TC Res. No. 2006-16 APROVING THE AMENDED AND RESTATED CONSOLIDATEDTOWN OF AVON, COLORADO
RESOLUTION NO. 06-16
SERIES OF 2006
A RESOLUTION APROVING THE AMENDED AND RESTATED CONSOLIDATED
SERVICE PLAN FOR CONFLUENCE METROPOLITAN DISTRICT, AND AVON
STATION METROPOLITAN DISTRICT
WHEREAS, on the 22"d day of September, 1998, the Town of Avon adopted and
approved the Consolidated Service Plan for Confluence Metropolitan District and Avon Station
Metropolitan District; and
WHEREAS, pursuant to Sections 32-1-204.5 and 32-1-205, C.R.S., as amended, the
Amended and Restated Consolidated Service Plan for Confluence Metropolitan District and
Avon Station Metropolitan District has been submitted to the Town Council of the Town of
Avon (the "Council"); and
WHEREAS, the Amended and Restated Consolidated Service Plan preserves the in of
the original Service Plan and updates.. development plans which were contemplated and discussed
in the Service Plan approved on September 22, 1998; and
WHEREAS, the Council considered the Amended and Restated Consolidated Service
Plan for Confluence Metropolitan District and Avon Station Metropolitan District on March 28,
2006; and
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Avon,
Colorado:
1. That the Council, does hereby determine that the requirements Section 32-1-
204.5, C.R.S. relating to the filing and contents of a Amended and Restated Consolidated Service
Plan for Confluence Metropolitan District and Avon Station Metropolitan District, and the
consideration thereof by the Council, have been met.
2. That, based on evidence presented in the Amended. and Restated Consolidated
Service Plan and before Council, the Council hereby determines as follows:
a. There is sufficient existing and projected need for organized service in the
area to be served by the proposed special districts.
b. Existing service in the area to be served by the proposed special districts is
inadequate for present and projected needs.
C. The proposed, special. districts are capable of providing economical and
sufficient service to the areas within its proposed border.
d. The areas to be included within the proposed special districts have or will
have the financial ability to discharge the proposed indebtedness on a reasonable basis.
3. That, subject to the condition precedent set forth in Paragraph. 4 hereof, the
Council, does hereby approve the Amended and Restated Consolidated Service Plan for
Confluence Metropolitan District and Avon Station Metropolitan District.
4. That this Resolution is expressly conditioned upon the acquisition by Avon
Confluence, LLC (or its designee) of fee simple title to the property described in that certain
"Amended and Restated Development Agreement - The Confluence," approved on March 14,
2006 between the Town and Avon Confluence, LLC., on or before June 15, 2006.
5. 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.
6. That all resolutions or parts thereof in conflict with the provisions hereof shall be
and the same are hereby repealed.
Done this 28th day of March, 2006, at Avon, Colorado.
TOWN COUNCIL OF THE
TOWN OF AVON,
EAGLE COLWrY OLOR
OF 4k
By:
2
CMMS PIANW13 143 303 1 006
0466.0003
•
AMENDED AND RESTATED
CONSOLIDATED SERVICE PLAN
FOR
CONFLUENCE METROPOLITAN DISTRICT
• AND
AVON STATION METROPOLITAN DISTRICT
March 21, 2006
Prepared By:
WHITE, BEAR & ANKELE
Professional Corporation
1805 Shea Center Drive, Suite 100
Highlands, Ranch, CO 80129
303-858-1800
0
TABLE OF CONTENTS
1. INTRODUCTION .....................................................................................................1
A. General Overview ..........................................................................................1
1., Amended and Restated Consolidated Service Plan I
2. History of the Districts ...............:.:.....................................................1
3. Need for Amendment of Original Service Plan .......................:.........1
4. General Plan.for the Districts .....................:...:..................................2
5. Dual District Structure .......................................................................2
6. Benefits of Dual District Structure ........................:...........................3
7. Location and Configuration of the,Districts ......................................3
8. Long-Tenn District Plan.-.-..1,..; ..........:..............................................:::.4
9, Existing Services and Districts .::..................................:....................4
B. General Financial Information and Assumptions ..........................................4
C. Contents of Service Plan 5
D. Modification of Service Plan .........................................................................5
II. NEED FOR DISTRICTS AND GENERAL POWERS ............................................5
A. Need for. Metropolitan Districts .....................................................................5
B. General Powers of Each District ......................................:.............................6
1. Water ...................................................................6
2. Streets ...................6
3. Traffic and Safety Controls ..........::............................:.......................6
4. Fire Protection & Emergency Medical Services ................................7
5. Television Relay and Translator ........................................................7
6. Transportation ....................................................................................7
7
7. Parks and Recreation 7
8. Sanitation ...........................................................................................7
.
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9. Mosquito and Pest Control
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- 10 . -Operations-and Maintenance
11. Legal Powers .....................................................................................8
12. Other 8
III. POPULATION AND VALUATION ESTIMATES .................................................9
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A. Population
B. Assessed Valuation ........................................................................................9
IV. DESCRIPTION OF FACILITIES AND IMPROVEMENTS . 9
V. PROPOSED AND EXISTING INTERGOVERNMENTAL AGREEMENTS 9
9
A. Master IGA
B. Other Agreements ..........................................................................................10
VI. FINANCIAL PLAN SHOWING HOW FACILITIES MAY BE FINANCED 10
P_.~
•
A. General ...........................................................................................................10
B. Elections; Other Requirements I I
VII. CONCLUSIONS .......................................................................................................12
LIST OF EXHIBITS
EXHIBIT A-1
EXHIBIT A-2
EXHIBIT B
EXHIBIT C
EXHIBIT D
EXHIBIT E
EXHIBIT F
G
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Confluence Metropolitan District
Avon Station Metropolitan District
Map of Districts
Cost Estimates
Facility Maps
Financing Plan
Statutory Contents of Service Plan
ii
I. INTRODUCTION
A. General Overview
•
1. Amended Consolidated Service Plan. This Amended and Restated
Consolidated Service Plan ("Amended Service Plan") for Avon Station Metropolitan District (the
"Financing District") and Confluence Metropolitan District (the "Service District") (collectively,
the "Districts") constitutes a combined service plan for two special districts organized in Eagle
County,' Colorado, which serve the needs of a project generally known as the "Confluence
Development (hereinanfter referred to as the "Project").' Upon completion, the Project will
consist of commercial/retail facilities, hotel and timeshare units, a_central pedestrian plaza, an
intermodal transportation system including a gondola, and other. related public improvements.
This Amended Service Plan follows the text of the original service ari approved-by the Town of -
Avon (the "Town") on September 22, 1998, with changes necessary to reflect current facts and
circumstances concerning the Project.
2. History of the Districts. The Districts have. been organized and in
existence since November of 1998. At the time of organization, the Districts 'consisted of
approximately twenty-three acres, divided into several development areas.. Those development
areas included a parcel known as Lot B, aparcel known as Lot C, and a parcel known at the time.
as The Confluence (hereinafter referred to as the "Confluence Parcel"). The Town conditionally
annexed these parcels into the Town, the condition, being approval of a development agreement
(the Development Agreement') between the Town and Vail Associates' Inc. ("VAI"). The
Development Agreement was to .address joint VAI-Town funding of improvements in the
annexed parcels, land use and zoning, the Districts, and certain specific improvements, including
a conference center and roadway infrastructure. The Town approved the consolidated service
plan for the Districts on September 22, 1998, VAI and the Town executed the Development
Agreement on October 29, 1,998, and in November of 1998, the Districts obtained an order and
decree of organization from the Eagle County District Court.
In the spring of 2000, VAI negotiated for and completed the sale of Lot C -to Points of
Colorado, Inc. As part of this sale, Lot C was excluded from the Districts, and Mountain Vista
- Metropolitan District-("Mountain-Vista") was-organized-within-Lat-G-in-May-of-2000. ,
3. Need for Amendment to Original Service Plan. - Shifting needs of the
Town and.of the Project have caused a reevaluation of the various documents and agreements
affecting the Districts and development within the Project. The original service plan for the
Districts required that it be amended to be consistent with the final approved development .plan "
for the project, including revisions to the public infrastructure cost estimates and the Financing
Plan. This Amended Service Plan reflects the completion of zoning and the terms of an amended
development agreement between the Town and the current developer of the Project. It`provides
the framework through which the Districts will have the power and authority to serve the updated
needs of the Town and the Project.
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4. General Plan for Districts. The Project includes an area comprised of a .
parcel known as Lot B and a parcel that has generally been known as The Confluence
(hereinafter referred to as the "Confluence Parcel"). The locations of Lot B and the Confluence
Parcel are generally depicted ,on on Exhibit B. The two parcels that comprise the Project total
approximately.20.446 acres and consist of several development areas. Development plans for the
Project include a commercial area, a public plaza, an intermodal transportation system (including
a gondola, bicycle/pedestrian paths, and roads), restaurants, hotels, office and -retail space,-
necessary parking areas and/or structures, and other public ''amenities, residential condominiums
and/or interval ownership units and possibly employer/employee housing unit's.
-This Amended Service Plan addresses the improvements the Districts plan to finance and.,
construct:and demonstrates how the Districts proposing t6serve the Project will work in tandem
to provide the necessary public improvements.
5. Dual District Structure. This Amended Service Plan is submitted in
accordance with . C.R.S. 32-1-204.5 and defines the powers and authorities of, as well as the
limitations and restrictions on, the Service District and the Financing District.
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•
The use of a consolidated service plan for the two Districts will help assure proper
coordination, of. the powers and authorities of the independent Districts, and will.:help avoid the : .
confusion regarding the separate, but coordinated purposes of both 'Districts that could arise from
the use of separate service plans. Unless otherwise specifically noted herein, general provisions
of this Amended : Service Plan apply to both Districts. Where possible, however, specific : -
reference is.made'to an individual District to help distinguish the powers and authorities of each
District. The; "Financing Plan" discussed in Section VI refers to a consolidated financial plan for
both Districts.
The. Service District will be responsible for managing the construction and operation -of
facilities and improvements needed for the Project. The -Service District-will be a small parcel
-located adjacent to a riverfront park that is within the Project. The Financing District will-be
responsible for providing the funding and tax base. needed to support the Financing Plan for
capital -improvements. The Financing District is comprised of Lot B and nearly, all, of the
Confluence Parcel. The area within both Districts is depicted in Exhibit- B: Various agreements
are expected to be executed by both Districts clarifying the nature of the functions and services to
be provided by each District. The agreements will help assure the orderly development of
essential services and recreation facilities in the Project, resulting in a community that will be
both an aesthetic and economic asset to the Town.
The activities of Confluence Metropolitan District as the Service District (which is
expected to own and operate the public facilities not otherwise dedicated to the Town or other
appropriate entities) and of Avon Station Metropolitan District as 'the Financing District (which
will generate the tax revenue sufficient to pay the costs of the capital improvements) will create
several benefits for the Project and the Town. In general, those benefits are: (a) coordinated
administration of construction and operation of public improvements and delivery of those
improvements in a timely manner; and (b) maintenance of a uniform mill levy and reasonable tax
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burden on the separate development areas within the Project through controlled management of
the financing and operation of improvements.
6. Benefits of Dual District Structure.
a. Build-Out and Debt. As presently planned, development of the
Project will proceed in several phases, each of which will require the extension of public services
and facilities. The dual district structure will assure that the construction and operation of each
phase of public facilities will be primarily administered by a single board of directors consistent
with a well designed and financed construction and operations program. Use of the Service
District as the entity responsible for construction of each phase of improvements and for
management of operations will facilitate a well-planned financing effort through all phases of
construction and will assist in assuring coordinated extension of services to all areas in the
Project.
b. Mill Levy. The use of two districts to serve the separate areas of
the Project will allow infrastructure to be provided in the various development areas as demand
for services requires. In order to assure that infrastructure is provided to all areas when it is
needed, it is necessary that bonds are issued and facilities constructed according to a long term
financing and construction schedule, which must be administered by a single board of directors.
Use of the Service District to manage these activities will assure proper control of these efforts
and will enable the Financing District to impose a uniform mill levy throughout the Project so
each part of the project pays its fair share of the overall infrastructure needs.
Future property owners will be responsible for the mill levy required to fund the capital
and operating costs of the Financing District. A written disclosure statement summarizing the
anticipated mill levy obligations of the Financing District will be generated by the Districts and
made available through the developer to all initial purchasers of property within the Financing
District so such purchasers can make an informed decision to acquire property within the
District.
7. Location and Configuration of the Districts. In order to implement the
dual district structure, the boundaries of the Service District and the Financing District need to be
carefully configured. Legal descriptions of the property within the boundaries of the proposed
Districts are attached as Exhibit A. A map showing the boundaries of both Districts is provided
in Exhibit B. The combined acreage of the two Districts covers all acreage within the Project.
The Service Area legally permitted to be served by the Confluence Metropolitan District or
Service District will consist of the entire Project, including the property within the Financing
District's boundaries.
It is currently anticipated that the Service District will include little or no developed
property but will remain as open space. The Financing District will contain all of the area to be
developed for the project.
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It is currently anticipated that the preponderance of property within the current boundaries
of the Service District will be developed into a public riverfront recreation area (the "Riverfront
Park"), which is expected to be dedicated to the Town for ownership, operation and maintenance
after completion. Upon such acquisition by the Town, it is intended that the Service District will
exclude the property encompassing the Riverfront Park from its boundaries. Such exclusion
shall be deemed a non-material modification of this Amended Service Plan and shall require no
additional approval from the Town. The Districts shall be authorized to adjust their respective
boundaries, provided that no inclusion of property outside of the original boundaries of the
Districts shall be permitted without the Town's written consent.
8. Long-Term District Plan. After all bonds or other debt instruments have
been issued by the Districts and adequate provision has been made for payment of all debt of the
Service District and Financing Districts, the electorates of the Districts will have the opportunity
to consider either the consolidation of the Service District and Financing Districts into a single
entity, or the dissolution of the Service District and/or Financing Districts in accordance with
state law. The Service District and Financing Districts will consider consolidation and/or
dissolution at the time each District's debt has been paid and adequate provision has been made
for operation of all the Service District facilities. Additionally, the Town may cause the Districts
to commence dissolution proceedings as provided in Section 32-1-701(3), C.R.S.
9. Existing Services and Districts. There are currently no other entities in
existence in the Project area that have the ability and/or desire to undertake the design, financing
and construction of improvements needed for the Project. Consequently, formation of the new
Districts is deemed necessary for the provision of public improvements in the Project.
B. General Financial Information and Assumptions
The 2005 certified assessed valuation of all taxable property within the boundaries of the
Districts is $1,594,830. The anticipated costs of improvements necessary to provide access to
and appropriate services within the Project are substantial and are estimated in Exhibit C.
- The Districts may obtain financing.for- the capital improvements needed for the Project
through the issuance of general obligation bonds, revenue bonds, developer advance and
reimbursement agreements and/or other instruments as permitted by law. General obligation
bonds will be payable from revenues derived from ad valorem property taxes and from other
legally available sources. The Financing District is expected to issue general obligation bonds
and/or revenue bonds after determination that the assessed valuation is sufficient to pay debt
service with reasonable mill levies, thereby reducing risk to property owners. The financial
forecasts for both Districts are contained in Exhibit E to this Amended Service Plan. The
"Financing Plan" demonstrates one method that might be used by the Districts 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 Districts.
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
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infrastructure and operations shall not constitute legal limits on the financial powers of the
Districts; provided, however, that neither District shall be permitted to issue bonds that are not in
compliance with the bond registration and issuance requirements of Colorado law.
The assumptions contained within this Amended Service Plan were derived from a
variety of sources. Various figures were derived from the zoning and development guide for the
Project. Figures used in the Financing Plans are more conservative. Information regarding the
present status of property within both Districts, 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 the developer. The Financing Plans
were assembled by Piper Jaffray & Co. based on assumptions provided by the developer. The
developer prepared projections of growth and market values. The law firm of White, Bear and
Ankele Professional Corporation, which represents numerous special districts in the State,
provided legal advice in the preparation of this Amended Service Plan.
C. Contents of Service Plan
This Amended Service Plan consists of a financial analysis and an engineering
plan showing how the facilities and services for the Project can be provided and financed by the
proposed Districts. Numerous items are included in this Amended Service Plan in order to
satisfy the requirements of law for formation of special districts. Those items are listed in
Exhibit F attached hereto.
D. Modification of Service Plan
This Amended Service Plan has been designed with sufficient flexibility to enable
the Districts to provide required services and facilities for the Project under evolving
circumstances without the need for numerous amendments. While the assumptions upon which
this Amended Service Plan are generally based are reflective of current or pending zoning for the
property within the Project, the cost estimates and the Financing Plans are sufficiently flexible to
enable the Districts to provide necessary services and facilities without the need to amend this
Amendee Serv ice Plari. Modification oMe -gerieia1-types of services-and-facilities, and chan g e s
in proposed configurations, locations, or dimensions of various facilities and improvements shall
be permitted to accommodate development needs consistent with then-current zoning for the
property. Material modifications to this Amended Service Plan shall be deemed to exist only in
the event that either District seeks to add additional powers or provide general types of
improvements that are not contemplated herein.
II. NEED FOR NEW DISTRICTS AND GENERAL POWERS
A. Need for Metropolitan Districts
There are currently no other entities in existence in the Project area that have the
ability and/or desire to undertake the design, financing and construction of improvements needed
5
for the community. It is the petitioners' understanding that the Town does not consider it
feasible or practicable for it to provide the necessary services and facilities for the projects
depicted in Exhibit C hereof and described herein. Formation of the Districts is. necessary for the
provision of improvements needed for the project in the most economic manner possible.
B. General Powers of Each District
Both Districts will have power and authority to provide the services and facilities
described in this section within and outside their boundaries in accordance with law; however,
the powers and authorities of each District are allocated and further refined in an
intergovernmental agreement between the Districts. For purposes of applicable state law, such
intergovernmental agreement and amendments made thereto for the purposes of effectuating this
Amended. Service Plan shall not constitute an amendment of this Amended Service Plan. It does,
however, constitute a binding agreement between the Districts regarding implementation of the
powers contained in this Amended Service Plan.
Each District shall have authority to provide the following services and facilities:
1. Water. The design, acquisition, installation, and construction of capital
improvements and/or equipment for a complete water and irrigation water system. Such capital
improvements and/or equipment may include but shall not be limited to water rights, water
supply, storage, transmission and distribution systems for domestic and other public or private
purposes, together with all necessary and proper reservoirs, treatment works and facilities, wells,
water rights, equipment and appurtenances incident thereto, which may include but shall not be
limited to, transmission lines, distribution mains and laterals, storage facilities, land and
easements, together with extensions of and improvements to said systems.
2. Streets. The design, acquisition, installation, construction, operation, and
maintenance of street and roadway improvements, including but not limited to curbs, gutters,
culverts, storm sewers and other drainage facilities, detention ponds, retaining walls and
appurtenances, as well as sidewalks, bridges, parking facilities, paving, lighting, grading,
landscaping, snow removal .equipment, __and other street improvements, together with all
necessary, incidental, and appurtenant facilities, I-an-dand easements, together with extensions of
and improvements to said facilities.
3. Traffic and Safety Controls. The design, acquisition, installation,
construction, operation, and maintenance of traffic and safety protection facilities and services
through traffic and safety controls and devices on streets and highways, environmental
monitoring, and rodent and pest controls necessary for public safety, as well as other facilities
and improvements including but not limited to, main entry building, 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.
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4. - Fire Protection & Emergency Medical Services. The acquisition,
construction, - completion, - and/or installation of capital improvements and/or equipment for
protection against'fire, including, but not limited to; fire stations, fire,.protection and fire fighting _
equipment, and such ambulance; medical, and rescue units as are deemed necessary for proper .
firefighting and suppression services, adoption of fire codes, as well as all necessary, incidental;
and appurtenant facilities, land and easements, together with extensions of and improvements to
said system
5: 'Television Relay and Translator. The acquisition, construction,
completion, installation and/or operation and maintenance of: television relay and. translator
facilities,- including but not limited to cable television and communication facilities; together
with all,necessary, incidental and appurtenant facilities, land and easements, and all necessary
extensions of and improvements to said facilities.
6. Transportation. The _ design, acquisition, installation, construction,
operation and maintenance of an intermodal public transportation system, including
transportation equipment, park 'and ride facilities and parking lots, parking structures, roofs,
covers, and facilities, including,, but not limited to facilities for the commercial structures and for
the conveyance of the. public consisting of gondolas; funicular systems; terminal buildings, public
restrooms,' chairlifts; `buses; automobiles; and- other means ,of conveyance,: and structures for
repair; operations and maintenance of such facilities; together with ,all necessary,, incidental and
appurtenant facilities,-land, and: easements, and all necessary extensions: of and improvements to
said facilities or systems.
7. Parks and Recreation. The design, acquisition; installation, construction,
operation and maintenance of public park and recreation facilities or programs including, but not
limited to, swimming pools and spas, community and other meeting rooms and facilities, tennis
courts, exercise facilities, bike paths, hiking trails, snowshoe trails, pedestrian trails, pedestrian
bridges, pedestrian malls, public fountains and sculpture, art, and botanical gardens,, equestrian
trails and centers, picnic areas; skating' areas and facilities, access areas to the Eagle River,
-common, area landscaping and weed -control, outdoor-lighting- of -all types, community events; : -
together with all necessary, incidental and appurtenant facilities, -land and easements, and.all
necessary extensions-ofand-improvements to-said-facilities--or-systems._. _
8. Sanitation. The design, acquisition, installation, construction, of storm or
sanitary sewers, or both, flood-and surface drainage, treatment and disposal works -and facilities,
and all necessary or 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.
9. Mosguito and Pest Control. The design, acquisition, installation,
construction, operation, and maintenance of systems and methods for the elimination and control
of mosquitos, rodents and other pests.
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10. Operations and Maintenance. It is anticipated that the Districts will
dedicate certain facilities constructed and financed by the Districts to the Town or other public
entities for ownership, operations and maintenance. All facilities to be dedicated to other entities
will be constructed in accordance with acceptable standards for those entities. With respect to all
facilities not dedicated to other entities, the Districts shall be authorized to own, operate,
maintain, dispose of, and exercise all other rights incident to the ownership of, such facilities.
11. Legal Powers. Their Boards of Directors will exercise the powers of the
Districts to the extent necessary to provide the services contemplated in this Amended. 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 Amended Service Plan, as any or all
of the same may be amended from time to time.
12. Other. In addition to the powers enumerated above, the Boards of
Directors of the Districts shall also have the following authority:
a. To amend this Amended Service Plan as needed, subject to the
appropriate statutory procedures and to take actions with prior written notice pursuant to § 32-1-
207, C.R.S., the authorization of which may be unclear under this Amended Service Plan, but
that either District believes are authorized by this Amended Service Plan. In the event the Town
elects not to 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 Amended Service Plan.
Both Districts shall have the right to amend this Amended Service Plan independent of
participation of the other District; provided, that neither District shall be permitted to amend
those portions of this Amended Service Plan that affect, impair, or impinge upon the rights or
powers of the other District without such District's consent; and
b. To forego, reschedule, or restructure the financing and construction
of certain improvements and facilities, in order to better accommodate the pace of growth,
resource availability, and potential inclusions of property within either District (if approved by
the Town.exceg s_specifically_ contemplated_herein~ or.if the development of the improvements
and facilities would best be performed by another entity; and
c. To provide all such additional services and exercise all such
powers as are expressly or impliedly granted by Colorado law, and that the Districts are required
to provide or exercise or, in their discretion, choose to provide or exercise; and
d. To exercise all necessary and implied powers under Title 32,
C.R.S. in the reasonable discretion of the Boards of Directors of the Districts.
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III. POPULATION AND VALUATION ESTIMATES
A. Population
The estimated permanent population of the Districts is expected to be minimal, as
the bulk of developed residential property will consist of condominiums and/or fractional
ownership units, with a transitory population. Assuming full occupancy of all planned residential
units, the maximum population of the Districts is projected to be approximately 1,700 persons.
B. Assessed Valuation
As noted above, the 2005 assessed valuation for the Project is $1,594,830. An
estimate of projected assessed valuation within the proposed Districts is set forth in Exhibit E.
IV. DESCRIPTION OF FACILITIES AND IMPROVEMENTS
The Service District and the Financing District will each be permitted to exercise their
statutory powers and their respective authority set forth herein to finance, construct, acquire,
operate and maintain the public facilities and improvements described herein and, as necessary,
to provide the public services set forth in Section II of this Amended Service Plan either directly
or by contract. Where appropriate, the Districts will contract with various public and/or private
entities to undertake such functions.
A description and cost estimate of improvements expected to be constructed by the
Districts are contained in Exhibits C and D. Such descriptions and cost estimates are preliminary
only and will be subject to modification and revision as engineering plans, financial factors and
construction scheduling may require subject to the. overall limitations on the powers of both
Districts set forth in Section II hereof.
V. PROPOSED AND EXISTING INTERGOVERNMENTAL AGREEMENTS
A. Master IGA
The relationship between the Service District and the Financing District, including
the means for approving, financing, constructing, and operating the public services and
improvements needed to serve the Project was established by means of a Master Intergovernmental
Agreement (the "Master IGA") executed by and between the Districts on November 13, 2003.
The relationship between the Service District and the Financing District, including the
means for approving, financing, constructing, and operating the public services and improvements
needed to serve the Project has been established by means of the Master IGA. The Master IGA is
expected to generally provide that the Financing District will pay to the Service District over a
period of years the costs of (1) the construction, acquisition, and equipping of certain public
facilities and services, and (2) the operation and maintenance of the facilities. Under the Master
IGA, the Financing Districts has covenanted to levy the taxes necessary, together with other
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available funds,. to meet the payment obligations set forth in the Master IGA. In return for the
payment under the agreement, the Service District has agreed to (1) acquire, construct and equip the
facilities, (2) provide for their operation and maintenance, and (3) provide service to the property
within the Districts or convey facilities to other appropriate entities which will provide service.
B. Other Agreements
To the extent practicable, the Service District may enter into additional
intergovernmental and private agreements when it is in the best interest of the Service District to
better ensure long-term provision of the improvements and 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.
VI. FINANCIAL PLAN SHOWING HOW FACILITIES MAY BE FINANCED
A. General
Attached to this Amended Service Plan as Exhibit E is a Consolidated Financing
Plan that shows how the proposed services and facilities may be financed and operated by the
Districts.
The Financing Plan identifies the proposed revenues, expenses and debt issuance
schedules of the Service District and the Financing District. Both Districts' plans are included
for purposes of showing how the financial operations of the two Districts will be coordinated.
The Financing District is expected to issue general obligation bonds supported by ad valorem
mill levies. It is presently anticipated that the Service District will initially issue revenue bonds
secured by the developer and by financial commitments received from the Financing District as
well as revenues expected to be received pursuant to an intergovernmental agreement with the
Mountain Vista Metropolitan District. This mechanism will help assure the transition of
appropriate tax revenue to the payment of bonds issued to provide services for the Project. Other
structures may also be used.
The balance of the information contained in this secijon of-this Amended Service Plan is
preliminary in nature. All dollars are stated in 2006, uninflated dollars. Upon approval of this
Amended Service Plan, both Districts 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 maximum general obligation bonded indebtedness for the Financing District shall not
exceed $ 36,000,000 exclusive of costs of issuance, inflation, contingencies and other costs, for
parking and related facilities. The Service District shall be permitted to issue revenue bonds in
any amount provided that such issues are secured or issued in a manner permitted by state law.
The foregoing bond limits shall not be increased except by written approval of the Town. Other
10
than said restriction, the Districts shall have plenary authority to construct all facilities
contemplated herein without the need to seek approval of any modification of this 'Amended
Service Plan. Reasonable modifications of such facilities and cost estimates shall likewise be
permitted.
In addition to ad valorem property taxes, and in order to offset the expenses of the
anticipated construction and the Service District operations and maintenance costs, the Districts
will also rely upon various other revenue sources authorized by law, including fees, rates, tolls,
penalties and charges as provided in § 32-1-1001(1), C.R.S. The Financing Plans assume various
sources of revenue, including ad valorem property taxes, specific ownership taxes, development
fees, and user charges, together with interest earnings on retained amounts.
The maximum voted interest rate for bonds ' will be 18%. The proposed maximum
underwriting discount will be 5%. It is estimated that, when issued, the bonds will mature not
more than forty (40) years from date of issuance
in the discretion of the Boards of Directors, the Districts may set up other qualifying
entities to manage, fund, construct and operate facilities, services, and programs. To the extent
allowed by law, any entity created by either District will remain under the control of its Board of
Directors.
The Financing Plans demonstrate that each District will have the financial capability to
discharge the proposed indebtedness with reasonable mill levies assuming reasonable increases
in assessed valuation and assuming the rate of build-out estimated in the Financing Plans.
B. Elections; Other Requirements
All elections will be conducted as provided in the Uniform Election Code and the
Constitution of Colorado, and may be held as determined by the elected Boards of Directors of
both Districts.
The Financing District and the Service District shall be subject to the following additional
requirements:
1. Submission of annual reports as described in § 32-1-207(3), C.R.S. The
annual report shall include the following information:
a. Boundary changes made to the District's boundary as of December
31 of the prior year.
b. Intergovernmental Agreements with other governmental entities
entered into as of December 31 of the prior year.
C. A list of all facilities and improvements constructed by the
Districts that have been dedicated to and accepted by the Town as of December 31 of the prior
year.
11
d. The assessed valuation of the Districts for the current year.
e. Current year budget including a description of the Public
Improvements to be constructed in such year: , ,
f. Audit of the Districts financial statements, for the year ending
December 31 of the previous year, prepared in accordance with generally accepted accounting
principles. or audit exemption, if applicable.
g. Notice of any uncured events of default by the District, which
continue beyond a ninety (90) day period, under any Debt instrument.
3. Material modifications of this Amended Service Plan, except as
contemplated herein, shall.be subject to approval by the Town in accordance with the provisions
of § 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. .
VII: CONCLUSIONS .
It is submitted that this Amended Service Plan for the proposed Confluence Metropolitan
District and Avon Station Metropolitan District, as -required by § -32-1-203(2), C.R.S., has
established that:
1. There is sufficient existing and projected need for organized service in the area to
'be serviced by the proposed special district.
2. The existing service in the area to be served by, the proposed special district is
inadequate for present and projected needs.
_ . . _ 3: The. proposed. special.. district is capable of providing economical and sufficient
service to the area within its proposed boundaries.
4. The area to be included in the proposed special district has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis.
Therefore, it is requested that the Town Council of the Town of Avon, Colorado, which
has jurisdiction to approve this Amended Service Plan by virtue of § 32-1-2015 C.R.S., et seg., as
amended, adopt a resolution that approves this Amended Service Plan for Confluence
Metropolitan District and Avon Station Metropolitan District as submitted.
Respectfully submitted,
WHITE, BEAR AND ANKELE
CMDISVC PLAN12006 AMENDMENTAMPA1730032006' Professional Corporation
0466.0003
12
EXHIBIT A-1
Confluence Metropolitan District
•
•
•
•
LAND DESCRIPTION
CONFLUENCE
•
A parcel of land located in the South %2 of the northwest of Section 12, Township 5 South, Range 82
West of the Sixth Principal Meridian, Eagle County, Colorado, being more particularly described as
follows:
Beginning at the point on the approximate centerline of the Eagle River, from which the center''/. section
of Section 12 bears S250 57' 38"E, 268.27 feet; thence along the approximate centerline of the Eagle
River the following (10) ten courses:
1.
S860 36'
05"W, 19735 feet
2.
S86° 00'
59"W, 162.21 feet
3.
5810 26'
34"W, 214.88 feet
4.
S530 42'
45"W, 187.29 feet
5.
S500 10'
13"W, 154.96 feet
6.
S430 40'
09"W, 152.41 feet
7.
S470 47'
00"W, 293.81 feet
8.
S490 50'
33"W, 455.67 feet
9.
S570 22'
26"W, 341.00 feet
10.
5480 08'
55"W, 132.70 feet
Thence departing the approximate centerline of the Eagle River the following twenty (20) courses:
1.
S890 32'
01"E, 233.19 feet
2.
S560 04'
00"E, 157.47 feet
3.
S490 11'
26"E, 391.13 feet
4.
S530 39'
23"E, 210.92 feet
5.
5520 30'
25"E,106.06 feet
6.
S52° 10'
38"E, 95.48 feet
7.
S53° 13'
33"E, 116.06 feet
8.
S370 40'
12"E, 75.38 feet
9.
S350 09'
07"E, 102.83 feet
10.
9400 53'
23"E, 55.48 feet
11.
S490 08'
52"E, 52.96 feet
12.
S550 19'
17"E, 79.88 feet-
13.
S690 58'
49"E, 57.37 feet
14.
S820 22'
30"E, 181.83 feet
15.
S880 00'
08"E, 82.27 feet
16.
S82° 22'
17"E, 54.95 feet
17.
N760 09'
24"E, 84.42 feet
18.
S870 18'
04"E, 59.58 feet
19.
S81 ° 18'
11 "E, 86.36 feet
20.
S 12° 07'
30"W, 17.72 feet
Thence S 12° 05' 08"W, 120.18 feet to the Point of Beginning.
Parcel contains 6.895 acres
0
EXHIBIT A-2
Avon Station Metropolitan District
•
•
•
LAND DESCRIPTION
AVON STATION
•
A parcel of land described as Lot B, 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 northernmost comer of Lot B, also being the easternmost comer of Lot C; thence along
the westerly right-of-way of Beaver Creek Boulevard along the arc of a non-tangent curve to the left
187.14 feet, having a radius of 540.00 feet, a central angle of 19° 51' 21" and a chord which bears S45°
35' 34"E, 186.20 feet; thence departing said right-of-way S62° 54' 37"W, 220.50 feet; thence S27° 05'
2311E, 179.08 feet; thence N650 58' 08"W, 366.19 feet to a point on a line common to Lots B and C;
thence along said line N520 41' 01"E, 397.57 feet to the Point of Beginning.
Parcel contains 1.56 acres.
0
LAND DESCRIPTION'
AVON STATION ,
A parcel of land located in the South '/z of the northwest '/4 of.Section 12, Township 5 South, Range 82
West of the Sixth Principal' Meridan, Eagle County, Colorado, being more particularly described as:..
follows: .
Beginning at the point on the southerly right-of-way line of the Denver & Rio Grande. Wester; Railroad .
and the westerly right ofway line of:Avon Road, from which the center'/4 of Section 12 bears, SO4°.'l8' .
06"E, 612:39 feet; thence along`the southerly railroad right=of-way N650 23' 27"W, 1729.75. feet to the " .
southeasterly most comer of Tract H, Benchmark at Beaver Creek Subdivision, Amendment Number 4,
as recorded in Book 274 at Page 701; thence departing the southerly right.-of-way line and along the
southerly line of Tract H N89°,32' 0 1"W, 164:10 feet; thence departing the southerly line of Tract H
along the following (20) twenty courses:
1. S56° 04' 60"E, 157.47.feet
2. S490 11' 26"E, 391:13 feet
3. S530 39' 23"E, 210:92 feet
4. S520 30' 25"E, 106.06 feet:
5. S520 10' 38"E, 95.48 feet .
6. S53°- 13' 33"E, 116:06 feet
7. S37° 40' IVE, 75.38 feet
8. $350 09' 07"E, 102.83 feet
9. S400 53' 237E, 55.48 feet
10. $490 08' 52"E, 52.96 feet
11. S550 19' ME, 79.88 feet
12. S690 58' 49"E, 57.37 feet
13. S820 22' 30"E, 181.83 feet
14. S880 00' 08"E, 8217 feet
15. N820 22' 17"E, 54.95 feet
16. N766 09' 24"E, 84.42 feet
17. N876 18'04"E, 59:58 feet
18. S810 18' 11"E, 86.36 feet
19. N12° 07',30"E, 68.28 feet
20. N21 ° 17' 14"E, 52.00 feet
thence N04° 29' 54"E, 119.79 feet to the Point of Beginning.
Parcel contains 11.991 acres.
0
•
EXHIBIT B
Map of Districts
•
•
•
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EXHIBIT C
Cost Estimates
0
Confluence
Gondola Construction Cost Estimate
2110
Manufacturer
2110
Installation by Manufacturer
rice below)
2110
Galvanized Towers (addition - see p
Deduct Vendor Lift House (see price below)
2110
2110
Add Lift House Extentions $13,8DD each
RPD Meter Treater (Included)
2110
Change to Eurotherm (Included)
2110
Change to Cummins (No charge)
2110
Add Loading Gates (NIA)
2110
Add this for Piltz System (included)
2110
Return Alternator for Power Fall (Included)
211 D
Deduct hi hs ad backsto on earbcx N1A
2110
Lift Vendor Subtotal
2110
2005 Prices - Add 3% for 2008
Add Galvanized Towers - $18,000
2110
Lift Vendor Total
2110
Add Power Fitter
2110
Add VRI Facade for Lift Houses
intenance ( Moving Utilities, etc). See Below
M
ilit
4050
a
y
Site Work / Ut
4060
3680
Site Prep I Road Building
Taxes@ 4% (may not be applicable due to District status)
n Non Destructive Testing MacNne
d
a
Shop Tools and Equipment (Set of Tools an
5450
4530
Change Orders
5470
Radio Equipment
1420
Evacuation and Protective Gear
4120
Eject icity
1420
Maze materials
1420
Job Supplies
1420
Signs
Chair/Storage Cabinet/etr-
1420
4500
Toilets, Top and Bottom
1420
Operator Tools
1420
Tower Pads
2530
Engineering Fees
2540
Surveying @ 1.00 / ft
4140
Telecom Installation
3550
Building permits
3800
inspectionticense
2590
Project Consultant
2050
Project Labor - Lifts
2500
Project Labor - Planning
2100
Benefits + W/C @ 21.5%
2160
Fuel, Lift and Equipment
4060
Project Clearing $8000/or
5560
Pro act Reve $2500/ac
dor Expenses
Total on- en
SubTotal
Other Costs: Builders Risk Insurance
Lift Maintenance Facility
Less Lift House extension for the top
Contingency (10%) er Terminal
Excavation and Site Work at Upp
(subject to negotiated cost allocation bewteen VRI and the District)
Construction Mana ement Fee
Total Other Costs
Doppeimayr
8 person detach
1200 -1600 h
$ 3,924,500
973,100
0
0
27,600
0
$ 4,925,200
147,756
16,000
$ 5,090,956
95,000
70,000
?77
0
212,638
24,OD0
80,000
4,000
20,000
40,000
4,000
5,000
5,OD0
3,000
D
700
6,000
13,500
4,000
3,OD0
1,200
5,000
2,000
10,000
2,000
3,010
1,000
16,000
5,000
$615,046
$5,706,004
40,000
500,000
(13,800)
570,600
550,000
125,000
$ 1,771,800
$7,477,805
•
•
~JJ
Grand Total
•
1 Permits, Railroad insurance, CDOT, etc
2 Demolition
2a Demolition retaining wall/Avon Rd.
2b Demolition existing
2c Demolition Hurd Rd. entrance
2d Demolition fencing (north property line)
2e Demolition overhead utility lines
2f Demolition Underground existing utilities
3 Traffic Control
4 Earth Work
4a Mobilization
0 Site Survey & Layout
4c Export of unsuitable soils
4d Import of sutable soils
4e Rough Grading
4f Grade for curb, sidewalk and asphalt
4g Grade at Landscape areas
4h Grade for north/south bike path
4i Topsoil
5 Temporary Shoring @ turning lane
6 Asphalt Paving
6a 4" asphalt
6b 8" base
6c Traffic Markings
7 Unit Pavers @ crosswalk
7a Subslab for concrete pavers
8 Site Concrete
8a 6' sidewalk
8b Curb & Gutter
8c H/C ramp
8d Valley Gutter
8e 10' bike path
8f Stamped concrete pavement
8g Concrete pole bases
8h Concrete retaining wall
8i Retaining wall at Cul du sac
8j Guard rails
8k Removable bollards
9 Water Service
9a Water Service, new main
9b Tap existing main
9c Hydrants
9d Gate Valves
9e Fire Service
10 Sanitary Service
10a 10".PVC sanitary sewer
10b 8" PVC sanitary sewer
1 0c Sanitary sewer manholes
LS 1 $20,000.00
LS
1
$91,800.00
$91,800.00
LS
1
$8,000.00
$8,000.00
SF
25,125
$2.00
$50,250.00
LF
1,700
$6.88
$11,696.00
LS
1
$25,000.00
$25,000.00
LS
1
$39,000.00
$39,000.00
LS
1
$23,200.00
$23,200.00
LS
1
$14,000.00
$14,000.00
LS
1
$18,550.00
$18,550.00
CY
10,000
$15.00
$150,000.00
CY
10,000
$22.00
$220,000.00
SF
208,571
$0.525
$109,596.76
SF
97,000
$0.57
$55,290.00
SF
78,639
$0.20
$15,727.80
LS
1
$40,000.00
$40,000.00
SF
78,639
$0.30
$23,591.70
SF
5,100
$19.60
$99,960.00
SF
65,656
$2.53
$166,109.68
SF
65,656
$1.25
$82,070.00
LS
1
$5,000.00
$5,000.00
SF
3,623
$12.00
$43,476.00
SF
3,623
$5.00
$18,115.00
SF
12,474
$5.00
$62,370.00
LF
4,678
$25.00
$116,950.00
EA
15
$275.00
$4,125.00
LF
133
$20.00
$2,660.00
SF
11,272
$5.50
$61,996.00
SF
1,200
$20.00
$24,000.00
EA
70
$714.28
$49,999.60
CY
170
$423.53
$72,000.10
SF
2,600
$55.00
$143,000.00
LS
1
$35,000.00
$35,000.00
EA
2
$3,000.00
$6,000.00
LF
2,370
$75.00
$177,750.00
EA
2
$10,000.00
$20,000.00
Ea
8
$7,500.00
$60,000.00
Ea
10
$4,200.00
$42,000.00
LF
374
$53.48
$20,001.52
LF 2,240 $53.00 $118,720.00
LF 495 $65.00 $32,175.00
EA 12 $6,064.00 $72,768.00
10d Sanitary sewer taps
11 Storm Sewer
lie 24" RCP
11b 48" RCP
11 c Inlets
11 d Man holes
11 a Sand-oil interceptor
11f 18" RCP
12 Utility Trenching (gas & electric)
13 Fencing (north property line)
14 Landscaping
14a Trees
14b Shrubs
14c Sod/Seed
14d irrigation
14e Mulch
14f Soil preparation
15 Stone at Avon Rd. Retaining Wall
16 Electrical
16a Relocate fiber optics
16b Relocate existing light poles
16c Electrical service/transformer vaults
16d Communication vaults
16e Splice vaults
16f Joint trench
16g Electrical trench
16h Riverfront Dr. Street Lights
17 Directional signage / street signage
EA 2 $10,000.00 $20,000.00
LF
589
$85.41
$50,306.49
LF
111
$221.60
$24,597.60
EA
9
$4,889.00
$44,001.00
EA
21
$4,286.00
$90,006.00
EA
1
$12,519.00
$12,519.00
LF
1,718
$54.29
$93,270.22
LF
1,900
$10.00
$19,000.00
LF
1,500
$35.00
$52,500.00
EA
231
$589.54
$136,183.74
EA
350
$34.17
$11,959.50
SF
97,476
$0.11
$10,722.36
LS
1
$74,678.00
$74,678.00
SF
1,936
$1.74
$3,368.64
SF
46,312
$0.45
$20,979.34
SF
2,500
$28.00
$70,000.00
$0.00
LS
1
$375,000.00
$37500.00
LS
1
$7,500.00
$7,500.00
EA
5
$1,850.00
00
$9,250.00
00
000
$75
EA
5
$15,000.
.
,
EA
1
$5,000.00
.$5,000-00
LF
3,342
$50.57
$169,004.94
LF
1,920
$17.49
$33,580.80
EA
70
$3,372.00
$236,040.00
LS
1
$40,000.00
$40,000.00
SUBTOTAL
$4,136,415.79
Engineering
6.5%
$268,867.03
TOTAL
$4,405,282.81
r:nntinnencv
10.0%
$440,528.28
•
A
•
•
Public Plaza
1 Concrete Foundation/Caissons
la Layout
EA
21
$65.19
$1,368.99
1b Drill Casissons
LF
525
$14.04
$7,371.00
1 c Place concrete at caissons
CY
165.93
. $17.55
$2,912.07
Id Reinforcing'
LF
15,418
$0.52
$8,017.36
1e Concrete materials
CY
164.93
$197.20
$32,524.20
if 36" casting
LF
525
$15.21
$7,985.25
2 Concrete Substructure
$0.00
2a Precast floor tees
SF
18,000
$11.37
$204,660.00
2b Precast beams
LF
320
$206.73
$66,153.60
2c Reber
SF
18,000
$0.44
$7,920.00
2d Prep Topping slab
SF
18,000
$0.18
$3,240.00
2e Concrete topping
CY
222
$191.09
$42,421.98
2f Pump Concrete topping
CY
222
$14.04
$3,116.88
2g Concrete Stairs & Landing
LS
1
$110,000.00
$110,000.00
2h Concrete paths to river access
LS
1
$60,000.00
$60,000.00
3 Waterproofing
SF
18,000
$6.00
$108,000.00
4 Protective concrete slab
SF
18,000
$5.00
$90,000.00
5Insulation
SF
18,000
$6.41
$115,380.00
6 Snow melt
SF
18,000
$13.77
$247,860.00
7 Deck Pavers
SF
18,000
$8.00
$144,000.00
8 Railings
LS
1
$35,000.00
$35,000.00
9 Deck Furnishings
EA
10
$1,648.00
$16,480.00
10 Landscaping
SF
18,000
$5.00
$90,000.00
11 Public Restrooms
LS
1
$300,000.00
$300,000.00
12 Plaza Lighting
LS
1
$80,000.00
$80,000.00
SUBTOTAL
$1,784,411.33
Engineerirn
6.5%
$115,986.74
TOTAL
$1,900,398.06
Contingenc
10.0%
$190,039.81
0
•
1 Riverfront Park (includes lighting, landscaping & Furnishing., SF
140,000
$5.00
$700,000.00
2 East bike path SF
LS
4,200
1
$5.50
$40,000.00
$23,100.00
$40,000.00
3 Modify existing retaining wall
LS
1
$25,000.00
$25,000.00
4 Protective fencing at retaining wall
SUBTOTAL
$788,100.00
Engineerin
6.5%
$51,226.50
TOTAL
$839,326.50
r:nntinam
10.0%
$83,932.65
E
•
CONFLUENCE LANDSCAPING COST ESTIMATE
'
Landscaping is anticipated to, be extensive.throughout the public areas of the District including Estimated Cost
streetscape and pedestrian areas. Improvements include trees, shrubs, mulch and flower beds,
turf and native grasses, fencing, retaining walls, irrigation, etc.. Additional landscaping and
irrigation may be,installed'on the south side of the Eagle River pending easement agreements with
the. land. owners. $500,000.00
•
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$16,375,000.00
Confluence/Avon Station Metropolitan Districts
Revenue Bonds
Series 2006
Sources & Uses
Dated 04/0112006 Delivered 04/01/2006
Sources Of Funds
Par Amount of Bonds $16,375,000.00
Total Sources
Uses Of Funds
S 16,375,000.00
TotalUnderwriteesDiseount (1.100%) 180,125.00
Costs of Issuance 130,000.00
Total Letter of Credit Fee Paid at Closing 60,696.67
Deposit to Project Construction Fund 16,000,000.00
Rounding Amount 4,178.33
Total Uses $16,375,000.00
Revenue Bonds
Series 2006
Net Debt Service Schedule
DATE PRINCIPAL COUPON INTEREST LOC TOTAL P+i EXPENSES NET NEW D/S
12/01/2006
-
0.00%
383,130.12
257,783.46
640,91358
15,351.57
656,265.15
12101/2007
-
0.00%
573,124.98
343,711.28
916,836.26
20,468.76
937,305.02
12/01/2008
-
0.00%
573,257.97
343,71118
916,969.25
20,468.76
937,438.01
12/01/2009
-
0.00°/0
572,991.98
343,711.28
916,703.26
20,468.76
937,172.02
12/01/2010
5,000.00
3500/6
573,124.98
343,685.04
921,810.02
20,467.20
942,277.22
12/01/2011
5,000.00
3.50%
572,950.02
343,580.08
921,530.10
20,460.96
941,991.06
12/11/2012
5,000.00
3.50%
572,907.91
343,475.12
921,383.03
20,454.71
941,837.74
12/01/2013
5,000.00
3.50%
572,467.11
343,370.17
920,837.28
20,448.44
941,285.72
12/01/2014
5,000.00
3.50%
572,425.01
343,265.24
920,690.25
20,442.20
941,132.45
12/01/2015
5,000.00
3.50%
572,249.98
343,160.28
920,410.26
20,435.96
940,84622
12/01/2016
5,000.00
3.50%
572,207.74
343,055.32
920,263.06
20,429.71
940,692.77
12101/2017
5,000.00
3.50%
571,767.30
342,950.37
919,717.67
20,423.44
940,141.11
12/01/2018
5,000.00
3.50%
571,725.05
342,845.44
919,570.49
20,417.20
939,987.69
12/01/2019
5,000.00
3.50%
571,549.97
342,740.48
919,290.45
20,410.96
939,701.41
12101/2020
5,000.00
3.50%
571,507.60
342,635.52
919,143.12
20,404.71
939,547.83
12/01/2021
5,000.00
3.50%
571,067.49
342,530.57
918,598.06
20,398.44
938,996.50
12/01/2022
5,000.00
3.50%
571,024.97
342,425.64
918,450.61
20,392.20
938,842.81
i
12/01/2023
5,000.00
3.50%
570,850.00
342,320.68
918,170.68
20,385.96
938,556.64
12/01/2024
5,000.00
3.50%
570,807.43
342,215.72
918,023.15
20,379.71
938,402.86
12/01/2025
16,300,000.00
3.50%
570,367.58
256,602.75
17,126,970.33
15,281.25
17,142,251.58
Total
$16,375,000.00
-
$11,251,505.19
$6,689,775.72
$34,316,280.91
5398,390.90
$34,714,671.81
Series 2006 - 6cenarb 1 I SINGLE PURPOSE 1 21912006 1 1025 AM
•
Confluence/Avon Station Metropolitan Districts
Series 2009
Sources & Uses
Dated 09/0112009 Delivered 0910112009
Sources Of Funds
Par Amount of Bonds S16,730,000.00
Total Sources
Uses Of Funds
S16,730,000.00
Total Underwriter's Discount (1.500%) 250,950.00
Costs of Issuance 100.000.00
Deposit to Current Refunding Fund 16,375,000.00
Capital Improvements 4,050.00
Total Uses S16,730,000.00
Preliminary
$16,730,000.00 j
Confluence/Avon Station Metropolitan Districts I
Limited Tax General Obligation Bonds
Series 2009
Net Debt Service Schedule
EXISTING
j DATE
PRINCIPAL
COUPON
INTEREST
TOTAL P+I
D/S
NET NEW D/S
j 12/01/2009
0.00%
240,115.00
240,115.00
48,676.37
288,79137
12/01/2010
0.00%
960,460.00
960,460.00
-
960,460.00
12/01/2011
85,000.00
4.10%
960,460.00
1,045,460.00
-
1,045,460.00
12/01/2012
385,000.00
4.40%
956,975.00
1,341,975.00
-
1,341,975.00
12/01/2013
405,000.00
4.55%
940,035.00
1,3451035.00
-
1,345,035.00
12/01/2014
420,000.00
4.70%
921,607.50
1,341,607.50
-
1,341,607.50
12/01/2015
440,000.00
4.85%
901,867.50
1,341,867.50
-
1,341,867.50
I 12/01/2016
465,000.00
5.00%
880,527.50
1,345,527.50
1,345,527.50
I 12/0112017
485,000.00
5.15%
857,277.50
1,342,277.50
-
1,342,277.50
12/01/2018
510,000.00
5.30%
832,300.00
1,342,300.00
-
1,342,300.00
' 12/01/2019
540,000.00
5.40%
805,270.00
1,345,270.00
-
1,345,270.00
I
12101/2020
565,000.00
5.50%
776,110.00
1,341,110.00
-
1,341,110.00
12/01/2021
600,000.00
5.60%
745,035.00
1,345,035.00
-
1,345,035.00
12/01/2022
630,000.00
5.65%
711,435.00
1,341,435.00
-
1,341,435.00
12/01/2023
670,000.00
5.75%
675,840.00
1,345,840.00
-
1,345,840.00
12/01/2024
705,000.00
5.80%
637,315.00
1,342,315.00
00
-
1,342,315.00
341
425
00
1
12/01/2025
745,000.00
5.85%
596,425.00
1,341,425.
-
,
.
,
12/01/2026
790,000.00
5.90%
552,842.50
1,342,842.50
-
1,342,842.50
12101/2027
835.000.00
5.95%
506,232.50
1,341,232.50
-
1,341,232.50
12/0112028
885,000.00
6.00%
456,550.00
1,341,550.00
-
1,341,550.00
12/01/2029
940,000.00
6.05%
403,450.00
1,343,450.00
-
1,343,450.00
12/01/2030
995,000.00
6.05%
346,580.00
1,341,580.00
-
1,341,580.00
12/01/2031
1,060,000.00
6.10%
286,382.50
1,346,382.50
-
1,346,38230
12/01/2032
1,120,000.00
6.15%
221,722.50
1,341,722.50
-
1,341,722.50
12/01/2033
1,190,000.00
6.20%
152,842.50
1,342,842.50
-
1,342,842.50
12/01/2034
1,265,000.00
6.25%
79,062.50
1,344,062.50
-
1,344,062.50
Total
$16,730,000.00
-
$16,404,720.00
$33,134,720.00
$48,67637
$33,183,39637
•
Piper Jaffray & Co.
Fixed Income Capital Markets
t~
EXHIBIT F
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 districts' 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 the district is compatible
with facility and service standards of the Town of Avon and of special districts that are interested parties
pursuant to §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. districts;
7. A description of any arrangement or proposed agreement with any political `subdivision
for the performance of any services between the district and such other political subdivision;.
8. Information satisfactory to establish that each` of the following criteria as set forth in
§32=1-203(2), C.R.S., has been met:
(a) there-is sufficient existing and projected need for.organized service in the area -
to be serviced by the proposed special district.
(b) The existing'service in the area to be served by the proposed special district is
inadequate. for.piesent and projected 'needs.
(c) The proposed special district is capable of providing economical and sufficient
service to the area within its proposed boundaries.
(d) The area to be included in the proposed special district has, or will have, the .
financial ability to discharge "the proposed indebtedness on a reasonable basis.
•