,200,000
2005
105,000
105,000
210,000
4,200,000
2006
105,000
105,000
4,200,000
2006
105,000
105,000
210,000
4,200,000
2007
105,000
105,000
4,100,000
2007
145,000
5.00%
105,000
250,000
355,000
4,055,000
2008
101,375
101,375
4,055,000
2008
105,000
5.00%
101,375
206,375
307,750
3,950,000
2009
98,750
98,750
31950,000
2009
120,000
5.00%
98,750
218,750
317,500
3,830,000
2010
95,750
95,750
3,830,000
2010
120,000
5.00%
95,750
215,750
311,500
3,710,000
2011
92,750
92,750
3,710,000
2011
120,000
5.00%
92,750
212,750
305,500
3,590,000
2012
89,750
89,750
3,590,000
2012
140,000
5.00%
89,750
229,750
319,500
3,450,000
2013
86,250
86,250
3,450,000
2013
140,000
5.00%
86,250
226,250
312,500
3,310,000
2014
82,750
82,750
3,310,000
2014
150,000
5.00%
82,750
232,750
315,500
3,160,000
2015
79,000
79,000
3,160,000
2015
150,000
5.00%
79,000
229,000
308,000
3,010,600
2016
75,250
75,250
3,010,000
2016
170,000
5.00%
75,250
245,250
320,500
2,840,000
2017
71,000
71,000
2,840,000
2017
190,000
5.00%
71,000
' 261,000
332,000
2,650,000
2018
66,250
66,250
2,650,000
.2018
200,000
5.00%
66,250
266,250
332,500
2,450,000
2019
61,250
61,250
2,450,000
2019
200,000
. 5.00%
61,250
261,250
322,500
2,250,000
2020
56,250
56,250
2,250,000
2020
200,000
5.00%
56,250
256,250
312,500
2,050,000
2021
51,250
51,250
2,050,000
2021
200,000
5.00%
51,250
251,250
302,500
1,850,000
2022
46,250
46,250
1,850,000
2022
600,000
5.00%
46,250
646,250
692,500
1,250,000
2023
31,250
31,250
1,250,000
2023
650,000
5.00%
31,250
681,250
712,500
600,000
2024
15,000
15,000
600,000
2024
600,000
5.00%
51,250
, 651,250
702,500
0
4 200 000
3 066 500
7,266,599
1 7,302,750
0211612000 AVON C1.WK4 PRELIMINARY DRAFT..... SUBJECT TO CHANGE
Exhibit V
Mountain Vista Metropolitan District
Summary of Significant Assumptions and Accounting Policies
December 31, 1999 through 2024
The foregoing forecast presents, to the best of the Petitioner's knowledge and belief, the expected cash receipts and
disbursements for the forecast period. Accordingly, the forecast reflects its judgment as of February 16, 2000. The
assumptions disclosed herein are those that management believes are sufficient to the forecast. There ill usually
be differences between the forecasted and actual results because events and circumstances frequently do not occur
as expected, and those differences may be material.
The purpose of this forecast is to show the amount of funds available for the future construction of a parking garage
within the Oistrict by the issuance of taxable revenue bonds and a developer contribution, and the anticipated funds
available for repayment of the above bonds and the issuance of tax exempt bonds to pay for certain District
improvements. The operating component of the District reflects the forecasted net revenues available for the.
construction of regional improvements and a conference center paid by the Avon I Confluence Metropolitan Districts.
Note 1:. Ad Valorem Taxes
i Residential property is currently assessed at 9.74% of fair market values. The forecast assumes the
assessment ratio will approximate 9.74% for assessment year 1999 and thereafter. Market values for
residential property are expected to average $385,000 per residential time share unit equivalent and
$100,000 per employee housing unit.
Commercial property is assessed at 29% of fair market values. Commercial property is forecasted to have
a market value of $300 per square foot.
Hotels are assumed to be assessed as commercial property and are forecasted to have a market value of
$100,000 per room.
Currently property is re-assessed every other year. Existing residential and commercial property is assumed
not to inflate in value.
Property is assumed to be assessed annually as of January 1st. All property is assumed to be assessed on
the next January 1' after completion of construction. The forecast recognizes the related property taxes
as revenue in the subsequent year.
Exhibit II details the forecasted absorption, market vales and assessed values of the various property types.
The County Treasurer currently charges a 3.0% fee for the collection of property taxes. These charges are
reflected in the accompanying forecast as Treasurers fees.
The forecast assumes that Specific Ownership Taxes collected on motor vehicle registrations will be 5% of
property takes collected.
Mountain Vista Metropolitan District
0
Summary of Significant Assumptions and Accounting Policies
December 31, 1999 through 2024
Note 1: Ad Valorem Taxes (continued
The mill levy imposed by the District is proposed to be 45.000 mills of, which 25.000 mills in to cover the
operating expenses and a portion of the debt service on the Avon I Confluence District improvements .
20.000 mills is to be used for the repayment of a portion of the debt related to the construction, of a
conference center by the Avon I Confluence Metropolitan Districts: The District may impose an additional
5.000 mills to cover additional operating costs, however the additional 5.000 mills are not reflected in this
forecast.
Note 2: Sales, Lodging and Real Estate Transfer Tax Rebates
The forecast assumes that the Districts will collect a 75% rebate from the Town on the sales and lodging
taxes generated from the occupancy in the hotels constructed in the Districts for a period of 15 years. In
addition, 50% of the real estate transfer tax collected on the sale of the 200 residential time share units.
The 200 units equates to 133 double units for purposes of calculating assessed values and real estate
transfer tax rebates. The real estate transfer tax rebate is limited to $1,500,000. Exhibit III details the
calculation of the rebates to the Districts. The rebates will be held in escrow until 2005, the forecasted
completion of the parking garage. The sales, lodging and real estate transfer tax rebates may only be used
to retire the parking garage bonds.
Note 3: Parking Garage Fees and Expenses
The District is forecasted to collect parking garage fees of $50 per year per time share week from the time
share owners (based on. an ownership of 50 weeks), $8.50 per night per occupied hotel room and a fee of
$100 per month on 89 parking spaces from retail owners. These fees are estimated to maximize at
$840,550 in 2008. The forecast estimates that operating and maintenance expenses for the garage will be
5150,000 per year upon completion of all phases of the garage in 2005. Prior to 2005 these expenses are
expected to increase from 522,800 in 2001 to $100,000 in 2004: The parking garage fees are allocated
to both the retirement of the parking garage taxable revenue bonds and the district improvement bonds.
Note 4: Bond Assumptions
The District proposes the issuance of taxable revenue bonds totaling $5,800,000 in 2006 to fund the
repayment of the developer advances for the construction of the parking garage. The bonds are anticipated
to have a maturity of 15 years from date of issue (which coincides with the termination of the sales and
lodging tax rebates) and a coupon rate of 6.00% per annum which includes a letter of credit fee of 1 The
bonds are secured by the sales, lodging, real estate transfer tax rebates and parking garage fees discussed
above in Notes 2 and 3 and a letter of credit. Any deficiencies in the in the above rebates will be funded
by a contribution from the developer. Exhibit IV reflects the proposed repayment schedule of these bonds.
0 Mountain Vista Metropolitan District
Summary of Significant Assumptions and Accounting Policies
December 31,1999 through 202
Note 4: Bond Assumptions (continued)
The District proposes the issuance of tax exempt bonds totaling $4,200,000 in 2004'to fund the repayment
of the developer advances for district improvements and forecasted construction in 2004 and 2005. The
bonds are anticipated'to have a maturity of 20 years from date of issue and and a coupon rate of 5.00% per
annum which includes a letter of credit fee of 1 The bonds are secured by 'a portion of the parking garage
fees discussed above in Notes 2 and 3 and a letter of credit. Any deficiencies in the in the above rebates
Will-:'be funded by acontribution from the developer. Exhibit V reflects the proposed repayment schedule. of
these bonds
Note 5: Operating. Expenses
Operating expenses are legal, accounting, audit, and insurance costs. These costs are estimated to be
$25,000 per year. No provision has been provided for inflation.
•
Note 6: Developer Advances
The developer of the district is expected to advance funds totaling $10,802,537 to fund the parking garage
in 2000, 2004 and 2005. In 2006, upon the issuance of the taxable revenue bonds and the release of the
real estate transfer tax rebate escrow, it is expected that 66% of the developer advance will be repaid by
the District.
The developer is expected to advance funds totaling $2,400,880 to fund district improvements in 2000 and
2002. In 2004 upon the issuance of the tax exempt improvement bonds, it is expected that the developer
advance will repaid.
The developer is also expected to advance funds totaling $75,000 to cover operating expenses from 2000
through 2002. It is forecasted that these advances will be repaid commencing in 2003.
0
EXMIT H
• Form of Confluence Intergovernmental Agreement
•
•
MUM bALLAHU 6FAHH MUKEWSUNGEHSULL (WED) 2. 16' 00 17:53M. 17:43M. 4200000410 P 2
INTERGOVERNMENTAL AGREEMENT
•
E
•
THIS INTERGOVERNMENTAL AGREEMENT (this "Agreement') is entered into as
of 2000, by and among CONFLUENCE METROPOLITAN DISTRICT, Eagle
County, Colorado (the "Confluence District"), a quasi-municipal corporation and a political
subdivision of the State of Colorado (the "State'), and MOUNTAIN VISTA METROPOLITAN
DISTRICT, Eagle County, Colorado (the "Mountain Vista District"), a quasi-municipal
corporation and a political subdivision of the State. This Agreement is acknowledged by AVON
STATION METROPOLITAN DISTRICT, Eagle County, Colorado (the "Avon Station
District" a quasi-municipal corporation and a political subdivision of the State.
RECITALS r
WHEREAS, the Confluence District, the Avon Station District and the Mountain Vista
District-(collectively, the "Districts' have been duly and regularly organized and are existing as
metropolitan districts under and pursuant to the Constitution and the laws of the State; and
WHEREAS, the Confluence District is located within the boundaries of the Town of
Avon, Colorado (the "Town") and Eagle County, Colorado (the "County-) on property more
particularly described in the legal description and map attached hereto as Exhibit A; and
WHEREAS, the Mountain Vista District is located within the boundaries of the Town
and the County on property more particularly described in the legal description and map attached
harcto as Exhibit B; and
WHfsREAS, the Avon Station District is located within the boundaries of the.Town and
the County on property more particularly described in the legal description and map attached
hereto as Exhibit C; and
WHEREAS, the Districts are required by either the Town or the County to finance and
construct certain regional improvements (the 'Regional Improvements'; and
WHEREAS, the Regional Improvements consist of the items contained in Exhibit D
attached hereto including (a) an approximately 15,000 square foot conference center (the
"Conference Center"), (b) a pedestrian railroad overpass (the "Pedestrian Overpass', (c) an "at
grade" railroad missing (the "Railroad Crossing"), (d) a pedestrian bridge over the Eagle River
(the "Rridgc'~ and (e) the Avon Town Center Mall established by Town Ordinance 81-1.1 (the
"Mall") and,
WHEREAS, the Districts are authorized by the provisions of part 2 of article 1 of title 29.
Colorado, Revised Statutes, as amended and article YN, section 18(2)(x) of the State
Constitution, as amended, to cooperate and to contract with one another to provide functions,
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services and facilities lawfully authorized to each of them including the sharing of costs, the
imposition of taxes and the incurring of debt; and
WHEREAS, pursuant to each District's service plan approved by the Town and filed with
the District Court in the County, it is contemplated that the Confluence District will (a) manage
the construction and operation of facilities and improvements including the Regional
Improvements; and (b) finance the associated costs through the incurrence of debt secured by
property taxes and by revenues generated by intergovernmental agreements with the Town and
the other Districts;
WHEREAS, at a special election held in the Confluence District on November 3, 1998,
there were submitted to the qualified electors of the Confluence District ballot questions (the
"Confluence Ballot Questions') concerning authorization of indebtedness to pay the costs of
constructing, operating and maintaining certain street, park and recreation facilities; and
WHEREAS, a majority of said electors voting at said election voted affirmatively on the
Confluence Ballot Questions and approved the contracting of said indebtedness; and
. WHEREAS, at a special election held in the Avon Station. District on November 3,1998,
there were submitted to the qualified electors of the Avon Station District ballot questions (the
"Avon Station Ballot Questions") concerning authorization of indebtedness by the issuance of
bonds or by contract to pay the costs of constructing certain street, park and recreation facilities
and other improvements; and
WHEREAS, a majority of said electors voting at said election voted affirmatively on the
Avon Station Ballot Questions and approved the contracting of said indebtedness; and
WHEREAS, pursuant to its service plan and its electoral authorization the Avon Station
District has agreed to issue bonds and/or certify trill levies to pay the costs of improvements
consisting, in part, of the Regional Improvements pursuant to a District Facilities Construction
and Service Agreement dated as of 2000 (the "Avon Station Agreement's between
the Confluence District and the Avon Station District; and
W1iEREAS, at a special election held in the Mountain Vista District on May 2, 2000
there were submitted to the qualified electors of the Mountain Vista District ballot questions (the
"Mountain Vista Ballot Questions 7) eoneeming authorization of indebtedness by the issuance of
bonds or by contract to pay the costs of constructing certain street, park and recreation facilities
and other improvements; and
WHEREAS, a majority of said electors voting at said election voted affirmatively on the
Mountain Vista Ballot Questions and approved the contracting of said indebtedness; and
WHEREAS, the real property within the Mountain Vista District was previously located
within the boundaries of the Avon Station District; and
•
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WHEREAS, Vail Associates Investments, Inc. C`VArJ, the prior owner of the property
which now comprises the Mountain Vista District petitioned the Avon Station District for
exclusion of its property, subject to the terms of an Exclusion Agreement dated as of
2000 (the "Exclusion Agreement") between the Avon Station District and VAI;
and
WHEREAS, the Exclusion Agreement requires VAI or its. assign to use its best efforts to
cause the Mountain Vista District to execute this Agreement; and.
WHEREAS, pursuant to its service plan, the Exclusion Agreement and its electoral
authorization the Mountain Vista District desires to enter into this Agreement to allocate the
1)istrict's financial, construction and maintenance responsibilities with respect to the Regional
Improvements.
NOW, THEREFORE, in consideration of the obligations and undertakings set forth
below, and for other good and valuable consideration, the receipt and suffici.cricy of which is
hereby acknowledged, the Districts agree as follows:
ARTICLE 1
ALLOCATION OF CONSTRUCTION RESPONSIBILITIES
121 Construction of Regional Improvements. The Confluence District shall
construct or cause to be constructed all Regional Improvements to the extent required by
the Development Agreement dated as of October 27, 1998 (the "Development
Agreement") by and between VAI, the Town and Avon Commercial Center Ltd., attachul
hereto as Exhibit E. Subject to the phasing requirements provided in the Development
Agreement, the Confluence District shall commence or cause to be commenced
construction of the Regional Improvements at such times as it deems advisable in its
reasonable discretion. Notwithstanding the foregoing, the Mountain Vista District may
elect to construct those Regional Improvements listed. as "Local Infrastructure" in
Exhibit D hereto at such time as it deems advisable in its reasonable discretion.
1.2 Notice of Construction. The Confluence District shall provide written notice
to the Mountain Vista District no less than 30 days prior to committing any funds payable
under this Agreement towards the costs of construction of any Regional Improvements.
Such notice shall contain the following information: (a) identification of Regional
Improvement or the portion thereof to be constructed, (b) estimated temporary, to the
extent applicable, and permanent financing sources, and (c) estimated total amount to be
financed or supported by payments under this Agreement
1.3 Construction Status Reports. Once construction of a Regional Improvement
project commences and until certification of completion of said project, the Confluence
District shall provide written construction status reports to the Mountain Vista District
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upon request (but not within 30 days of the most recently distributed report). The
• construction status reports shall provide an outline of costs incurred to date, estimated
remaining costs and the estimated remaining schedule until certification of completion.
ARTICLE 2
ALLOCATION OF FINANCIAL RESPONSIBILITIES
'2.1 Financing of Regional lmprovements..The Confluence District shall
coordinate the financing of the Regional Improvements (including those Regional
Improvements initially constructed and/or financed by the Mountain Vista District)
through payments from the Avon Station District under the Avon Station Agreement and
Mountain Vista District under this Agreement or from any other available sources.
2.2 Notice of Annual Debt Service and Levv. During each year principal or
interest is due pursuant to any financing of a Regional Improvement under this
Agreement, the Confluence District shall provide a written notice to the Avon Station
District and the Mountain Vista District no later than November 15 in the calendar year
preceding the date or dates on which such principal or interest payments are due. Such.
notice shal l contain the following information: (a) the amount of principal and interest
due in the following calendar year, and (b) subject to Section 2.4 below,.the Confluence
District's estimate of the uniform rate of levy for ad valorem taxes required to be fixed
and certified by both the Avon Station District and the Mountain Vista District in order to
provide revenues sufficient to pay principal and interest in the following calendar year.
2.3 Covenant to Lew Ad Valorem Taxes. Subject to Section 2.4 hereof, for the
purpose of paying the principal of and interest on indebtedness incurred to pay the costs
of constructing Regional Improvements as said principal and interest became due and
payable and to pay its obligations hereunder, the board of directors of the Mountain Vista
District shall annually fix and certify the same mill levy as is required to be imposed by
the Avon Station Agrcernerit for Regional Improvements, such levy to be a uniform rate
of levy for ad valorem taxes to the Board of County Commissioners of the County, which
when levied on all of the taxable property in both the Avon Station District and the
Mountain Vista District will collectively raise ad valorem tax revenues sufficient,
together with other legally available funds, to meet promptly such principal and interest
payments and Mountain Vista District's obligations under Section 3.3 hereof.
2.4 Limited Oblizations. Notwithstanding the foregoing, the Mountain Vista
District shall not be obligated annually to (a) fix and certify a rate of levy for ad valorem
taxes in excess of 25 nulls to pay the aggregate principal and interest due and payable for
indebtedness or other obligations hereunder incurred in connection with tlic constiuctioD,
operation and maintenance of all Regional Improvements with the exception of the
Conference Center or (b).cer* a levy for ad valorem taxes in excess of 20 mills to pay
the aggregate principal and interest due and payable for indebtedness or other obligations
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hereunder incurred in connection with the construction, operation and muinLenancc; of the
• Conference Center. ' Notwithstanding the foregoing, the mill levy limitations expressed
herein shall be automatically adjusted to the extent of any change with respect to the
assessment of property for taxation purposes as a result of any legislative, constitutional,
administrative or judicial change in the metbod of, or percentage used in the calculation
of, such assessed valuation so that the property takes paid by:thc owner of property
subject to such mill levies neither increases or decreases as a result of such changes in the
method of or calculation of assessed valuation.
2.5 Effectuation of Pledge of Security Current Appropriation. The sums herein
required to pay the amounts due hereunder are hereby appropriated for that purpose, and
said amounts for each year shall be included in the annual budget and the appropriation
resolution or measures to be adopted or passed by the board of the Mountain Vista
District in each year while any of the obligations herein authorized are outstanding and
unpaid. No provisions of any constitution, statute, resolution or other order or measure
enacted after. the execution of this Agreement shall in any-manner be construed as
limiting or impairing the obligation of the Mountain Vista District to levy ad valorem
property taxes, or as limiting or impairing the obligation of the Mountain Vista District to
levy, administer, enforce and,collect the ad valorem property taxes as provided herein for
the payment of the obligations hereunder.
It shall be the duty of the Mountain Vista District annually at the time and in the
manner provided by law for the levying of the Mountain Vista District's taxes, if such
• action shall be necessary to effectuate the provisions of this Agreement, to ratify and
carry out the provisions hereof with reference to the levy, and collection of the ad valorem
property taxes herein specified, and to require the officers of the Mountain Vista District
to cause the appropriate officials of the County to levy, extend and collect said taxes in
the mariner provided by law for the purpose of providing fiords for the payment of the
amounts to be paid hereunder promptly as the same, respectively, become due. Said tax,
when collected, shall be applied only to the payment of the amounts to be paid hereunder.
2.6 Limited Defenses-, Specific Performance. It is understood and agreed by the
Mountain Vista District that its obligations hereunder are absolute, irrevocable, and
unconditional except as specifically stated herein, and so long as any obligation of the
Mountain Vista District hereunder remains unfulfilled, the Mountain Vista District agrees
that norwithstanding any fact, circumstance, dispute, or any other matter, it will not assert
.
any rights of setoff;', counterclaim, estoppel, or other defenses to their payment
obligations, or take or fail to take any action which would delay a payment to the
Confluence District or impair the Confluence District's ability.to receive payments due
hereunder. The Mountain Vista District acknowledges that the Confluence District may
issue bonds or notes in order to enable the Confluence District to fulfill its obligations
hereunder and in so doing, the Confluence District will rely upon performance of both the
Avon Station District and the Mountain Vista District of their payment obligations under
the Avon Station Agreement and hereunder to produce revenue for the Confluence
•
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District, sufficient to enable the Confluence District to pay its bonds. ]Furthermore, the
• Mountain Vista District acknowledges that the Confluence District may obtain financial
commitments and security for its bonds from additional entities who shall be entitled to
rely on the payment obligations of the Avon Station District and the Mountain Vista
District contained under the Avon Station Agreement and hereunder with respect to
obligations that the Confluence District makes in connection with such security.
Accordingly, it is acknowledged by the Districts that the purpose of this Section 2.6 is to
ensure that the Confluence District receives all payments due herein in a timely manner in
order to enable the Confluence District to pay debt service on its bonds for the benefit of
bondholders and such additional entities. Notwithstanding that the bondholders are not in
any manner third party beneficiaries of this Agreement and do not have any rights in or
rights to enforce, or consent to amendments of, this Agreement, the Mountain Vista
District acknowledges and agrees that unless payments are made to the-Confluence
District during the pendency of any litigation which may arise hereunder in connection
with alleged defenses other than those specifically set forth in this Section 2.6, all
payments. shall be made by the Mountain Vista District for the purpose of enabling the
Confluence District to make payments on its bonds until such claims have been
adjudicated. Notwithstanding that this Agreement specifically prohibits and limits
defenses and claims of the Mountain Vista District, in the event the Mountain Vista
District believes that it has valid defenses, setoffs, counterclaims, or other claims other
than specifically permitted by this Section 2.6, it shall, nevertheless, make all payments to
the Confluence District as described herein and then may attempt or seek to recover such
payments by actions at law or in equity for damages or specific performance,
• respectively.
In addition, and without limiting the generality of the foregoing, the obligations of
the Mountain Vista District to transfer funds to the Confluence District for each payment
described herein shall survive any court determination of the invalidity of this Agreement
as a result of a failure, or alleged failure, of any of the directors of the Districts to
properly disclose, pursuant to State law, any potential conflicts of interest related hereto
in any way, provided that such disclosure is made on the record of the .Mountain Vista
District meetings as set forth in its official minutes.
2.7 Limitation of Authorization. The Mountain Vista District recognizes that
certain obligations imposed upon the Mountain Vista District by this Article 2 constitute
"debt" (as defined in the Constitution of the State). By approval of the Mountain Vista
Ballot Questions, the electorate of the Mountain Vista District authorized the incurring of
indebtedness by the Mountain Vista District in an amount sufficient to fund the various
obligations imposed by this Agreement, and also approved entry into this Agreement by
the Mountain Vista District. In no event shall any commitment, covenant, promise, or
other obligation under this Agreement require the issuance or incurring of indebtedness
by the Mountain Vista District in excess of its respective voted indebtedness
authorization.
.i
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2.8 Appropriation of Revenues. The Mountain Vista District shal l budget,
• appropriale and transfer to the Confluence District sufficient funds each year as required
to fully pay its obligations hereunder.
2.9 Future EXcl of usio . Neither the Avon Station Distri ct nor the
Mountain. Vista District shall consent to the exclusion of any real property from within
their boundaries unless the property owners of such proposed excluded property covenant
to assume_ all responsibilities under this Agreement and such covenants run with the land
and are in a form satisfactory to all parties to this Agreement.
ARTICLE 3
OPERATION AND MAINTENANCE
3.1 lion and Maintenance Expenses. To the extent Regional Improvements
are :not dedicated to the. Town and- the Town assumes all operational and maintenance
responsibilities therefor, the Confluence District agrees to own, operate and maintain the
Regional Improvements and in addition agrees to supply management and administrative
services and other services permitted by law, in accordance with the Confluence Tistrict.
service plan.
3.2 Budgeted erational Maintenance Expenses. The Confluence District
shall budget the costa related to operation and maintenance of the Regional Improvements
• and shal l provide written notice to the Mountain Vista District by November 15 of each
year the uniform rate of levy both Districts must fix and certify to pay such budgeted
operational and maintenance expenses for the next calendar year.
3.3 Operating Levv_. Subject to Section 2.4 hereof, for the purpose of paying the
Confluence: District's budgeted operational and maintenance expenses for the Regional
Improvements, the board of directors of both the Avon Station District and Mountain
Vista District shall annually fix and certify the uniform rate of levy for ad valorem tax to
the Board of County Commissioners of the County, which when levied on all the taxable
property in both the Avon Station District and Mountain Vista District will. collectively
raise ad valorem tax revenues sufficient, together with other legally available funds, to
pay such budgeted amounts.
3.4 Disposition of Ad Valorem Tax Revenues Collected for Uperating and
Ivtaintenance Expenses. Within 30 days of receipt of any ad valorem tax revenues
generated by the mill levy required under Section 3.3 hereof, the Mountain Vista District
shall transfer said revenues to the Confluence District.
n
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ARTICLE 4
GENERAL COVENANTS AND REPRESENTATIONS
4.1 Acceptance of Responsibilities. Each-District accepts the responsibilities
imposed upon it by:this Agreement and agrees to observe and perform those
responsibilities.
4.2 Duty of Care. In performing the responsibilities hereunder, the Districts shall
use the same degree of care and skill in their exercise as a prudent person would exercise
or use under the circumstances in the conduct of his, or her own. affairs. No provision of
this Agreement shall be construed to relieve either the Confluence District or the
Mountain Vista District from liability for its own negligent action, its own negligent
failure to act, or its own wilful misconduct.
4.3 ameral Representations. In addition to the other mpresentations, warranties
and euvenants made by the 'Districts herein, the Districts each, and individually make the
following representations, warranties and covenants to each other, and may be held liable
for any loss suffered as a consequence of any misrepresentation or breach under this
Article 4:
(a) Each District has the full right, power and authority to enter into,
perform and observe this Agreement.
(b) Neither the execution of this Agreement, the consummation of the
transactions contemplated hereunder, nor the fulfillment of or by the compliance with the
terms and conditions of this Agreement by each District will conflict with or result in a .
breach of any terms, conditions, or provisions o~ or constitute a default under, or result in
the imposition of any prohibited lien, charge, or encumbrance of any nature under any
agreement, instrument, indenture, or any judgment order, or decree to which any District
is a party of by which any District is bound.
(c) This Agreement is the valid, binding and legally enforceable
obligation of the Districts and is enforceable in accordance. with its terms.
(d) The Districts shall keep and perform all of the covenants and
agreements contained herein and shall take no action that could have the tf uut of
rendering this Agreement unenforceable in any manner.
ARTICLE 5
DEFAULT AND REMEDIES
5.1 Events of Default. The violation.of any provision of this Agreement by any
District, the occurrence of any one or more of the following events, and/or the existence
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of any one or more of the following conditions shall constitute an Event of Default under
this Agreement.
(a) The failure to pay any payment when the same shall become due
and payable as provided herein and to cure such failure within three business days of
receipt of notice from the Confluence District of such failure;
(b) The failure to perform or observe any other covenants, agreements,
or conditions in this Agreement on the part of any District and to cure such failure within
ten days of receipt of notice from the other District of such failure;
(c) The filing of a voluntary petition under federal or state bankruptcy
or insolvency laws by the Mountain Vista District or the appointment of a receiver for
any of the Mountain Vista District's assets which is not remedied or cured within 30 days
of such filing or appointment.
(d) Assignments by the Mountain Vista District for the benefit of a
creditor and a failure to cure such assignments within ten days of receipt of written notice
From the Confluence District; or
(e) The dissolution, insolvency, or liquidation of the Mountain Vista
District or the Confluence District and a failure to cure such dissolution, insolvency or
liquidation within ten days of receipt of written notice.
5.2 Remedies on Occurrence of Even of Default.
(a) Rights and Remedies. Upon the occurrence of an Event of Default,
the Districts hereto shall have the following rights and remedies that may be pursued
hereof
1. In the event of breach of any provision of this Agreement,
including but not limited to the failure of the Mountain Vista District to appropriate
funds, in addition to contractual remedies, the Confluence District may ask a court of
competent jurisdiction to enter a writ of mandamus to compel the board of the Mountain
Vista District to perform its duties under this Agreement, and the Mountain Vista District
may sock fivm a court of competent jurisdiction temporary and/or permanent injunctions,
or orders of specific performance, to compel the Confluence District to perform in
accordance with the obligations set forth under this Agreement, including but not limited
to its obligations to use any funds generated hereunder for no other purpose than to defray
the costs of financing, constructing, operating or maintaining the Regional
Improvements;
2. The Districts may protect and enforce their rights under this
Agreement by such suit, action, or special proceedings as they shall deem appropriate,
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including without limitation any proceedings for specific performance of any covenant or
agreement contained herein, for the enforcement of my other appropriate legal or
equitable remedy, or for the recovery of damages caused by breach of this Agreement,
including attorney's fees and all other costs-and expenses incurred in enforcing this
Agreement. If, at any time, there shall cease to be electors in the Mountain Vista District,
or i rno electors of the Mountain Vista District are willing to act as directors of the
Mountain Vista District, the Confluence District may ask. a court of competent
jurisdiction to designate the proper persons to assume control of the Mountain Vista
District for purposes of causing the performance of the Mountain Vista District's
obligations under this Agreement;
3. To foreclose any and all liens in the manner specified by
law;
4. To terminate this Agreement as provided herein; and
reasonably deem necessary.
U
(b) Delay or Omission No Waiver. No delay or omission of any District,
to exercise any right or power accruing upon and Event of Default shall exhaust or impair
any such right or power or shall be construed to be a waiver of any such Event of Default,
or acquiescence therein.
To take or cause to be taken such other actions as they
(c) No Waiver Default to Afl' tAnother, All Remedies
Cumulative. No waiver of any Event of Default hereunder by either District shall extend
to or affect any subsequent or any other then existing Event of Default or shall impair any
rights or remedies consequent thereon. All rights and remedies of the Districts provided
herein may be exercised with or without notice, shall be cumulative, may be exercised
separately, concurrently or repeatedly, and the exercise of any such right or remedy shall
not affect or impair the exercise of any other right or remedy.
(d) No Affect on Rightr. Except as otherwise provided by law, no
recovery of any judgment by the Districts shall in any manner or to any extent affect any
rights, powers, and remedies of the Districts hereunder, but such rights, powers, and
remedies of the Districts shall continue unimpaired as before.
•
(e) Discontinuance of Proceedings on Default: Position of Districts
Restored. In case any District shall have proceeded to enforce any'right under this
Agreement and such proceedings shall have been.diseontinued or abandoned for any
reason, or shall have been determined adversely to such District, then and in every such
case the Districts shall be restored to their former positions and rights hereunder, and all
rights, remedies, and powers of the Districts shall continue as if no such proceedings had
been taken.
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• ARTICLE 6
MISCELLANEOUS
6.1 Effective Date and TgM- This Agreement shall be effective as of
2000 upon execution hereof by the Districts and shall represent the valid,
binding and legally enforceable obligation of the Districts until such time as each of the
terms and conditions hereof has been performed in their entirety, or until this Agreement
is terminated by mutual written agreement of the Districts-as permitted herein or as
otherwise might be provided herein.
6.2 Relationship of Districts. This Agreement.does:not and shall not be
construed as creating a joint venture, partnership, or employer-employee relationship
between the Districts. The Confluence District and the Mountain Vista District intend
that this Agreement be interpreted as creating an independent contractor relationship.
Pursuaat to that intent, it is agreed that the conduct and control of the work required by
this Agreement shall lie solely with the Confluence District which shall be frcc to
exercise reasonable discretion in the performance of its duties under this Agreement.
Neither the Confluence District nor the Mountain Vista District shall, with respect to any
activity, be considered an agent or employee of the other District.
6.3 Liability of the Districts. No provision, covenant or agreement contained in
this Agreement, nor any obligations herein imposed upon any District nor the breach
thereof, nor the issuance and sale of any bonds by any District, shall constitute or create
an indebtedness or other financial obligation of the other District within the meaning of
any State constitutional provision or statutory limitation, subject however, to the
obligation of the Mountain Vista District to pay funds to the Confluence District pursuant
to the terms hereof.
. 6.4 District Dissolution. In the event either the Confluence District or the
Mountain Vista District seeks to dissolve pursuant to Section 32-1-701 C:R.S., et se as
amended, it shall provide written notification of the filing or application for dissolution to
the other District concurrently with such filing.
6.5 Survival of Obligations. Unfulfilled obligations of the Confluence District
and the Mountain Vista District arising under this Agreement shall be deemed to survive
the expiration of this Agreement, the completion of the Regional Improvements that are
subject of this Agreement, or termination of this Agreement by court order. Said
obligations shall be binding upon and inure to the benefit of the Confluence District and
the Mountain Vista District and their respective successors and permitted assigns.
6.6 Debt Must Comely with Law. Nothing herein shall be deemed nor construed
to authorize or require the Mountain Vista District or the Confluence District to issue
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bonds, notes, or other evidences of indebtedness on terms, in amounts, or for purposes
other than as authorized by State law.
6.7 State Constitutional Matters. If any provision hereof is declared void or
unenforceable due to a purported violation of Article X, Section 20 of the State
Constitution, the District involved in such violation shall perform such tasks as.tnay be
necessary to cure such violation, including but not limited to acquiring such voter
approvals, either in advance of, or following, an action as may be allowed by law..
6.8 Time is of the Essence. Time is of the essence hereof; provided, however,
that if the last day permitted or the date otherwise determined for the pcrfurmancQ of any
act required or Permitted under this Agreement falls on a Saturday. Sunday or legal
holiday, the time for performance shall be extended to the next succeeding business day,'
unless otherwise expressly stated.
_6.9 Persons Interested Hcrcin. Nothing expressed or implied in this Agreement is
intended or shall be construed to confer upon, or to give to, any person other than the
Confluence District and the Mountain Vista District, any right, remedy, or claim under or
by reason of This Agreement or any covenants, terms, conditions, or provisions thereof,
and all of the covenants, terms, conditions, and provisions in this Agreement by and on
behalf of the Confluence'District and the Mountain Vista District shall be for the sole and
exclusive benefit of the Confluence District and the Mountain Vista District.
6.I U District Records. The Districts shall have the right to access,, and review
each other's records and accounts, on reasonable times during District's regular office
hours, for purposes of ddermining compliance by the Districts with the terms of this
Agreement. Such access shall be subject to the provisions of Public Records Act of the
State of Colorado contained in Article 72 of Title 24, C.R.S. to the event of disputes or
litigation between the parities hereto, all access and requests for such records shall be
made in compliance with the Public Records Act.
6.11 impairment of Credit. None of the obligations of any District hereunder
shall impair the credit of the other patty.
. 6.12 Recovery of Costs. In the event of any litigation between the Confluence
District and the Mountain Vista District hereto concerning the subject matter hereof, the
prevailing District in such litigation shall be entitled to receive from the losing District, in
addition to the amount of any judgment or other award entered therein, a1 t reasonable
costs and expenses incurred by the prevailing District in such litigation, including
reasonable attorney fees.
6.13 Compliance with Law. The Confluence District and the Mountain Vista
District agree to comply with all federal, state and local laws, rules and regulations which
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are now, or in the future may become applicable to the Districts, to their business or
operations, or to services required to be provided by this Agreement.
6.14 Instruments of Further Assurance. The Confluence District and the
Mountain Vista District each covenant that they will do, execute, acknowledge, and
deliver or cause to be done„ executed, aclmowledged, and delivered, such acts,
instruments, and transfers as may reasonably be required for the performance of their
obligations hereunder.
6.15 Taxes. Each District assumes responsibility for itself, and any of its
employees, for payment of all federal, state and local taxes or contributions imposed or
required under unemployment insurance, worker's compensation, social security and.
income tax laws.
6.16 Recording of Agement. Within 10 days of the execution by all signatories
of this Agmemenl, the Districts shall each record in the real property records of the
County for all property within their respective boundaries, a copy of this Agreement mi
order to provide notice to subsequent purchasers of all or any part of the property within
such District of the existence of this Agreement. Within 30 days after the authorization or
incurrence of general obligation debt payable under this Agreement, the Confluence
District shall record a notice of such action and adescription of such debt pursuant to part
16 of article 1 of Title 32, Colorado Revised Statutes, as amended.
6.17 Arbitration. The parties agree that any dispute arising under this Agreement
shall be subject to arbitration among the parties in accordance with customary rules of the
American Arbitration Association, which shall be binding upon the parties.
6.18 Attorneys' Fees. If any party hereto institutes any action or proceeding in
court or through arbitration to enforce any provision of this Agreement, or for damages
by reason of any alleged breach of this Agreement, or for any judicial remedy, the
prevailing party shall be entitled to receive from the losing party all reasonable attorneys'
tees and court costs incurred in connection with said proceeding.
6.19 Notices. All notices, demands or other communications required or
permitted to be given hereunder shall be in writing and any and all such items shall be
deemed to have been duly delivered upon personal delivery; or as of the third business
day after mailing by United States mail, certified, return receipt requested, postage .
prepaid, to the address set forth below; or as of 12:00 Noon on the immediately following
business day after deposit with Federal Express or a similar overnight courier service, to
the address set forth below; or as of the third business hour (a business hour being one of
the hours from 8:00 a.m. to 5:00 p.m. on business days, local time of the recipient) after
transmitting by telecopier to the telecopy number set forth below:
•
CO_DOCS A 53166 v 4 13 2/16100
FROM BALLARD SPAHR ANDREWSUNGERSOLL (VIED) 2. 16' 00 17:58/ST. 17:43/NO. 4200000410 P 15
If to the Confluence District:
• White and Associates Professional Co oratio
. rP n
8005 South Chester Street, Suite 125
Englewood, CO 80112
Attn: Gary R. White, Esq.
If to the Mountain Vista ]District:
c/o Vistana, Inc.
8801 Vistana Center Drive, Suite 140
Orlando, Florida 32821
Attn: James A. McKnight
Senior Vice President
Facsimile: (407) 239-3038
With a copy to:
Vistana, Inc.
701 Brickell Avenue, Suite 2100
Miami, Florida 33131
Attn: Susan Werth, Esq.
General Counsel, Senior Vice President - Law
Facsimile: (305) 375-7159
Any address or telecopy number fixed pursuant to the foregoing may be changed by the
addresscc. by notice given pursuant to this Section 6.19-
6.20 Modification. This Agreement may be modified, amended, changed or
terminated,. except as otherwise provided herein, in whole or in part, only by as
agreement in writing duly authorized and executed by the Conllucncu District and the
Mountain Vista District. No consent of any third party shall be required for the
negotiation and execution of any such agreement.
6.21 Entire Agreement. This Agreement contains the entire agreement between
the Confluence District and the Mountain Vista District and no slatrmcnt, promise or
inducement made by either District or the agent of any District that is not contained in
this Agreement shall be valid or binding.
622 Severahility. If any portion of this Agreement is declared void or
unenforceable by a court of competent jurisdiction,, such portion shall be deemed severed
from this Agreement, and the balance of this Agreement shall retrain in effect.
•
CO DOCS_A 53166 v 4 14 2110100
FROM BALLARD SPAHR ANDREWS&INGERSOLL (PIED) 2.16'00 17:58/ST. 17:43/NO..4200000410 P 16
6.23 No Waiver. No waiver of any of the provisions of this Agreement shall be
• valid unless in writing and signed by the party agaainst whom it is sought to be enforced
The failure of any party to seek redress for violation of or to insist upon the strict
performance of any covenant or condition of this Agreement shall not prevent a
subsequent act, which would have originally constituted a violation, from having the
cffucl of an original violation.
6.24 Governing Law. This Agreement shall be construed and enforced in .
accordance with the laws of the State.
6.25 Heading. The paragraph headings which appear in some of the Sections of
this Agreement are for purposes of convenience and reference and are not in any sense to
be construed as modifying the Sections in which they appear. ri,
6.26 Construction. Whenever the singular number is used in this Agreement and,
when required by, the context, the same shall include the plural and the masculine gender
shall include the feminine and neuter genders, and vice versa.
6.27 Successor and Assi¢ns. This Agreement shall be binding upon and inure to .
the benefit of the parties and their respective heirs, personal representatives, successors
and assigns.
6.28, Countemarts/Facsimile Si ng_atures. This Agreement may he executed in
counterparts, each of which shall be deemed an original and all of which when taken.
together will constitute one and the same instniment. Facsimile signatures of any party
to this Agreement shall be considered originals for all purposes hereunder.
IN WITNESS WHEREOF, the parties have executed this agreement as of the date first
written above.
[SEAL]
Attest:
Secretary
n
ELI
CONFLUENCE 1VI1: fROPULiTAN UlSTRIC i' .
Eagle County, Colorado
By:
Chairman and President
CO 000S A 53166 V 4 is 2116100
FROM BALLARD SPAHR ANDAEWSUNGEASOLL (PIED) 2.16' 00 17:58/ST. 17:43/NO. 4200000410 P 17
MOLNTAIN VISTA METROPOI.uAN
® DISTRICT
Eagle County,, Colorado
[SEAL]
Attest: By:
Secretary Chairman and President
ACKNOW-LEDGED BY:
AVON STATION N ETROPOLI'TAN DISTRICT
Eagle County, Colorado
[SEAL]
Attest-o' _ By-
Secretary. Chairmanand President
•
CO OOCS_A 53166 v 4 16 2/16100
FROM BALLARD SPAHR ANDREWSUNGERSOLL (WED) 2. 16' 00 17:58/ST. 17:43/NO. 4200000410 P 18
• Legal Description and M2 p ofConfluence District
•
CO DOCS A 53166 v 4
A-1
2116=
FROM BALLARD SPAHR ANDREWS& I NGERSOLL (WED) 2. 16' 00 17:59/ST. 17:43/NO. 4200000410 P 19
EXHIBIT B
Legal Description and Map of Mountain Vista District
•
CO_DOCS A 53166 v 4 B- 1. 2/16100
FROM BALLARD SPAHA ANDREWS&INGERSOLL (PIED) 2. 16' 00 17:59/ST. 17:43/N0: 42000004.10 P 20
EXHIBIT C
• Legal :Description and Map of Avon Station `District
•
•
CO_DOCS_A 53166 v 4 C - I 2!10/00
'FROM BALLARD SPAHR ANDREWS& I NGERSOLL. (WED) 2. 16' 00 17:59/ST. 17:43/NO. 4200000410 P 21
E~ MIT D
• Description of R 'onal
~ Improvements
•
i
CO_DOCS_A 53166 v 4 D-1
218/00
.FROM BALLARD SPAHR ANDREWS&INGERSOLL (WED) 2.16'00 1.7:59/ST.17:43/NO.4200000410 P 22
Develop
in.ent Agreement
MEMORANDUM
TO: Hon. Mayor and Town Council
FROM: Burt . Levin
RE: Resolution approving the service plan for the new Tract C metro district
DATE: 02/17/00
Attached is a resolution of the Council approving the service plan for Mountain Vista
Metro District, a new special district for Tract C that will facilitate construction of Vistana's
project in accordance with the new PUD zoning for Tract C (Ord. No. 00-02) and in
accordance with the Amendment to the Development Agreement for Confluence and Tract
C.
The service plan (a copy of which is attached to the resolution) has. been reviewed by
staff, including Stan Bernstein and Dick Scheurer, Esq., and found to be consistent with the
other controlling documents for Tract C.
• Approval of this resolution will permit the owner of Tract C to place on the May 2000
ballot. the question of the formation of the new district.
•