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HomeMy Public PortalAboutTBP 2023-04-26COLO1"41111/0011, 11 la 4 ", Board of Trustees Special Meeting Agenda Fraser Town Hall, 153 Fraser Avenue and Virtually Wednesday April 26, 2023 6:00 PM- 9:00 PM Members of the Board may have dinner together @ 5:30 p.m. NOTE: Times are approximate and agenda subject to change Watch the meeting live on Fraser's YouTube Channel https://www.youtube.com/channel/UCs5aHnI7d-kk0j1 cxV28DSq Participate in the meeting through our virtual platform Zoom Meeting Information https://us02web.zoom.us/j/2590408013 Meeting 10:259 040 8013 Phone 1-346-248-7799 1. 6:00 P.M. Roll Call 2. Approval Of Agenda 3. Open Forum a. Business not on the agenda (If you would like to request time on a future agenda please contact the Town Clerk) 4. Public Hearing And Possible Action a. First Amendment To Amended And Restated Consolidated Service Plan - Byers View, West Mountain, West Meadows MD . Presentation by Metro Districts Council . Presentation by Fraser's Special Council. . Discussion and questions by the Trustees. . Public comment, 7:15pm - 9:00pm.You will be asked to state your name and the city/town of your residence. Each person will be given three minutes to comment and will only be able to comment one time. For timeliness, if you have the same comment as a person prior to you, please say "I agree with and state their name." No person will be given an aggregate of multiple peoples time, only three minutes per person. The Trustees may continue the public hearing to a future scheduled special meeting if additional time is needed for comments or research. Documents: Era ca11 (;;ouuna;iill IMerno IF .eag arn.Durnq;g Metro ILDtstrda;ts.pdf Fraser Board Of Trustees IPu..lr Ililc Heanng Presentatdon . IF final) (7.. 2023 04 10 F=ilirst Amendment .F..°. Amended And IR.es, tatea:l f,;;oinns°:.Iliidalled Srea.rvilr'.e IPllaan - Byers Vhew, We.s11 Mouuntaaiira, West Meadows MD (74465520.1 ).Pd't F:irnall 2023 04 19 - Servihce POan - Byers Vie MD, GP North Meadow MD And GP South Meadow 111ID(7530832.1).Pdf F5 nall 2023 04 24 - Saa:9irvihce IP11am - West M0UlInntaiin MD And West Mouun'ta:ailin IIVICD Nos. 2.5 "° r I4G7,D,D,D3.'t . F'rD Summary Of Estihmated Do atrct Costs Wo-.stMouuintaaaiiirnlMlelirot.-Dd;l1iruc is ,q .5 04.20.23 V3 ` dgned.pdf F°iiruall Hirst Amendment To Town IIGA.Ipdf F°irnal0 0ntergoveirnir n7 n7 )Town Of Fraser And West mna�rntaall Aa ra;��:irin��:irnt Among Mouurntaiirn t:Dihslirda;li:i».Ipdff F On'all 0ntergovernrnerntaall Agreernent Among .Town Of Fr (:, r , (Byers Vow, GP North IMea:adow, And GP South IMea:adow.pdf Proof Of F uuit.11ilca:atihoin For Metro ICDistrdct F uuilhlli1c IElleardngq.pdff 5. Adjourn UPCOMING MEETING WEDNESDAY, MAY 3, 2023 BOARD OF TRUSTEES Board Staff Direct: Define the service, product or value Lead: Future focused planning to be delivered Protect: Establish the operational Manage: Now focused policy and procedural boundaries to be respected by Staff and monitored by the Board guidance to ensure on time, on budget, and on target service delivery Enable: Advocacy, resource development, Accomplish: Ensure the work defined by the and role discipline direction of the Board of Trustees is accomplished Please contact the Town Clerk to request accommodations to assist people with disabilities to participate in public meetings. Listening devices for people with hearing impairment are available upon request. Town Clerk, Antoinette McVeigh 970-531-9943 or amcveigh@town.fraser.co.us 11111 1111 1111 Re: Proposed Amendments to Service Plans for West Mountain, West Meadow, and Byers View Metropolitan Districts 1. Introduction. In 2004, the Town of Fraser ("Town") approved the Consolidated Service Plan for the West Mountain, West Meadow, and Byers View Metropolitan Districts (the "Districts"). In 2005, the Town approved the First Amended and Restated Consolidated Service Plan for the Districts ("Amended Service Plan"). Service plan approval is a statutory requirement for the creation of a Title 32 special district —both single service districts (e.g., fire, water, sanitation, etc.) and multi -service districts (metropolitan districts). The Districts are currently operating under the 2005 First Amended Service Plan. Whenever there is a material modification to an existing service plan, a formal amendment is required and the approval process for the amendment is substantially similar to the process of initial approval of a service plan. The Districts initially proposed certain amendments to the 2005 First Amended Service Plan and, through initial discussions with the Town, have agreed to include additional changes to their original proposals to arrive at the versions that are now before the Town Board for formal consideration. 2. Initial Proposals. The initial proposed service plan amendments focused on the separation of West Mountain from Byers View and West Meadow, and changed the terms of each plan moving forward. The separation of West Mountain included dividing West Mountain into 5 separate districts and setting a new debt limit of $200 million, collectively, for the West Mountain Districts. The initial proposals also removed the issuance and maturity deadlines for bonded debt as well as the 5 mill limitation for operations and maintenance for all three Districts. The current 2005 Amended Service Plan contains a debt limit of $99 million for all three Districts. In the initial proposals, the $99 million debt limit would remain for Byers View and West Meadow, while the separated West Mountain would have its own debt limit of $200 million. After the Town Board's review and analysis of the initial proposals, along with considering public comments on the proposals, the Town Board suggested numerous revisions to the proposed service plans. The primary concern of the Town in addressing the proposed service plan amendments was to ensure the amendments addressed the unique circumstance of having only a portion of West Meadow being developed, while all other areas within the Districts remain undeveloped. The Districts were amenable to addressing the Town's concerns and provided updated proposals for formal consideration. 3. Current Proposals. The updated proposals not only have made general changes applicable to the service plan amendments impacting the undeveloped property, but now also propose dividing the current West Meadow District into 3 separate districts in order to limit the impact of the proposed changes on the developed property within West Meadow. Under the current proposals, the current West Meadow District will be divided into West Meadow, GP North Meadow, and GP South Meadow. The newly proposed West Meadow will encompass all of the currently developed property within the Districts and will primarily remain subject to the terms of the current 2005 Amended Service Plan. GP North Meadow and GP South Meadow, along with Byers View, would operate under a separate newly proposed service plan that is substantially similar in terms to the newly proposed service plan for the West Mountain Districts. A summary of the substantive terms of each proposed plan is below: a. West Meadow: i. Remains subject to all terms of current 2005 Amended Service Plan ii. Changes debt limit to $24 million iii. Changes legal boundaries to only cover currently developed or sold properties iv. Remains subject to 50 mill debt limit and 5 mill operations and maintenance limit b. GP North Meadow, GP South Meadow, Byers View: i. Operates under new consolidated service plan specific for these Districts ii. Debt limit set at $85 million iii. Covers approximately 119 acres of undeveloped property that reflects the remainder of the original West Meadow District and accounts for the relocation of Byers View iv. Adds Park and Recreation services to include parks, trails and open space improvements v. Includes issuance deadline of December 31, 2048 and maturity deadline of December 31, 2088 for long term debt obligations vi. Includes aggregate mill levy cap of 55 mills, with 50 mill debt limit and 5 mill operations and maintenance limit vii. Permits adjustments of the debt mill levy if there is a change in the basis for property assessment after 2023 viii. Includes limitation of developer reimbursement agreements to a term of 20 years and a cap of 8% simple interest c. West Mountain: i. Operates under new consolidated service for all 5 districts, West Mountain and West Mountain Nos. 2-5 ii. Debt limit set at $200 million iii. Covers approximately 1,019 acres of undeveloped property that is the same property identified as the original West Mountain District with the addition of one parcel that was included in 2008 iv. Adds Park and Recreation services to include parks, trails and open space improvements v. Includes issuance deadline of December 31, 2048 and maturity deadline of December 31, 2088 for long term debt obligations vi. Includes aggregate mill levy cap of 55 mills, with 50 mill debt limit and 5 mill operations and maintenance limit .i.. : ,+war°II of III::n:lls,E)r I:'(3 II3,ax.. 3;70, II N3sI r, CA'::::). ‘;','''',,(:.:11,442 r::)ffil (" g "' a .,1.1. fax I "i'(,)-r 2( a 1 "w vii. Permits adjustments of the debt mill levy if there is a change in the basis for property assessment after 2023 viii. Includes limitation of developer reimbursement agreements to a term of 20 years and a cap of 8% simple interest ix. Apportions $700,665 of current developer notes to the newly proposed West Mountain Districts In addition, while not expressly called out in the amendment, approximately $25.2 million in currently issued developer notes will remain with the newly proposed West Meadow District. This reflects the costs incurred in developing the property within the newly proposed West Meadow District. 4. Board Consideration. Pursuant to the Special District Act, the Town may take the following actions at the hearing called for considering the newly proposed service plans: a. Approve with or without condition or modification; or b. Disapprove; or c. Conditionally approve subject to the submission of any additional information that the Board of Trustees may require and that relates to the proposed amendments. The Board can place any condition on its approval which is legal, and rationally related to the proposed plan and impact of the plan on the community and future taxpayers. The statutory considerations for approval include the following: 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 present 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. 5. Staff Recommendation. Based on the current terms of the Service Plan Amendments, staff is comfortable recommending approval of the Amendments and related Intergovernmental Agreements (IGA's) conditioned on the Districts' execution of the proposed IGA's at the Districts' first meeting following service plan approval. The Board may also consider applying any additional relevant conditions to the approval based on the testimony at the hearing, as permitted by state law. The approval of these Service Plan Amendments does not impact the Town's continuing authority over the development of the property covered by the Amendments. „30 Il3cLx 370, Il f,,,y w Sp ncerFane First Amendment to the First Amended and Restated Consolidated Service Plan New Service Plan for West Mountain Metropolitan District and West Mountain M etropolitan District Nos . 2-5 New Service Plan for Byers View Metropolitan District, GP North Meadow Metropolitan District, and GP South Meadow Metropolitan District Sp ncerFane Fraser Board of Trustees approved the original Service Plan on August 4, 2004. Fraser Board of Trustees approved the First Amended and Restated Service Plan on April 14, 2005. The Districts were organized by Orders and Decrees issued by the Grand County District Court on May 11, 2005. The Districts experienced significant delay to development as a result of the economic downturn of the 2007-2009 financial crisis and subsequent economic conditions unfavorable to development. As a result, the only developed property within the entire project is the property within West Meadow. Upon petition of the sole property owner and following a public hearing, the undeveloped property was excluded from West Meadow and included into Byers View on March 10, 2023. t t • Significant property remains undeveloped in the project as a result of market and development changes. • The First Amendment will separate undeveloped property currently within West Mountain and Byers View from the developed community existing within West Meadow. The undeveloped property will be governed by new service plans that will accommodate the need for phased development and will address the delayed development status and increased construction costs. • As a result, West Mountain will be divided into five districts and the undeveloped property in Byers View will be divided into three districts . A 00 X. E%CEPT1EN CELIVERY PARCEL RN 8E-001966 -SEC. 30----� POTENTIAL FUTURE 04C11L7 JDI *J5 PARCEL 16 Ac ± ----SEC NE 1/4, SEC. 31 s1316 a0. — -SE NW 1/9, sec. 29 s1/2. SE 1/4, SEC 20 EXCEPTREN 50LAR TOM 177402 RN 177AO2 EXCEP ccu OLD RMC ROAD FILE OFR70 SE 1/4 . SEC . 29 E%C£P11CAi�' FVREST IRAN. ROAD R0[X 222 PACE so 31 WEST MOUNT AIN METROPOLITAN DISTRICT 100.1 AC E NW 1/4, SEC. 32 NE 1/4 SE C 3: 3 EX 2.121 NW 1/4. SEC. 28 BYERS VIE W METRCPOUTAN! DISTRICT ff 5.13 AC± ----SEC . 28 SW 1/4, SW 1/4, SEC. 28 EXCEPTION REDIS- MARVµE RN 280227 E2CEP110 N WN0's CROSSI NG ROAD RN 95-0 076151 ec A 00 SE 1/4 SEC. 19, T .1S ., 2 .75!., SIXTH P.H . AND A REPLAT OF SKI BROKER EMPLOYEE HOUSING APARTMENTS TRACT C RESUBDINSION OF PARCEL C FOREST MEADO WS SOLAR COMMUNITY REC. NO. 2021013571 S 1/2 ST 1/4 SEC. 20, f T .13 ., 8 .7511., SIXTH P31. 0' 500' OLD VICTORY ROAD RECEP11G3 NO. 2 00 501 38 29 NW 1/4 SEC. 29, T.1S., R.75R., SIXTH P .H. PARCEL A PARCEL B PARCEL C INDICATES EXC EPTED PARCELS AS ID ENTIFIED ON S HEET 7 1000' SCALE: 1" 1000' E SHEET 6) S 1/2. SE 1/4 SEC. 20, T.1S ., 2.75111 ., SIXTH P.M. UNION PACFIC RIGHT-OF-WAY 29 --- SE 1/4 SEC . 29, T.1S., R.751., St iTf P .H. EXH/BITS B & 0 REC. NO . 2022001003 KNOB CROSSING SOLAR TOY/WOWS REC. NO. 1835 30 2000' NW 1/4 SEC. 20, T.1S ., 2 .7511., SIXTH P.M KINGS CROSSI NG RD RECEPTION NO . 6900761: NOTE THIS ILLUSTRATION DOES NOT REPRESENT A UONUMENTED LAND SURVEY AND IS ONLY INTENDED TO DEPICT THE ATTACHED LEGAL DESCRIPTION. LEGE ND 39, » : B YERS - 00 Sp ncerFane t • Only consists of developed residential property and publicly owned and operated facilities (Grand Park Community Recreation Center), Foundry Bowl & Cinema, and Kremmling Memorial Hospital District medical center site . • The same terms and restrictions will apply to West Meadow under the current service plan. • Only change is the debt authorization will decrease from $99,000,000 to $24,000,000. • M ill levy limitations will remain unchanged (50 mills for debt service and 5 mills for operations and maintenance). A 00 5 QencerFane nt to Mill Levy Debt Issuance Deadline Debt Maturity Deadline Public Infrastructure 55 mills December 31, 2030 December 31, 2050 Sanitation, street and drainage, water 55 mills December 31, 2030 December 31, 2050 Sanitation, street and drainage, water A 00 5 QencerFane a 1E - 1,0 9 acres of undeveloped property - Primarily residential, mited commercial - Park and recreation VO s limited to parks, ifs, and open space r F ne Wes a 1 r eets titer D 0 42 scram_ 264 K c VI A 9 ct A 00 Wes 20 ante a Lev c __ 00000 e __ _ e s irsement A eem 2048 2088 C 01 00,01 x 0.0715 = x 0 05 year 2 a ct taxes owed taxes owed e A 00 k-gpencerFan e- _s of unddevelope property es€dent, r d recrea powers 't—re,,ed to r sr and open space LEGEN D Cr, NOR' , mEADOW A 00 r F ne e reet 1 A 0 0 ante a 20 Lev e __ _ e s irsement A eem 2048 2088 C 01 00,01 0.0715 = x 0 05 year 2 a taxes owed taxes owed e A 00 Service Plan Requirement: Districts must record statement against the property within the Districts' boundaries that includes the notice of the Districts' existence, average expected tax levy, maximum expected tax levy, and maximum allowed tax levy. SB21-262: Metro districts formed after Jan . 1, 2020 must email or mail notice of calls for director nominations to each active registered elector 75-100 days before election and by one additional method. SB21-262: Newly formed metro districts must establish and maintain a district website within 1 year of organization. SB21-262: All metro districts formed after Jan. 1, 2000 must file an annual report with the governing body. SB21-262: Builders must provide written disclosure to potential homebuyers before or during the execution of a contract information about the metro district, including estimated future property taxes. t)pencerFan e' fl Compliance with Section 32-1-201 thr ough 209, C .R .S .: There is sufficient existing and projected need f or organized service in the area to be servi ced by the pr op osed special district. The proposed public improvements are not available through the Town, County, or other governmental entity within a reasonable time or on a comparable basis. To develop the area, significant investment is needed in public infrastructure . Financing and construction of the infrastructure through the Districts will lower costs and ensure the costs are spread among those in the community that will benefit from such development . The existing service in the area to be served by the prop osed spe cial district is inad equate for present and projected needs. There are no other governmental entities in the vicinity that consider it feasible or practical to undertake the planning, design, acquisition, construction, installation, and financing of the public infrastructure needed to serve the property . The proposed special district is capable of providing economical and sufficient service to the area within its boundaries. The Districts will ensure the public improvements are constructed within a reasonable period of time for the benefit of the community, and the Districts' involvement will lower the costs of the public improvements. The area to be included in the pro po sed special district has, or will have, the financial ability to discharge the pro po sed indebtedness on a reasonable basis . The Districts will be limited to issuing debt within the confines of the Service Plans and limited to the amount the Districts can reasonably pay from the revenue derived from the debt service mill levy and other legally available revenue. The financial plans attached to the Service Plans are examples of how the Districts may finance the public improvements. 00 FIRST AMENDMENT TO FIRST AMENDED AND RESTATED CONSOLIDATED SERVICE PLAN FOR FOR WEST MOUNTAIN METROPOLITAN DISTRICT, WEST MEADOW METROPOLITAN DISTRICT, AND BYERS VIEW METROPOLITAN DISTRICT Town of Fraser, Colorado Originally approved on August 4, 2004 First Amended and Restated Consolidated Service Plan approved on April 6, 2005 First Amendment to First Amended and Restated Consolidated Service Plan approved on 1 I. INTRODUCTION On August 4, 2004, the Town of Fraser, Colorado (the "Town") approved the Original Consolidated Service Plan ("Service Plan") for the West Mountain Metropolitan District ("West Mountain"), West Meadow Metropolitan District ("West Meadow"), and Byers View Metropolitan District ("Byers View," and together with West Mountain and West Meadow, the "Districts"). On April 14, 2005, the Town approved the First Amended and Restated Consolidated Service Plan for the Districts ("Amended and Restated Service Plan"). West Mountain, West Meadow, and Byers View were organized to finance public improvements for the benefit of their residents, property owners, and taxpayers. This First Amendment to the Amended and Restated Service Plan ("First Amendment") is intended to be read in conjunction with the Amended and Restated Service Plan. This First Amendment is being submitted to the Town of Fraser Board of Trustees pursuant to Section 32-1-101, et seq., Colorado Revised Statutes, as amended ("Special District Act"), in conjunction with the Consolidated Service Plan for Byers View, GP North Meadow Metropolitan District, and GP South Meadow Metropolitan District and the Consolidated Service Plan for the West Mountain Metropolitan District and West Mountain Metropolitan District Nos. 2-5. The purpose of the First Amendment is to remove all of the undeveloped property within the original project from the governance of the Amended and Restated Service Plan to allow for the undeveloped property to be governed by new service plans to accommodate development and market changes. Specifically, West Meadow will divide into three separate metropolitan districts: West Meadow, GP North Meadow Metropolitan District, and GP South Meadow Metropolitan District. West Meadow will consist of the developed property currently located within West Meadow's boundaries and will continue to be governed by the Amended and Restated Service Plan. GP North Meadow Metropolitan District and GP South Meadow Metropolitan District will consist of the undeveloped property currently located within West Meadow's boundaries and, together with Byers View, will be governed by a new Consolidated Service Plan. Likewise, West Mountain will divide into five separate metropolitan districts, all of which will be governed by the Consolidated Service Plan for the West Mountain Metropolitan District and West Mountain Metropolitan District Nos. 2-5. II. PURPOSE OF FIRST AMENDMENT A. Division of West Meadow West Meadow is anticipated to have a lengthy build -out period and the development will consist of multiple phases of financing. Accordingly, the Districts have determined it is in the best interests of their current and future property owners, residents, and taxpayers to divide West Meadow into three separate metropolitan districts, with the developed property to remain within the boundaries of West Meadow and the undeveloped property to be located within GP North Meadow Metropolitan District and GP South Meadow Metropolitan District. The division into three separate metropolitan districts will prevent taxpayers from funding public improvements before they are needed. A new consolidated service plan will govern the GP North Meadow Metropolitan District, the GP South Meadow Metropolitan District and Byers View; and West Meadow will continue to be governed by the Amended and Restated Service Plan. As a result of 2 DN 7253674.1 this separation, the total debt authorization for West Meadow will be reduced to $24,000,000. B. Separation of West Mountain Due to the anticipation of a lengthy build -out period of development and the anticipation that multiple phases of construction financing will be required for West Mountain, West Mountain desires to divide into five separate metropolitan districts: West Mountain Metropolitan District, West Mountain Metropolitan District No. 2, West Mountain Metropolitan District No. 3, West Mountain Metropolitan District No. 4, and West Mountain Metropolitan District No. 5 (collectively, the "West Mountain Districts"). As mentioned above for West Meadow, the division into five separate metropolitan districts will prevent taxpayers from funding public improvements before they are needed. A new consolidated service plan will govern the West Mountain Districts. III. AMENDMENTS A. All references to the "Districts" shall only refer to West Meadow Metropolitan District. B. The legal description and boundaries of West Meadow Metropolitan District are attached hereto as Exhibit A and Exhibit B, respectively. C. All references to the total amount of debt the District may issue shall be amended to Twenty Four Million Dollars ($24,000,000). IV. EFFECT OF FIRST AMENDMENT Except as specifically amended as set forth above, all other provisions of the Amended and Restated Service Plan shall remain in full force and effect. To the extent there are any inconsistencies between this First Amendment and the Amended and Restated Service Plan, this First Amendment shall control. V. RESOLUTION OF APPROVAL The Districts incorporate the Town of Fraser Board of Trustee's Resolution approving this First Amendment, including any conditions of approval. [Remainder of page intentionally left blank] 3 DN 7253674.1 VI. CERTIFICATION It is hereby respectfully requested that the Town of Fraser Board of Trustees, which has jurisdiction to approve this First Amendment by virtue of Section 32-1-207(2) C.R.S., et seq., as amended, adopt a resolution of approval which approves this First Amendment to the First Amended and Restated Consolidated Service Plan for West Mountain Metropolitan District, West Meadow Metropolitan District, and Byers View Metropolitan District as submitted. WEST MOUNTAIN METROPOLITAN DISTRICT WEST MEADOW METROPOLITAN DISTRICT BYERS VIEW METROPOLITAN DISTRICT By: Russell W. Dykstra Spencer Fane LLP Counsel to West Mountain Metropolitan District, West Meadow Metropolitan District, Byers View Metropolitan District 4 DN 7253674.1 EXHIBIT A LEGAL DESCRIPTION 5 DN 7253674.1 WEST MEADOW METROPOLITAN DISTRICT LEGAL DESCRIPTION A PARCEL OF LAND LOCATED IN THE SOUTH HALF OF SECTION 20 AND THE NORTH HALF OF SECTION 29, TOWNSHIP 1 SOUTH, RANGE 75 WEST OF THE 6TH PRINCIPAL MERIDIAN, COUNTY OF GRAND, STATE OF COLORADO, BEING THE FOLLOWING DESCRIBED PARCELS: 1) ALL OF LOT 1 AND LOT 2, ELK CREEK CONDOMINIUMS AT GRAND PARK, AS SHOWN IN THE RECORDS OF THE GRAND COUNTY, COLORADO CLERK AND RECORDER'S OFFICE AT RECEPTION NUMBER 2019004896; 2) ALL OF LOT 3, ELK CREEK CONDOMINIUMS AT GRAND PARK, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2021002310; 3) ALL OF LOT 4 AND LOT 5, ELK CREEK CONDOMINIUMS AT GRAND PARK, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2021005789; 4) ALL OF LOT 6 AND LOT 7, ELK CREEK CONDOMINIUMS AT GRAND PARK, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2022002237; 5) ALL OF LOTS 1-10, INCLUSIVE, TRACT A, TRACT C, TRACT D, TRACT E, TRACT F, TRACT G AND TRACT K, ELK CREEK AT GRAND PARK FILING NO. 1, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2016001816; 6) ALL OF LOTS 11-34, INCLUSIVE, TRACT M, TRACT N AND TRACT 0, ELK CREEK AT GRAND PARK FILING NO. 2, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2016003562; 7) ALL OF LOTS 15-25, INCLUSIVE, TRACT P, TRACT Q, TRACT S, TRACT T, TRACT U AND TRACT V, ELK CREEK AT GRAND PARK FILING NO. 3, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2018000114; 8) ALL OF LOTS 35-62, INCLUSIVE AND TRACT W, ELK CREEK AT GRAND PARK FILING NO. 4, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2018002614; 9) ALL OF LOTS 1-21, INCLUSIVE, LOTS 50-65, INCLUSIVE, PARCEL B, AND TRACTS A AND B, THE MEADOWS AT GRAND PARK, FILING NO. 1, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2020001836; 10) ALL OF COZENS POINTE AT GRAND PARK, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2006009841; 11) LOTS 1-8, INCLUSIVE, LOTS 25-50, INCLUSIVE TRACT A, TRACT B AND TRACT D, COZENS MEADOW AT GRAND PARK AMENDMENT NO. 1, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2007006785; 12) LOTS 9-16, INCLUSIVE, LOTS 20-24, INCLUSIVE, TRACT C, TRACT E, TRACT F, TRACT G AND TRACT H, COZENS MEADOW AT GRAND PARK AMENDMENT NO. 1 SUBDIVISION EXEMPTION PLAT, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2011009508; 13) LOT 19, LOT 19 SUBDIVISION EXEMPTION PLAT OF COZENS MEADOW AT GRAND PARK, AMENDMENT 1, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2018004431; 14) LOTS 1-16, INCLUSIVE, THE WILLOWS AT GRAND PARK, FILING NO. 1, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2015004926; Q:\181122-01 - GRAND PARK - Control\Legals\Metro Districts\WEST MEADOW METRO DISTRICT.docx 2/23/2023 Page 1 of 6 15) LOTS 17-33, INCLUSIVE, THE WILLOWS AT GRAND PARK, FILING NO. 2, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2016006979; 16) LOTS 34-55, INCLUSIVE, THE WILLOWS AT GRAND PARK, FILING NO. 3, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2016006982. 17) ALL OF THE VILLAGE AT GRAND PARK -FILING 2A, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2008007840. 18) TRACT A, MAIN STREET RIGHT-OF-WAY AND 1ST STREET RIGHT-OF-WAY, THE VILLAGE AT GRAND PARK -FILING 1, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2008007834. 19) ALL OF THE VILLAGE AT GRAND PARK -FILING 2, LOT 12A & TRACT D, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2011005610. 20) ALL OF THE VILLAGE AT GRAND PARK -FILING 2, LOT 12C, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2019007844. 21) PARCELS DESCRIBED IN EXHIBITS B AND D, SPECIAL WARRANTY DEED IN SAID RECORDS AT RECEPTION NUMBER 2022001003. 22) ALL OF OLD VICTORY ROAD, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2009001131. 23) A PARCEL OF LAND, LOCATED IN THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 20, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER; THENCE ALONG THE WEST LINE OF SAID SOUTHEAST QUARTER, SOUTH 00°20'55" EAST, A DISTANCE OF 656.47 FEET; THENCE DEPARTING SAID WEST LINE, NORTH 89°39'05" EAST, A DISTANCE OF 75.80 FEET TO THE EASTERLY RIGHT-OF-WAY OF HAY STACK ROAD AS SHOWN ON THE FINAL PLAT OF THE MEADOWS AT GRAND PARK, FILING NO. 1 AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2020001836, AND THE POINT OF BEGINNING; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 43°43'31" EAST, A DISTANCE OF 79.08 FEET; THENCE DEPARTING SAID RIGHT-OF-WAY, SOUTH 46°27'01" EAST, A DISTANCE OF 133.47 FEET; THENCE SOUTH 60°46'49" EAST, A DISTANCE OF 122.24 FEET; THENCE SOUTH 64°54'37" EAST, A DISTANCE OF 114.29 FEET; THENCE SOUTH 24°59'26" EAST, A DISTANCE OF 50.79 FEET TO THE NORTHERLY RIGHT-OF-WAY OF HAY MEADOW DRIVE AS SHOWN ON SAID PLAT, BEING THE BEGINNING OF A NON -TANGENT CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 60.00 FEET, THE RADIUS POINT OF SAID CURVE BEARS SOUTH 07°55'54" EAST; THENCE ALONG SAID NORTHERLY RIGHT-OF-WAY THE FOLLOWING SIX (6) COURSES: Q:\181122-01 - GRAND PARK - Control\Legals\Metro Districts\WEST MEADOW METRO DISTRICT.docx 2/23/2023 Page 2 of 6 1) SOUTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 62°43'04", AN ARC LENGTH OF 65.68 FEET TO THE BEGINNING OF A REVERSE CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 10.00 FEET; 2) SOUTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 95°44'21", AN ARC LENGTH OF 16.71 FEET; 3) NORTH 64°54'37" WEST, A DISTANCE OF 124.23 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 632.00 FEET; 4) NORTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 18°52'36", AN ARC LENGTH OF 208.22 FEET; 5) NORTH 46°02'02" WEST, A DISTANCE OF 51.69 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 20.00 FEET; 6) THENCE NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 89°45'33", AN ARC LENGTH OF 31.33 FEET TO THE POINT OF BEGINNING. CONTAINING AN AREA OF 0.923 ACRES, (40,209 SQUARE FEET), MORE OR LESS. ALL INCLUDED PARCELS CONTAINING AN APPROXIMATE AREA OF 82 ACRES, MORE OR LESS. ILLUSTRATION ATTACHED AND MADE A PART HEREOF. 11111 11111111 ANTHONY K. PEALL COLORADO LICENSED PROFESSIONAL LAND SURVEYOR NO. 38636 FOR AND ON BEHALF OF AZTEC CONSULTANTS, INC. 300 E. MINERAL AVENUE, SUITE 1, LITTLETON, CO 80122 (303) 713-1898 • 02-23-23 0\ F• X `• •• * `r/ •••••••••• C, PREPARED BY: ���0� 4u mnLiM \\\``\\\\ Q:\181122-01 - GRAND PARK - Control\Legals\Metro Districts\WEST MEADOW METRO DISTRICT.docx 2/23/2023 Page 3 of 6 EXHIBIT B BOUNDARY MAP 6 DN 7253674.1 ILLUSTRATION TO EXHIBIT A NOTE: THIS ILLUSTRATION DOES NOT REPRESENT A MONUMENTED LAND SURVEY AND IS ONLY INTENDED TO DEPICT THE ATTACHED LEGAL DESCRIPTION. WEST MEADOW METROPOLITAN DISTRICT S 1/2, SEC 20 & N 1/2, SEC 29, T1 S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO o' S 1/2 SW 1/4 SEC. 20, T.1S., R.75W., SIXTH P.M. OLD VICTORY ROAD RECEPTION NO. 2009001131 NW 1/4 SEC. 29, T.1S., R.75W., SIXTH P.M. UNION PACIFIC RIGHT-OF-WAY 29 INDICATES INCLUDED PARCELS AS IDENTIFIED ON SHEET 6 9,L 500' 1000' SCALE: 1" = 1000' NW 1/4 SEC. 28, T.1S., R.75W., SIXTH P.M. (SEE SHEET 6) S 1/2. SE 1/4 SEC. 20, T.1S., R.75W., SIXTH P.M. NE 1/4 SEC. 29, T.1S., R.75W., SIXTH P.M. SE 1/4 SEC. 29, T.1S., R.75W., SIXTH P.M. EXHIBI TS B & D REC. NO. 2022001003 2000' AZ CONSULTANTS, INC. 300 Last Mineral Ave,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax: 1303)713-1897 www.aztecconsultants.com PATH: Q:\181122-01 - GRAND PARK - CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\MEADOW&BYERS METRO DISTRICT.DWG JOB NUMBER: 181122— 04 DATE: 2/23/2023 DWG: BOL CHK: AKP 4 OF 6 SHEETS Cri ILLUSTRATION TO EXHIBIT A LLI LL �v �cl. Z E Ca o� Qo co Lk, 6r) S A=89'45'33" R=20.00' L=31.33' `C I, POINT OF COMMENCEMENT NW COR, SW1/4, SE1/4, SEC 20 T1S, R75W, 61N P.N. N46°02'02"W 51.69' o' N43°43'31 "E 79.08' 50' 100' SCALE: 1" = 100' 200' HAY STACK DR THE MEADOWS AT \ <4 23' GRAND PARK, FLG 1 x=95°44'21" REC. NO. 2020001836 R=10.00' L=16.71' PARCEL 23 0.923 AC 40,209 SF S24°59'26"E 50.79' S07°55'54"E (RADIAL) A=62°43'04" R=60.00' L=65.68' NOTE: THIS ILLUSTRATION DOES NOT REPRESENT A MONUMENTED LAND SURVEY AND IS ONLY INTENDED TO DEPICT THE ATTACHED LEGAL DESCRIPTION. CONSULTANTS, INC. 300 Fast Mineral Ave,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax: (303)713-1897 www.aztecconsultants.com BYERS VIEW METROPOLITAN DISTRICT SW 1/4, SEC 20 & SE 1/4, SEC 19, T1S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO PATH: 0:\181122-01 - GRAND PARK - CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\MEADOW&BYERS METRO DISTRICT.DWG JOB NUMBER: 181122-04 DATE: 2/23/2023 DWG: B0L CHK: AKP 5 OF 6 SHEETS 1. LOT 1 AND LOT 2, ELK CREEK CONDOMINIUMS AT GRAND PARK, REC. NO. 2019004896 2. LOT 3, ELK CREEK CONDOMINIUMS AT GRAND PARK, REC. NO. 2021002310 3. LOT 4 AND LOT 5, ELK CREEK CONDOMINIUMS AT GRAND PARK, REC. NO. 2021005789 4. LOT 6 AND LOT 7, ELK CREEK CONDOMINIUMS AT GRAND PARK, REC. NO. 2022002237 5. LOTS 1-10, INCLUSIVE, TRACT A, TRACT C, TRACT D, TRACT E, TRACT F, TRACT G AND TRACT K, ELK CREEK AT GRAND PARK FILING NO. 1, REC. NO. 2016001816 6. LOTS 11-34, INCLUSIVE, TRACT M, TRACT N AND TRACT 0, ELK CREEK AT GRAND PARK FILING NO. 2, REC. NO. 2016003562 7. LOTS 15-25, INCLUSIVE, TRACT P, TRACT Q, TRACT S, TRACT T, TRACT U AND TRACT V, ELK CREEK AT GRAND PARK FILING NO. 3, REC. NO. 2018000114 8. LOTS 35-62, INCLUSIVE AND TRACT W, ELK CREEK AT GRAND PARK FILING NO. 4, REC. NO. 2018002614, 9. LOTS 1-21, INCLUSIVE, LOTS 50-65, INCLUSIVE, PARCEL B, AND TRACTS A AND B, THE MEADOWS AT GRAND PARK, FILING NO. 1, REC. NO. 2020001836 10. COZENS POINTE AT GRAND PARK, REC. NO. 2006009841 11. LOTS 1-8, INCLUSIVE, LOTS 25-50, INCLUSIVE TRACT A, TRACT B AND TRACT D COZENS MEADOW AT GRAND PARK AMENDMENT NO. 1, REC. NO. 2007006785 12. LOTS 9-16, INCLUSIVE, LOTS 20-24, INCLUSIVE, TRACT C, TRACT E, TRACT F, TRACT G AND TRACT H, COZENS MEADOW AT GRAND PARK AMENDMENT NO. 1 SUBDIVISION EXEMPTION PLAT, REC. NO. 2011009508 13. LOT 19, LOT 19 SUBDIVISION EXEMPTION PLAT OF COZENS MEADOW AT GRAND PARK, AMENDMENT 1, REC. NO. 2018004431; 14. LOTS 1-16, INCLUSIVE, WILLOWS AT GRAND PARK, FILING NO. 1, REC. NO. 2015004926 15. LOTS 17-33, INCLUSIVE, WILLOWS AT GRAND PARK, FILING NO. 2, REC. NO. 2016006979 16. LOTS 34-55, INCLUSIVE, WILLOWS AT GRAND PARK, FILING NO. 3, REC. NO. 2016006982 17. THE VILLAGE AT GRAND PARK -FILING 2A, REC. NO. 2008007840 18. TRACT A, MAIN STREET RIGHT-OF-WAY AND 1ST STREET RIGHT-OF-WAY, THE VILLAGE AT GRAND PARK -FILING 1, REC. NO. 2008007834 19. THE VILLAGE AT GRAND PARK -FILING 2, LOT 12A & TRACT D, REC. NO. 2011005610 20. THE VILLAGE AT GRAND PARK -FILING 2, LOT 12C, REC. NO. 2019007844 CONSULTANTS, INC. 300 Last Mineral Ave,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax: (303)713-1197 www.aztecconsultants.com WEST MEADOW METROPOLITAN DISTRICT S 1/2, SEC 20 & N 1/2, SEC 29, T1 S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO PATH: Q:\181122-01 - GRAND PARK - CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\MEADOW&BYERS METRO DISTRICT.DWG JOB NUMBER: 181122-04 DATE: 2/23/2023 DWG: 8OL CHK: AKP 6 OF 6 SHEETS BYERS VIEW METROPOLITAN DISTRICT, GP NORTH MEADOW METROPOLITAN DISTRICT, AND GP SOUTH MEADOW METROPOLITAN DISTRICT CONSOLIDATED SERVICE PLAN Town of Fraser, Colorado Date: April 19, 2023 TABLE OF CONTENTS I. INTRODUCTION 1 II. PURPOSE OF THE DISTRICTS 3 III. BOUNDARIES 3 IV. GENERAL DESCRIPTION OF FACILITIES TO BE CONSTRUCTED AND PRELIMINARY ENGINEERING AND ARCHITECTURSAL SURVEY 4 V. FINANCIAL PLAN — (Exhibit D) 5 VI. MODIFICATION OF CONSOLIDATED SERVICE PLAN 6 VII. FAILURE TO COMPLY WITH CONSOLIDATED SERVICE PLAN 7 VIII. DISCLOSURE 7 IX. INTERGOVERNMENTAL AGREEMENTS 7 X. STATUTORY REQUIREMENTS 7 LIST OF EXHIBITS Exhibit A: Legal Descriptions of the Districts' Boundaries (A — 1, A — 2, and A - 3) Exhibit B: Detailed Maps showing boundary lines of the Districts (B — 1, B — 2, and B - 3) Exhibit C: Preliminary Infrastructure Cost Estimate; and Drawings Exhibit D: Financing Proforma CONSOLIDATED SERVICE PLAN FOR BYERS VIEW METROPOLITAN DISTRICT, GP NORTH MEADOW METROPOLITAN DISTRICT, AND GP SOUTH MEADOW METROPOLITAN DISTRICT I. INTRODUCTION Background On August 4, 2004, the Town of Fraser, Colorado (the "Town") approved the original Consolidated Service Plan for the West Mountain Metropolitan District, West Meadow Metropolitan District, and Byers View Metropolitan District. On April 14, 2005, the Town approved the First Amended and Restated Consolidated Service Plan for the West Mountain Metropolitan District, West Meadow Metropolitan District, and Byers View Metropolitan District (the "First Amended and Restated Consolidated Service Plan"). Due to the anticipation of a lengthy build -out period of development and the anticipation of multiple phases of financing that will be required for West Meadow Metropolitan District, the Board of Directors of the West Meadow Metropolitan District has detennined that it is in the best interests of the current and future property owners, electors and residents to divide the West Meadow Metropolitan District into three separate metropolitan districts: West Meadow Metropolitan District, GP North Meadow Metropolitan District, and GP South Meadow Metropolitan District. This Consolidated Service Plan will govern the GP North Meadow Metropolitan District, GP South Meadow Metropolitan District, and Byers View Metropolitan District. The West Mountain Metropolitan District, West Meadow Metropolitan District, and Byers View Metropolitan District have submitted simultaneously with this Consolidated Service Plan for Byers View Metropolitan District, GP North Meadow Metropolitan District, and GP South Meadow Metropolitan District a First Amendment to the First Amended and Restated Consolidated Service ("First Amendment to the First Amended and Restated Consolidated Service Plan") to, inter alia, authorize the division of West Meadow Metropolitan District into three separate metropolitan districts and allow for GP North Meadow Metropolitan District, GP South Meadow Metropolitan District, and Byers View Metropolitan District to be governed by this Consolidated Service Plan. The developed property will remain in West Meadow Metropolitan District and the undeveloped property will be located within the Byers View Metropolitan District, GP North Meadow Metropolitan District, and the GP South Meadow Metropolitan District. The West Meadow Metropolitan District will continue to be governed by the First Amended and Restated Consolidated Service Plan, as it may be amended, and Byers View Metropolitan District, GP North Meadow Metropolitan District, and GP South Meadow Metropolitan District (collectively, the "Districts") will be governed by this Consolidated Service Plan. General Description of Services to be Provided The Districts are located in the Town of Fraser, Colorado. It is intended that the Districts will provide a part or all of the public improvements for the use and benefit of all anticipated 1 inhabitants and taxpayers of the Districts. The following public improvements may be conveyed to the Town or other entities as directed by the Town: a) The acquisition, construction, relocation, completion, installation and/or operation and maintenance of a complete local sanitary sewer collection and transmission system and storm drainage which may include, but shall not be limited to, collection mains and laterals, transmission lines, and/or storm sewer, flood and surface drainage facilities and systems, including detention/retention ponds and associated irrigation facilities, and all necessary, incidental, and appurtenant facilities, land and easements, together with extensions of and improvements to said system within and without the boundaries of the Districts. The sanitary sewer improvements, storm and drainage facilities shall be dedicated to and maintained by the Town, Districts, or other appropriate entities. The Districts are anticipated to own, operate, and maintain the irrigation facilities. b) The acquisition, construction, relocation, completion, installation and/or operation and maintenance of complete potable and non -potable local water supply, storage, transmission, and distribution system, which may include, but shall not be limited to, transmission lines, distribution mains and laterals, storage facilities, land and easements, and all necessary, incidental, and appurtenant facilities, together with extensions of and improvements to said system within and without the boundaries of the Districts. The water facilities described herein shall be dedicated to and maintained by the Town as provided by generally applicable Town regulations governing the dedication and acceptance of public improvements. c) The acquisition, construction, relocation, completion, installation and/or operation and maintenance of facilities and/or services for a system of traffic and safety controls and devices on streets and highways, and at railroad crossings, including signalization, together with all necessary, incidental, and appurtenant facilities, land and easements, together with extensions of and improvements to said facilities within and without the boundaries of the Districts. The system of traffic and safety controls and devices described herein shall be dedicated to and maintained by the Town as provided by generally applicable Town regulations governing the dedication and acceptance of public improvements. d) The acquisition, construction, relocation, completion, installation and/or operation and maintenance of street improvements, including curbs, gutters, culverts, and other drainage facilities, sidewalks, bridges, overpasses, bike paths and pedestrian ways, interchanges, median islands, paving, lighting, grading, landscaping, irrigation, parking lots and structures; and street -related electric, telephone, gas, steam, heating, and cooling facilities and lines; together with all necessary, incidental, and appurtenant facilities within and without the boundaries of the Districts. The street improvements described herein shall be dedicated to and maintained by the Town as provided in generally applicable Town regulations governing the dedication and acceptance of public improvements. e) The construction, completion, and/or installation of park and recreation improvements. The park and recreation improvements shall be limited to parks, trails, open space facilities and improvements that are consistent with similar developments in the area. 2 The park and recreation improvements herein shall be dedicated to and maintained by the Town, or other appropriate entity, as provided in generally applicable Town regulations governing the dedication and acceptance of public improvements, or other applicable law. The Districts shall own, operate, and maintain all public improvements not otherwise dedicated to the Town or another appropriate entity, in accordance with applicable law or regulations. The Districts shall provide facilities to both the residential and commercial property within the development, consisting of approximately 119 acres of land, primarily zoned planned development for the Districts. Legal descriptions and maps of the property within the boundaries of the Districts are attached to this Consolidated Service Plan as Exhibits A and B. II. PURPOSE OF THE DISTRICTS It is intended that the Districts, as organized pursuant to Title 32, Colorado Revised Statutes (the "District Act"), will provide certain essential public -purpose facilities for the use and benefit of the anticipated inhabitants and taxpayers. These persons include residents and owners of real property located within the boundaries of the Districts as currently contemplated and as the same may be changed through the inclusion or exclusion of territory, as provided herein. Discussions with the Town indicate that the Town does not consider it feasible or practical for the Town itself to provide the area with the extensive public improvements and facilities needed to serve the Districts' residents at this time. The Districts are therefore necessary to provide the desired urban facilities and services. The Districts are expected to finance and perform the construction of improvements both within and without the boundaries of the Districts. The Districts acknowledge the need and the intent to cooperate with the Town to serve and promote the health, safety, prosperity, security and general welfare of its inhabitants. The Districts intend to own, operate, and maintain all public improvements not otherwise dedicated to the Town or another appropriate entity. The dedication of improvements by the Districts and acceptance of improvements by the Town shall be completed in accordance with the generally applicable regulations of the Town as the same may be amended from time to time. Offering of improvements for acceptance of improvements offered for dedication shall not be unreasonably withheld or delayed. All conveyance documents shall be in such form as is reasonably acceptable to the Town. III. BOUNDARIES The initial service areas of the Districts are generally described on Exhibits A and B, containing legal descriptions of the boundaries of the Districts and detailed maps showing boundary lines of the Districts. The entire boundaries of the Districts are within the boundaries of the Town. 3 Changes in Boundaries It is intended that additional property may be included within the Districts as it comes under the ownership or control of the Developer and the Developer determines that it will be appropriate to effect such inclusion, subject to approval by the Town. Without further Town approval, the Developer may exclude and include property within the Town between the Districts as development plans become better defined. As for other inclusions or exclusions of property, the changing of boundaries of the Districts shall be in accordance with Sections 32-1-401 and 32-1- 501, et seq., C.R.S. Notwithstanding the foregoing, no property shall be included in a District's boundaries if it is not part of the initial service area of the Districts, as described on Exhibits A and B, without the prior written consent of the Town. IV. GENERAL DESCRIPTION OF FACILITIES TO BE CONSTRUCTED AND PRELIMINARY ENGINEERING AND ARCHITECTURAL SURVEY Types of Improvements The Districts shall be authorized to acquire, construct, install, and finance water, sanitary sewer and storm drainage, street, sidewalks, landscaping, and park and recreation facilities and improvements, within and without the boundaries of the Districts, all as more particularly described herein. No funds or assets of the Town will be pledged as security for the repayment of debt incurred by the Districts, and the Town shall have no financial liability of any nature for the debt of the Districts or their operations. The following is a representative list of the facilities to be provided: (amounts include a contingency to cover design, engineering, construction management, allocable costs of district organization, overhead and unforeseen expenses. The engineer's preliminary infrastructure cost estimates submitted for this Consolidated Service Plan approval are described in Exhibit C.) Sanitation: $8,395,424 Storm Sewer: $7,000,940 Streets (including sidewalks, landscaping, parking): $25,571,687 Water: $19,776,688 Total: $60,744,739 To the extent allowed by law and the debt authorization approved by eligible electors of the Districts, the Boards of Directors of the Districts shall have the authority to shift funds from one category of improvements to another so long as the debt limit stated in the financial plan hereof and approved by the electors is not exceeded. The Districts shall not expend funds without a public purpose. Notwithstanding anything to the contrary contained herein, the total amount of debt which may be issued by the Districts shall not collectively exceed Eighty Five Million Dollars ($85,000,000) without an amendment to this Consolidated Service Plan. In no case, however, shall 4 the amount for "Engineering, Construction Management, Overhead, Allocable Costs of District Overhead, and Contingency" exceed 15% of the costs for any of the categories of improvements noted above without the approval of the Town as evidenced by a resolution of the Town Board of Trustees. The Districts are expressly prohibited from constructing, operating, or maintaining any facilities that would duplicate any service already provided by the Town or other established local government. Any such proposed duplication shall be subject to the Town's approval of a material modification of this Consolidated Service Plan. Town Construction Standards The Districts shall ensure that any proposed improvements will be designed and constructed at a minimum in accordance with the standards and specifications set forth by the Town in the Town Code and/or applicable public entity that will be responsible for the maintenance and operation of the public improvements. The Districts shall comply with the approved Planned Development District Plan for the Development and the Annexation Agreement as amended and supplemented from time to time. Services of the Districts The Districts will require operating funds to plan and cause the public improvements plan to be constructed. Additional costs to the capital costs indicated herein are expected to include: the described operation and maintenance of the improvements by the Districts, operation and maintenance of improvements, if any, which the Town chooses not to accept, and expenses related to formation and operation of the Districts, such as reimbursement of organizational costs, legal, engineering, accounting and issuance costs of indebtedness, preparation of budgets, audits, elections, informational filings, and the like. The Districts may receive advances from the developer to fund the Districts' operations and maintenance expenses. V. FINANCIAL PLAN — (Exhibit D) The Districts may not issue an aggregate of more than $85,000,000 of bonds or other multiple -fiscal year indebtedness ("Debt Limit"). The term "multiple -fiscal year indebtedness" includes, but is not limited to, notes or multiple -fiscal year obligations entered into between the Districts and the developer for funding of the Districts' capital improvements. Notwithstanding the foregoing, the amount of bonds the Districts issue to repay outstanding multiple -fiscal year indebtedness shall not apply to the Districts' Debt Limit. The Districts may issue general obligation bonds or other multiple -fiscal year indebtedness subject to the following limitations: 1. Issuance Deadline of December 31, 2048 and Maturity Deadline of December 31, 2088. 5 2. Such obligations shall be subject to a mill levy not to exceed fifty (50) mills (for debt service), provided, however, in the event the Colorado General Assembly's method of calculating assessed valuation for taxable property changes after January 1, 2023, or any constitutionally mandated tax credit, cut or abatement takes effect after January 1, 2023, the Districts' maximum debt mill levies may be increased or decreased to reflect such changes; such increases or decreases shall be determined by the Districts' Boards in good faith so that, to the extent possible, the actual tax revenues generated by such debt mill levies, as adjusted, are neither enhanced nor diminished as a result of such change occurring after January 1, 2023. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation will be a change in the method of calculating assessed valuation. 3. The maximum operations and maintenance mill levy each District may impose shall be five (5) mills. 4. Each District's total aggregate mill levy cap for any and all purposes shall be fifty- five (55) mills, as adjusted. If the Districts enter into reimbursement agreements or issue notes or other multiple -fiscal year obligations to the Developer, the interest rate on any amounts payable to the Developer shall accrue interest at a rate not in excess of 8.0% annually applied as simple interest, never as compound interest. The term of any reimbursement agreement entered into after the approval of this Consolidated Service Plan shall be twenty (20) years. Any extension of the 20 -year term shall be subject to review and approval of the Town by resolution. The Districts may impose a mill levy on taxable property within their boundaries as a primary source of revenue for repayment of debt and for operations and maintenance, as noted above. The Districts may also rely upon various other revenue sources authorized by law. At the Districts' discretion, these may include the power to assess fees, rates, tolls, penalties, or charges as provided for in C.R.S. § 32-1-1001(1), as amended. The Financing Plan attached as Exhibit D, prepared by RBC Capital Markets, LLC, demonstrates the bonding capacity of the Districts based upon certain assumptions. It is anticipated that a mill levy of 50.000 mills will produce revenue sufficient to support debt service costs through the anticipated bond repayment period (see Exhibit D). The Districts shall have a total debt authorization of Eighty Five Million Dollars ($85,000,000) subject only to the conditions contained in this Consolidated Service Plan and the Special District Act. The forecast set forth on Exhibit D is not intended to limit the Eighty Five Million Dollars ($85,000,000) debt authorization, but rather to demonstrate one method of structuring a series of successful bond issuances. VI. MODIFICATION OF CONSOLIDATED SERVICE PLAN The Districts shall obtain the prior written approval of the Town before making any material modifications to this Consolidated Service Plan as noted herein. Material modifications shall include modifications of a basic or essential nature including any additions to the types of 6 services initially provided by the Districts and change in debt limit. The examples above are only examples and are not an exclusive list of all actions which may be identified as a material modification. The Town's approval shall not be required for mechanical modifications to this Consolidated Service Plan necessary for execution of the original financing plan for public improvements previously outlined in the plan unless otherwise provided in the Consolidated Service Plan. VII. FAILURE TO COMPLY WITH CONSOLIDATED SERVICE PLAN In the event the Districts take any action that constitutes a material modification from the Consolidated Service Plan without approval from the Town, the Town shall utilize the remedies set forth in applicable law to seek to enjoin the actions of the Districts. VIII. DISCLOSURE The Districts shall record a statement against the property within the Districts, at such time as the property is legally included therein, which statement includes notice of the existence of the Districts, average expected tax levy, maximum expected tax levy, and maximum allowed tax levy. IX. INTERGOVERNMENTAL AGREEMENTS The following describes proposed and existing intergovernmental agreements: 1. The Districts may participate in joint financing agreements with other governmental units. 2. The Districts may enter into an agreement with the Town. X. STATUTORY REQUIREMENTS It is submitted that this Consolidated Service Plan for the Districts meets the requirements of the District Act, and meets applicable requirements of the Colorado Constitution and those of the Town. It is further submitted that: a. There is sufficient existing and projected need for organized service in the area to be serviced by the Districts; b. The existing service in the area to be served by the Districts is inadequate for projected needs; c. The Districts are capable of providing economical and sufficient service to the area within their boundaries; 7 d. The area within the Districts does have, and will have, the financial ability to discharge the existing and proposed indebtedness on a reasonably basis; e. Adequate service is not, and will not be, available to the area through the Town, the County, or other existing municipal or quasi -municipal corporations, including existing special districts (other than the Districts), within a reasonable time and on a comparable basis; £ The facility and service standards of the Districts are compatible with the facility and service standards of the County within which the Districts are located and each municipality which is an interested party under Section 32-1-204(1), Colorado Revised Statutes; g. The Consolidated Service Plan is in substantial compliance with any Master Plans adopted pursuant to Section 30-28-106, Colorado Revised Statutes; h. The Consolidated Service Plan is and will continue to be in compliance with any duly adopted county, regional, or state long-range water quality management plan for the area; and i. The Consolidated Service Plan will be in the best interests of the area served by the Districts. 8 LIST OF EXHIBITS Exhibit A: Legal Descriptions of the Districts' boundaries (A — 1, A — 2, and A - 3) Exhibit B: Detailed Maps showing boundary lines of the Districts (B — 1, B — 2, and B - 3) Exhibit C: Preliminary Infrastructure Cost Estimate; and Drawings Exhibit D: Financing Proforma 9 EXHIBIT A (A-1,A-2,andA-3) LEGAL DESCRIPTIONS OF THE DISTRICTS' BOUNDARIES 10 EXHIBIT A -1 DN 7334023.1 BYERS VIEW METROPOLITAN DISTRICT LEGAL DESCRIPTION A PARCEL OF LAND LOCATED IN THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 29, TOWNSHIP 1 SOUTH, RANGE 75 WEST OF THE 6TH PRINCIPAL MERIDIAN, COUNTY OF GRAND, STATE OF COLORADO, THAT PORTION OF A PARCEL OF LAND AS DESCRIBED IN ORDER FOR EXCLUSION, RECORDED IN THE OFFICE OF THE GRAND COUNTY, COLORADO CLERK AND RECORDER AT RECEPTION NUMBER 2002001953, LYING NORTH AND WEST OF A PARCEL DESCRIBED AS EXHIBIT B IN SPECIAL WARRANTY DEED IN SAID RECORDS AT RECEPTION NUMBER 2022001003. CONTAINING AN APPROXIMATE AREA OF 4 ACRES, MORE OR LESS. ILLUSTRATION ATTACHED AND MADE A PART HEREOF. PREPARED BY: ANTHONY K. PEALL COLORADO LICENSED PROFESSIONAL LAND SURVEYOR NO. 38636 FOR AND ON BEHALF OF AZTEC CONSULTANTS, INC. 300 E. MINERAL AVENUE, SUITE 1, LITTLETON, CO 80122 (303) 713-1898 • r• = 02-28-23 ollonniamoo Q:A181122-01 - GRAND PARK - Control\Legals\Metro Districts\BYERS VIEW METRO DISTRICT.docx 2/27/2023 Page 1 of 2 ILLUSTRATION TO EXHIBIT A SCALE: 1" = 100' / NE 1/4 SE 1/4 SEC. 29, T.1S., R.75W., SIXTH P.M. CONSULTANTS, INC. 300 East Mineral Ale,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax: (303)713-1897 www.aztecconsultants.com BYERS VIEW METROPOLITAN DISTRICT NE 1/4, SE 1/4, SEC 29, T1 S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO PATH: Q:\181122-01 - GRAND PARK - CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\BYERS METRO DISTRICT.DWG JOB NUMBER: 181122-04 DATE: 2/23/2023 DWG: BOL CHK: AKP 2 OF 2 SHEETS EXHIBIT A - 2 DN 7334023.1 GP NORTH MEADOW METROPOLITAN DISTRICT LEGAL DESCRIPTION A PARCEL OF LAND LOCATED IN THE SOUTHWEST QUARTER OF SECTION 20 AND THE SOUTHEAST QUARTER OF SECTION 19, TOWNSHIP 1 SOUTH, RANGE 75 WEST OF THE 6TH PRINCIPAL MERIDIAN, COUNTY OF GRAND, STATE OF COLORADO, BEING ALL OF LOT 1, MEYER SUBDIVISION, AS SHOWN IN THE RECORDS OF THE CLERK AND RECORDER'S OFFICE OF SAID COUNTY AND STATE AT RECEPTION NUMBER 2005005382, TOGETHER WITH ALL OF LOT 2, A REPLAT OF LOT 2, MEYERS SUBDIVISION AND A REPLAT OF SKI BROKER EMPLOYEE HOUSING APARTMENTS TRACT C RESUBDIVISION OF PARCEL C FOREST MEADOWS SOLAR COMMUNITY, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2021013571, TOGETHER WITH ALL OF PARCEL A, THE MEADOWS AT GRAND PARK, FILING NO. 1, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2020001836, TOGETHER WITH LOTS 63-70, INCLUSIVE, ELK CREEK AT GRAND PARK FILING NO. 3, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2018000114, AND TOGETHER WITH A PARCEL OF LAND LOCATED IN THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 20, SAID COUNTY AND STATE, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER; THENCE ALONG THE NORTH LINE OF SAID SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER, SOUTH 89°47'33" WEST, A DISTANCE OF 136.92 FEET TO THE NORTHWEST CORNER OF LOT 4 AND LOT 5, ELK CREEK CONDOMINIUMS AT GRAND PARK AS RECORDED IN THE OFFICE OF THE GRAND COUNTY, COLORADO CLERK AND RECORDER'S OFFICE AT RECEPTION NO. 2021005789, SAID CORNER BEING THE POINT OF BEGINNING; THENCE ALONG THE NORTHWESTERLY LINE OF SAID LOT 4 AND LOT 5, SOUTH 23°56'23" WEST, A DISTANCE OF 283.20 FEET TO THE MOST NORTHERLY CORNER OF LOT 6 AND LOT 7, ELK CREEK CONDOMINIUMS AT GRAND PARK AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2022002237; THENCE ALONG THE NORTHWESTERLY AND SOUTHERLY LINES OF SAID LOT 6 AND LOT 7 THE FOLLOWING FOUR (4) COURSES: 1) SOUTH 23°56'23" WEST, A DISTANCE OF 287.68 FEET; 2) SOUTH 17°17'56" EAST, A DISTANCE OF 57.04 FEET; 3) SOUTH 66°58'56" EAST, A DISTANCE OF 96.67 FEET; 4) NORTH 89°35'53" EAST, A DISTANCE OF 107.97 FEET TO THE WESTERLY LINE OF TRACT A, ELK CREEK AT GRAND PARK FILING NO. 1 AS RECORDED IN SAID OFFICE AT RECEPTION NO. 2016001816, BEING THE BEGINNING OF A NON -TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 260.00 FEET, THE RADIUS POINT OF SAID CURVE BEARS NORTH 86°21'07" EAST; THENCE ALONG THE WESTERLY, NORTHERLY AND EASTERLY LINES OF SAID ELK CREEK AT GRAND PARK FILING NO. 1 THE FOLLOWING SEVEN (7) COURSES: 1) SOUTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 09°06'19", AN ARC LENGTH OF 41.32 FEET; 2) NON -TANGENT TO SAID CURVE, SOUTH 81°16'11" WEST, A DISTANCE OF 96.42 FEET; Q:\181122-01 - GRAND PARK - Control\Legals\Metro Districts\GP NORTH MEADOW METRO DISTRICT .docx 2/27/2023 Page 1 of 4 3) NORTH 78°25'35" WEST, A DISTANCE OF 64.75 FEET; 4) NORTH 71°15'15" WEST, A DISTANCE OF 59.43 FEET; 5) NORTH 31°26'00" WEST, A DISTANCE OF 269.56 FEET; 6) NORTH 82°46'33" WEST, A DISTANCE OF 82.24 FEET; 7) NORTH 46°13'48" WEST, A DISTANCE OF 568.42 FEET TO THE NORTH LINE OF SAID SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER; THENCE ALONG SAID NORTH LINE, NORTH 89°47'33" EAST, A DISTANCE OF 859.51 FEET TO THE POINT OF BEGINNING. CONTAINING AN AREA OF 5.884 ACRES, (256,310 SQUARE FEET), MORE OR LESS. ILLUSTRATION ATTACHED AND MADE A PART HEREOF. PREPARED BY: ANTHONY K. PEALL COLORADO LICENSED PROFESSIONAL LAND SURVEYOR NO. 38636 FOR AND ON BEHALF OF AZTEC CONSULTANTS, INC. 300 E. MINERAL AVENUE, SUITE 1, LITTLETON, CO 80122 (303) 713-1898 1111111111W DO • 02-28-23 0\ / ••••••••� /IL 00 Q:\181122-01 - GRAND PARK - Control\Legals\Metro Districts\GP NORTH MEADOW METRO DISTRICT .docx 2/27/2023 Page 2 of 4 ILLUSTRATION TO EXHIBIT A NE 1/4 SE 1/4 SEC. 19, T.1S., R.75W., SIXTH P.M. LOT 1 MEYER SUBDIVISION REC. NO. 2005005382 LOTS 63-70, INCLUSIVE, ELK CREEK AT GRAND PARK FILING NO. 3, REC. NO. 2018000114 SE 1/4 SE 1/4 SEC. 19, T.1S., R.75W., SIXTH P.M. NW 1/4 SW 1/4 SEC. 20, T.1S., R.75W., SIXTH P.M. N 0' 200' 400' LOT 2 A REPLAT OF LOT 2, MEYERS SUBDIVISION AND A REPLAT OF SKI BROKER EMPLOYEE HOUSING APARTMENTS TRACT C RESUBDIVISION OF PARCEL C FOREST MEADOWS SOLAR COMMUNITY REC. NO. 2021013571 PARCEL A THE MEADOWS AT GRAND _ PARK FILING NO. 1 REC. NO. 2020001836 SW 1/4 SW 1/4 SEC. 20, T.1S., R.75W., / SIXTH P.M. 800' SCALE: 1" = 400' 2 0 0 to NOTE: THIS ILLUSTRATION DOES NOT REPRESENT A MONUMENTED LAND SURVEY AND IS ONLY INTENDED TO DEPICT THE ATTACHED LEGAL DESCRIPTION. CONSULTANTS, INC. 300 Last Mineral Ave,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax: (303)713-1197 www.aztecconsultants.com GP NORTH MEADOW METROPOLITAN DISTRICT SW 1/4, SEC 20 & SE 1/4, SEC 19, T1 S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO PATH: Q:\181122-01 - GRAND PARK - CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\MEADOW&BYERS METRO DISTRICT.DWG JOB NUMBER: 1 81122-04 DATE: 2/23/2023 DWG: 8OL CHK: AKP 3 OF 4 SHEETS ILLUSTRATION TO EXHIBIT A NW 1/4 SW 1/4 SEC. 20, T.1S., R.75W., SIXTH P.M. N. LINE SW1/4, SW1/4, SEC. 20 (BASIS OF BEARINGS) POINT OF COMMENCEMENT NE CDR, SW 1/4, SW 1/4, SEC 20 T/S, R75W POINT OF BEGINNING I 5, ELK CREEK CONDOMINIUMS AT GRAND PARK REC. NO. 2021005789 PARCEL CONTAINS 256,310 (SQ.FT.) 5.884 ACRES MORE OR LESS N82'46'33"W 82.24' 40 ELK CREEK AT GRAND ., PARK FILING NO. 1 REC. NO. 2016001816 SW 1/4 SW 1/4 SEC. 20, T.1S., R.75W., SIXTH P.M. 0' 75' 150' O_ N71'15'15"W 59.43' S89°47'33"W 136.92 (TIE) LOT 4 AND LOT 5, ELK CREEK CONDOMINIUMS AT GRAND PARK REC. NO. 2021005789 co ^• cV LOT 6 8 LOT 7, ELK CREEK CONDOMINIUMS AT GRAND PARK REC. NO. 2022002237 S1717'56"E 57.04' S66'58'56"E 96.67' N89'35'53"E 107.97' N86°21'07"E (RADIAL) =9'06'19' — R=260.00' L=41.32' N78'25135"W ", S81'16'11"W 64.75' 96.42' N 300' SCALE: 1" = 150' NOTE: THIS ILLUSTRATION DOES NOT REPRESENT A MONUMENTED LAND SURVEY AND IS ONLY INTENDED TO DEPICT THE ATTACHED LEGAL DESCRIPTION. CONSULTANTS, INC. 300 Last Mineral Ave,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax: (303)713-1197 www.aztecconsultants.com GP NORTH MEADOW METROPOLITAN DISTRICT SW 1/4, SEC 20 & SE 1/4, SEC 19, T1 S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO PATH: Q:\181122-01 — GRAND PARK — CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\MEADOW&BYERS METRO DISTRICT.DWG JOB NUMBER: 1 81122-04 DATE: 2/23/2023 DWG: BOL CHK: AKP 4 OF 4 SHEETS EXHIBIT A - 3 DN 7334023.1 GP SOUTH MEADOW METROPOLITAN DISTRICT LEGAL DESCRIPTION A PARCEL OF LAND LOCATED IN THE WEST HALF OF SECTION 28 AND THE EAST HALF OF SECTION 29, TOWNSHIP 1 SOUTH, RANGE 75 WEST, 6TH PRINCIPAL MERIDIAN, COUNTY OF GRAND, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 28; THENCE ALONG THE WEST LINE OF SAID NORTHWEST QUARTER OF THE SOUTHWEST QUARTER, NORTH 00°17'02" WEST, A DISTANCE OF 315.00 FEET TO THE NORTHEAST CORNER OF KINGS CROSSING SOLAR TOWNHOMES AS RECORDED IN THE OFFICE OF THE GRAND COUNTY, COLORADO CLERK AND RECORDER AT RECEPTION NUMBER 183530; THENCE ALONG THE NORTHERLY AND WESTERLY LINES OF SAID KINGS CROSSING SOLAR TOWNHOMES THE FOLLOWING THREE (3) COURSES: 1) SOUTH 89°58'58" WEST, A DISTANCE OF 176.80 FEET; 2) SOUTH 02°20'02" EAST, A DISTANCE OF 145.30 FEET; 3) SOUTH 51°39'58" WEST, A DISTANCE OF 107.13 FEET TO THE EASTERLY RIGHT-OF-WAY OF THE UNION PACIFIC RAILROAD, BEING THE BEGINNING OF A NON -TANGENT CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 616.78 FEET, THE RADIUS POINT OF SAID CURVE BEARS NORTH 54°08'23" EAST; THENCE NORTHWESTERLY ALONG SAID RIGHT-OF-WAY AND CURVE THROUGH A CENTRAL ANGLE OF 18°01'13", AN ARC LENGTH OF 193.99 FEET TO NORTHERLY LINE OF A PARCEL DESCRIBED AS EXHIBIT B IN SPECIAL WARRANTY DEED IN SAID RECORDS AT RECEPTION NUMBER 2022001003, BEING THE BEGINNING OF A NON -TANGENT CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 310.00 FEET, THE RADIUS POINT OF SAID CURVE BEARS NORTH 48°00'08" WEST; THENCE ALONG SAID NORTHERLY LINE THE FOLLOWING SIX (6) COURSES: 1) NORTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 06°42'27", AN ARC LENGTH OF 36.29 FEET; 2) NORTH 35°17'27" EAST, A DISTANCE OF 91.62 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 390.00 FEET; 3) NORTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 30°46'41", AN ARC LENGTH OF 209.50 FEET TO THE BEGINNING OF A REVERSE CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 310.00 FEET; 4) NORTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 17°18'02", AN ARC LENGTH OF 93.61 FEET TO THE BEGINNING OF A COMPOUND CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 100.00 FEET; 5) NORTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 19°32'27", AN ARC LENGTH OF 34.11 FEET; 6) NORTH 29°13'38" EAST, A DISTANCE OF 10.51 FEET TO THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 29; Q:\181122-01 - GRAND PARK - Control\L,egals\Metro Districts\GP SOUTH MEADOW METRO DISTRICT.docx 2/27/2023 Page 1 of 10 THENCE ALONG SAID EAST LINE, NORTH 00°17'02" WEST, A DISTANCE OF 320.44 FEET; THENCE DEPARTING SAID EAST LINE, SOUTH 89°43'33" WEST, A DISTANCE OF 475.37 FEET TO THE SAID EASTERLY RIGHT-OF-WAY OF THE UNION PACIFIC RAILROAD, BEING THE BEGINNING OF A NON -TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 816.78 FEET, THE RADIUS POINT OF SAID CURVE BEARS SOUTH 64°26'17" WEST; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY THE FOLLOWING FOUR (4) COURSES: 1) NORTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 34°23'25", AN ARC LENGTH OF 490.25 FEET; 2) NORTH 59°57'08" WEST, A DISTANCE OF 417.58 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 2,764.93 FEET; 3) NORTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 28°24'46", AN ARC LENGTH OF 1,371.12 FEET; 4) NORTH 31°32'22" WEST, A DISTANCE OF 446.78 FEET TO A SOUTHERLY CORNER OF THE WILLOWS AT GRAND PARK, FILING NO. 1 AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2015004926; THENCE DEPARTING SAID RIGHT-OF-WAY AND ALONG THE SOUTHERLY AND SOUTHWESTERLY LINES OF SAID WILLOWS AT GRAND PARK, FILING NO. 1 THE FOLLOWING EIGHT (8) COURSES: 1) NORTH 58°24'50" EAST, A DISTANCE OF 90.13 FEET; 2) SOUTH 31°35'10" EAST, A DISTANCE OF 138.15 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 3,464.00 FEET; 3) SOUTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 02°53'42", AN ARC LENGTH OF 175.02 FEET; 4) SOUTH 34°28'52" EAST, A DISTANCE OF 210.64 FEET; 5) NORTH 38°40'43" EAST, A DISTANCE OF 38.80 FEET TO THE BEGINNING OF A NON - TANGENT CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 678.00 FEET, THE RADIUS POINT OF SAID CURVE BEARS NORTH 38°40'43" EAST; 6) SOUTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 12°48'11", AN ARC LENGTH OF 151.50 FEET; 7) SOUTH 64°07'28" EAST, A DISTANCE OF 101.58 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 328.00 FEET; 8) EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 13°14'47", AN ARC LENGTH OF 75.83 FEET TO THE WESTERLY CORNER OF THE WILLOWS AT GRAND PARK FILING NO. 2 AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2016006979; THENCE ALONG THE SOUTHERLY LINE OF SAID WILLOWS AT GRAND PARK FILING NO. 2 THE FOLLOWING FOUR (4) COURSES: 1) CONTINUING ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 13°49'19", AN ARC LENGTH OF 79.13 FEET; Q:\181122-01 - GRAND PARK - Control\L,egals\Metro Districts\GP SOUTH MEADOW METRO DISTRICT.docx 2/27/2023 Page 2 of 10 2) NORTH 88°48'26" EAST, A DISTANCE OF 54.99 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 372.00 FEET; 3) EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 12°55'26", AN ARC LENGTH OF 83.91 FEET; 4) SOUTH 78°16'07" EAST, A DISTANCE OF 211.95 FEET TO THE SOUTHWESTERLY CORNER OF THE WILLOWS AT GRAND PARK, FILING NO. 3, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2016006982, BEING THE BEGINNING OF A TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 172.00 FEET; THENCE ALONG THE SOUTHWESTERLY, EASTERLY AND NORTHERLY LINES OF SAID WILLOWS AT GRAND PARK, FILING NO. 3 THE FOLLOWING NINE (9) COURSES: 1) SOUTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 49°54'09", AN ARC LENGTH OF 149.81 FEET; 2) SOUTH 28°21'58" EAST, A DISTANCE OF 93.12 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 328.00 FEET; 3) SOUTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 53°04'19", AN ARC LENGTH OF 303.82 FEET; 4) SOUTH 81°26'17" EAST, A DISTANCE OF 208.87 FEET; 5) NORTH 08°33'43" EAST, A DISTANCE OF 56.00 FEET; 6) NORTH 81°26'17" WEST, A DISTANCE OF 40.44 FEET; 7) NORTH 15°44'16" WEST, A DISTANCE OF 124.57 FEET; 8) NORTH 72°40'16" WEST, A DISTANCE OF 39.43 FEET; 9) NORTH 87°44'13" WEST, A DISTANCE OF 12.38 FEET; THENCE DEPARTING SAID NORTHERLY LINE, NORTH 38°57'07" EAST, A DISTANCE OF 235.49 FEET; THENCE SOUTH 47°45'37" EAST, A DISTANCE OF 43.55 FEET; THENCE SOUTH 61°11'08" EAST, A DISTANCE OF 31.40 FEET; THENCE SOUTH 31°34'34" EAST, A DISTANCE OF 32.63 FEET; THENCE SOUTH 23°26'37" EAST, A DISTANCE OF 30.42 FEET; THENCE SOUTH 11°40'13" EAST, A DISTANCE OF 36.13 FEET; THENCE SOUTH 55°08'04" EAST, A DISTANCE OF 43.98 FEET; THENCE NORTH 74°31'15" EAST, A DISTANCE OF 45.54 FEET; THENCE NORTH 51°43'53" EAST, A DISTANCE OF 31.60 FEET; THENCE SOUTH 69°30'22" EAST, A DISTANCE OF 25.71 FEET; Q:\181122-01 - GRAND PARK - Control\Legals\Metro Districts\GP SOUTH MEADOW METRO DISTRICT.docx 2/27/2023 Page 3 of 10 THENCE SOUTH 30°37'22" EAST, A DISTANCE OF 30.39 FEET; THENCE SOUTH 89°52'25" EAST, A DISTANCE OF 37.64 FEET; THENCE NORTH 39°06'03" EAST, A DISTANCE OF 47.77 FEET; THENCE NORTH 08°32'38" EAST, A DISTANCE OF 30.26 FEET; THENCE NORTH 38°46'42" WEST, A DISTANCE OF 68.65 FEET; THENCE NORTH 26°38'09" EAST, A DISTANCE OF 154.08 FEET; THENCE NORTH 39°20'37" WEST, A DISTANCE OF 108.05 FEET; THENCE NORTH 46°39'35" WEST, A DISTANCE OF 242.97 FEET; THENCE NORTH 36°34'21" WEST, A DISTANCE OF 534.45 FEET; THENCE NORTH 36°02'07" WEST, A DISTANCE OF 219.81 FEET; THENCE NORTH 04°15'38" WEST, A DISTANCE OF 77.57 FEET; THENCE NORTH 11°00'59" EAST, A DISTANCE OF 150.90 FEET; THENCE NORTH 13°10'50" WEST, A DISTANCE OF 193.67 FEET; THENCE NORTH 05°34'54" WEST, A DISTANCE OF 111.40 FEET; THENCE NORTH 44°04'36" EAST, A DISTANCE OF 74.48 FEET TO THE SOUTHWESTERLY RIGHT- OF-WAY OF U.S. HIGHWAY NO. 40, BEING THE BEGINNING OF A NON -TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 1,366.40 FEET, THE RADIUS POINT OF SAID CURVE BEARS SOUTH 33°33'04" WEST; THENCE ALONG SAID SOUTHWESTERLY RIGHT-OF-WAY THE FOLLOWING FOUR (4) COURSES: 1) SOUTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 15°39'15", AN ARC LENGTH OF 373.32 FEET; 2) SOUTH 40°47'40" EAST, A DISTANCE OF 1,958.86 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 2,798.79 FEET; 3) SOUTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 22°49'32", AN ARC LENGTH OF 1,114.99 FEET; 4) NON -TANGENT WITH SAID CURVE, SOUTH 18°01'05" EAST, A DISTANCE OF 704.66 FEET TO THE SOUTHEAST CORNER OF THE VILLAGE AT GRAND PARK -FILING 2, LOT 12A & TRACT D, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2011005610; THENCE ALONG THE SOUTHERLY LINE OF SAID VILLAGE AT GRAND PARK -FILING 2, LOT 12A & TRACT D, SOUTH 74°17'43" WEST, A DISTANCE OF 188.93 FEET TO THE NORTHEAST CORNER OF THE VILLAGE AT GRAND PARK -FILING 2, LOT 12C AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2019007844; THENCE ALONG THE EASTERLY LINE OF SAID VILLAGE AT GRAND PARK -FILING 2, LOT 12C THE FOLLOWING TWO (2) COURSES: Q:\181122-01 - GRAND PARK - Control\Legals\Metro Districts\GP SOUTH MEADOW METRO DISTRICT.docx 2/27/2023 Page 4 of 10 1) SOUTH 15°39'43" EAST, A DISTANCE OF 289.27 FEET; 2) SOUTH 18°59'21" EAST, A DISTANCE OF 27.08 FEET TO THE NORTHERLY RIGHT-OF-WAY OF KINGS CROSSING ROAD AS DESCRIBED IN SAID OFFICE AT RECEPTION NUMBER 96007615, BEING THE BEGINNING OF A NON -TANGENT CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 167.31 FEET, THE RADIUS POINT OF SAID CURVE BEARS NORTH 41°05'38" WEST; THENCE ALONG SAID NORTHERLY RIGHT-OF-WAY THE FOLLOWING TEN (10) COURSES: 1) SOUTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 30°07'57", AN ARC LENGTH OF 87.99 FEET; 2) NON -TANGENT WITH SAID CURVE, SOUTH 86°20'26" WEST, A DISTANCE OF 112.25 FEET; 3) SOUTH 89°01'44" WEST, A DISTANCE OF 129.25 FEET; 4) SOUTH 87°10'42" WEST, A DISTANCE OF 30.53 FEET; 5) SOUTH 87°10'41" WEST, A DISTANCE OF 95.38 FEET; 6) SOUTH 87°15'06" WEST, A DISTANCE OF 205.49 FEET TO THE BEGINNING OF A NON - TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 170.00 FEET, THE RADIUS POINT OF SAID CURVE BEARS NORTH 06°26'42" EAST; 7) WESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 09°34'18", AN ARC LENGTH OF 28.40 FEET TO THE BEGINNING OF A COMPOUND CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 328.18 FEET; 8) NORTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 26°15'28", AN ARC LENGTH OF 150.40 FEET TO THE BEGINNING OF A REVERSE CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 226.49 FEET; 9) WESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 71°49'08", AN ARC LENGTH OF 283.90 FEET TO THE BEGINNING OF A COMPOUND CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 830.30 FEET; 10) SOUTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 16°18'47", AN ARC LENGTH OF 236.40 FEET TO THE WEST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 28; THENCE ALONG SAID WEST LINE, NORTH 00°11'09" WEST, A DISTANCE OF 44.03 FEET TO THE POINT OF BEGINNING. EXCEPTING THEREFROM THE FOLLOWING FIVE (5) PARCELS: 1) ALL OF THE VILLAGE AT GRAND PARK -FILING 2A, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2008007840. 2) TRACT A, MAIN STREET RIGHT-OF-WAY AND 1ST STREET RIGHT-OF-WAY, THE VILLAGE AT GRAND PARK -FILING 1, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2008007834. 3) ALL OF THE VILLAGE AT GRAND PARK -FILING 2, LOT 12A & TRACT D, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2011005610. Q:\181122-01 - GRAND PARK - Control\Legals\Metro Districts\GP SOUTH MEADOW METRO DISTRICT.docx 2/27/2023 Page 5 of 10 4) ALL OF THE VILLAGE AT GRAND PARK -FILING 2, LOT 12C, AS SHOWN IN SAID RECORDS AT RECEPTION NUMBER 2019007844. 5) PARCELS DESCRIBED AS EXHIBIT B AND EXHIBIT D, SPECIAL WARRANTY DEED IN SAID RECORDS AT RECEPTION NUMBER 2022001003. ILLUSTRATION ATTACHED AND MADE A PART HEREOF. 111111111111/ • r• • 02-28-23 , PREPARED BY: °'%,r/O••••••'••• ANTHONY K. PEALL "�o7,'�,�� i L�A�N��"°��� COLORADO LICENSED PROFESSIONAL LAND SURVEYOR NO. 38636 FOR AND ON BEHALF OF AZTEC CONSULTANTS, INC. 300 E. MINERAL AVENUE, SUITE 1, LITTLETON, CO 80122 (303) 713-1898 Q:\181122-01 - GRAND PARK - Control\Legals\Metro Districts\GP SOUTH MEADOW METRO DISTRICT.docx 2/27/2023 Page 6 of 10 ILLUSTRATION TO EXHIBIT A x /111111) SE 1/4 NE 1/41 SEC. 29, T.1S., R.75W., SIXTH P.M. NE 1/4 SE 1/4 SEC. 29, T.1S., R.75W., SIXTH P.M. Z_ O Z -11 N22'38'06"W n (RADIAL) C6 O h C2 " N 48°00'08"W (RADIAL) N 54°08' 23"E (RADIAL) L8 S6426'17"W (RADIAL) n C5 J KINGS CROSSING J co SOLAR TOWNHOMES REC. NO. 183530 4\ 0 SW 1/4 NW 1/4 SEC. 28, T.1S., R.75W., SIXTH P.M. PARCEL CONTAINS / 4,769,289 (SQ.FT.) 109.488 ACRES MORE OR LESS TRACT A, MAIN STREET RIGHT-OF-WAY AND 1ST STREET RIGHT-OF-WAY, THE VILLAGE AT GRAND PARK -FILING 1, REC. NO. 2008007834 SEE SHEET 9 NW 1/4 SW 1/4 SEC. 28, T.1S., R.75W., SIXTH P.M. V/LLAGE AT GRAND PARK -FILING 2, LOT 12A 8 TRACT D REC. NO. 2011005810 VILLAGE AT GRAND PARK -FILING 2, LOT 12C REC. NO. 2019007844 EXHIBITS B & D REC. NO. 2022001003 A N06°26'42"E (RADIAL) C20 S LINE NWI/4, SNM/4, SEG 28 POINT OF BEGINNING SW COR. NW1/4, SW1/4, SEC 28 SEE SHEET 9 FOR CURVE TABLE SEE SHEET 1 0 FOR LINE TABLE NOTE: THIS ILLUSTRATION DOES NOT REPRESENT A MONUMENTED LAND SURVEY AND IS ONLY INTENDED TO DEPICT THE ATTACHED LEGAL DESCRIPTION. N41'05'38"W (RADIAL) L59 L58 L56 L55 C18 KINGS CROSSING ROAD RECEPTION NO. 69007615 N 0' 150' 300' 600' SCALE: 1" = 300' CONSULTANTS, INC. 300 Last Mineral Ave,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax: 1303)713-1897 www.aztecconsultants.com GP SOUTH MEADOW METROPOLITAN DISTRICT W 1/2, SEC 28 & E 1/2, SEC 29, T1 S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO PATH: Q:\181122-01 - GRAND PARK - CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\MEADOW&BYERS METRO DISTRICT.DWG JOB NUMBER: 181122-04 DATE: 2/23/2023 DWG: BOL CHK: AKP 7 OF 10 SHEETS ILLUSTRATION TO EXHIBIT A NW 1/4 NE 1/4 SEC. 29, T.1S., R.75W., SIXTH P.M. WILLOWS AT GRAND PARK, FILING NO. 1 REC. NO. 201500492 LINE NWl/4 N 1/4 SEG 29 N38°40'43"E (RADIAL) SW 1/4 NE 1/4 SEC. 29, T.1S., R.75W., SIXTH P.M. NOTE: THIS ILLUSTRATION DOES NOT REPRESENT A MONUMENTED LAND SURVEY AND IS ONLY INTENDED TO DEPICT THE ATTACHED LEGAL DESCRIPTION. N SEE SHEET 9 NE 1/4 NE 1/4 SEC. 29, c T.1S., R.75W., SIXTH P.M. WILLOWS AT GRAND PARK, FILING NO. 2 REC. NO. 2016006979 <9 L33 L32 L27 L26 \5h L23 A? !. 04 4) SEE SHEET 7 SEE SHEET 9 FOR CURVE TABLE SEE SHEET 10 FOR LINE TABLE 0' 150' 300' 600' SCALE: 1" = 300' CONSULTANTS, INC. 300 Fast Mineral Ave,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax:1303)713-11197 www.aztecconsultants.com GP SOUTH MEADOW METROPOLITAN DISTRICT W 1/2, SEC 28 & E 1/2, SEC 29, T1 S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO PATH: Q:\181122-01 - GRAND PARK - CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\MEADOW&BYERS METRO DISTRICT.DWG JOB NUMBER: 181122-04 DATE: 2/23/2023 DWG: 8OL CHK: AKP 8 OF 10 SHEETS ILLUSTRATION TO EXHIBIT A bt r co C S33°33'04"W (RADIAL) 0 tiL NE 1/4 NE 1/4 SEC. 29, T.1S., R.75W., SIXTH P.M. SEE SHEET 8 150' 300' 600' SCALE: 1" = 300' N NOTE: THIS ILLUSTRATION DOES NOT REPRESENT A MONUMENTED LAND SURVEY AND IS ONLY INTENDED TO DEPICT THE ATTACHED LEGAL DESCRIPTION. C SEE SHEET 7 CURVE TABLE CURVE DELTA RADIUS LENGTH 01 18°01'13" 616.78' 193.99' C2 6'42'27" 310.00' 36.29' C3 30°46'41" 390.00' 209.50' C4 17°18'02" 310.00' 93.61' C5 19'32'27" 100.00' 34.11' C6 34°23'25" 816.78' 490.25' C7 28'24'46" 2764.93' 1371.12' C8 2°53'42" 3464.00' 175.02' C9 12°48'11" 678.00' 151.50' 010 13°14'47" 328.00' 75.83' C11 13°49'19" 328.00' 79.13' C12 12'55'26" 372.00' 83.91' C13 49°54'09" 172.00' 149.81' C14 53'04'19" 328.00' 303.82' C15 15°39'15" 1366.40' 373.32' C16 22°49'32" 2798.79' 1114.99' C17 30'07'57" 167.31' 87.99' C18 9°34'18" 170.00' 28.40' C19 2615'28" 328.18' 150.40' C20 71°49'08" 226.49' 283.90' C21 16°18'47" 830.30' 236.40' SEE SHEET 10 FOR LINE TABLE THE VILLAGE AT GRAND PARK -FILING 2A REC. NO. 2008007840 SW 1/4 NW 1/4 SEC. 28, T.1S., R.75W., SIXTH P.M. CONSULTANTS, INC. 300 Fast Mineral Ave,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax: (303)713-1897 www.aztecconsultants.com GP SOUTH MEADOW METROPOLITAN DISTRICT W 1/2, SEC 28 & E 1/2, SEC 29, T1 S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO PATH: Q:\181122-01 - GRAND PARK - CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\MEADOW&BYERS METRO DISTRICT.DWG JOB NUMBER: 181122-04 DATE: 2/23/2023 DWG: BOL CHK: AKP 9 OF 10 SHEETS ILLUSTRATION TO EXHIBIT A LINE TABLE LINE BEARING LENGTH L1 N00°17'02"W 315.00' L2 S89°58'58"W 176.80' L3 S02'20'02"E 145.30' L4 S51 °39'58"W 107.13' L5 N35°17'27"E 91.62' L6 N29°13'38"E 10.51' L7 N00'17'02"W 320.44' L8 S89°43'33"W 475.37' L9 N59'57'08"W 417.58' L10 N31'32'22"W 446.78' L11 N58'24'50"E 90.13' L12 S31'35'10"E 138.15' L13 S34'28'52"E 210.64' L14 N38'40'43"E 38.80' L15 S64'07'28"E 101.58' L16 N88'48'26"E 54.99' L17 S7816'07"E 211.95' L18 S28'21'58"E 93.12' L19 S81 °26'17"E 208.87' L20 N08'33'43"E 56.00' LINE TABLE LINE BEARING LENGTH L21 N81°26'17"W 40.44' L22 N15'44'16"W 124.57' L23 N72'40'16"W 39.43' L24 N87°44'13"W 12.38' L25 N38'57'07"E 235.49' L26 S47°45'37"E 43.55' L27 S61 °11'08"E 31.40' L28 S31 °34'34"E 32.63' L29 S23°26'37"E 30.42' L30 S11'40'13"E 36.13' L31 S55'08'04"E 43.98' L32 N74'31'15"E 45.54' L33 N51 °43'53"E 31.60' L34 S6930'22"E 25.71' L35 S30°37'22"E 30.39' L36 S89°52'25"E 37.64' L37 N39'06'03"E 47.77' L38 N08°32'38"E 30.26' L39 N38°46'42"W 68.65' L40 N26°38'09"E 154.08' LINE TABLE LINE BEARING LENGTH L41 N39°20'37"W 108.05' L42 N46°39'35"W 242.97' L43 N3634'21"W 534.45' L44 N36°02'07"W 219.81' L45 N04°15'38"W 77.57' L46 N11°00'59"E 150.90' L47 N13°10'50"W 193.67' L48 N05°34'54"W 111.40' L49 N44°04'36"E 74.48' L50 S40'47'40"E 1958.86' L51 S18°01'05"E 704.66' L52 S7417'43"W 188.93' L53 S1539'43"E 289.27' L54 S18°59'21 "E 27.08' L55 S86°20'26"W 112.25' L56 S89°01'44"W 129.25' L57 S87°10'42"W 30.53' L58 S87°10'41 "W 95.38' L59 S87°15'06"W 205.49' L60 N00°11'09"W 44.03' CONSULTANTS, INC. 300 Fast Mineral Ave,Suite 1 Littleton, Colorado 80122 Phone: (303)713-1898 Fax: (303)713-1897 www.aztecconsultants.com GP SOUTH MEADOW METROPOLITAN DISTRICT W 1/2, SEC 28 & E 1/2, SEC 29, T1 S, R75W, 6TH P.M. COUNTY OF GRAND, STATE OF COLORADO PATH: Q:\181122-01 - GRAND PARK - CONTROL\DWG\EXHIBITS\DISTRICT PARCELS\MEADOW&BYERS METRO DISTRICT.DWG JOB NUMBER: 181122-04 DATE: 2/23/2023 DWG: 8OL CHK: AKP 10 OF 10 SHEETS EXHIBIT B DETAILED MAP SHOWING BOUNDARY LINES OF THE DISTRICTS DN 7334023.1 EXHIBIT C PRELIMINARY INFRASTRUCTURE COST ESTIMATE; AND DRAWINGS DN 7334023.1 GP NORTH MEADOW DISTRICT METROPOLITATION DISTRICT COSTS DISTRICT De nsity (units/acre) Acer oge Water S anit ary Sewer St orm Roads Stre ets Curb & Gutter Sidewalks La nsrapi ng RO AD LENGTH (LF) GP NORTH MEADOW DISTRICT 23.3 19.0 3,636,459 1,534,948 1,279,993 2,573,618 608,318 1 1,052,865 111,288 6,416 GP NORTH MEADOW DISTRICT TOTAL ,. _ .:= 19 .0 3,636,459 1,534,948 1,279,993 I 2,573,618 608,318 1,052,865 111,288 6,416 Tot als 10,797,486 10,797,486 CONTINGENCY 25% COST PER L.E. $ 1,682 .90 GP SOUTH MEADOW DISTRICT METROPOLITATION DISTRICT COSTS DISTRICT Density f unitsj ocr el Acerag e Water Sanitary Sew er Storm Ro ads St reets Curb & Gutter Sidewalks Lanscaping ROAD LE NGTH (LF; GP SOUTH MEADOW DISTRICT 5.5 197.7 16,140,229 6 ,860,476 5 ,720,947 11,502,831 2,718,884 4 ,705,798 2,298 ,085 15,923 GP SO UTH MEADOW DISTRICT TOTAL _ ., ,. -. _ .- 16,140,229 € 6,860,476 I 5,720,947 11,502,831 J 2,718,884 I 4,705,798 2,298,085 15,923 T ot als 49,947,250 49,947,250 CONTINGENCY 25 % EXP . INFLATION 4% PERIOD 15 years COST PER L .F. $ 3,136 .80 EXHIBIT D FINANCING PROFORMA DN 7334023.1 GP North Meadow Metr opolitan District District Financing Analysis - DRAFT - 50 MILLS Ser vice Plan Submission TOTAL CAPACITY ALL PHASES Financi ng Summary Sources and Uses Sources 2027 2032 2032 S ub T otal Par Amount Premium/(Discount) Other 8,885,000 10,530,000 3,850,000 23,265,000 Total Sou rces 8,885,000 10,530,000 3,850,000 23,265,000 Uses 2027 2032 2032 Sub Total Project Fund - Released at Closing Project Fund - Escrowed To tal Project Fund Capitalize d Interest Debt Service Reserve Fund Costs of Issuance 6,503,733 9,100,026 6,503,733 9,100,026 1,115,068 888,500 377,700 376,974 1,053,000 3,700,000 19,303,759 3,700,000 19,303,759 150,000 1,492,042 1,941,500 527,700 To tal Uses 8,885,000 10,530,000 3,850,000 23,265,000 Total Debt .Service Summary Stated Term (Each Issuance) Estimated Interest Rates Principal Inter est Total Principal & Interest Less: Capitalized Interest (Principal & Earnings @ 0.00 %) Less: Debt Service Reser ve Fund (Principal & Earnings @ 0.00 %) Net Debt Service Maximum Annual Net Debt Service Other Inf ormation T otal District Mill Levy Commercial Assessment % Residential Assessment % Senior Minimum Co verage Requirement Actual Coverage at Stabilization (2035) Property Tax Revenue % 30 .0 Yrs 6.00% 19,415,000 28,469,375 47,884,375 (1,492,042) (1,941,500) 44,450,834 1,707,300 50.000 29 .00 % 7.15% 1 .25 1 .25 100% Prepared by RBC Capital Markets Page 1 03/20/2023 GP N orth Mead ow M etr op olitan District District Financing Analysis - DRAFT - 50 MILLS Service Plan Submission Comm erci al D evel opment Development Summary- Property: Tax A re a Description Property Include Typ e Full AV Start Open Full AV C ollect D ate Date Mos. T ax Year Year Market Val ue 5q Ft per5q Ft or Units or Unit 2024/2026 2025/2027 2026/2028 2027/2029 2028/2030 2029/2031 2030/2032 2031/2033 2032/2034 2033/2035 7.15%R 29.00% C ollect C ollect Collect Collect C ollect C ollect C ollect C ollect C ollect C ollect Market C Assessed AV % AV % AV % AV % AV % AV % AV % AV % AV % AV % Valu e Valu e Compl et e Compl et e Compl ete C ompl ete C ompl ete C ompl ete C ompl ete C ompl ete C ompl ete C omplete All Ph ases of Development 1 Commercial Land Value Co mme rcial To tal Yes Commercial Jun -29 Jun -30 12 Dec -30 No Land 2032 10,000 250 2,500 ,000 725 ,000 0% 0% 0% 0% 0% 50 % 100 % 100 % 100 % 100% 0% 0% 0% 0% 0% 0% 0% 0% 10,000 250 2,500,000 725,000 384,688 784,763 784,763 800,459 800,459 D evelopment To tal 10 ,000 2,500,000 725,000 38 4,688 78 4,763 78 4,763 800 ,459 800, 459 Mill Levy Revenue @ 50. 000 Mills 0 0 0 O 0 19,234 39,238 39,238 40,023 40,023 Prepared by RBC Capital Markets Page 2 03/20/2023 GP North Mead ow M etr op olitan District Digtrict Financing Analysis - DRAFT - 50 MILLS Service Plan S ubmis si on Residential aeuel a9ment -n Ty•e Co mmercial Lots •i stri ct GPNM • uct Elk Creek Condominiums •05 0 Lots Added Unit s 46 : uik T.: :uilt e46 2023 2024 23 2:25 23 202• :27 202. 2:29 2131 2031 2032 2: g3 2034 :35 2036 2: 7 213: T•tal 46 GPNM Meyer Lot 1 Condominiums Lots Added 228 228 15 20 30 30 30 30 30 15 15 13 228 GPNM Meyer Lol 2 Condominiums Lots Added 152 152 10 20 20 20 25 25 22 10 152 GPNM Elk Creek Filin 5 SF Lot s Added 14 14 14 14 GPNM Elk Creek Condominiums Lots Deleted -46 -46 -23 -23 -46 GPNM Meyer Lot 1 Condomini ums Lots Deleted -228 -228 -15 -20 -30 -30 -30 -30 -30 -15 -15 -13 -228 GPNM Meyer Lot 2 Condominiums Lots Deleted -152 -152 -10 -20 -20 -20 -25 -25 -22 -10 -152 GPNM EIk Creek Filing 5 ( SF) Lots Deleted -14 -14 -14 -14 - - Ann ual Change 14 9 10 -13 15 5 15 -3 -12 -10 -15 -2 43 Residen tia l GPNM EIk Creek Condominiums Homes Add ed 46 46 23 23 46 GPNM Meyer Lot 1 Condominiums Homes Add ed 228 228 15 20 30 30 30 30 30 15 15 13 228 GPNM M eyer Lot 2 Condominiums Homes Add ed 152 152 10 20 20 20 25 25 22 10 152 G PNM EIk Creek Filin• 5 SF Homes Add ed 14 14 14 14 A nn ua l Chan ge 440 440 14 23 33 20 35 40 55 55 52 40 30 15 55 13 440 C umulative Residential Built To tal 14 37 70 90 125 165 220 275 327 367 397 412 427 440 440 Ty•e Co mmercial Lots @ 15. 0% .0044ct- GPNM -ro .uct _ Elk Creek Condominiums • es c Lots Added 2:23 MV 159,457 uL T• :e : 0111 159,457 2:23 2,24 162,646 2,25 165,899 252 • 2:27 252! 2:2 ' 203: 2031 2,32 2033 2034 535 2036 2537 203: 3.t a1 328.545 GPNM Meyer Lot 1 Condomin iums Lots Added 127,584 127,584 138101 140,863 143,680 146 554 149 ,485 152 474 155,524 158634 161,807 165043 1 512 164 GPNM Me ye r Lo t 2 Condomin iums Lo ts Added 127.560 127,560 132,713 135.368 138,075 140.836 143,653 146,526 149,457 152,446 1,139,074 GPNM Elk Creek Filing 5 (SF) Lots A dded 242,180 242,180 242 ,180 242,180 G PNM EIk Cree k Condo min iums Lo ts De leted 159,457 159,457 -165899 -169,217 835116 G PNM Me yer Lol 1 Condominiums Lots Deleted 127,584 127,584 -140,863 -143,680 -146,554 -149,485 -152 .474 -155,524 -158.634 -161,807 -165.043 -168,344 -1 .542,407 G PNM Meyer Loll Co ndo miniu ms Lots D ele te d 127 560 127,562 -13 8368 -138,075 -140836 -143,653 -140526 -148457 -152446 -155,495 -1.161,855 GPNM EIk G reek Filin• 5 SF Lots D eleted 242.180 242,180 -247.024 -247,024 .._ _,... - _.. .- ___ .. .. ��2025 _.&'. . -_ ._._ 0. . .. . _ ___ . _ .. - . 2034 2035 2936 - e Type Dis tric t Produc t Do ss 2023 MV B uilt __ To Be Built 2023 _ 2024 2026 2927 2928 2029 2030 2031 2032 2033 2937 2038 ..•,•••� Tot al Residentia l GPNM Elk Creek Condominiums Homes Adde d 1 063 045 1,063045 1,105992 1126112 2 234 104 GPNM Meyer Lot 1 Condominiums Homes Adde d 850,558 850,558 939,085 957,866 977,024 996 ,564 1 ,016 ,496 1,036,825 1 ,057,562 1 ,078,713 1,100,287 1,122 ,293 10 ,282 ,716 GPNM Meyer Lot 2 Condomin iums Homes Adde d 850399 850399 902450 920,499 938 ,909 957,687 976841 990378 1.016.306 1,030632 7745702 GPNM EIk Creek Filin g 5 (SF) Homes Adde d 1,614.536 1614,536 1.646-627 1,646827 Type Commercial Lots •istriet To tal r..uct •esc Lots Added 2923 MV 59,203,717 :11 16 T.: :uitl 59.203.717 2:23 3,390,526 2024 3 ,740 ,855 2:25 5,142,805 202. 2,707,351 2027 4,833,008 2:28 5.633.982 202' 7,901 727 2:3: 8,059 .76 2:31 7 ,772 ,586 2032 6 ,098 ,688 2:33 4,665,715 2:34 2 ,379,514 2935 2,427,105 2:3. 2,145,561 2:37 2:38 Total 66,899 84 Total Lots Deleted 50203717 -59,203,717 -3458 ,336 -3,815,672 -5,245,661 -2,761,498 -4,929,668 5,746,662 3 ,059761 -8,220,957 -7,928,038 -6,220,662 -4 759 029 -2,427,105 -2475647 -2,188472 -68 237 168 C omme rc ia lTota l 3,390,526 282,519 1,327,133 -2 ,538,311 2,071,510 704,314 2,155,065 -448 ,370 -1,829,350 -1,554,947 -2 ,379 ,514 330,086 -2,188,472 4,337,984 Residen tia l GPNM Elk Creek Condominiums Homes Added 48,900070 48,900,070 25,437,816 25 ,946 ,573 51 384 389 GPNM M eyer Lot 1 Condominiums Homes A dded 193,927,224 193,927,224 14.086.271 19,157,329 29.310.714 29,896,928 30494,866 31,104,764 31 .726,859 16,180,698 16,504,312 14,589,812 233,052,553 GPNM Meyer Lot 2 Condomin iums Homes Added 129,260648 129260848 9,024,502 18,409985 18,778,184 10153,748 24,421,026 24,909,449 22,358,722 10,366,316 147,421,935 GPNM EIk C reek Filin• 5 SF Homes Added 22,603,504 22.603.504 23.055.574 23,055,574 Re side ntial Total 394,691,446 394,691,446 23,055 ,574 25,437,816 34,971,07 5 18409,985 32 ,864 ,456 38,311,077 53,731 ,742 54 ,806 ,377 52.853.588 41,471,080 31,726,859 16,180,698 16,566,352 14,589,812 454 ,914 ,450 Grand Total 394,691,446 394,691,446 3,390,526 23,338,093 26,764,949 32,432,764 20,481,495 33,568,769 40,466,142 53,731,742 54,358,007 51,024,238 39,916,133 29,347,345 16,180,698 16,174,226 12,401,340 453,576,467 Co mmercial Residentia l To tal Annu al Additio ns 29.00% 983,252 7.15% 28,220,438 28,220,438 28,220,438 28,220,438 983,252 81,931 1,648,474 1,730,404 384,868 -736,110 1,818,804 2,500,432 2,203,672 1,764,322 600,738 1,316,314 1,917,052 204,251 2,349,809 2,554,060 624,969 2,739,242 3,364,211 3,841,820 3,841,820 -130,027 3,918,656 3,788,629 -530,511 3,779,032 3,248,520 -450,935 2,965,182 2,514,247 -690,059 2,268,470 1,578,411 1,156,920 1,156,920 -95,725 1,180,058 1,084,333 .634,657 1,043,172 408,515 -388,015 32,526,383 32,138,368 Prepare d by RBC Ca pital Markets Page 3 03/20/2023 GP North Mead ow Metropolitan District District Financing Analysis - DRAFT- 50 MILLS Service Plan Submission TOTAL CAPACITY ALL PHASES Cash Flow Summary; Pro perty Tax Re ve nue Information Beginn ing Assessed V alue Additio ns Reappraisal Adjustments Total District Assessed Value District Mill Levy % Rea ppraisal Growth District Property Tax Revenue Treasurer's Fee - 2.00% Property Tax Reven ue Includ e 12/01/2025 12/01/2026' 12/01/2027 983,252 983,252 1,730,404 19,665 983,252 12/01/2028 2,733,322 4,936,994 2,203,672 1,764,322 98,740 12/01/2029 6,800,056 1,917,052 12/01/2030 8,717,108 2,554,060 174,342 12/01/2031 11,445,509 3,748,899 12/01/2032 15,194,408 4,241,895 303,888 19,740,191 12/01/2033 12/01/2034 19,740,191 23,528,820 3,788,629 3,248,520 470,576 23,528,820 12/01/2035 12/01/2036 27,247,916 29,762,164 2,514,247 1,578,411 595,243 29,762,164 12/01/2037 31,935,818 1,156,920 2,733,322 4,936,994 6,800,056 8,717,108 11,445,509 15,194,408 27,247,916 31,935,818 33,092,738 50.000 50 .000 50.000 50 .000 50.000 50 .000 50 .000 50.000 50 .000 50.000 50 .000 2.00% 2 .00% 2 .00% 2 .00% 2.00% 2.00% 246,850 (4,937) 340,003 (6,800) 435,855 (8,717) 572,275 (11,446) 759,720 (15,194) 987,010 (19,740) 1,176,441 (23,529) 1,362,396 (27,248) 1,488,108 (29,762) 1,596,791 (31,936) 1,654,637 (33,093) 241,913 333,203 427,138 560,830 744,526 967,269 1,152,912 1 ,335,148 1,458,346 1 ,564,855 1,621,544 Total Re ven ue for Debt Se rvice 241 ,913 333,203 427,138 560,830 744,526 967,269 1,152 ,912 1,335,148 1,458,346 1,564,855 1,621,544 Senior Debt Service Information Debt Serv ice Capitalized Interest DSR Fund Total Net Debt Se rvice 222,125 533,100 533,100 533,100 533,100 (222,125) (533,100) (226,568) (133,275) 796,350 1,164,900 1,164,900 1,164,900 1,259,900 1,299,200 (26,325) (240,084) (110,565) - - - 306,533 399,825 533,100 770,025 924,816 1 ,054 ,335 1,164,900 1 ,259,900 1,299,200 Cov erage Ratio 1 .39 1.40 1.40 1.26 1 .25 1.27 1 .25 1.24 1.25 Revenue A fter Sen ior D/5 241,913 333,203 120,606 161,005 211,426 197,244 228,096 280,813 293,446 304,955 322,344 Rev enu e A fte r Other O bligations Surplus Fund Deposits = $853,650 Revenue A fter Surplu s Fund Deposit Ex cess Reve nue Split 0.00% Revenue A fter Excess Revenue Split 241,913 333,203 120,606 161,005 211,426 197,244 228,096 280,813 293,446 304,955 322,344 241,913 333,203 120,606 157,928 3,077 211,426 197,244 228,096 280,813 293,446 304,955 322,344 3,077 211,426 197,244 228,096 280,813 293,446 304,955 322,344 Subordinate Obligation Information Beginning Principal Balance Beginning Interest Balance Additions Interest Rate Intere st (Simple) Payments En din g Prin cipal Balan ce En din g Interest Balance En din g To tal Balance 8.50% 8.50% 8. 50% 8.50% 8 .50% 8.50% 8 .50% `,110,000 3,850,000 130,006 8.50% 327,250 (197,244) 8 .50 % 327,250 (228,096) 3,850,000 3,850,000 229,160 275,597 8.50% 327,250 (280,813) 8 .50 % 327,250 (293,446) 3,850,000 3,850,000 309,401 331,696 8.50% 327,250 (304,955) 8 .50 % 327,250 (322,344) 3,850,000 3,850,000 3,850,000 3,850,000 3,850,000 3,850,000 130,006 229,160 275,597 309,401 331,696 336,602 3,980,006 4,079,160 4,125,597 4,159,401 4,181,696 4,186,602 Revenue A fte r Subo rdinate Obliga tion 3,077 211,426 Surplus Fund Information Depo sits / (Withdrawls) Interest at 0.00% 'Ending Balance 241,913 333,203 120,606 157,928 241,913 1 575,116 1 695,722 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 Operations Mill Levy Revenues Available for Operations Anticipated Expenses Net Fun d Balan ce 5. 000 5»>' 5. 000 5. 000 5.730 5.000 5.000 5.000 5.000 5.000 5 .000 5 .000 4,916 13,667 24,685 34,000 43,586 57,228 75,972 98,701 117,644 136,240 148,811 159,679 165,464 (4,916) (13,667) (24,685) (34,000) (43,586) (57,228) (75,972) (98,701) (117 ,644) (136,240) (148 ,811) (159,679) (165 ,464) Pre pared by RBC Capital Marke ts Page 4 03/20/2023 GP North Mead ow Metropolitan District District Financing Analysis - DRAFT- 50 MILLS Service Plan Submission TOTAL CAPACITY ALL PHASES Cash :Flow _Sum tnary Pro perty Tax Re ve nue Information Beginn ing Assessed V alue Additio ns Reappraisal Adjustments Total District Assessed Value District Mill Levy % Rea ppraisal Growth District Property Tax Revenue Treasurer's Fee - 2.00% Property Tax Reven ue Includ e 12/01/2038 33,092,738 1,084,333 661,855 34,838,926 12/01/20391 12/01/2040 12/01/2041 12/01/2042 34,838,926 35,247,441 35,952,390 35,952,390 408,515 704,949 719,048 12/01/2043 12/01/2044 12/01/2045 12/01/2046 12/01/2047 12/01/2048 12/01/2049 12/01/2050 36,671,438 36,671,438 37,404,866 37,404,866 38,152,964 38,152,964 38,916,023 38,916,023 733,429 748 ,097 763 ,059 778 ,320 35,247,441 1 35,952,390 35,952,390 36,671,438 36,671,438 37,404,866 37,404,866 38,152,964 38,152,964 38,916,023 38,916,023 39,694,343 50.000 50.000 50.000 50 .000 50.000 50 .000 50.000 50 .000 50 .000 50.000 50 .000 50.000 50 .000 2.00% 2.00 % 2.00 % 2.00 % 2 .00 % 2 .00 % 2 .00 % 1,741,946 (34,839) 1,762,372 (35,247) 1,797,619 (35,952) 1,797,619 (35,952) 1,833,572 (36,671) 1,833,572 (36,671) 1,870,243 (37,405) 1,870,243 (37,405) 1,907,648 (38,153) 1,907,648 (38,153) 1,945,801 (38,916) 1,945,801 (38,916) 1,984,717 (39,694) 1,707,107 1,727,125 1,761,667 1,761, 667 1 ,796,900 1,796,900 1,832,838 1,832,838 1,869,495 1 ,869,495 1,906,885 1 ,906,885 1,945,023 Total Re ven ue for Debt Se rvice 1,707,107 1,727,125 1,761,667 1,761,667 1,796,900 1,796,900 1,832,838 1,832,838 1,869 ,495 1,869,495 1,906,885 1,906,885 1,945,023 Senior Debt Service Information Debt Serv ice Capitalized Interest DSR Fund Total Net Debt Se rvice 1,360,800 1,363,200 1,404,700 1,407,900 1,419,900 1,420,100 1,449,100 1,445,100 1,464,900 1,462,000 1,477,600 1,515,500 1,529,200 1,360,800 1 ,363,200 1 ,404,700 1,407,900 1,419 ,900 1,420,100 1,449,100 1,445,100 1,464 ,900 1 ,462,000 1,477,600 1 ,515,500 1,529,200 Cov erage Ratio 1.25 1.27 1.25 1.25 1 .27 1.27 1.26 1.27 1 .28 1.28 1 .29 1.26 1.27 Reve nue A r Sen ior D/5 346,307 363,925 356,967 353,767 377 ,000 376,800 383,738 387,738 404,595 407,495 429,285 391 ,385 415,823 Rev enu e A fte r Other O bligations Surplus Fund Deposits = $853,650 Revenue After Surplu s Fund Deposit Ex cess Reve nue Split 0.00% Revenue After Excess Revenue Split 34 6,307 363,925 356,967 353,767 377,000 376,800 383,738 387,738 404,595 407,495 429,285 391,385 415,823 346,307 363,925 356,967 353,767 377,000 376,800 383,738 387,738 404,595 407,495 429,285 391,385 415,823 346,307 363,925 356,967 353,767 377,000 376,800 383,738 387,738 404,595 407,495 429,285 391,385 415,823 Subordinate Obligation Information Beginning Principal Balance Beginning Interest Balance Additions Interest Rate Intere st (Simple) Payments En din g Prin cipal Balan ce En din g Interest Balance En din g To tal Balance 3,850,000 336,602 8.50% 327,250 (346,307) 3,830,943 3,792,648 336,602 336,602 8.50% 325,630 (363,925) 8. 50% 322,375 (356,967) 3,758,056 3,723,724 336,602 336,602 8.50% 319,435 (353,767) 8 .50% 316,517 (377,000) 3,663,241 3,597,816 336,602 336,602 8.50% 311,375 (376,800) 8 .50% 305,814 (383,738) 3,519,892 3,431,345 336,602 336,602 8.50% 299,191 (387,738) 8 .50 % 291,664 (404,595) 3,318,415 3,192,985 336,602 336,602 8.50% 282,065 (407,495) 8 .50 % 271,404 (429,285) 3,035,104 2,901,702 336,602 336,602 8.50% 257,984 (391,385) 8 .50 % 246,645 (415,823) 3,830,943 3,792,648 3,758,056 3,723,724 3,663,241 3,597,816 3,519,892 3,431,345 3,316,415 3,192,985 3,035,104 2,901,702 2,732,524 336,602 336,602 336,602 336, 602 336,602 336 ,602 336,602 336,602 336,602 336,602 336,602 336,602 336,602 4,167,545 4,129,250 4,094,658 4,060,326 3,999,843 3,934,418 3,856,494 3,767,947 3,655,017 3,529,587 3,371,706 3,238,304 3,069,126 Revenue Afte r Subo rdinate Obliga tion Surplus Fund Information Depo sits / (Withdrawls) Interest at 0.00% 'Ending Balance 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 853,650 1 Operations Mill Levy Revenues Available for Operations Anticipated Expenses Net Fun d Balan ce 5. 000 5. 0001 5. 000 5. 000 5.700 5.000 5.000 5.000 5.000 5.000 5 .000 5 .000 174,195 176,237 179,762 179,762 183,357 183,357 187,024 187,024 190,765 190,765 194,580 194,580 198,472 (174,195) (176,237) (179,762) (179,762) (183,357) (183,357) (187,024) (187,024) (190 ,765) (190,765) (194 ,580) (194,580) (198 ,472) Pre pared by RBC Capital Marke ts Page 5 03/20/2023 GP North Mead ow Metropolitan District District Financing Analysis - DRAFT- 50 MILLS Service Plan Submission TOTAL CAPACITY ALL PHASES Cash :Flow _Sum nsary Pro perty Tax Re ve nue Information Beginn ing Assessed V alue Additio ns Reappraisal Adjustments Total District Assessed Value District Mill Levy % Rea ppraisal Growth District Property Tax Revenue Treasurer's Fee - 2.00% Property Tax Reven ue Includ e 12/01/2051 12/01/20521 12/01/2053 12/01/2054 12/01/2055 12/01/2056 12/01/2057 12/01/2058 12/01/2059 12/01/2060 12/01/2061 12/01/2062 39,694,343 39,694,343 40,488,230 40,488,230 41,297,995 41,297,995 42,123,955 42,123,955 42,966,434 42,966,434 43,825,762 43,825,762 793,887 809,765 825,960 842,479 859,329 876,515 Totals 30,209,475 11,759,481 41,968,956 39,694,343 40,488,230' 40,488,230 41,297,995 41,297,995 42,123,955 42,123,955 42,966,434 42,966,434 43,825,762 43,825,762 44,702,278 50.000 50.000 50.000 50 .000 50.000 50 .000 50.000 50 .000 50 .000 50.000 50 .000 50.000 2.00% 2 .00% 2 .00% 2 .00% 2.00% 2.00% 1,984,717 (39,694) 2,024,412 (40,488) 2,024,412 (40,488) 2,064,900 (41,298) 2,064,900 (41,298) 2,106,198 (42,124) 2,106,198 (42,124) 2,148,322 (42,966) 2,148,322 (42,966) 2,191,288 (43,826) 2,191,288 (43,826) 2,235,114 60,108,958 (44,702) (1,202,179) 58,906,779 1,945,023 1,983,923 1,983,923 2,023,602 2,023,602 2,064,074 2,064,074 2,105,355 2,105,355 2,147,462 2,147,462 2 ,190,412 Total Re ven ue for Debt Se rvice 1,945,023 1,983,923 1,983,923 2,023,602 2,023,602 2,064,074 2,064,074 2,105,355 2,105,355 2,147,462 2,147,462 2,190,412 58,906,779 Senior Debt Service Information Debt Serv ice Capitalized Interest DSR Fund Total Net Debt Se rvice 1,534,900 1,547,900 1,547,600 1,614,600 1,614,700 1,631,500 2,518,800 1,654,100 1,654,100 1,704,600 1,707,300 1,229,600 47,884,375 - - - - - - - - - - - (1,492,042) - - - - - - (888,500) - - - - (1,053,000) (1,941,500) 1,534,900 1 ,547,900 1 ,547 ,600 1,614,600 1,614,700 1,631,500 1,630,300 1,654,100 1,654 ,100 1 ,704 ,600 1,707,300 176,600 44,450 ,834 Cov erage Ratio 1.27 1.28 1 1.28 1.25 1 .25 1.27 1.27 1.27 1 .27 1.26 1 .26 12.40 Reve nue A r Sen ior D/5 410,123 436,023 436,323 409,002 408,902 432,574 433,774 451,255 451,255 442,862 440 ,162 2 ,013,812 14,455,943 Rev enu e A fte r Other O bligations Surplus Fund Deposits = $853,650 Revenue After Surplu s Fund Deposit Ex cess Reve nue Split 0.00% Revenue After Excess Revenue Split 410, 123 436,023 436,323 409,002 408,902 432,574 433 ,774 451,255 451,255 442,862 440,162 2,013,812 14,455,9 43 853,650 410,123 436,023 436,323 409,002 408,902 432,574 433,774 451,255 451,255 442,862 440,162 2 ,013,812 13,602,293 410,123 436,023 436,323 409,002 408,902 432,574 433,774 451,255 451,255 442,862 440,162 2,013,812 13,602,293 Subordinate Obligation Information Beginning Principal Balance Beginning Interest Balance Additions Interest Rate Intere st (Simple) Payments En din g Prin cipal Balan ce En din g Interest Balance En din g To tal Balance 8.50% 232,265 (410,123) 2,732,524 2,554,666 2,335,789 2,098,008 1,867,337 1,617,159 1,322,043 1,000,643 634,442 237,115 336,602 336,602 336,602 336,602 336,602 336,602 336,602 336,602 336,602 336,602 151,010 8 .50 % (151,010) 8.50% 217,147 (436,023) 8. 50% 198,542 (436,323) 8.50% 178,331 (409,002) 8 .50% 158,724 (408,902) 8.50% 137,458 (432,574) 8 .50% 112,374 (433,774) 8.50% 85,055 (451,255) 8 .50 % 53,928 (451,255) 8.50% 20,155 (442,862) 8.50% 3,431,345 7,234,826 (11,084,826) 2,554,666 2,335,789 2,098,008 1,867,337 1,617,159 1,322,043 1,000,643 634,442 336,602 971,044 237,115 336,602 573,717 336,602 336,602 336,602 336, 602 336,602 336 ,602 336,602 151,010 151,010 (418,655) (418,655) 2,891,268 2,672,391 2,434,610 2,203,939 1,953,761 1,658,645 1,337,245 Revenue Afte r Subo rdinate Obliga tion 853,650 289,152 2,013,812 3,371,117 Surplus Fund Information Depo sits / (Withdrawls) Interest at 0.00% 'Ending Balance (853,650) 853,650 1 853,650' 853,650 1 853,650 1 _I 22,854,001' Operations Mill Levy Revenues Available for Operations Anticipated Expenses Net Fun d Balan ce xA)00 5. 0001 5. 000 198,472 202,441 202,441 206,490 (198,472) (202,441) (202,441) (206,490) 5. 000 206,490 (206,490) x-700 210,620 (210,620) 5.000 210,620 (210 ,620) 5.050 214,832 (214,832) 5.099 214,832 (214 ,832) 5.000 219,129 (219,129) 5.000 219,129 (219 ,129) 5 .000 223,511 (223,511) 6,029,479 (6,029,479) Pre pared by RBC Capital Marke ts Page 6 03/20/2023 GP North Meadow Metr opolit an Distri ct District Fi nancing Analysi s - DRAFT - 50 MILLS Se rvice Plan Submission TOTA L CAPACIT Y ALL PH ASES Debt Se rvice Summ ary Se nior - 2027 Date 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Principal - - - - - - - - - - - - - 95,000 Coupon 6.00% 6.00% 6 .00% 6.00% 6.00% 6.00% 6 .00% 6.00% 6.00% 6 .00% Interest - - - - 222,125 533,100 533,100 533,100 533,100 533,100 533,100 533,100 533,100 533,100 Total P+ l - - - - 222,125 533,100 533,100 533,100 533,100 533,100 533,100 533,100 533,100 628,100 CAPI - - - - (222,125) (533,100) (226,568) (133,275) - - - - - - DSRF Net D/S - - - - - - 306,533 399,825 533,100 533,100 533,100 533,100 533,100 628,100 Senior - 2032 Date 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Principal - Coupon 6.00% 6 .00% 6.00 % 6.00% 6 .00 % Interest - - - - - - - - - 263,250 631,800 631,800 631,800 631,800 Total P+ l - - - - - - - - - 263,250 631,800 631,800 631,800 631,800 CAPI - - - - - - - - - (26,325) (240,084) (110,565) - - DSRF - Net D/S - - - - - - - - - 236,925 391,716 521,235 631,800 631,800 Se nior -To tal Date 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Principal - - - - - - - - - - - - - 95,000 Interest - - - - 222,125 533,100 533,100 533,100 533,100 796,350 1,164,900 1,164,900 1,164,900 1,164,900 Total P+I - - - - 222,125 533,100 533,100 533,100 533,100 796,350 1,164,900 1,164,900 1,164,900 1,259,900 CAPI - - - - (222,125) (533,100) (226,568) (133,275) - (26,325) (240,084) (110,565) - - DSRF- Ne t D/S - - - - - - 306,533 399,825 533,100 770 ,025 924,816 1 ,054,335 1,164,900 1,259,900 Prepa re d by RBC Capital Markets Page 7 03/20/2023 GP North Meadow Metr opolit an Distri ct District Fi nancing Analysi s - DRAFT - 50 MILLS Se rvice Plan Submission TOTA L CAPACIT Y ALL PH ASES Debt Se rvice Summ ary Se nior - 2027 Date 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Principal 120,000 165,000 180,000 205,000 220,000 245,000 260,000 290,000 305,000 340,000 360,000 395,000 420,000 460,000 Coupon 6.00% 6.00% 6.00% 6.00% 6.00% 6 .00% 6.00% 6.00% 6 .00% 6.00% 6.00% 6.00% 6 .00% 6.00% Interest 527,400 520,200 510,300 499,500 487,200 474,000 459,300 443,700 426,300 408,000 387,600 366,000 342,300 317,100 Total P+ I 647,400 685,200 690,300 704,500 707,200 719,000 719,300 733,700 731,300 748,000 747,600 761,000 762,300 777,100 CAPI DSRF Net D/S 647,400 685,200 690,300 704,500 707,200 719,000 719,300 733,700 731,300 748,000 747,600 761,000 762,300 777,100 Se nior - 2032 Date 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Principal 20,000 45,000 45,000 75,000 80,000 85,000 90,000 110,000 115,000 125,000 130,000 140,000 185,000 195,000 Coupon 6.00% 6 .00% 6.00% 6 .00% 6.00% 6.00% 6 .00% 6.00% 6.00% 6.00% 6 .00% 6.00% 6.00% 6 .00% Interest 631,800 630,600 627,900 625,200 620,700 615,900 610,800 605,400 598,800 591,900 584,400 576,600 568,200 557,100 To tal P+ I 651,800 675,600 672,900 700,200 700,700 700,900 700,800 715,400 713,800 716,900 714,400 716,600 753,200 752,100 CAPI DSRF Net D/S 651,800 675,600 672,900 700,200 700,700 700,900 700,800 715,400 713,800 716,900 714,400 716,600 753,200 752,100 Sen ior - To tal Date 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Principal 140,000 210,000 225,000 280,000 300,000 330,000 350,000 400,000 420,000 465,000 490,000 535,000 605,000 655,000 Interest 1,159,200 1,150,800 1,138,200 1,124,700 1,107,900 1,089,900 1,070,100 1,049,100 1,025,100 999,900 972,000 942,600 910,500 874,200 Total P+I 1,299,200 1,360,800 1,363,200 1,404,700 1,407,900 1,419,900 1,420,100 1,449,100 1,445,100 1,464,900 1,462,000 1,477,600 1,515,500 1,529,200 CAPI DSRF Net D/S 1,299,200 1,360,800 1,363,200 1 ,404,700 1,407,900 1,419,900 1,420,100 1,449,100 1,445,100 1,464,900 1,462,000 1,477,600 1,515,500 1,529,200 Prepa re d by RBC Capital Markets Page 8 03/20/2023 GP North Meadow Metr opolit an Distri ct District Fi nancing Analysi s - DRAFT - 50 MILLS Se rvice Plan Submission TOTA L CAPACIT Y ALL PH ASES Debt Se rvice Summ ary Se nior - 2027 Date 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 Totals Principal 490,000 535,000 565,000 615,000 650,000 705,000 1,265,000 - - - - - - 8,885,000 Coupon 6.00% 6.00% 6.00% 6 .00% 6.00% 6 .00% 6.00% 6.00% 6 .00% 6.00% 6.00% 6.00% 6 .00% Interest 289,500 260,100 228,000 194,100 157,200 118,200 75,900 - - - - - - 12,511,925 Total P+ I 779,500 795,100 793,000 809,100 807,200 823,200 1,340,900 - - - - - - 21,396,925 CAPI - - - - - - - - - - - - - (1,115,068) DSRF - - - - - - (888,500) - - - - - - (888,500) Net D/S 779,500 795,100 793,000 809,100 807,200 823,200 452,400 - - - - - - 19,393,358 Se nior - 2032 Date 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 Totals Principal 210,000 220,000 235,000 300,000 320,000 340,000 730,000 1,250,000 1,325,000 1,455,000 1,545,000 1,160,000 - 10,530,000 Coupon 6.00% 6 .00% 6.00% 6 .00% 6.00% 6.00% 6 .00% 6.00% 6.00 % 6.00% 6 .00% 6.00 % 6.00% Interest 545,400 532,800 519,600 505,500 487,500 468,300 447,900 404,100 329,100 249,600 162,300 69,600 - 15,957,450 To tal P+ I 755,400 752,800 754,600 805,500 807,500 808,300 1,177,900 1,654,100 1,654,100 1,704,600 1,707,300 1,229,600 - 26,487,450 CAPI - - - - - - - - - - - - (376,974) DSRF - - - - - - - - - - - (1,053,000) - (1,053,000) Net D/S 755,400 752,800 754,600 805,500 807,500 808,300 1,177,900 1,654,100 1,654,100 1,704,600 1,707,300 176,600 - 25,057,476 Sen ior - To tal Date 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 T otals Principal 700,000 755,000 800,000 915,000 970,000 1,045,000 1,995,000 1,250,000 1,325,000 1,455,000 1,545,000 1,160,000 - 19,415,000 Interest 834,900 792,900 747,600 699,600 644,700 586,500 523,800 404,100 329,100 249,600 162,300 69,600 - 28,469,375 Total P+I 1,534,900 1,547,900 1,547,600 1,614,600 1,614,700 1,631,500 2,518,800 1,654,100 1,654,100 1,704,600 1,707,300 1,229,600 - 47,884,375 CAPI - - - - - - - - - - - - (1,492,042) DSRF - - - - - - (888,500) - - - - (1,053,000) - (1,941,500) Net D/S 1,534,900 1,547,900 1,547,600 1 ,614,600 1,614,700 1,631,500 1,630,300 1,654,100 1,654,100 1,704,600 1,707,300 176,600 - 44,450,834 Prepa re d by RBC Capital Markets Page 9 03/20/2023 GP So uth Me adow Metropolita n District District Financing Analysis - DRAFT - 50 MILLS Service Plan S ubmission TOTAL CAPACITY ALL PHASES Financing Summary Sources a nd Us es So urces 2027 2032 2032 Sub 2039 2039 S ub 2045 2045 Sub Total Par Amount Premium/(Discount) Other 13,345,000 16,530,000 4,500,000 19,205,000 5,500,000 36,155,000 7,500,000 102,735,000 To tal Sources 13 345 000 16 530 000 4,500,000 19,205,000 5 ,500,000 36 ,155,000 7,500 ,000 102,735,000 Use s 2027 2032 2032 Sub 2039 2039 Sub 2045 2045 Sub Total Project Fund - Released at Closing Proje ct Fund - Escrowed Total Project Fund Capitalized Interest Debt Serv ice Reserve Fund Co sts of Issuance 11,183,285 11,183,285 360,315 1,334,500 466,900 14,017,440 4,350,000 14,017,440 4,350,000 859,560 1,653,000 150,000 17,284,500 5,350,000 32,539,500 17,284,500 5,350 ,000 32 ,539,500 1,920,500 150,000 3,615,500 7,350,000 92,074,725 7,350,000 92,074,725 150,000 1,219,875 8,523,500 916,900 Total Uses 13,345,000 16,530,000 4,500,000 19,205,000 5,500,000 36 ,155,000 7,500 ,000 102,735,000 Total Debt Ser vice Summary Stated Term (Each Issuance) Estimat ed Int erest Rates Principal Interest Total Principal & Interest L ess: Capitaliz ed Interest (Principal & Earnings @ 0.00%) Less: Debt Ser vice Reser ve Fund (Principal & Earnings @ 0.00%) Net Debt Service .. ... .. .. .. .. ... .. .. ... ... . .. .. ... .. .. ... .. .. Maximum Annual Net Debt Service 30.0 Yrs 6.00% 85,235,000 82,510,175 167,745,175 (1,219,875) (8,523,500) 158,001,800 7,413,800 Other Inform atio n Total District Mill Levy Commercial Assessment % Residential Assessment % Senior Minimum Co verage Requirement Actual Coverage at Stabilization (2035) Property Tax Revenue % 50 .000 29.00% 7 .15% 1.25 1.25 100 % Prepared by RBC Ca pital Marke ts Pa ge 1 03/20/2023 GP South Meadow Metr op olita n District District Financing Analysis - DRAFT - 50 MILLS Serv ice Plan Submissi on Co mmercial Development Developme nt Summary -Property Tax Market F ull AV Value Property Start Open F ull AV Collect Sp Ft per Sq Ft Are a Descriptio n Includ e Type Date Dat e M os. T ax Ye ar Year or Units or Unit 2021/2023 2022/2024 2023/2025 2024/2026 2025/2027 2026/2028 2022/2029 2028/2030 2029/2031 2030/2032 2031/2033 2032/2034 2033/2035 2034/2036 7.15 %R 29.00% Coll ect Collect C oll ect Collect C ollect C ollect Collect C ollect Collect Collect C ollect Collect C ollect Collect Market CAssessed AV% AV 94 AV 96 AV% AV% AV% AV% AV 94 AV 94 AV % AV 96 AV% AV% AV% Value Value C ompl ete Complete Compl et e Complete Complet e Compl et e Complete Complet e C ompl ete Complete Compl et e Complete Complet e C omplete All Phases of D evelopmen t 1Wa 46 Market Yes Commercial N/ A N/A - Dec -21 2023 8,700 250 2,175,000 630,750 1764 Retail Ye s Commercial N/A N/A - Dec -25 2027 42,000 250 10,500,000 3,045,000 1Wa Commercial Yes Commercial Ju n -30 Jun -31 12 Dec -31 2033 10,000 250 2,500,000 725,000 1Wa Commercial Ye s Commercial Jun -31 J un -32 12 Dec -32 2034 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -32 Ju n -33 12 Dec -33 2035 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -33 Jun -34 12 Dec -34 2036 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -34 Jun -35 12 Dec -35 2037 10,000 250 2,500,000 725,000 1764 Commercial Yes Commercial Jun -35 J un -36 12 Dec -36 2038 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -36 Ju n -37 12 Dec -37 2039 10,000 250 2,500,000 725,000 1Wa Co mmerc ial Ye s Commercia l Jun -37 Jun -38 12 D ec -38 2040 10,000 250 2,500,000 725,000 1Wa Commercial Ye s Commercial Jun -38 Jun -39 12 Dec -39 2041 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -39 Jun -40 12 Dec -40 2042 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -40 Jun -41 12 Dec -41 2043 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -41 Jun -42 12 Dec -42 2044 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -42 Jun -43 12 Dec -43 2045 11,300 250 2,825,000 819,250 2W Commercial Yes Commercial Jun -30 Jun -32 24 Dec -32 2034 39,000 250 9,750,000 2,827,500 1754 Lodging Ye s Commercial Apr -30 A ug -31 16 Dec -31 2033 130 133,002 17,290,260 5,014,175 1Wa Lodging Ye s Commercial Apr -35 Aug -36 16 Dec -36 2038 130 133,002 17,290,260 5,014,175 1Wa Lodgin g Yes Commercia l Apr -40 Au g -41 16 Dec -41 2043 130 133,002 17,290,260 5,014,175 276 Lodging Ye s Commercial Apr -35 Aug -36 16 Dec -36 2038 120 133,002 15,960,240 4,628,470 2W Lodging Ye s Commercial Apr -40 Aug -41 16 Dec -41 2043 120 133,002 15,960,240 4,628,470 276 Lodging Ye s Commercial Apr -45 Aug -46 16 Dec -46 2048 121 133,002 16,093,242 4,661,040 100% 10% 100 % 10 % 100% 10% 100% 25% 100 % 100 % 100% 100% 100% 100% 100 % 100 % 100% 100% 100 % 100 % 50% 100% 100% 100% 50% 100% 100% 100% 100% 50% 100 % 100 % 100% 100 % 100% 50% 10093 100% 10093 100% 10093 100% 5093 25% 50% 100 % 100% 100% 25% 100% 100 % 100% 10096 Commercial Total 221,000 702 155,134,502 44,989 ,006 935,250 953 ,955 953,955 1,448,237 3,824,250 3,900,735 3,900,735 3,978,750 3,978,750 6,623 ,015 12,355,962 15,011,661 15,828,129 16,977,488 Lodging To tal 751 Deve lopment To tal 221,000 155,134 ,502 44,989 ,006 935,250 953,955 953,955 1,448 ,237 3 ,824,250 3,900 ,735 3,900,735 3 ,978 ,750 3,978,750 6,623 ,015 12 ,355 ,962 15.011,661 15,828,129 16,977,488 Mill Le vy Re venue @ 50.000 Mills 96,763 47,698 47,698 72,412 191,213 195,037 195,037 198,938 198,938 331,151 617,798 750,583 791,406 848,87 4 Commercial Re appra isal Change 2.00 % 2.00 % 2 .00 % 2.00% 2.00 % 2.00 % 2 .00 % Residential Reappraisal Change 2.00% 2 .00% 2.00% 2.00% 2.00% 2 .00% 2.00% Land Reappraisal Change 2 .00 % 2.00 % 2.00 % 2 .00% 2 .00 % 2.00 % 2.00 % Pre pa red by RBC Capita l Ma rke ts Page 2 03/20/2023 GP South Meadow Metropolita n District District Financing Analysis - DRAFT - 50 MILLS Service Pl an Submissi on Commercial Developm ent De velo pment Summa ry -Property Tax Full AV Property Start Open F ull AV Collect 99 Ft Area De scription Include Type Date Date M os. T ax Year Year or Units Market Val ue per Sq Ft or Unit 2035/2037 2036/2038 2037/2039 2038/2040 2039/2041 2000/2002 2001/2003 2002/2004 2043/2045 2044/2046 2045/2047 2046/2048 2047/2049 2.15%R 29 .00% C ollect Collect Collect C ollect C ollect Collect C ollect Collect C ollect Collect Collect C ollect Collect Market C Assessed AV % AV % AV % AV % AV % AV % AV % AV % AV % AV % AV % AV % AV % Valu e Value Complet e C ompl ete Complete Compl et e Complete Complete Compl et e Complete Complet e C ompl ete Complete Compl et e Complete A ll Pha ses of Develo pmen t 1Wa 46 Market Yes Commercial N/ A N/ A - Dec -21 2023 0,700 250 2,175,000 630,750 1754 Re tail Yes Commercial N/A N/A - Dec -25 2027 42,000 250 10,500,000 3,045,000 1754 Commercial Yes Commercial Jun -30 Jun -31 12 Dec -31 2033 10,000 250 2,500,000 725,000 1754 Co mmercial Ye s Commercial Jun -31 Jun -32 12 D ec -32 2034 10,000 250 2,500,000 725,000 1754 Commercial Yes Commercial Jun -32 Jun -33 12 Dec -33 2035 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -33 Jun -34 12 Dec -34 2036 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -34 Jun -35 12 Dec -35 2037 10,000 250 2,500,000 725,000 1754 Co mmercial Ye s Commercial Jun -35 Jun -36 12 D ec -36 2038 10,000 250 2,500,000 725,000 1754 Commercial Yes Commercial Jun -36 Jun -37 12 Dec -37 2039 10,000 250 2,500,000 725,000 1Wa Comme rcial Yes Co mme rcial Jun -37 Jun -38 12 Dec -38 2040 10,000 250 2,500,000 725,000 1Wa Co mme rcial Ye s Commercial Jun -38 Jun -39 12 Dec -39 2041 10,000 250 2,500,000 725,000 1754 Co mmercial Yes Commercial Jun -39 Jun -40 12 Dec -40 2042 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -40 Jun -41 12 Dec -41 2043 10,000 250 2,500,000 725,000 1754 Co mmercial Yes Commercial Jun -41 Jun -42 12 Dec -42 2044 10,000 250 2,500,000 725,000 1Wa Commercial Yes Commercial Jun -42 Jun -43 12 Dec -43 2045 11,300 250 2,825,000 819,250 2W Commercial Yes Commercial Jun -30 Jun -32 24 Dec -32 2034 39,000 250 9,750,000 2,827,500 1Wa Lodging Ye s Commercial Apr -30 Aug -31 16 Dec -31 2033 130 133,002 17,290,260 5,014,175 1754 Lodging Ye s Commercial A pr -35 Au g -36 16 D ec -36 2038 130 133,002 17,290,260 5,014,175 1754 Lodging Yes Co mme rcial A pr -40 A ug -41 16 Dec -41 2043 130 133,002 17,290,260 5,014,175 275 Lodging Ye s Commercial Apr -35 Au g -36 16 Dec -36 2038 120 133,002 15,960,240 4,628,470 2W Lodging Ye s Commercial Apr -40 Au g -41 16 Dec -41 2043 120 133,002 15,960,240 4,628,470 275 Lodging Ye s Commercial Apr -45 Au g -46 16 Dec -46 2048 121 133,002 16,093,242 4,667,040 100 % 100% 100 % 100% 100% 100% 100 % 100% 100% 100% 100% 100% 100% 100% 50% 100 % 50% 100 % 100% 100% 100 % 100% 100% 100 % 100% 100 % 100% 10096 100 % 100% 100% 100 % 100% 100% 100 % 100% 100 % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100 % 100% 100% 100 % 100% 100% 100 % 100% 100 % 100% 100% 100% 10096 100% 100% 100% 100% 100% 100% 100% 100% 10096 100% 100% 100% 100% 100% 100 % 100% 100% 100% 100% 100 % 100% 10096 100% 100% 100% 100 % 100% 100% 100% 10096 10096 100% 100 % 100 % 100% 100 % 100% 100% 100 % 100% 100 % 100% 10096 100% 100% 100% 100% 100 % 100% 100% 100% 100% 100 % 50% 100 % 100 % 100% 100 % 100% 100% 100 % 100% 100 % 100% 50% 100% 100% 100% 100 % 100% 100% 10096 10096 10096 50% 100 % 100% 100% 100 % 100% 100 % 100% 100% 50% 100% 100% 100% 100% 10096 10096 10096 50% 100% 100 % 100% 100 % 100% 100% 50% 100% 100% 100% 10096 10096 100% 100% 100% 100% 100% 100% 100% 100 % 100% 100% 100% 100% 100 % 100% 10096 10096 10096 100% 100% 100% 100 % 100% 10096 10096 10096 10096 25% 100 % 100% 100 % 100 % 100% 100 % 100% 100% 100 % 100% 100 % 100% 25 % 100% 100% 100 % 100% 100 % 100% 100% 25 % 100% 100 % 100% 100% 100 % 100% 100% 100 % 100% 100 % 100% 100% 25% 100% 100% 100% 100% 100% 100% 100% 25 % 100% 100% Commercial Total 221 ,000 702 155,134,502 44,989,006 20,579,378 30,313,840 31,163 ,293 32,653,001 33,519,443 38,012 ,185 47,711,704 49,625,979 50,135,296 51,138,002 52,617 ,736 58,198,076 58,198,076 Lodging Total 751 Mill Le vy Re venue @ 50.000 Mills 1,028,969 1,515,692 1,558,165 1,632,650 1,675 ,972 1,900,609 2,385,585 2,481,299 2,506,765 2,556,900 2,630,887 2,909,904 2,909,904 Co mme rcial Re appra isal Change 2 .00% 2 .00 % 2.00 % 2.00 % 2 .00% 2 .00 % Residential Reappraisal Change 2.00 % 2.00% 2.00% 2 .00% 2.00 % 2.00% Land Reappraisal Change 2.00% 2.00 % 2 .00 % 2.00 % 2.00% 2.00 % Pre pa red by RBC Capita l Ma rke ts Page 3 03/20/2023 GP S outh Me adow M etr opolita n District District Fina ncing A naly sis - DRAFT - 50 MILLS S ervice Plan S ubmis sion Type Co mmercial Lots Distri ct GPSN1Ma odu ct Residential Condomi niums (1Wa) • Lots Added Unit s 299 Bui[ T• BQ Bui[ 299 2423 2Q2A 2425 292• 292] 2028 2029 20 2930 20 2031 20 2032 20 2033 2D 2Q39 24 2Q35 30 2ffi• 30 2931 30 2038 20 2039 20 2040 20 2041 25 2042 Tptal 299 GPS M 1Wb Residential Condemner.(1W6) Lots Added 52 52 26 26 52 GPSM 2W Aplenglow Condomi nems PM Lots Add ed 204 204 25 26 26 26 26 25 25 29 204 GPSM 2W Resid ential C ond em ner. (ON) Lot s Add ed 66 60 22 22 22 66 G PSM 1Wa R esidenti al Condemner. (1 Wa) Lots Delet ed - 299 -299 -20 -20 -20 - 20 -20 -24 -30 -30 -30 -20 -20 -20 -25 -299 GPSM 1Wb Resldentlal Condominlums (Garb) Lots Deleted 32 A2 -26 -26 52 GASH 2,V Aplenglow Cendemmmms(2W) Lots Deleted -204 -204 -25 -25 -25 -25 -25 -25 -25 -29 -204 GPSM 2\N Resldentlal Condominlums 2W Lots Deleted 66 66 -22 -- ` -22 • -22 aAnnua l --- -_ 5 66 - - Change Residen tial GPGM Ma Residential Condommmms(1 W a) H omes Add ed 299 299 25 26 -0 2 4 20 -29 20 20 2D 4 2D 6 24 3D 30 A0 30 20 20 20 .25 25 299 GPSM 1,1/9 Reslde ntlal Co ndominems(1)Ab) Home s Added 52 52 26 26 52 GPSM 2W Aplenglow Con domeems(21N) Home s Added 204 204 25 25 25 25 25 25 26 29 204 GPSM 2W Resldentlal Condominlums (2).N) Homes Added 66 66 22 22 22 66 Cu mulative Residen tial Built To tal 25 76 127 174 221 268 313 362 382 402 422 446 476 506 536 556 576 596 621 Type Co mmercial Lots (4.15.0° b Dis tr ict GPSM 1`.74 Produc t Des e Residential Condomin iums (1 W4) Lots Added 2023 MY 159,15] Suit To Be suit 2623 159,15] 2024 2025 2026 2027 2028 2029 1]95]4 2030 183 ,166 2031 186 ,829 2032 190,506 2933 194 ,3]] 2034 196?64 2035 202231 2036 2062]4 2037 211400 2038 214608 2039 218900 2040 223?78 2041 22],]14 2042 T otal 2638209 GPSM 1Wb Residential Contlominmms (1Wb) Lots Added 159,3]5 159,9]5 182,683 165,814 328,3]6 GPSM 2W A pleng 00 Con dominlums (2W) Lots Added 131 ,505 131,606 131,606 134,135 136818 139554 142345 115192 118096 151058 1,128,]03 GPSM 2W Res ide ntial Co ndo min mms 2W Lots Added 131,505 131,505 130554 142346 145.192 42],092 . . ___. ._. G PSM 11V a Re d ental C ondoranems (1 Wa) Lots Delete d a9 a7 59.45] -183 .166 -186 .829 -190.566 -194 .3]] -198,264 [02230 2062]4 210 .400 214.608 218 .990 -223 .2]8 -22].]44 -232 .298 -2,688,933 GPSM IW6 Re de ' IC tdon '3iu Dots Deleted 159505 ■ 169:505 ■ -166818 -169150 331,977 GP. [W 6(2W() Apl gl C r r dooums (2W) Lots Deleted 131505 131,505 -134.135 -136.818 -139 554 -14[.345 -145.19[ -148.096 -151.058 -154.0]9 -1,151,2]] GPSM 2.6 Resldentlal Condominlums 2W Lots Deleted 131 505 131 505 -112315 -115192 -148 096 435 633 --7 . Type R esidential Distr ic t GPS M 1Wa Product Re sidential C ondor.%rne 1VV Dust Homes Addetl -_.46.* 2023 MV 1. 063. 045 S uit - To Be Built 2023 1.063.045 .. .� 2024 ...h. .v 2025 .�- 4• 2026 20 27 ._�z .: : 2028 2029 � 2030 1,221,105 2031 1,245,52] 2032 1,2]0,43] 2033 1,293,846 2034 1,921,]69 - .. _ 2035 1,348,198 _ 2036 1 ,375,162 _ 2037 1,40 2,665 »_ 2038 1,430,]19 2039 1,459,333 2040 1,488,520 2041 1,518 ,290 ..ms`s m2042 1,548,656 Total 17.92 5220 GP6611 WI, Re sidential Condominiums (166) Homes * dried 1062,500 1062,500 1,105425 1,12],534 2,232959 GPSM 2W A plenglow Condom. an 1267 Ho mes A dde tl 8]6,700 8]6,]00 894,234 912,119 930,961 948,968 96],948 98],30] 1,00],053 1,02],194 7,6]5,183 GPSM 2W Res ide ntial Co nde mn er.(2W) Homes Adde tl 8]6,700 8]6,700 948,968 967,948 93],30] 2.904 223 Co mmercial Lots Total Lots Added 91 471 418 91471416 3287,625 7,561,103 7,731 ,603 8559,345 6630226 6824,031 7293,884 8043,993 3 736 580 3 811 312 3887,538 4,758346 6366831 6 ,188229 6311,934 4292,156 4,377,999 4465,559 5 ,693588 107,600,601 Tota l Lots Delete d 5 1471418 -91 471 418 -5955978 -1,131,603 -],886,235 6,690,226 8824031 -6 960 511 -]439]61 A 204 573 3811312 -3 .88]538 -3,985,289 -4,853,513 6,188,229 6,311,994 -6 438 234 -437]999 4465559 -45548]0 580]459 -109,]52613 Co mmer el01To1a l 3,28],625 4 ,226.625 -1.321.1:9 333,3]2 •30.232 .4,468: •3 793,058 1,213,373 -2,146,0]: 1,138:]16 5,83],459 3,152412 Residen tial GPSM 1Wa Residential Cendemmmms(1Wa ) Homes A dde d 31],850,455 31].850,455 24,422,091 24.910,533 25.408,]44 25.916,918 26,435,257 32,356,754 41,254,862 42,079,959 42.921,558 29.186,660 29.]70,393 30 .365 .801 38.]16.396 413,745,925 G PSM 166 Reside ntial Co ndo minlums (166) Homes Added 55250000 55250000 28 741,353 29,315671 58,055921 GPSM 2W Aplenglow Con domeems ON) Homes Added 178.846.800 178.846.800 22,35585D 2280296] 23,259,026 23,]24,20] 24,198,691 24,682,665 25.176.318 29.]86.620 195,965244 9061.1 2\0 Residential Condominiums 2W Homes A dded 57 862 200 57 662 200 20 877 302 21 294 848 21 720 745 63 892 895 Residen:al Total •09,8 09, 455 889-39,45 5 22,359 ,850 51 ,54 4,411 5 2,514 ,69] 44, •33 ,509 45, 493 ,539 •,403 ,418 49,598,409 54 ,699 ,153 25,43: ]d 4 25816,918 26, 439, 251 32 ,95 •,754 41 ,254 ,862 4 3.070 .059 4 2,921,558 29,18 •,• 0 29 170 ,393 30.385401 3� ]16 ,39 8 ]31,686,3: 5 Gran d To tal 609,809,455 609,809,455 3,28],625 26,582,475 51,544,517 51,247,706 44,601,509 45,493,539 46,736,782 50,202,641 50,230,860 25,408,744 25,916,918 2],228,315 33,576,133 41,254,862 42,079,959 40,775,480 29,186,660 29,770,393 31,504,518 32,908,936 729,532,073 Co mpletio n Year C ollection Year Commercia l Res iden tia l Total Annual Additions 202 3 MV Built To Be Bu ilt 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2030 2039 2040 2041 2842 T otal 2025 2026 202T 2029 2029 2030 2031 2032 2033 2034 2035 2036 2037 2039 2039 2040 2041 2042 2043 2044 29. 00% 7.15% 43,601,3]6 43,601,376 43,601,3]6 43,601,376 953,411 1, 225,721 1,598,443 2, 824, 165 3,685,39] 3,685,397 -384,885 3,]59,105 3,374,220 3,189,000 3,189,006 3,252,]88 3,252,788 96,678 175,227 -1,295,805 3,31],864 3,414,522 3,546,286 3,721,513 3,910,989 2,615,184 1,816,]25 1,816,725 1,853,060 1,853,060 229,987 351 ,680 1,890121 2,120,108 2,313,508 2,665,388 2,949,]23 2,949,723 3,008,]1] 3,006,717 -622,363 3,068,891 2,446,529 2,086,846 2,086,846 2,128,583 2,128,583 330,228 4,684,163 524,083 2,1]1,155 2,501,383 2,]68,222 1,084,059 52,315,412 51,691,329 953,411 Prepared by R8C Capital Ma rkets Page 4 03/2092023 GP South M eadow M etr opolitan District District Financi ng Analysis - DR AFT - 50 MILLS Service Plan Submission TOTAL CAPACITY ALL PHASES Cash. Flow Summary; Property Tax Revenue Information Beginn ing Assessed V alue Additio ns Reappraisal Adjustments Total District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Revenue Treasurer's Fee - 2.00% Property Tax Rev en ue Include 12/01/2026 1,888,661 3,318,446 37,773 5,244,881 12/01/2027 12/01/2028 12/01/2029 5,244,881 11,306,292 14,983,123 6,061,411 3,450,705 3,189,008 226 ,126 12/01/2030 18,172,131 3,330,803 363 ,443 21,866,376 12/01/20311 12/01/2032 21,866,376 3,414,522 25,280,898 6,365,779 505 ,618 12/01/2033 12/01/2034 32,152,294 40,500,425 8,348,131 4,472,424 810,009 40,500,425 12/01/2035 12/01/2036 45,782,858 48,452,386 2,669,527 3,269,467 969,048 48,452,386 12/01/2037 12/01/20381 52,690,901 58,958,177 6,267,277 12,684,185 1,179,164 58,958,177 11,306,292 14,983,123 18,172,131 25, 280, 898 1 32,152,294 45,782,858 52,690,901 72,821,526 50.000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 2.00% 2.00% 2.00% 2.00% 2.00% 2.00 % 2.00% 565,315 (11,306) 554,008 734,173 890,434 1,071 ,452 1,238,764 1,575,462 1,984,521 2,243 ,360 2,374,167 2,581 ,854 2,888,951 3,568,255 749,156 (14 ,983) 908,607 (18 ,172) 1,093,319 (21 ,866) 1,264,045 (25 ,281) 1,607,615 (32 ,152) 2,025,021 (40,500) 2,289,143 (45,783) 2,422,619 (48,452) 2,634,545 (52,691) 2,947,909 (58,958) 3,641,076 (72,822) Total Re ven ue for Debt Se rvice 554,008 734,173 890 ,434 1,071,452 1 ,238,764 1,575,462 1,984,521 2,243,160 2,374 ,167 2,581,854 2,888,951 3,568,255 Sen ior De bt Se rv ice In fo rmation Debt Service Capitalized Interest DSR Fund To ta l Net Debt Serv ice 333,625 800 ,700 (240,210) (120,105) 800 ,700 840 ,700 978 ,300 1,415,750 1,991,400 1 ,992,900 1 ,993,500 2,003,200 2,266,400 2,847,800 (165,300) (396,720) (198,360) (99,180) 333,625 560,490 680,595 840,700 978,300 1,250,450 1,594,680 1,794,540 1,894,320 2,003,200 2,266,400 2,847,800 Cove rage Ratio 1.66 1.31 1.31 1.27 1.27 1 1.26 1.24 1.25 1.25 1.29 1.27 1.25 Revenue A fter Sen ior D/5 220 ,383 173,683 209 ,839 230,752 260,464 325,012 389,841 448,820 479,847 578 ,654 622,551 720,455 Rev enu e A fte r Other O bligations Surplus Fund Deposits = $3,706,900 Reve nu e A fte r Su rplus Fund Deposit Excess Revenue Split 0. 00% Rev enue After Exce ss Revenue Split 220,383 173,683 209,839 230,752 260,464 325,012 389,841 448,820 479,847 578,654 622,551 720,455 220,383 173,683 209,839 230,752 260,464 325,012 389,841 448,820 479,847 578,654 622,551 720,455 448 ,820 479 ,847 578,654 622,551 720,455 Subordinate Obligation In fo rmation Beginning Principal Balance Beginning Interest Balance Additions Intere st Rate Intere st (Simple) Payments Ending Principal Balance En din g Inte rest Ba lance Ending Total Balance 8. 50% 8. 50% 8. 50% 8 .50 % 8 .50 % 8 .50 % 8 .50 % 382,500 4,500,000 4 ,500,000 4 ,433,680 4 ,330,696 4 ,120,151 3,847,813 382,500 765,000 765,000 765,000 765,000 765,000 8.50% 382,500 8.50% 382,500 (448,820) 8.50% 376,863 (479,847) 8.50 % 368,109 (578,654) 8.50% 350,213 (622,551) 8.50% 327,064 (720,455) 4 ,500,000 4,500,000 4,433,660 4,330,696 4,120,151 3,847,813 3,454,422 382,500 765,000 765,000 765,000 765,000 765,000 765,000 4,882,500 5,265,000 5,198,680 5,095,696 4,885,151 4,612,813 4,219,422 Reve nue After Subordina te O bliga tion Surplu s Fund Information Deposits / (Withdrawls) Interest at 0. 00% Ending Balance 220,383 173,683 209,839 230,752 260,464 325,012 389,841 Operatio ns Mill Levy Revenues Available for Operations Anticipated Expenses Net Fund Balance 220,383 394,066 603,905 834,657 1,095,121 1 1,420,133 1,809,974 1,809,974 1,809,974 1,809,974 1,809,974 1,809,974 5.000 5.000 5.0001 5 .000 26,224 56,531 74,916 90,861 109,332 126,404 (26,224) (56,531) (74,916) (90,861) (109,332) (126,404) 160,761 (160,761) 202,502 (202,502) 5 .000 228,914 (228,914) 5 .000 242,262 (242,262) 5 .000 263,455 (263,455) 5.000 294,791 (294,791) 5A300 364,108 (364,108) Pre pared by RBC Capital Marke ts Page 5 03/20/2023 GP South M eadow M etr opolitan District District Financi ng Analysis - DR AFT - 50 MILLS Service Plan Submission TOTAL CAPACITY ALL PHASES Cash. Flow Summary; Property Tax Revenue Information Beginn ing Assessed V alue Additio ns Reappraisal Adjustments Total District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Revenue Treasurer's Fee - 2.00% Property Tax Rev en ue Include 12/01/2039 72,821,526 3,858,170 12/01/2040 76,679,696 3,936,237 1,533,594 82,149,527 12/01/2041 12/01/2042 82,149,527 85,102,815 2,953,288 6,621,326 1,702 ,056 85,102,815 12/01/2043 12/01/20441 12/01/2045 93,426,197 105,627,098 110,737,974 12,200,902 2,998,334 52,200,646 2,112 ,542 12/01/2046 162,938,620 1,002,706 3,258,772 167,200,098 12/01/2047 12/01/2048 167,200,098 168,679,832 1,479,734 5,580,340 3 ,373,597 168,679,832 12/01/2049 12/01/2050 12/01/20511 177,633,769 177,633,769 181,186,444 3 ,552,675 177,633,769 76,679,696 93,426,197 105,627,098 110,737,974 1 162,938,620 177,633,769 181,186,444 181,186,444 50.000 50.000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 3,833,985 (76,680) 4,107,476 (82,150) 4,255,141 (85 ,103) 4,671,310 (93 ,426) 5,281,355 (105 ,627) 5,536,899 (110 ,738) 8,146,931 (162 ,939) 8,360,005 (167,200) 8,433,992 (168,680) 8,881,688 (177,634) 8,881,688 (177,634) 9,059,322 (181,186) 9,059,322 (181,186) 3,757,305 4,025,327 4 ,170,038 4 ,577 ,884 5,175,728 5,426,161 7,983,992 8 ,192,805 8,265 ,312 8,704,055 8,704,055 8 ,878,136 8 ,878,136 Total Re ven ue for Debt Se rvice 3,757,305 4,025,327 4 ,170,038 4 ,577,884 5,175,728 5,426 ,161 7,983,992 8,192,805 8,265,312 8,704,055 8,704,055 8,878,136 8,878,136 Sen ior De bt Se rv ice In fo rmation Debt Service Capitalized Interest DSR Fund To ta l Net Debt Serv ice 3,012,425 3,208,800 3,343 ,200 3,627 ,700 4,057 ,700 4,273 ,300 6,044,475 6,138,700 6 ,252,800 6 ,568,700 6,573,500 6,624,300 6,672,800 3,012,425 3,208,800 3,343,200 3,627,700 4,057,700 4,273,300 6,044,475 6,138,700 6,252,800 6,568,700 6,573,500 6,624,300 6,672,800 Cove rage Ratio 1.25 1.25 1.25 1.26 1.28 1.27 1 1.32 1.33 1.32 1.33 1.32 1.34 1.33 Revenue A fter Sen ior D/5 744,880 816 ,527 826,838 950,184 1 ,118,028 1 ,152,861 1,939,517 2,054,105 2 ,012,512 2,135,355 2,130,555 2,253,836 2,205,336 1 2,205,336 1 Rev enu e A fte r Other O bligations Surplus Fund Deposits = $3,706,900 Reve nu e A fte r Su rplus Fund Deposit Excess Revenue Split 0. 00% Rev enue After Exce ss Revenue Split 744,880 816,527 826,838 950,184 1,118,028 1,152,861 1,939,517 2,054,105 2,012,512 2,135,355 2,130,555 2,253,836 744,880 816,527 826,838 950,184 1,118,028 1,152,861 1,939,517 2,054,105 2,012,512 2,135,355 2,130,555 2,253,836 2,205,336 744,880 816,527 826,838 950,184 1,118,028 1,152,861 1,939 ,517 2,054,105 2,012,512 2,135 ,355 2,130,555 2,253,836 2,205,336 Subordinate Obligation In fo rmation Beginning Principal Balance Beginning Interest Balance Additions Intere st Rate Intere st (Simple) Payments Ending Principal Balance En din g Inte rest Ba lance Ending Total Balance 3,454,422 765,000 5500.000 8. 50% 761,126 (744,880) 8,954,422 8,899,021 8,828 ,599 781,246 781,246 781,246 8. 50% 761,126 (816,527) 8. 50% 756,417 (826, 838) 8 .50 % 750,431 (950,184) 8,628 ,846 8,244 ,270 7,792 ,172 14,652,490 13 ,843,847 13 ,008,062 11 ,978,392 10 ,866,000 9,535,774 781,246 781,246 781,246 781,246 781,246 781,246 1500 .000 8 .50 % 8 .50 % 8 .50 % 8.50% 8.50% 733,452 700,763 1,299,835 1,245,462 1,176,727 (1,118 ,028) (1,152 ,861) (1,939 ,517) (2,054,105) (2 ,012,512) 8.50% 1,105,685 (2 ,135,355) 781,246 8.50 % 1,018,163 (2 ,130,555) 781,246 8.50% 923,610 (2,253,836) 781,246 8.50% 810,541 (2,205,336) 8,954,422 8,899,021 8, 828,599 8, 628,846 8 ,244,270 7 ,792,172 14 ,652,490 13,843,847 13,008,062 11,978,392 10,866,000 9,535,774 8,140,979 781,246 781,246 781,246 781,246 781,246 781,246 781,246 781,246 781,246 781,246 781,246 781,246 781,246 9,735,668 9,680,267 9, 609,845 9, 410,092 9 ,025,516 8 ,573,418 15,433,736 14,625,093 13,789,307 12,759,638 11,647,246 10,317,020 8,922,225 Reve nue After Subordina te O bliga tion Surplu s Fund Information Deposits / (Withdrawls) Interest at 0. 00% Ending Balance Operatio ns Mill Levy Revenues Available for Operations Anticipated Expenses Net Fund Balance 1,809,974 1,809,974 1,809,974 1,809,974 1,809,974 1,809,974 1 1,809,974 1,809,974 1,809,974 1,809,974 1,809,974 1,809,974 1,809,974 5.000 5,, ,, 5.000 5.0001 5 .000 5 .000 5 .000 5 .700 5.000 5 MD 383,398 410,748 425,514 467,131 528,135 553,690 814,693 836,000 843,399 888,169 888,169 905,932 905,932 (383,398) (410,748) (425,514) (467,131) (528,135) (553,690) (814,693) (836,000) (843,399) (888,169) (888,169) (905,932) (905,932) Pre pared by RBC Capital Marke ts Page 6 03/20/2023 GP South M eadow M etr opolitan District District Financi ng Analysis - DR AFT - 50 MILLS Service Plan Submission TOTAL CAPACITY ALL PHASES Cash. Flow Summary; Property Tax Revenue Information Beginn ing Assessed V alue Additio ns Reappraisal Adjustments Total District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Revenue Treasurer's Fee - 2.00% Property Tax Rev en ue Include 12/01/2052 12/01/2053 12/01/2054 12/01/2055 12/01/2056 12/01/20571 12/01/2058 12/01/2059 12/01/2060 12/01/2061 12/01/2062 12/01/2063 181,186,444 184,810,173 184,810,173 188,506,376 188,506,376 192,276,504 192,276,504 196,122,034 196,122,034 200,044,475 200,044,475 204,045,364 3,623,729 3,696 ,203 3,770 ,128 3,845 ,530 3 ,922,441 4 ,000,889 4 ,080,907 Totals 156,354,921 42,445,563 184,810,173 184,810,173 188,506,376 188,506,376 192,276,504 192, 276,504 1 196,122,034 196,122,034 200,044,475 200,044,475 204,045,364 208,126,272 50.000 50.000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 50 .000 2.00% 2.00% 2.00% 2.00% 2.00% 2.00 % 2.00% 198,800,483 9,240,509 9,240,509 9,425,319 9,425,319 9,613,825 9,613,825 9,806,102 9,806,102 10,002,224 10,002,224 10,202,268 10,406,314 217,035,708 (184,810) (184,810) (188 ,506) (188 ,506) (192 ,277) (192 ,277) (196 ,122) (196,122) (200,044) (200,044) (204,045) (208,126) (4,340,714) 9,055,698 9,055,698 9,236 ,812 9 ,236,812 9,421 ,549 9,421 ,549 9,609 ,980 9,609 ,980 9,802,179 9 ,802,179 9,998,223 10,198,187 212,694,994 Total Re ven ue for Debt Se rvice 9,055,698 9,055,698 9,236,812 9,236,812 9,421,549 9,421,549 9,609,980 9,609,980 9,802,179 9,802,179 9,998,223 10,198,187 212,694,994 Sen ior De bt Se rv ice In fo rmation Debt Service Capitalized Interest DSR Fund To ta l Net Debt Serv ice 6,728,400 6,724,900 6,890 ,000 6,887 ,900 7,042 ,300 8,408 ,000 7,205,900 7,209,200 7 ,208,600 7 ,208,200 9,066,800 2,501,600 165,243,575 (1,219,875) (1,334,500) (1,653,000) (5,536,000) (2,987,500) 6,728,400 6,724,900 6,890,000 6,887,900 7,042,300 7,073,500 7,205,900 7,209,200 7,208,600 7,208,200 7,413,800 (3,034,400) 161,036 ,200 Cove rage Ratio 1.35 1.35 1.34 1.34 1.34 1.33 1 1.33 1.33 1.36 1.36 1.35 NA Revenue A fter Sen ior D/5 2,327,298 2,330 ,798 2 ,346,812 2,348,912 2,379,249 2,348,049 2,404,080 2,400,780 2 ,593,579 2,593,979 2,584 ,423 13,232,587 51,658,794 Rev enu e A fte r Other O bligations Surplus Fund Deposits = $3,706,900 Reve nu e A fte r Su rplus Fund Deposit Excess Revenue Split 0. 00% Rev enue After Exce ss Revenue Split 2,327,298 2,330,798 2,346,812 2,348,912 2,379,249 2,348,049 2,404,080 2,400,780 2,593,579 2,593,979 2,584,423 13,232,587 51,658,794 1,809,974 2,327,298 2,330,798 2,346,812 2,348,912 2,379,249 2,348,049 2,404,080 2,400,780 2,593,579 2,593,979 2,584,423 13,232,587 49,848,820 2,327,298 2,330,798 2,346,812 2,348 ,912 2,379 ,249 2,348,049 2,404,080 2,400,780 2,593,579 2,593 ,979 2,584,423 13,232,587 49,848,820 Subordinate Obligation In fo rmation Beginning Principal Balance Beginning Interest Balance Additions Intere st Rate Intere st (Simple) Payments Ending Principal Balance En din g Inte rest Ba lance Ending Total Balance 8,140,979 6,505,664 4,727,848 2,782 ,903 670 ,537 781,246 781,246 781,246 781,246 781,246 8. 50% 691,983 (2,327,298) 8. 50% 552,981 (2,330,798) 8. 50% 401,867 (2,346, 812) 8 .50 % 236,547 (2,348,912) 8 .50 % 56,996 (1,508 ,779) 8 .50 % 8 .50 % 8.50% 8.50% 8.50% 8.50 % 8.50% 14,652,490 13,000,000 16,553,460 (34,053,460) 6,505,664 4,727,848 2, 782,903 670,537 781,246 10,152,490 781,246 781,246 781,246 7,286,910 5,509,094 3, 564,149 1, 451,783 10,152,490 Reve nue After Subordina te O bliga tion 1,809,974 870,470 2,348,049 2,404,080 2,400,780 2,593,579 2,593,979 2,584,423 13,232,587 17,605,334 Surplu s Fund Information Deposits / (Withdrawls) Interest at 0. 00% Ending Balance (1,809,974) 1,809,974 1,809,974 1,809,974 44,387,693 Operatio ns Mill Levy Revenues Available for Operations Anticipated Expenses Net Fund Balance 5.000 5.000 924,051 924,051 (924,051) (924,051) 942,532 (942,532) 942,532 (942,532) 5.000 961,383 (961,383) 5.0001 5 .000 961,383 (961,383) 980,610 (980,610) 980,610 (980,610) 5 .000 1,000,222 (1,000,222) 5 .000 1,000,222 (1,000,222) 5 .000 1,020,227 (1,020,227) 5.000 1,040,631 21,748,682 (1,040,631) (21,748,682) Pre pared by RBC Capital Marke ts Page 7 03/20/2023 GP So uth M eadow M etrop olitan Di stri ct District Financing Analysis - DR AFT - 50 MILLS Service Plan Submission TO TA L CAPACITY ALL PH ASES Debt Service Summary Senior - 2027 Date 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Principal - - - 40,000 180,000 215,000 225,000 240,000 255,000 270,000 285,000 300,000 320,000 Co upon 6.00% 6.00% 6 .DD % 6.00% 6.00% 6.00% 6.00% 6.DD% 6 .00% 6.00% 6 .00 % 6.00% 6.00 % Interest 333,625 800,700 800,700 800,700 798,300 787,500 774,600 761,100 746,700 731,400 715,200 698,100 680,100 Total P+I 333,625 800,700 800,700 840,700 978,300 1,002,500 999,600 1,001,100 1,001,700 1,001,400 1,000,200 998,100 1,000,100 CAPI - (240,210) (120,105) - - - - - - - - - - DSRF Ne t D/S 333,625 560,490 680,595 840,700 978,300 1,002,500 999,600 1,001,100 1,001,700 1,001,400 1,000,200 998,100 1,000,100 Senior - 2032 Date 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Principal - - - - - - - - - 10,000 275,000 875,000 290,000 Co upon 6.00% 6.00% 6.00% 6 .00% 6.00% 6 .00 % 6.00% 6.00 % Interest - - - - - 413,250 991,800 991,800 991,800 991,800 991,200 974,700 922,200 Total P+ I - - - - - 413,250 991,800 991,800 991,800 1,001,800 1,266,200 1,849,700 1,212,200 CAPI - - - - - (165,300) (396,720) (198,360) (99,180) - - - - DSRF Net D/S - - - - - 247,950 595,080 793,440 892,620 1,001,800 1 ,266,200 1,849 ,700 1,212,200 Senior - 2039 Date 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Principal 320,000 Coupon 6.00 % Interest - - - - - - - - - - - - 480,125 Total P+ I 800,125 CAPI DSRF Net D/S - - - - - - - - - - - - 800,125 Senior - 2045 Date 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Principal Coupon Interest Total P+I CAPI DSRF Net D/S - - - - - - - - - - - - - Senior - Tota l Da te 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Principal - - - 40,000 180,000 215,000 225,000 240,000 255,000 280,000 560,000 1,175,000 930,000 Interest 333,625 800,700 800,700 800,700 798,300 1,200,750 1,766,400 1,752,900 1,738,500 1,723,200 1,706,400 1,672,800 2,082,425 Total P+ I 333,625 800,700 800,700 840,700 978,300 1,415,750 1,991,400 1,992,900 1,993,500 2,003,200 2,266,400 2,847,800 3,012,425 CAPI - (240,210) (120,105) - - (165,300) (396,720) (198,360) (99,180) - - - - DSRF Net D/S 333,625 560,490 680,595 840, 700 978,300 1,250,450 1,594,680 1, 794,540 1,894,320 2,003,200 2,266,400 2,847,800 3,012,425 Prepared by RBC Capital Markets Page 8 03/20/2023 GP So uth M eadow M etrop olitan Di stri ct District Financing Analysis - DR AFT - 50 MILLS Service Plan Submission TO TA L CAPACITY ALL PH ASES Debt Service Summary Senior - 2027 Date 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 Principal 340,000 360,000 380,000 405,000 430,000 455,000 480,000 510,000 540,000 575,000 610,000 645,000 685,000 Co upon 6.00% 6.00% 6 .DD % 6.00% 6.00% 6.00% 6.00% 6.DD% 6 .00% 6.00% 6 .00 % 6.00% 6.00 % Interest 660,900 640,500 618,900 596,100 571,800 546,000 518,700 489,900 459,300 426,900 392,400 355,800 317,100 Total P+I 1,000,900 1,000,500 998,900 1,001,100 1,001,800 1,001,000 998,700 999,900 999,300 1,001,900 1,002,400 1,000,800 1,002,100 CAPI - - - - - - - - - - - - - DSRF Ne t D/S 1,000,900 1,000,500 998,900 1,001,100 1,001,800 1,001,000 998,700 999,900 999,300 1,001,900 1,002,400 1,000,800 1,002,100 Senior - 2032 Date 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 Principal 95,000 100,000 370,000 395,000 420,000 445,000 470,000 500,000 530,000 560,000 595,000 630,000 665,000 Co upon 6.00% 6.00 % 6 .00 % 6.00 % 6.00 % 6.00 % 6.00 % 6.00 % 6 .00 % 6.00 % 6 .00 % 6.00 % 6.00% Interest 904,800 899,100 893,100 870,900 847,200 822,000 795,300 767,100 737,100 705,300 671,700 636,000 598,200 Total P+ I 999,800 999,100 1,263,100 1,265,900 1,267,200 1,267,000 1,265,300 1,267,100 1,267,100 1,265,300 1,266,700 1,266,000 1,263,200 CAPI - - - - - - - - - - - - - DSR F Net D/S 999, 800 999,100 1,263,100 1,265 ,900 1,267,200 1,267,000 1,265,300 1,267,100 1,267,100 1,265,300 1 ,266,700 1,266 ,000 1,263,200 Senior - 2039 Date 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 Principal 75,000 215,000 250,000 690,000 945,000 495,000 525,000 560,000 590,000 630,000 665,000 705,000 750,000 Coupon 6.00% 6.00% 6 .00 % 6.00 % 6.00 % 6.00 % 6.00% 6.00 % 6 .00 % 6.00 % 6 .00 % 6.00 % 6.00 % Interest 1,133,100 1,128,600 1,115,700 1,100,700 1,059,300 1,002,600 972,900 941,400 907,800 872,400 834,600 794,700 752,400 Total P+ I 1,208,100 1,343,600 1,365,700 1,790,700 2,004,300 1,497,600 1,497,900 1,501,400 1,497,800 1,502,400 1,499,600 1,499,700 1,502,400 CAPI DSR F Net D/S 1,208,100 1,343,600 1,365,700 1,790,700 2,004,300 1,497,600 1,497,900 1,501,400 1,497,800 1,502,400 1 ,499,600 1,499,700 1,502,400 Senior - 2045 Date 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 Principal - - - - - 1,375,000 290,000 415,000 760,000 805,000 905,000 1,010,000 1,125,000 Coupon 6 .00 % 6.00 % 6 .00 % 6.00 % 6.00 % 6.00 % 6.00 % 6 .00% Interest - - - - - 903,875 2,086,800 2,069,400 2,044,500 1,998,900 1,950,600 1,896,300 1,835,700 Total P+ I - - - - - 2,278,875 2,376,800 2,484,400 2,804,500 2,803,900 2,855,600 2,906,300 2,960,700 CAPI DSRF Net D/S - - - - - 2,278,875 2,376,800 2,484,400 2,804,500 2,803,900 2 ,855,600 2,906 ,300 2,960,700 Senior - Tota l Date 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 Principal 510,000 675,000 1,000,000 1,490,000 1,795,000 2,770,000 1,765,000 1,985,000 2,420,000 2,570,000 2,775,000 2,990,000 3,225,000 Interest 2,698,800 2,668,200 2,627,700 2,567,700 2,478,300 3,274,475 4,373,700 4,267,800 4,148,700 4,003,500 3,849,300 3,682,800 3,503,400 Total P+I 3,208,800 3,343,200 3,627,700 4,057,700 4,273,300 6,044,475 6,138,700 6,252,800 6,568,700 6,573,500 6,624,300 6,672,800 6,728,400 CAPI DSR F Net D/S 3,208,800 3,343,200 3,627,700 4,057,700 4,273, 300 6,044,475 6,138,700 6,252,800 6,568,700 6 ,573,500 6,624,300 6,672 ,800 6,728,400 Prepared by RBC Capital Markets Page 9 03/20/2023 GP So uth M eadow M etrop olitan Di stri ct District Financing Analysis - DR AFT - 50 MILLS Service Plan Submission TO TA L CAPACITY ALL PH ASES Debt Service Summary Senior - 2027 Date 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 Totals Principal 725,000 770,000 815,000 860,000 1,430,000 - - - - - - 13,345,000 Co upon 6.00% 6.00% 6 .DD % 6.00% 6.00% 6.00% 6.00% 6.DD% 6 .00% 6.00% 6 .00 % Interest 276,000 232,500 186,300 137,400 85,800 - - - - - - 16,941,025 Total P+I 1,001,000 1,002,500 1,001,300 997,400 1,515,800 - - - - - - 30,286,025 CAPI - - - - - - - - - - - (360,315) DSRF - - - - (1,334,500) - - - - - - (1,334,500) Ne t D/S 1,001,000 1,002,500 1,001,300 997,400 181,300 - - - - - - 28,591,210 Senior - 2032 Date 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 Totals Principal 705,000 750,000 795,000 840,000 890,000 945,000 1,000,000 1,060,000 1,125,000 1,195,000 - 16,530,000 Co upon 6.00% 6.00 % 6 .00 % 6.00 % 6.00 % 6.00 % 6.00 % 6.00 % 6 .00 % 6.00 % 6 .00 % Interest 558,300 516,000 471,000 423,300 372,900 319,500 262,800 202,800 139,200 71,700 - 20,753,850 Total P+ I 1,263,300 1,266,000 1,266,000 1,263,300 1,262,900 1,264,500 1,262,800 1,262,800 1,264,200 1,266,700 - 37,283,850 CAPI - - - - - - - - - - - (859,560) DSR F - - - - - - - - - (1,653,000) - (1,653,000) Net D/S 1,263, 300 1,266,000 1,266,000 1,263 ,300 1,262,900 1,264,500 1,262,800 1,262,800 1,264,200 (386,300) - 34,771,290 Senior - 2039 Date 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 Totals Principal 790,000 840,000 890,000 945,000 950,000 1,055,000 1,120,000 1,190,000 1,260,000 1,335,000 1,415,000 19,205,000 Coupon 6.00% 6.00% 6 .00 % 6.00 % 6.00 % 6.00 % 6.00% 6.00 % 6 .00 % 6.00 % 6 .00 % Interest 707,400 660,000 609,600 556,200 499,500 442,500 379,200 312,000 240,600 165,000 84,900 17,753,225 Total P+ I 1,497,400 1,500,000 1,499,600 1,501,200 1,449,500 1,497,500 1,499,200 1,502,000 1,500,600 1,500,000 1,499,900 36,958,225 CAPI - - - - - - - - - - - - DSR F - - - - - - - - - - (1,920,500) (1,920,500) Net D/S 1,497,400 1,500,000 1,499,600 1,501,200 1,449,500 1,497,500 1,499,200 1,502,000 1,500,600 1,500,000 (420,600) 35,037,725 Senior - 2045 Date 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 Totals Principal 1,195,000 1,425,000 1,510,000 1,760,000 2,765,000 3,195,000 3,390,000 3,590,000 3,805,000 5,890,000 945,000 36,155,000 Coupon 6.00% 6. 00% 6.00% 6.00% 6.00% 6 .00 % 6.00 % 6 .00 % 6.00 % 6.00 % 6.00 % Interest 1,768,200 1,696,500 1,611,000 1,520,400 1,414,800 1,248,900 1,057,200 853,800 638,400 410,100 56,700 27,062,075 Total P+ I 2,963,200 3,121,500 3,121,000 3,280,400 4,179,800 4,443,900 4,447,200 4,443,800 4,443,400 6,300,100 1,001,700 63,217,075 CAPI DSRF - - - - - - - - - - (3,615,500) (3,615,500) Net D/S 2,963, 200 3,121,500 3,121,000 3,280, 400 4,179,800 4,443,900 4,447,200 4,443,800 4,443,400 6,300,100 (2 ,613,800) 59,601,575 Senior -Tota l Date 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 Totals Principal 3,415,000 3,785,000 4,010,000 4,405,000 6,035,000 5,195,000 5,510,000 5,840,000 6,190,000 8,420,000 2,360,000 85,235,000 Interest 3,309,900 3,105,000 2,877,900 2,637,300 2,373,000 2,010,900 1,699,200 1,368,600 1,018,200 646,800 141,600 82,510,175 Total P+I 6,724,900 6,890,000 6,887,900 7,042,300 8,408,000 7,205,900 7,209,200 7,208,600 7,208,200 9,066,800 2,501,600 167,745,175 CAPI (1,219,875) DSR F - - - - (1,334,500) - - - - (1,653,000) (5,536,000) (8,523,500) Net D/S 6,724,900 6,890,000 6,887,900 7,042,300 7,073,500 7,205,900 7,209,200 7,208,600 7,208,200 7 ,413,800 (3,034,400) 158,001,800 Prepared by RBC Capital Markets Page 10 03/20/2023 WEST MOUNTAIN METROPOLITAN DISTRICT AND WEST MOUNTAIN METROPOLITAN DISTRICT NOS. 2-5 CONSOLIDATED SERVICE PLAN Town of Fraser, Colorado Date: April 24, 2023 1 TABLE OF CONTENTS I. INTRODUCTION 3 II. PURPOSE OF THE DISTRICTS 5 III. BOUNDARIES 5 IV. GENERAL DESCRIPTION OF FACILITIES TO BE CONSTRUCTED AND PRELIMINARY ENGINEERING AND ARCHITECTURSAL SURVEY 6 V. FINANCIAL PLAN — (Exhibit D) 7 VI. MODIFICATION OF CONSOLIDATED SERVICE PLAN 8 VII. FAILURE TO COMPLY WITH CONSOLIDATED SERVICE PLAN 9 VIII. DISCLOSURE 9 IX. INTERGOVERNMENTAL AGREEMENTS 9 X. STATUTORY REQUIREMENTS 9 LIST OF EXHIBITS Exhibit A: Legal Descriptions of the Districts' Boundaries (A — 1, 2, 3, 4, and 5) Exhibit B: Detailed Maps showing boundary lines of the Districts (B — 1, 2, 3, 4, and 5) Exhibit C: Preliminary Infrastructure Cost Estimate; and Drawings Exhibit D: Financing Proforma 2 DN 7252998.1 CONSOLIDATED SERVICE PLAN FOR WEST MOUNTAIN METROPOLITAN DISTRICT AND WEST MOUNTAIN METROPOLITAN DISTRICT NOS. 2-5 I. INTRODUCTION Background On August 4, 2004, the Town of Fraser, Colorado (the "Town") approved the original Consolidated Service Plan for the West Mountain Metropolitan District, West Meadow Metropolitan District, and Byers View Metropolitan District. On April 14, 2005, the Town approved the First Amended and Restated Consolidated Service Plan for the West Mountain Metropolitan District, West Meadow Metropolitan District, and Byers View Metropolitan District (the "First Amended and Restated Consolidated Service Plan"). Due to the anticipation of a lengthy build -out period of development and the anticipation of multiple phases of construction financing that will be required for West Mountain Metropolitan District, the Board of Directors of the West Mountain Metropolitan District has determined that it is in the best interests of the future property owners, electors and residents to divide the West Mountain Metropolitan District into five separate metropolitan districts: West Mountain Metropolitan District and West Mountain Metropolitan District Nos. 2-5 (collectively, the "Districts"). The West Mountain Metropolitan District, West Meadow Metropolitan District, and Byers View Metropolitan District have submitted simultaneously with this Consolidated Service Plan for the Districts a First Amendment to the First Amended and Restated Consolidated Service ("First Amendment to the First Amended and Restated Consolidated Service Plan") to, inter alia, remove West Mountain Metropolitan District from the First Amended and Restated Consolidated Service Plan so that the Districts may be governed by this Consolidated Service Plan. General Description of Services to be Provided The Districts are located in the Town of Fraser, Colorado. This Consolidated Service Plan for the Districts is submitted to divide West Mountain Metropolitan District into five separate metropolitan districts and for each to be governed by the provisions set forth in this Consolidated Service Plan. It is intended that the Districts will provide a part or all of the public improvements for the use and benefit of all anticipated inhabitants and taxpayers of the Districts. The following public improvements may be conveyed to the Town or other entities as directed by the Town: a) The acquisition, construction, relocation, completion, installation and/or operation and maintenance of a complete local sanitary sewer collection and transmission system and storm drainage which may include, but shall not be limited to, collection mains and laterals, transmission lines, and/or storm sewer, flood and surface drainage facilities and systems, including detention/retention ponds and associated irrigation facilities, and all necessary, incidental, and appurtenant facilities, land and easements, together with extensions of and improvements to said system within and without the boundaries of the Districts. The sanitary sewer improvements, storm and drainage facilities shall be dedicated to and 3 DN 7252998.1 maintained by the Town, Districts, or other appropriate entities. The Districts are anticipated to own, operate, and maintain the irrigation facilities. b) The acquisition, construction, relocation, completion, installation and/or operation and maintenance of complete potable and non -potable local water supply, storage, transmission, and distribution system, which may include, but shall not be limited to, transmission lines, distribution mains and laterals, storage facilities, land and easements, and all necessary, incidental, and appurtenant facilities, together with extensions of and improvements to said system within and without the boundaries of the Districts. The water facilities described herein shall be dedicated to and maintained by the Town as provided by generally applicable Town regulations governing the dedication and acceptance of public improvements. c) The acquisition, construction, relocation, completion, installation and/or operation and maintenance of facilities and/or services for a system of traffic and safety controls and devices on streets and highways, and at railroad crossings, including signalization, together with all necessary, incidental, and appurtenant facilities, land and easements, together with extensions of and improvements to said facilities within and without the boundaries of the Districts. The system of traffic and safety controls and devices described herein shall be dedicated to and maintained by the Town as provided by generally applicable Town regulations governing the dedication and acceptance of public improvements. d) The acquisition, construction, relocation, completion, installation and/or operation and maintenance of street improvements, including curbs, gutters, culverts, and other drainage facilities, sidewalks, bridges, overpasses, bike paths and pedestrian ways, interchanges, median islands, paving, lighting, grading, landscaping, irrigation, parking lots and structures; and street -related electric, telephone, gas, steam, heating, and cooling facilities and lines; together with all necessary, incidental, and appurtenant facilities within and without the boundaries of the Districts. The street improvements described herein shall be dedicated to and maintained by the Town as provided in generally applicable Town regulations governing the dedication and acceptance of public improvements. e) The construction, completion, and/or installation of park and recreation improvements. The park and recreation improvements shall be limited to parks, trails, open space facilities and improvements that are consistent with similar developments in the area. The park and recreation improvements herein shall be dedicated to and maintained by the Town, or other appropriate entity, as provided in generally applicable Town regulations governing the dedication and acceptance of public improvements, or other applicable law. The Districts shall own, operate, and maintain all public improvements not otherwise dedicated to the Town or another appropriate entity, in accordance with applicable law or regulations. The Districts shall provide facilities to both the residential and commercial property within the development, consisting of approximately 1,019 acres of land, primarily zoned planned development for the Districts. Legal descriptions and maps of the property within the boundaries of the Districts are attached to this Consolidated Service Plan as Exhibits A and B. 4 DN 7252998.1 II. PURPOSE OF THE DISTRICTS It is intended that the Districts, as organized pursuant to Title 32, Colorado Revised Statutes (the "District Act"), will provide certain essential public -purpose facilities for the use and benefit of the anticipated inhabitants and taxpayers. These persons include residents and owners of real property located within the boundaries of the Districts as currently contemplated and as the same may be changed through the inclusion or exclusion of territory, as provided herein. Discussions with the Town indicate that the Town does not consider it feasible or practical for the Town itself to provide the area with the extensive public improvements and facilities needed to serve the Districts' residents at this time. The Districts are therefore necessary to provide the desired urban facilities and services. The Districts are expected to finance and perform the construction of improvements both within and without the boundaries of the Districts. The Districts acknowledge the need and the intent to cooperate with the Town to serve and promote the health, safety, prosperity, security and general welfare of its inhabitants. The Districts intend to own, operate, and maintain all public improvements not otherwise dedicated to the Town or another appropriate entity. The dedication of improvements by the Districts and acceptance of improvements by the Town shall be completed in accordance with the generally applicable regulations of the Town as the same may be amended from time to time. Offering of improvements for acceptance of improvements offered for dedication shall not be unreasonably withheld or delayed. All conveyance documents shall be in such form as is reasonably acceptable to the Town. III. BOUNDARIES The initial service areas of the Districts are generally described on Exhibits A and B, containing legal descriptions of the boundaries of the Districts and detailed maps showing boundary lines of the Districts. The entire boundaries of the Districts are within the boundaries of the Town. Changes in Boundaries It is intended that additional property may be included within the Districts as it comes under the ownership or control of the Developer and the Developer determines that it will be appropriate to effect such inclusion, subject to approval by the Town. Without further Town approval, the Developer may exclude and include property within the Town between the Districts as development plans become better defined. As for other inclusions or exclusions of property, the changing of boundaries of the Districts shall be in accordance with Sections 32-1-401 and 32-1- 501, et seq., C.R.S. Notwithstanding the foregoing, no property shall be included in a District's boundaries if it is not part of the initial service area of the Districts, as described on Exhibits A and B, without the prior written consent of the Town. 5 DN 7252998.1 IV. GENERAL DESCRIPTION OF FACILITIES TO BE CONSTRUCTED AND PRELIMINARY ENGINEERING AND ARCHITECTURAL SURVEY Types of Improvements The Districts shall be authorized to acquire, construct, install, and finance water, sanitary sewer and storm drainage, street, sidewalks, landscaping, and park and recreation facilities and improvements, within and without the boundaries of the Districts, all as more particularly described herein. No funds or assets of the Town will be pledged as security for the repayment of debt incurred by the Districts, and the Town shall have no financial liability of any nature for the debt of the Districts or their operations. The following is a representative list of the facilities to be provided: (amounts include a contingency to cover design, engineering, construction management, allocable costs of district organization, overhead and unforeseen expenses. The engineer's preliminary infrastructure cost estimates submitted for this Consolidated Service Plan approval are described in Exhibit C.) Sanitation: $24,850,316 Storm Sewer: $20,722,664 Streets (including sidewalks, landscaping): $71,499,841 Water: $48,753,142 Parks and Recreation: $3,671,611 Total: $169,497,574 To the extent allowed by law and the debt authorization approved by eligible electors of the Districts, the Boards of Directors of the Districts shall have the authority to shift funds from one category of improvements to another so long as the debt limit stated in the financial plan hereof and approved by the electors is not exceeded. The Districts shall not expend funds without a public purpose. Notwithstanding anything to the contrary contained herein, the total amount of debt which may be issued by the Districts shall not collectively exceed Two Hundred Million Dollars ($200,000,000) without an amendment to this Consolidated Service Plan. In no case, however, shall the amount for "Engineering, Construction Management, Overhead, Allocable Costs of District Overhead, and Contingency" exceed 15% of the costs for any of the categories of improvements noted above without the approval of the Town as evidenced by a resolution of the Town Board of Trustees. The Districts are expressly prohibited from constructing, operating, or maintaining any facilities that would duplicate any service already provided by the Town or other established local government. Any such proposed duplication shall be subject to the Town's approval of a material modification of this Consolidated Service Plan. 6 DN 7252998.1 Town Construction Standards The Districts shall ensure that any proposed improvements will be designed and constructed at a minimum in accordance with the standards and specifications set forth by the Town in the Town Code and/or applicable public entity that will be responsible for the maintenance and operation of the public improvements. The Districts shall comply with the approved Planned Development District Plan for the Development and the Annexation Agreement for the Development as amended and supplemented from time to time. Services of the Districts The Districts will require operating funds to plan and cause the public improvements plan to be constructed. Additional costs to the capital costs indicated herein are expected to include: the described operation and maintenance of the improvements by the Districts, operation and maintenance of improvements, if any, which the Town chooses not to accept, and expenses related to formation and operation of the Districts, such as reimbursement of organizational costs, legal, engineering, accounting and issuance costs of indebtedness, preparation of budgets, audits, elections, informational filings, and the like. The Districts may receive advances from the developer to fund the Districts' operations and maintenance expenses. V. FINANCIAL PLAN — (Exhibit D) The Districts may not issue an aggregate of more than $200,000,000 of bonds or other multiple -fiscal year indebtedness ("Debt Limit"). The term "multiple -fiscal year indebtedness" includes, but is not limited to, notes or multiple -fiscal year obligations entered into between the Districts and the developer for funding of the Districts' capital improvements. Notwithstanding the foregoing, the amount of bonds the Districts issue to repay outstanding multiple -fiscal year indebtedness shall not apply to the Districts' Debt Limit. The Districts currently have approximately Seven Hundred Thousand Six Hundred Sixty Five Dollars ($700,665) of outstanding promissory notes issued to the Developer, which was equitably apportioned to the Districts at the time they were separated from West Meadow Metropolitan District and Byers View Metropolitan District through the First Amendment to the First Amended and Restated Consolidated Service Plan. The Districts may issue general obligation bonds or other multiple -fiscal year indebtedness subject to the following limitations: 1. Issuance Deadline of December 31, 2048 and Maturity Deadline of December 31, 2088. 2. Such obligations shall be subject to a mill levy not to exceed fifty (50) mills (for debt service), provided, however, in the event the Colorado General Assembly's method of calculating assessed valuation for taxable property changes after January 1, 2023, or any constitutionally mandated tax credit, cut or abatement takes effect after January 1, 2023, the Districts' maximum debt mill levies may be increased or 7 DN 7252998.1 decreased to reflect such changes; such increases or decreases shall be determined by the Districts' Boards in good faith so that, to the extent possible, the actual tax revenues generated by such debt mill levies, as adjusted, are neither enhanced nor diminished as a result of such change occurring after January 1, 2023. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation will be a change in the method of calculating assessed valuation. 3. The maximum operations and maintenance mill levy each District may impose shall be five (5) mills. 4. Each District's total aggregate mill levy cap for any and all purposes shall be fifty- five (55) mills, as adjusted. If the Districts enter into reimbursement agreements or issue notes or other multiple -fiscal year obligations to the Developer, the interest rate on any amounts payable to the Developer shall accrue interest at a rate not in excess of 8.0% annually applied as simple interest, never as compound interest. The term of any reimbursement agreement entered into after the approval of this Consolidated Service Plan shall be twenty (20) years. Any extension of the 20 -year term shall be subject to review and approval of the Town by resolution. The Districts may impose a mill levy on taxable property within their boundaries as a primary source of revenue for repayment of debt and for operations and maintenance, as noted above. The Districts may also rely upon various other revenue sources authorized by law. At the Districts' discretion, these may include the power to assess fees, rates, tolls, penalties, or charges as provided for in C.R.S. § 32-1-1001(1), as amended. The Financing Plan attached as Exhibit D, prepared by RBC Capital Markets, LLC, demonstrates the bonding capacity of the Districts based upon certain assumptions. It is anticipated that a mill levy of 50.000 mills will produce revenue sufficient to support debt service costs through the anticipated bond repayment period (see Exhibit D). The Districts shall have a total debt authorization of Two Hundred Million Dollars ($200,000,000) subject only to the conditions contained in this Consolidated Service Plan and the Special District Act. The forecast set forth on Exhibit D is not intended to limit the Two Hundred Million Dollars ($200,000,000) debt authorization, but rather to demonstrate one method of structuring a series of successful bond issuances. VI. MODIFICATION OF CONSOLIDATED SERVICE PLAN The Districts shall obtain the prior written approval of the Town before making any material modifications to this Consolidated 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 Districts and change in debt limit. The examples above are only examples and are not an exclusive list of all actions which may be identified as a material modification. The Town's approval shall not be required for mechanical modifications to this Consolidated Service Plan necessary for execution of the original financing plan for public 8 DN 7252998.1 improvements previously outlined in the plan unless otherwise provided in the Consolidated Service Plan. VII. FAILURE TO COMPLY WITH CONSOLIDATED SERVICE PLAN In the event the Districts take any action that constitutes a material modification from the Consolidated Service Plan without approval from the Town, the Town shall utilize the remedies set forth in applicable law to seek to enjoin the actions of the Districts. VIII. DISCLOSURE The Districts shall record a statement against the property within the Districts, at such time as the property is legally included therein, which statement includes notice of the existence of the Districts, average expected tax levy, maximum expected tax levy, and maximum allowed tax levy. IX. INTERGOVERNMENTAL AGREEMENTS The following describes proposed and existing intergovernmental agreements: 1. The Districts may participate in joint financing agreements with other governmental units. 2. The Districts may enter into an agreement with the Town. X. STATUTORY REQUIREMENTS It is submitted that this Consolidated Service Plan for the Districts meets the requirements of the District Act, and meets applicable requirements of the Colorado Constitution and those of the Town. It is further submitted that: a. There is sufficient existing and projected need for organized service in the area to be serviced by the Districts; b. The existing service in the area to be served by the Districts is inadequate for projected needs; c. The Districts are capable of providing economical and sufficient service to the area within their boundaries; d. The area within the Districts does have, and will have, the financial ability to discharge the existing and proposed indebtedness on a reasonably basis; 9 DN 7252998.1 e. Adequate service is not, and will not be, available to the area through the Town, the County, or other existing municipal or quasi -municipal corporations, including existing special districts (other than the Districts), within a reasonable time and on a comparable basis; £ The facility and service standards of the Districts are compatible with the facility and service standards of the County within which the Districts are located and each municipality which is an interested party under Section 32-1-204(1), Colorado Revised Statutes; g. The Consolidated Service Plan is in substantial compliance with any Master Plans adopted pursuant to Section 30-28-106, Colorado Revised Statutes; h. The Consolidated Service Plan is and will continue to be in compliance with any duly adopted county, regional, or state long-range water quality management plan for the area; and i. The Consolidated Service Plan will be in the best interests of the area served by the Districts. 10 DN 7252998.1 LIST OF EXHIBITS Exhibit A: Legal Descriptions of the Districts' boundaries (A — 1, 2, 3, 4, and 5) Exhibit B: Detailed Maps showing boundary lines of the Districts (B — 1, 2, 3, 4, and 5) Exhibit C: Preliminary Infrastructure Cost Estimate; and Drawings Exhibit D: Financing Proforma 11 DN 7252998.1 EXHIBIT A (A —1, 2, 3, 4, and 5) LEGAL DESCRIPTIONS OF THE DISTRICTS' BOUNDARIES 12 DN 7252998.1 EXHIBIT A -1 DN 3897406.1 CONSULTANTS JUNE 9, 2020 EXHIBIT "A" WEST MOUNTAIN METRO DISTRICT #I WEST MOUNTAIN METRO DISTRICT #I LYING WITHIN SECTION 29, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, AND THE NORTH HALF OF SECTION 32 TOWNSHIP I SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF GRAND, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SECTION 20, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, FROM WHICH THE WEST QUARTER CORNER OF SAID SECTION 20 BEARS N00°06' 17"W, (BASIS OF BEARING); THENCE S 63° 42' 36" E, 2955.32 TO THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER CORNER OF THE NORTHEAST QUARTER OF SAID SECTION 30 AND THE POINT OF BEGINNING: THENCE N 89° 47' 20" E, 151.32 FEET ALONG THE NORTH LINE OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 29 AND ALONG THE WEST RIGHT-OF-WAY LINE OF THE UNION PACIFIC RAILROAD TO AN ANGLE POINT THEREOF; THENCE ALONG THE WEST LINE OF SAID UNION PACIFIC RAILROAD, THE FOLLOWING SEVEN (7) COURSES AND DISTANCES: I) THENCE S 31° 32' 14" E, 375.69 FEET TO A POINT OF CURVATURE; 2) THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 2964.93 FEET, A CENTRAL ANGLE OF 28° 24' 46", AND AN ARC LENGTH OF 1470.30 FEET, THE CHORD OF WHICH BEARS S 45° 44' 37" E, 1455.28 FEET; 3) THENCE S 59° 57' 00" E, 417.58 FEET TO A POINT OF CURVATURE; 4) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 616.78 FEET, A CENTRAL ANGLE OF 52° 08' 36", AND AN ARC LENGTH OF 561.31 FEET, THE CHORD OF WHICH BEARS S 33° 52' 42" E, 542.14 FEET; 5) THENCE S 07° 48' 24" E, 294.34 FEET TO A POINT OF CURVATURE; 6) THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 816.78 FEET, A CENTRAL ANGLE OF 12° 59' 53", AND AN ARC LENGTH OF 185.29 FEET, THE CHORD OF WHICH BEARS S 14° 18' 21" E, 184.90 FEET TO A POINT OF NON -TANGENT COMPOUND CURVATURE; 7) THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 816.78 FEET, A CENTRAL ANGLE OF 14° 23' 28" AND AN ARC LENGTH OF 205.15 FEET, THE CHORD OF WHICH BEARS S 28° 00' 02" E, 204.61 FEET; THENCE S 27° 46' 58" W, 71.67 FEET NORTH CORNER OF THE LELAND CREEK SUBDIVISON PLAT RECORDED AT RECEPTION NO. 2004-012316, IN THE RECORDERS OF THE GRAND COUNTY CLERK AND RECORDER'S OFFICE; THENCE ALONG THE WEST LINES OF SAID LELAND CREEK SUBDIVISON, THE FOLLOWING THIRTEEN (13) COURSES AND DISTANCES: 1) THENCE S 34° 27' 50" W, 73.50 FEET; 2) THENCE S 53° 30' 56" W, 82.14 FEET; 3) THENCE S 32° 40' 38" W, 61.16 FEET; 4) THENCE S 44° 39' 10" W, 63.95 FEET; 5) THENCE S 51° 1 1 35" W, 55.49 FEET; 6) THENCE S 43° 50' 24" W, 604.08 FEET; 7) THENCE S 30° 10' 40" W, 671.01 FEET TO A POINT ON THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 29; 8) THENCE N 89° 48' 41" W, 92.16 FEET ALONG THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 29; 9) THENCE S 19° 14' 13" W, 80.31 FEET; 10) THENCE S 06° 02' 32" W, 394.74 FEET; 1 1) THENCE S 03° 36' 42" W, 437.81 FEET; 12) THENCE S 17° 18' 39" E, 157.29 FEET; 13) THENCE S 20° 07' 06" W, 274.30 FEET TO THE CENTERLINE OF LELAND CREEK; THENCE ALONG LELAND CREEK, THE FOLLOWING FIVE (5) COURSES AND DISTANCES: 1) THENCE S 20° 07' 03" W, 226.86 FEET; 2) THENCE S 25° 22' 56" W, 432.01 FEET; 3) THENCE S 70° 17' 58" W, 525.61 FEET; 4) THENCE S 47° 49' 46" W, 390.04 FEET; 5) THENCE S 69° 00' 03" W, 225.67 FEET TO A POINT ON THE EAST LINE OF THE WEST MOUNTAIN METRO DISTRICT #4; THENCE ALONG THE WEST AND NORTH LINES OF SAID MOUNTAIN METRO DISTRICT #4, THE FOLLOWING TWELVE (12) COURSES AND DISTANCES: 1) THENCE N 36° 39' 40" W, 419.70 FEET; 2) THENCE N 1 1 ° 43' 49" E, 441.32 FEET; 3) THENCE N 15° 15' 10" E, 377.12 FEET; 4) THENCE N 02° 28' 02" E, 309.03 FEET; 3) THENCE N 62° 03' 23" E, 607.20 FEET; 4) THENCE N 40° 39' 00" E, 452.34 FEET; 7) THENCE N 16° 48' 08" W, 250.93 FEET TO A POINT OF NON -TANGENT CURVATURE; 8) THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 1560.00 FEET, A CENTRAL ANGLE OF 14° 13' 01", AND AN ARC LENGTH OF 387.08 FEET, THE CHORD OF WHICH BEARS S 80° 18' 22" W, 386.09 FEET; 9) THENCE S 87° 24' 53" W, 375.61 FEET TO A POINT OF CURVATURE; 10) THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 435.00 FEET, A CENTRAL ANGLE OF 42° 50' 25", AND AN ARC LENGTH OF 325.25 FEET, THE CHORD OF WHICH BEARS S 65° 59' 40" W, 317.73 FEET; I I) THENCE S 44° 34' 28" W, 39.47 FEET TO A POINT OF CURVATURE; 12) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 420.00 FEET, A CENTRAL ANGLE OF 72° 10' 25" AND AN ARC LENGTH OF 529.06 FEET, THE CHORD OF WHICH BEARS S 80° 39' 40" W, 494.77 FEET TO THE SOUTHEAST CORNER OF WEST MOUNTAIN METRO DISTRICT #3; THENCE N 17° 49' 31" E, 2022.21 FEET ALONG THE EAST LINE OF SAID METRO DISTRICT #3 AND THE EASTERLY LINE OF THAT DEED RECORDED OCTOBER 31, 2019 AT RECEPTION NUMBER 2019-009083 IN THE RECORDERS OF THE GRAND COUNTY CLERK AND RECORDER'S OFFICE TO THE SOUTHEAST CORNER OF WEST MOUNTAIN METRO DISTRICT #2; THENCE N 1 1 ° 32' 59" E, 2538.82 FEET ALONG THE EAST LINE OF SAID METRO DISTRICT #2 TO THE POINT OF BEGINNING. AREA = 232.630 ACRES, MORE OR LESS. Michael Sean Kervin, PLS 34592 Date: 06/09/20 Project: 18-030 For and on Behalf of Core Consultants, Inc. Notes: 1.) NOTICE: According to Colorado law you must commence any legal action based upon any defect in this survey within three years after you first discovered such defect. In no event, may any action based upon any defect in this survey be commenced more than ten years from the date of the certification shown. 2.) Legal description was prepared by Michael S, Kervin, PLS, 1950 W. Littleton Blvd, Suite 103, Littleton, CO 80120. EXHIBIT A - 2 DN 3897406.1 CONSULTANTS JUNE 9, 2020 EXHIBIT "A" WEST MOUNTAIN METRO DISTRICT #2 WEST MOUNTAIN METRO DISTRICT #2 LYING WITHIN THE WEST HALF OF SECTION 29, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF GRAND, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SECTION 20, TOWNSHIP 1 SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, FROM WHICH THE WEST QUARTER CORNER OF SAID SECTION 20 BEARS N00°06' 17"W, (BASIS OF BEARING); THENCE S 00° 34' 15" E, 275.00 FEET ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 29 TO THE POINT OF BEGINNING: THENCE N 89° 44' 41" E, 214.77 FEET TO A POINT ON THE SOUTH RIGHT-OF-WAY LINE OF THE UNION PACIFIC RAILROAD AND A POINT OF NON -TANGENT CURVATURE; THENCE ALONG THE SOUTH RIGHT-OF-WAY LINE OF SAID UNION PACIFIC RAILROAD, THE FOLLOWING FIVE (5) COURSES AND DISTANCES: 1) THENCE ALONG ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 816.78 FEET, A CENTRAL ANGLE OF 135° 03' 32" AND AN ARC LENGTH OF 1925.33 FEET, THE CHORD OF WHICH BEARS S 59° 22' 27" E, 1509.53 FEET; 2) THENCE N 53° 06' 27" E, 283.07 FEET TO A POINT OF CURVATURE; 3) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 616.78 FEET, A CENTRAL ANGLE OF 95° 20' 08", AND AN ARC LENGTH OF 1026.27 FEET, THE CHORD OF WHICH BEARS S 79° 12' 18" E, 911.91 FEET; 4) THENCE S 31° 32' 14" E, 17.1 1 FEET TO A POINT ON THE EAST LINE OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 29; 5) THENCE S 00° 28' 06" E, 250.47 FEET ALONG THE EAST LINE OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 29 TO THE NORTHWEST CORNER OF THE WEST MOUNTAIN METRO DISTRICT #I; THENCE S 1 1 ° 32' 59" W, 2538.82 FEET ALONG THE WEST LINE OF SAID METRO DISTRICT #I TO THE NORTHEAST CORNER OF THE WEST MOUNTAIN METRO DISTRICT #3 AND THE NORTHERLY LINE OF THAT DEED RECORDED OCTOBER 31, 2019 AT RECEPTION NUMBER 2019-009083 IN THE RECORDERS OF THE GRAND COUNTY CLERK AND RECORDER'S OFFICE; THENCE ALONG THE NORTH LINE OF SAID METRO DISTRICT #3, THE FOLLOWING SIX (6) COURSES AND DISTANCES: 1) THENCE N 62° 55' 57" W, 1057.89 FEET ALONG THE NORTHERLY LINE OF SAID RECEPTION NUMBER 2019-009083 TO AN ANGLE POINT THEREOF; 2) THENCE S 58° 05' 19" W, 80.00 FEET TO A POINT OF NON -TANGENT CURVATURE; 3) THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 610.00 FEET, A CENTRAL ANGLE OF 67° 14' 16", AND AN ARC LENGTH OF 715.85 FEET, THE CHORD OF WHICH BEARS N 65° 31' 49" W,675.47 FEET; 4) THENCE S 80° 51' 04" W, 87.85 FEET; 5) THENCE S 80° 51' 04" W, 240.49 FEET TO A POINT OF CURVATURE; 6) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 240.00 FEET, A CENTRAL ANGLE OF 40° 17' 54" AND AN ARC LENGTH OF 168.80 FEET, THE CHORD OF WHICH BEARS N 79° 00' 00" W, 165.34 FEET TO THE WEST LINE OF THE NORTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 29; THENCE N 00° 31' 16" W, 463.72 FEET ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 29 TO THE WEST QUARTER CORNER OF SAID SECTION 29; THENCE N 00° 33' 21" W, 1317.79 FEET ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 29 TO THE SOUTHEAST CORNER OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 29; THENCE N 00° 34' 15" W, 1041.79 ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF THE NORTHWEST QARTER OF SAID SECTION 29 FEET TO THE POINT OF BEGINNING. AREA = 136.326, MORE OR LESS. Michael Sean Kervin, PLS 34592 Date: 06/09/20 Project: 18-030 For and on Behalf of Core Consultants, Inc. Notes. 1.) NOTICE: According to Colorado law you must commence any legal action based upon any defect in this survey within three years after you first discovered such defect. In no event, may any action based upon any defect in this survey be commenced more than ten years from the date of the certification shown. 2.) Legal description was prepared by Michael S, Kervin, PLS, 1950 W. Littleton Blvd, Suite 103, Littleton, CO 80120. EXHIBIT A - 3 DN 3897406.1 JUNE 10, 2020 EXHIBIT "A" WEST MOUNTAIN METRO DISTRICT #3 WEST MOUNTAIN METRO DISTRICT #3 LYING WITHIN THE SOUTHEAST QUARTER OF SECTION 30 AND THE SOUTHWEST QUARTER OF SECTION 29, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF GRAND, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SECTION 20, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, FROM WHICH THE WEST QUARTER CORNER OF SAID SECTION 20 BEARS N00°06' 17"W, (BASIS OF BEARING); THENCE S 00° 33' 25" E, 3098.29 TO A POINT ON THE SOUTH RIGHT-OF-WAY LINE OF THE UNION PACIFIC RAILROAD, ALSO BEING THE SOUTH LINE OF THE WEST MOUNTAIN METRO DISTRICT #2, ALSO BEING A POINT OF NON -TANGENT CURVATURE AND THE POINT OF BEGINNING: THENCE ALONG THE SOUTH LINES OF SAID METRO DISTRICT #2 AND UNION PACIFIC RAILROAD RIGHT-OF-WAY, THE FOLLOWING FOUR (4) COURSES AND DISTANCES I) THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 240.00 FEET, A CENTRAL ANGLE OF 40° 17' 54", AND AN ARC LENGTH OF 168.80 FEET, THE CHORD OF WHICH BEARS S 79° 00' 00" E, 165.34 FEET; 2) THENCE N 80° 51' 04" E, 240.49 FEET; 3) THENCE N 80° 51' 04" E, 87.85 FEET TO A POINT OF CURVATURE; 4) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 610.00 FEET, A CENTRAL ANGLE OF 67° 14' 16" AND AN ARC LENGTH OF 715.85 FEET, THE CHORD OF WHICH BEARS S 65° 31' 49" E, 675.47 FEET; THENCE CONTINUING ALONG THE SOUTH LINE OF SAID METRO DISTRICT #2, THE FOLLOWING TWO (2) COURSES AND DISTANCES: 1) THENCE N 58° 05' 19" E, 80.00 FEET TO THE NORTHWEST CORNER THE THAT DEED RECORDED OCTOBER 31, 2019 AT RECEPTION NUMBER 2019- 009083 IN THE RECORDERS OF THE GRAND COUNTY CLERK AND RECORDER'S OFFICE; 2) THENCE S 62° 55' 57" E, 1057.89 FEET ALONG THE NORTHERLY LINE OF SAID RECEPTION NUMBER 2019-009083 TO A POINT ON THE WEST LINE OF THE WEST MOUNTAIN METRO DISTRICT#I; THENCE S 17° 49' 31" W, 2022.21 FEET ALONG THE WEST LINE OF SAID METRO DISTRICT #I AND ALONG THE EASTERLY LINE OF SAID RECEPTION NUMBER 2019- 009083 TO A POINT ON THE NORTH LINE OF THE WEST MOUNTAIN METRO DISTRICT #5; THENCE ALONG THE NORTH LINES OF SAID METRO DISTRICT #4 AND THE WEST MOUNTAIN METRO DISTRICT #5, THE FOLLOWING TWO (2) COURSES AND DISTANCES: I) THENCE N 67° 49' 56" W, 1978.00 FEET; 2) THENCE S 72° 22' 05" W, 988.04 FEET TO A POINT ON THE WEST LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 30; THENCE N 00° 42' 52" W, 1317.99 FEET ALONG THE WEST LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 30 TO THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 30; THENCE N 00° 42' 52" W, 544.21 FEET ALONG THE WEST LINE OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 30 AND ALONG THE WEST LINE OF MOOSE HOLLOW AT GRAND PARK -PHASE 1, RECORDED SEPTEMBER 12, 2008 AT RECEPTION NUMBER 2008-008800 IN THE RECORDERS OF THE GRAND COUNTY CLERK AND RECORDER'S OFFICE TO THE NORTHWEST CORNER THEROF; THENCE N 89° 41' 52" E, 1307.29 FEET ALONG THE NORTH LINE OF SAID RECEPTION NUMBER 2008-008800 TO A POINT ON THE EAST LINE OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 30; CONSULTANTS THENCE N 00° 31' 16" W, 307.35 FEET ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 30 TO THE POINT OF BEGINNING. AREA = 142.371 ACRES, MORE OR Michael Sean Kervin, PLS 34592 Date: 06/09/20 Project: 18-030 For and on Behalf of Core Consultants, Inc. ESS. Notes: 1.) NOTICE: According to Colorado law you three years after you first discovered such commenced more than ten years from the 2.) Legal description was prepared by Michael 0\00 Li SEAN 6-09.20 3452 must commence any legal action based upon any defect in this survey within defect. In no event, may any action based upon any defect in this survey be date of the certification shown. S, Kervin, PLS, 1950 W. Littleton Blvd, Suite 103, Littleton, CO 80120. EXHIBIT A - 4 DN 3897406.1 CONSULTANTS JUNE 9, 2020 EXHIBIT "A" WEST MOUNTAIN METRO DISTRICT #4 WEST MOUNTAIN METRO DISTRICT #4 LYING WITHIN SECTION 32, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF GRAND, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SECTION 20, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, FROM WHICH THE WEST QUARTER CORNER OF SAID SECTION 20 BEARS N00°06' 17"W, (BASIS OF BEARING); THENCE S 1 1 ° 00' 13" E, 5643.94 FEET TO A POINT ON THE SOUTH LINE OF THE MOUNTAIN METRO DISTRICT #3 AND THE POINT OF BEGINNING: THENCE S 67° 49' 56" E, 480.55 FEET TO A POINT ON THE WEST LINE OF THE WEST MOUNTAIN METRO DISTRICT #I, ALSO BEING A POINT ON THE SOUTH RIGHT-OF- WAY LINE OF THE UNION PACIFIC RAILROAD AND A POINT OF NON -TANGENT CURVATURE; THENCE ALONG THE SOUTH RIGHT-OF-WAY LINE OF SAID UNION PACIFIC RAILROAD, ALSO ALONG THE WEST LINE OF SAID METRO DISTRICT #I, THE FOLLOWING FIVE (5) COURSES AND DISTANCES: I) THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 420.00 FEET, A CENTRAL ANGLE OF 72° 10' 25", AND AN ARC LENGTH OF 529.06 FEET, THE CHORD OF WHICH BEARS N 80° 39' 40" E, 494.77 FEET; 2) THENCE N 44° 34' 28" E, 39.47 FEET TO A POINT OF CURVATURE; 3) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 435.00 FEET, A CENTRAL ANGLE OF 42° 50' 25", AND AN ARC LENGTH OF 325.25 FEET, THE CHORD OF WHICH BEARS N 65° 59' 40" E, 317.73 FEET; 4) THENCE N 87° 24' 53" E, 375.61 FEET TO A POINT OF CURVATURE; 5) THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 1560.00 FEET, A CENTRAL ANGLE OF 14° 13' 01" AND AN ARC LENGTH OF 387.08 FEET, THE CHORD OF WHICH BEARS N 80° 18' 22" E, 386.09 FEET; THENCE CONTINUING ALONG THE WEST LINE OF SAID METRO DISTRICT #I, THE FOLLOWING SEVEN (7) COURSES AND DISTANCES: 1) THENCE S 16° 48' 08" E, 250.93 FEET; 2) THENCE S 40° 39' 00" W, 452.34 FEET; 3) THENCE S 62° 03' 23" W, 607.20 FEET; 4) THENCE S 02° 28' 02" W, 309.03 FEET; 5) THENCE S 15° 15' I0" W, 377.12 FEET; 6) THENCES 1I°43'49"W,441.32 FEET; 7) THENCE S 36° 39' 40" E, 419.70 FEET TO LELAND CREEK; THENCE ALONG LELAND CREEK THE FOLLOWING SIX (6) COURSES AND DISTANCES: I) THENCE S 69° 00' 03" W, 728.02 FEET; 2) THENCE S 27° 45' 23" W, 424.92 FEET; 3) THENCE S 00° 32' 15" E, 503.48 FEET; 4) THENCE S 04° 04' 58" W, 260.78 FEET; 5) THENCE S 27° 57' 52" W, 390.43 FEET; 6) THENCE S 49° 32' 14" W, 715.35 FEET TO A POINT ON THE EAST LINE OF THE WEST MOUNTAIN METRO DISTRICT #5; CONSULTANTS THENCE ALONG THE WEST LINE OF SAID METRO DISTRICT #5 THE FOLLOWING TWELVE (12) COURSES AND DISTANCES: 1) THENCE N 40° 27' 46" W, 366.13 FEET TO A POINT OF NON -TANGENT CURVATURE; 2) THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 320.00 FEET, A CENTRAL ANGLE OF I I I ° 56' 19", AND AN ARC LENGTH OF 625.18 FEET, THE CHORD OF WHICH BEARS N 24° 57' 09" E, 530.39 FEET; 3) THENCE N 31° 01' 00" W, 168.54 FEET TO A POINT OF CURVATURE; 4) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1030.50 FEET, A CENTRAL ANGLE OF 41° 48' 25", AND AN ARC LENGTH OF 751.92 FEET, THE CHORD OF WHICH BEARS N 10° 06' 48" W, 735.35 FEET; 5) THENCE N 10° 47' 24" E, 164.47 FEET TO A POINT OF CURVATURE; 6) THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 970.00 FEET, A CENTRAL ANGLE OF 19° 57' 35", AND AN ARC LENGTH OF 337.91 FEET, THE CHORD OF WHICH BEARS N 00° 48' 37" E, 336.21 FEET; 7) THENCE N 09° 10' 10" W, 511.59 FEET TO A POINT OF CURVATURE; 8) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 530.00 FEET, A CENTRAL ANGLE OF 25° 58' 50", AND AN ARC LENGTH OF 240.33 FEET, THE CHORD OF WHICH BEARS N 03° 49' 15" E, 238.27 FEET; 9) THENCE N 16° 48' 40" E, 368.75 FEET TO A POINT OF CURVATURE; 10) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1026.75 FEET, A CENTRAL ANGLE OF 22° 52' 45", AND AN ARC LENGTH OF 410.00 FEET, THE CHORD OF WHICH BEARS N 28° 15' 02" E, 407.28 FEET; I I) THENCE N 39° 41' 25" E, 360.60 FEET TO A POINT OF CURVATURE; 12) THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 470.00 FEET, A CENTRAL ANGLE OF 67° 59' 37", AND AN ARC LENGTH OF 557.76 FEET, THE CHORD OF WHICH BEARS N 05° 41' 36" E, 525.60 FEET TO THE POINT OF BEGINNING. AREA = 127.003 ACRES, MORE OR LESS. Michael Sean Kervin, PLS 34592 Date: 06/09/20 Project: 18-030 For and on Behalf of Core Consultants, Inc. Notes: 1.) NOTICE: According to Colorado law you must commence any legal action based upon any defect in this survey within three years after you first discovered such defect. In no event, may any action based upon any defect in this survey be commenced more than ten years from the date of the certification shown. 2.) Legal description was prepared by Michael S, Kervin, PLS, 1950 W. Littleton Blvd, Suite 103, Littleton, CO 80120. EXHIBIT A - 5 DN 3897406.1 JUNE 9, 2020 EXHIBIT "A" WEST MOUNTAIN METRO DISTRICT #5 WEST MOUNTAIN METRO DISTRICT #5 LYING WITHIN EAST HALF OF SECTION 31 AND THE WEST HALF OF SECTION 32, TOWNSHIP 1 SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF GRAND, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SECTION 20, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE SIXTH PRINCIPAL MERIDIAN, FROM WHICH THE WEST QUARTER CORNER OF SAID SECTION 20 BEARS N00°06' 17"W, (BASIS OF BEARING); THENCE S 13° 20' 40" W, 5420.79 FEET TO A POINT ON THE NORTH LINE OF THE NORTHEAST QUARTER OF SECTION 31, ALSO BEING THE SOUTHWEST QUARTER OF THE WEST MOUNTAIN METRO DISTRICT #3 AND THE POINT OF BEGINNING: THENCE ALONG THE SOUTH LINES OF SAID METRO DISTRICT #3, THE FOLLOWING TWO (2) COURSES AND DISTANCES: I) THENCE N 72° 22' 05" E, 988.04 FEET; 2) THENCE S 67° 49' 56" E, 1497.45 FEET TO THE NORTHWEST CORNER OF WEST MOUNTAIN METRO DISTRICT #4 AND A POINT OF NON - TANGENT CURVATURE; THENCE ALONG THE WEST LINES OF SAID METRO DISTRICT #4, THE FOLLOWING TWELVE (12) COURSES AND DISTANCES: I) THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 470.00 FEET, A CENTRAL ANGLE OF 67° 59' 37", AND AN ARC LENGTH OF 557.76 FEET, THE CHORD OF WHICH BEARS S 05° 41' 36" W, 525.60 FEET; 2) THENCE S 39° 41' 25" W, 360.60 FEET TO A POINT OF CURVATURE; 3) THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 1026.75 FEET, A CENTRAL ANGLE OF 22° 52' 45", AND AN ARC CONSULTANTS LENGTH OF 410.00 FEET, THE CHORD OF WHICH BEARS S 28° 15' 02" W, 407.28 FEET; 4) THENCE S 1 6° 48' 40" W, 368.75 FEET TO A POINT OF CURVATURE; 5) THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 530.00 FEET, A CENTRAL ANGLE OF 25° 58' 50", AND AN ARC LENGTH OF 240.33 FEET, THE CHORD OF WHICH BEARS S 03° 49' 15" W, 238.27 FEET; 6) THENCE S 09° 10' 1 0" E, 51 1.59 FEET TO A POINT OF CURVATURE; 7) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 970.00 FEET, A CENTRAL ANGLE OF 19° 57' 35", AND AN ARC LENGTH OF 337.91 FEET, THE CHORD OF WHICH BEARS S 00° 48' 37" W, 336.21 FEET; 8) THENCE S 10° 47' 24" W, 164.47 FEET TO A POINT OF CURVATURE; 9) THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 1030.50 FEET, A CENTRAL ANGLE OF 41 ° 48' 25", AND AN ARC LENGTH OF 751.92 FEET, THE CHORD OF WHICH BEARS S 10° 06' 48" E, 735.35 FEET; 10) THENCE S 31° 01' 00" E, 168.54 FEET TO A POINT OF CURVATURE; 1 1) THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 320.00 FEET, A CENTRAL ANGLE OF 1 1 1 ° 56' 19" AND AN ARC LENGTH OF 625.18 FEET, THE CHORD OF WHICH BEARS S 24° 57' 09" W, 530.39 FEET; 12) THENCE S 40° 27' 46" E, 366.13 FEET TO THE SOUTH CORNER OF SAID METRO DISTRICT #4 TO LELAND CREEK; THENCE ALONG LELND CREEK, THE FOLLOWING TWO (2) COURSES AND DISTANCES: I) THENCE S 49° 32' 42" W, 452.03 FEET; CONSULTANTS 2) THENCE S 39° 16' 24" W, 361.62 FEET TO A POINT ON THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 31; THENCE S 01° 27' 35" E, 38.01 FEET ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 31 TO THE SOUTHEAST CORNER OF SAID SECTION 31; THENCE S 89° 09' 31" W, 2658.87 FEET ALONG THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 31 TO THE SOUTH QUARTER CORNER OF SAID SECTION 31; THENCE N 00° 55' 33" W, 2648.34 FEET ALONG THE WEST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 31 TO THE CENTER QUARTER CORNER OF SAID SECTION 31; THENCE N 00° 50' 12" W, 1768.35 FEET ALONG THE WEST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 31; THENCE N 43° 49' 27" E, 1216.33 FEET TO A POINT ON THE NORTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 31; THENCE N 89° 37' 47" E, 450.42 FEET ALONG THE NORTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 31 TO THE POINT OF BEGINNING. AREA = 380.431 ACRES, MORE OR LESS. Michael Sean Kervin, PLS 34592 Date: 06/09/20 Project: 18-030 For and on Behalf of Core Consultants, Inc. Notes: 1.) NOTICE: According to Colorado law you must commence any legal action based upon any defect in this survey within three years after you first discovered such defect. In no event, may any action based upon any defect in this survey be commenced more than ten years from the date of the certification shown. 2.) Legal description was prepared by Michael S, Kervin, PLS, 1950 W. Littleton Blvd, Suite 103, Littleton, CO 80120. EXHIBIT B (B - 1, 2, 3, 4, and 5) DETAILED MAP SHOWING BOUNDARY LINES OF THE DISTRICTS DN 3897406.1 FORAM© MANIC Master Plan Illustrative EXHIBIT B -1 DN 3897406.1 EXHIBIT SECTION 29, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., AND THE NORTH HALF OF SECTION 32, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., , COUNTY OF GRAND, STATE OF COLORADO 0) z w m LL 0 U) (1) m W1/4 CORNER, SECTION 20 T1S, R75W, 6TH P.M. FOUND 2" STEEL POST WITH 3-1/4" ALUMINUM CAP MARKED "1996 PLS 11415" a c\.1 z ©c U,n c w� z w z (L5 (,.) W OI d Ow D Z °0 w 2 w (Y. O� a O(-) O" U-> L.L. k..) cn 1- z O a P.O.B. NW COR. SW1 /4, NE1/4 COR., SEC. 30 MARKED 0 N89°47'20"E 151.32' N. LINE, SW1/4, NE1/4, 531 °32'14"E SEC. 29 375.69' UNION PACIFIC RAILROAD S59°57"00"E 417.58' S7°48'24"E 0 600' 1200' 294.34' 1 inch = 60 WEST MOUNTAIN METRO DISTRICT #1 232.630 AC L S43°50'24 "W 604.08' N89°48'41 "W 0 92.16' S87°24'53"W S19°14'13"W 375.61' 80.3"1' 4 SEE. SHEET 2 NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY, IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/9/20 DS: MSK SHEET 1 OF 3 S. (LINE. S , SE 1 /4. SEC. 29 SEE SHEET 2 ' REC, 2004-012316 S30° 10'40"W 671.01' S6°02'32"W 394.74' CONSULTANTS NATURAL RESOURCES LAID SURVEYING 305305A444 1950 W. Littleton Blvd.. Ste. 109 Llttbton, CO 90120 EXHIBIT SECTION 29, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., AND THE NORTH HALF OF SECTION 32, TOWNSHIP II SOUTH, RANGE 75 WEST OF THE 6TH P.M., , COUNTY OF GRAND, STATE OF COLORADO S87°24'53"W 375.61' 7" S44°34'28'" N40°39'00"E 39.47' 452.341 N62°03'23"E 607.20' N2°28'02"E. 309.03' N15°15'10"E PROPOSED WEST MOUNTAIN 377.12 DISTRICT #4 N 11 °43'49"E. 441.32' N 36°39'40"W 419.70' UNPLATTE 0 600' 1200' 1 SEE SHEET 1 N89°48'41 "W 92.16' S19°14'13"W 80.31' S. (LINE. S 4, SE 1 /4, SEC. 29 WEST MOUNTAIN METRO DISTRICT #1 232.630 AC. S69°00'0 225.67' 1 inch = 600 ft. NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY. IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/9/20 DS: MSK SHEET 2 OF 3 I I /A 1i illl a t ;, /I REC. 2004-012316 330°10'40"W 671.01' S6°02'32"W 394.74' /,v ) ,, li C1U(e,lH)ll %114 � Ilr i�fi;41 REC. 2004-012316 S3°36'42"W 437.81' 317°18'39"E 157.29' 320°07'06"W 274.30' UNPLATTED LS20°07'03"W 226.86' S25°22'56"W 432.01' S70°17'58"W 525.61' S47°49'46"W 390.04' CONSULTANTS CIVIL ENGINEERING DEVELOPNENT N8 L11NG NATURALES ES LAND SURVEYING 50EJO5A44N 1950 W. Littleton Blvd.. Ste. 109 LItI.ton, CO 80120 EXHIBIT SECTION 29, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., AND THE NORTH HALF OF SECTION 32, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., , COUNTY OF GRAND, STATE OF COLORADO LINE TABLE LINE # LENGTH DIRECTION L1 71.67' S 27°46'58" W L2 73.50' S 34°27'50" W L3 82.14' S 53°30'56" W L4 61.16' S 32°40'38" W L5 63.95' S 44°39'10" W L6 55.49' S 51°11'35" W L7 250.93' N 16°48'08" W Curve Table Curve # Length Radius Delta CHORD BEARING CHORD LENGTH C1 1470.295 2964.934 028.4127 S45°44'37"E 1455.28' C2 561.313 616.779 052.1432 S33°52'42"E 542.14' C3 185.294 816.779 012.9981 S14°18'21"E 184.90' C4 205.154 816.779 014.3912 S28°00'02"E 204.61' C5 387.083 1560.000 014.2168 S80°18'22"W 386.09' C6 325.251 435.000 042.8403 S65°59'40"W 317.73' C7 529.059 420.000 072.1735 S80°39'40"W 494.77' NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY. IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/9/20 DS: MSK SHEET 3 OF 3 CONSULTANTS CIVIL ENGINEERING DEVELOPMENT N8 L11NG NATURALES ES LAND SURVEYING 50EJO5A44N 1950 W. Littleton Blvd.. Ste. 109 LItU.ton, CO 80120 EXHIBIT B - 2 DN 3897406.1 z w w U z w O u_ 0 z O 0 EXHIBIT WEST HALF, SECTION 29, TOWNSHIP 1 SOUTH, RANGE 75 WEST OF THE 6TH P.M., COUNTY OF GRAND, STATE OF COLORADO W1/4 CORNER, SECTION 20 T1S, R75W, 6TH P.M. FOUND 2" STEEL POST WITH 3-1/4" ALUMINUM CAP MARKED "1996 PLS 11415" P.O.B. MARKED "LS 7104" N U w (Y)1v.. z CD Z BASIS OF BEARINGS W. LINE, SW1/4, SECTION 20 - NO°06'17"W 2652.38' UNPLATTED S0°34'115"E. `75.00L N89°44'41 "E 214.77' PROPOSED BYERS PEAK RANCH DISTRICT #7 —UNION PACIFIC RAILROAD SE CORNER, NW1/4, NW1/4,SECTION 29 T1S, R75W, 6TH P.M. FOUND #5 REBAR WITH 2-1/2" BRASS CAP MARKED "LS 12479" W1/4 CORNER, SECTION 29 T1S, R75W, 6TH P.M. FOUND #5 REBAR WITH 2-1/2" BRASS CAP GLO 1933 C2 S31 °32'14"E 17.11' S0°28'06"E 250.47' WEST MOUNTAIN METRO DISTRICT #2 136.326 AC LINE INW1/4, SECTION 29 S80°51'04"W 240.49' S80°5 '04"W 87.85' C PROPOSED EST MOUNTAIN DISTRICT #3 S58°05'19"W 80.00' 1 inch = 500 ft. NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY. IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/10/20 DS: MSK SHEET 1 OF 2 PROPOSED WEST MOUNTAIN "A 6-9-20 6•'99.20 345;;1°2 EXHIBIT WEST HALF, SECTION 29, TOWNSHIP 1 SOUTH, RANGE 75 WEST OF THE 6TH P.M., COUNTY OF GRAND, STATE OF COLORADO Curve Table Curve # Length Radius Delta CHORD BEARING CHORD LENGTH C4 168.801 240.000 040.2982 N79°00'00"W 165.34' C3 715.846 610.000 067.2376 N65°31'49"W 675.47' C2 1026.270 616.779 095.3355 S79°12'18"E 911.91' C1 1925.331 816.779 135.0589 S59 °22'27"E 1509.53' NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY. IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/10/20 DS: MSK SHEET 2 OF 2 CONSULTANTS CIVIL ENGINEERING DEVELOPMENT N8 L11NG NATURALES ES LAND SURVEYING 50EJ05A44N 1950 W. Littleton Blvd.. Ste. 109 LItu.ton, CO 80120 EXHIBIT B - 3 DN 3897406.1 EXHIBIT SOUTHEAST QUARTER, SECTION 30, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., SOUTHWEST QUARTER, SECTION 29, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., COUNTY OF GRAND, STATE OF COLORADO UNPLATTED W1/4 CORNER, SECTION 20 T1S, R75W, 6TH P.M. FOUND 2" STEEL POST WITH 3-1/4" ALUMINUM CAP MARKED "1996 PLS 11415" BASIS OF BEARINGS W. LINE, SW1/4, SECTION 20 - NO°06'17"W 2652.38' POINT OF COMMENCEMENT SW CORNER, SECTION 20 T1S, R75W, 6TH P.M. FOUND #6 REBAR WITH 3-1/4" DWB BRASS CAP MARKED "LS 7104" 0 0 UNPLATTED P.O.B. N89°41'52"E 1307.29' REC #2008-008800 S. LINE, NE1/4, SE1/4, SEC. 30 N -$W COR., SE1/4, SE1/'4, SEC. 30 T1S, R75W, 6TH P.M. 500' WEST MOUNTAIN METRO DISTRICT #3 142.371 AC PROPOSED 00 WEST MOUNTAIN DISTRICT #5 Curve Table Curve # Length Radius Delta CHORD BEARING CHORD LENGTH C2 715.846 610.000 067.2376 S65°31'49"E 675.47' C1 168.801 240.000 040.2982 S79°00'00"E 165.34' SO°33'25"E 3098.29' N80°51'04"E 87.85' G N80°51 °04'°E 240.49' N0°31'16"W 307.35' 9 '0' PROPOSED 1 inch = 500 ft. WEST MOUNTAIN DISTRICT #4 NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY. 11.11111 IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/10/20 DS: MSK SHEET 1 OF 1 PROPOSED WEST MOUNTAIN DISTRICT #2 N58°05'19"E 80.00' 6 REC #2019-009083 9, 2 Z D C ct CI1N1L NNNI NNIWOUNM DEVEOPNIMNT CONSULTING NATURAL RESOURCES LAND 6URVEYRIO 44 1960 W. LEWNon Blvd, Ste. 109 Littleton, CO 60120 EXHIBIT B - 4 DN 3897406.1 EXHIBIT SECTION 32, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., COUNTY OF GRAND, STATE OF COLORADO W1/4 CORNER, SECTION 20 T1S, R75W, 6TH P.M. FOUND 2" STEEL POST WITH 3-1/4" ALUMINUM CAP MARKED "1996 PLS 11415" BASIS OF BEARINGS W. LINE, SW1/4, SECTION 20 NO°06'17"W 2652.38' POINT OF COMMENCEMENT SW CORNER, SECTION 20 T1S, R75W, 6TH P.M. FOUND #6 REBAR WITH 3-1/4" DWB BRASS CAP MARKED "LS 7104" ♦ U N9°10'10"W 511.59' N 10°47'24"E 164.47' PROPOSED WEST MOUNTAIN DISTRICT #5 N31 °01'00"W 168.54' N40°27'46"W 366.13' 0 600' 1200' d1 1 inch = 600 ft. NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY. IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/9/20 DS: MSK SHEET 1 OF 2 PROPOSED WEST MOUNTAIN DISTRICT #3 G S67°49'56"E 480.55' N44°34'28"E 39.47' N39°41'25"E 360.60' N87°24'53"E 375.61' N16°48'40"E 368.75' WEST MOUNTAIN METRO DISTRICT #4 127.003 AC UNION PACIFIC- RAILROAD C 5116°48'08"E 250.93' 540°39'00"W 45234' S62°03'23"W 607.20' 5'2°28'02"W 309.03' PROPOSED WEST MOUNTAIN DISTRICT #1 S15°15'1O"W 377.12' Si1 °43'49"W 441.32' S36°39'40"E. 419.70' S69°00'03"W 728.02' S27°45'23"W 424.92' SO°32"15"E 503.48' S4°04'58"W 260.78' S27°57'52" 390.43' 549°32'14"W 715.35' UNPLATTED CIVIL CONSULTING NATURAL RESOURCES LAND SURVEYING 1950 W. LlttlNon Blvd., Sb.109 UtUston, CO 80120 EXHIBIT SECTION 32, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., COUNTY OF GRAND, STATE OF COLORADO Curve Table Curve # Length Radius Delta CHORD BEARING CHORD LENGTH 01 529.059 420.000 072.1735 N80°39'40"E 494.77' C2 325.251 435.000 042.8403 N65°59'40"E 317.73' C3 387.083 1560.000 014.2168 N80°18'22"E 386.09' C4 625.183 320.000 111.9386 N24°57'09"E 530.39' C5 751.921 1030.500 041.8068 N10°06'48"W 735.35' C6 337.911 970.000 019.9597 NOO°48'37"E 336.21' C7 240.327 530.000 025.9806 NO3°49'15"E 238.27' C8 410.000 1026.750 022.8793 N28°15'02"E 407.28' C9 557.756 470.000 067.9937 N05°41'36"E 525.60' NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY. IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/9/20 DS: MSK SHEET 2 OF 2 C RE ,- CONSULTANTS CIVIL ENGINEERING DEVELOPMENT CONSULTING NATURAL RESOURCES LAND SURVEYING 1950 W. Littleton Blvd., Sts.109 Littleton CO 80120 EXHIBIT B - 5 DN 3897406.1 EXHIBIT EAST HALF, SECTION 31, & WEST HALF, SECTION 32, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., COUNTY OF GRAND, STATE OF COLORADO W1/4 CORNER, SECTION 20 T1S, R75W, 6TH P.M. FOUND 2" STEEL POST WITH 3-1/4" ALUMINUM CAP MARKED "1996 PLS 11415" BASIS OF BEARINGS W. LINE, SW1/4, SECTION 20 NO°06'17"W 2652.38' S 1' 3°20'40"W' 5420.79' N89°37'47"E P.O.B. 450.42' N43°49'27"E 1216.33' UNPLATTED 2"W z w ©Z LC) ° r. z POINT OF COMMENCEMENT SW CORNER, SECTION 20 T1S, R75W, 6TH P.M. FOUND #6 REBAR WITH 3-1/4" DWB BRASS CAP MARKED "LS 7104" PROPOSED '7 WEST MOUNTAIN DISTRICT #3 N. LONE, NE1/4 SEC. NE1/4,, SEC. 31 WEST MOUNTAIN METRO DISTRICT #5 380.431 AC C1/4 CORNER, EC, 31 SE1/4, SEC, 31 SW1/4, S39°16'24"W S1/4 CORNER, 361.62'\ SEC. 31 SE CORNER, S. LINE, SIE1/4, SEC. 31 SEC. 31 S89°09'31 "W 2658.87' UNPLATTED NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY. IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/9/20 DS: MSK SHEET 1 OF 2 NW 1 /4„ SEC. 32 SEC. 32. S39°41'25"W 360.60' S16°48'40"W 368.75' PROPOSED WEST MOUNTAIN DISTRICT #4 S9°10'10"E 511.59' S10°47'24"W 164.47' S31 °01'00"E 168.54' S40°27'46"E 366.13' S49°32'42"W 452.03' S 1 °27'35"E 38.01' 0 1,000' 2,000' 1 inch = 1,000 ft. CIVIL ENGINEERING DiVELOPN@1T CONSULTING LAND URVEYIRiS NG Cis 105.703.4444 1950 W. LRtl ton Blvd., Ste.109 Littleton CO 80120 EXHIBIT SECTION 31, TOWNSHIP I SOUTH, RANGE 75 WEST OF THE 6TH P.M., COUNTY OF GRAND, STATE OF COLORADO Curve Table Curve # Length Radius Delta CHORD BEARING CHORD LENGTH C1 557.756 470.000 067.9937 S05°41'36"W 525.60' C2 410.000 1026.750 022.8793 S28° 15'02"W 407.28' C3 240.327 530.000 025.9806 S03°49'15"W 238.27' C4 337.911 970.000 019.9597 SOO°48'37"W 336.21' C5 751.921 1030.500 041.8068 S10°06'48"E 735.35' C6 625.183 320.000 111.9386 S24°57'09"W 530.39' NOTE: THIS DOES NOT REPRESENT A MONUMENTED SURVEY. IT IS INTENDED ONLY TO DEPICT THE ATTACHED DESCRIPTION PROJECT: 18-030 DR: KDS DATE: 6/9/20 DS: MSK SHEET 2 OF 2 CIVIL !NGINE!RING DEVELOPMENT CONSULTING L*JIDRAR UR YING Cis sosrca.4sa 1950 W. Llttl ton Blvd., St..109 UtUston, CO 80120 EXHIBIT C PRELIMINARY INFRASTRUCTURE COST ESTIMATE; AND DRAWINGS DN 3897406.1 WEST MOUNTAIN METRO DISTRICTS #1-#5 METROPOLITATION DISTRICT COSTS CONTINGENCY COST PER L.F. DISTRICT D ensity u ,th,; cr ei Ac er ua e Water S ew er Sa nitary Storm Stre ets Ro ads C urb & G utter Sidew alks Landsc api ng Traits P arks ROAD LE NGTH (LFJ WEST MOUNTAIN DISTRICT#1 232 81 ---- $ 34,770,191 SUBTOTAL 232 .81. 9 ,774 ,974 5,090,735 4,245,161 8,535,539 2,017,515 3,491,884 722,895 847 ,836 43,653 WEST MOUNTAIN DISTRICT #2 130 `3 $ 22,933,189 SUBTOTAL 7.8 _ 7,582,025 3,162,241 2,636 ,991 5 ,302,070 1,253,232 2,169,075 380,631 421,324 25,600 WEST MOUNTAIN DISTRICT #3 142 -44 $ 20,367,328 SUBTOTAL 742 44 4,851,539 3,204,586 2,672,302 5,373,069 1,270,014 2,198 ,120 344,024 426,965 26,708 - WEST MOUNTAIN DISTRICT#4 1200 - $ 36,892,624 $ 54,534,243 SUBTO TAL 20 8 11,791 ,338 5,211,789 4,346,108 8,738,509 2,065,490 3,574,918 446,281 694,398 23,794 WEST MOUNTAIN DISTRICT #5 380 .0-0 SUBTOTAL 14 380.40 14,753 ,266 8,180,966 6,822,103 13,716,871 3,242,208 5,611,563 1,045,933 .. .. 1,089,998 71,336 - WEST MOUNTAIN DISTRICTS TOTAL 1. r' 1.,015.14 48,753,142 24,850,316 20,722 ,664 41,666,058 9,848,459 17,045,561 2,939,763 3,480,520 191,091 $ 169,497,574 West Mountain Districts Water, Sewer, Streets (LF) District 1 _________________________________________________________________________________ 21609 District 2 12820 District 3 13291 District 4 18350 District 5 35197 West Mountain Metropolitan District PUBLIC INFRASTRUCTURE PLAN Scale_ V, 300'-0 9,202 EXHIBIT D FINANCING PROFORMA DN 3897406.1 Grand Park West Mountai n District #1 District Financing Analysis - DRAFT - 50 MILLS De veloper Projections - Ser vice Plan Submission TOTAL CAPACITY ALL PHASES Financing S ummary So urces and Us es So urces 2025 2025 Sub T otal Par Amount Premium/(Discount) Other 34,680,000 8,500,000 43,180,000 Total Sou rces 34,680,000 8,500,000 43,180,000 Uses 2025 2025 Sub T otal Pro je ct Fund - Release d at Clo sing Project Fund - Escrowed Total Project Fund Capitalized Interest Debt Service Rese rve Fund Costs of Issuance 25,607,700 25,607,700 4,710,700 3,468,000 893,600 8,350,000 8,350,000 150,000 33,957,700 33,957,700 4,710,700 3,468,000 1,043,600 To tal Uses 34,680,000 8,500,000 43,180,000 Total D ebt S er vic e Summary Stated Term (Each Issuance) Estimated Interest Rates Principal Interest Total Principal & Interest Less: Capitalized Interest (Principal & Earnings @ 0 .00%) L ess: Debt Service Reserve Fund (Principal & Earnings @ 0 .00 %) Net Debt Servic e Maximum Annual Net Debt Service Oth er Inf ormation Total District Mill Levy C omm ercial Assessment % Residential Assessment % PIF Sales Tax Rate Senior Minimum Coverage Requirement Actual Coverage at Stabilizati on (2030) Pr operty Tax Rev enue % PIF Revenue % 30.0 Yrs 5.00% 34,680,000 39,671,250 74, 351, 250 (4,710,700) (3,468,000) 66,172,550 2,782,250 50.000 29.00% 7 .15% 1.50% 1 .35 1 .35 100% 0% Prepared by RBC Capital Markets Page 1 04/18/2022 Grand Park West Mountain District #1 District Financi ng Analysis - DRAFT - 50 MILLS Devel oper Projecti ons - Service Plan Submissi on C ommercial Devel opme nt De velopment Summary - Prope Tax Area Description Property Includ e Type Start Open Date Date Full AV Full AV Collect Mos. Tax Year Year Sq Ft or Units Market Value per Sq Ft or Unit 2022/2024 2023/2025 2024/2026 2025/2027 7.15% R 29.00% Collect Collect C ollect Collect Market C Assessed AV % AV % AV % AV % Val ue Value C omplete Complete Complete Complete All Ph as es of Development 1 Commercial Land Value Co mmercial Total Yes No Commercial Land Jun -23 Jun -24 12 Dec -24 2026 20,000 250 5,000,000 1,450,000 20,000 250 5,000,000 1,450,000 0% 58 % 862,750 100 % 100% 1,508,580 1,508,580 De ve lopmen t Tota l 20,000 5,000,000 1,450,000 862,750 1,508,580 1,508,580 Mill Le vy Re ve nue @ 50.000 Mills 43,138 75,429 75,429 Prepared by RBC Capital Markets Page 2 04/18/2022 Grand Park West Mountain District #1 District Financing An aly sis - DRAFT - 50 MILLS Developer Projectio ns - Servic e Plan S ubmissi on Residential aet'einem ent 73 'Dist7ict Ty.-13�= 'r o•uct D-s c Units :uilt T• :- :uiIt 2122 2123 2124 2125 212. 2127 2128 2129 2i3i 2131 2132 T.t-1 Commercial WM #1 LODGE Lots Add ed 150 150 150 150 WM #1 GOLF VILLAS Lots Added 44 44 44 44 WM #1 1/3 ACRE HOMESITES Lots Added 71 71 10 10 10 10 10 10 11 71 WM #1 CABINS/SMALL CABIN HO MESITES Lots Added 74 74 10 10 10 10 10 10 10 4 74 WM #1 T OWNHOMES Lots Added 56 56 10 10 10 10 10 6 56 WM #1 1/4 ACRE HO MESITES Lots Add ed 26 26 10 10 6 26 WM #1 LODGE Lots Deleted -150 -150 -150 -150 WM #1 GOLF VILLAS Lots Deleted -44 -44 -44 -44 WM #1 1/3 ACRE HOMESITES Lots Deleted -71 -71 -10 -10 -10 -10 -10 -10 -11 -71 WM #1 CA BINS/SMALL C ABIN HOMESITES Lots Deleted -74 -74 -10 -10 -10 -10 -10 -10 -10 -4 -74 WM#1 TOWNHOMES Lots Deleted -56 -56 -10 -10 -10 -10 -10 -6 -56 WM #1 1/4 ACRE HOMESITES Lots Deleted -26 -26 -10 -10 -6 -26 Annu al Cha nge 160 -86 -34 -4 -6 -4 -6 -5 -15 R esidential WM #1 LODGE Homes Added 150 150 150 150 WM #1 GOLF VILLAS Homes Added 44 44 44 44 WM #1 1/3 ACRE HOMESITES Homes Added 71 71 10 10 10 10 10 10 11 71 WM #1 CABINS/SMALL CABIN HOMESITES Homes Added 74 74 10 10 10 10 10 10 10 4 74 WM #1 TOWNHO MES Homes Added 56 56 10 10 10 10 10 6 56 WM #1 1/4 ACRE HOMESITES Homes Added 26 26 10 10 6 26 Annual Change 421 421 160 74 40 36 30 26 20 20 15 421 Cumulativ e Residential Built Total 160 234 274 310 340 366 386 406 421 Type Commercial District WM#1 Produ ct LODGE De sc Lots Added 2022 MV 45,000 Built To Be Built 45,000 2022 2023 45,900 2024 2025 2026 2027 2028 2029 2030 2031 2032 T otal 45,900 WM#1 GOLF VILLAS Lots A dded 350,000 350,000 364,140 364,140 WM #1 1/3 ACRE HOMESITES Lots A dde d 600,000 600,000 636,725 649,459 662,448 675,697 689,211 702,996 717,056 676,803 WM #1 CA BINS/SMA LL CA BIN HOMESITES Lots A dde d 350,000 350,000 364,140 371,423 378,851 386,428 394,157 402,040 410,081 418,282 388,437 WM #1 TOWNHOMES Lots Added 240,000 240,000 244,800 249,696 254,690 259,784 264,979 270,279 256,449 WM#1 1/4 ACRE HOMESITES Lots Added 550,000 550,000 572,220 583,664 595,338 581,957 645,000 WM #1 LODGE Lots Deleted 45,000 -46,818 -46,818 WM #1 GOLF VILLA S Lots Deleted 350,000 350,000 -371,423 -371,423 WM#1 1/3 ACRE HOMESITES Lots Deleted 600,000 600,000 -649,459 -662,448 -675,697 -689,211 -702,996 -717,056 -731,397 -690,339 WM #1 CABINS/SMALL CABIN HOMESITES Lots Deleted 350,000 350,000 -371,423 -378,851 -386,428 -394,157 -402,040 -410,081 -418,282 -426,648 -396,206 WM#1 TOWNHOMES Lots Deleted 240,000 240,000 -249,696 -254,690 -259,784 -264,979 -270,279 -275,685 -261,578 WM #1 1/4 ACRE HOMESITES Lots Deleted 550,000 550,000 -583,664 -595,338 -607,244 -593,596 i 2032 Total 520,200 Type Residential District WM #1 Produ ct LODGE Desc Homes Added 2022 MV 500,000 Built To Be B uilt 500,000 2022 2023 2024 520,200 2025 2026 2027 2028 2029 2030 2031 WM #1 GOLF VILLAS Homes Added 1,700,000 1,700,000 1,804,054 1,804,054 WM#1 1/3 ACRE HO MESITES Ho mes Adde d 2,800,000 2,800,000 3,030,810 3,091,426 3,153,255 3,216,320 3,280,646 3,346,259 3,413,184 3,221,580 WM #1 CABINS/SMALL CABIN HOM ESITES Ho mes Added 1,400,000 1,400,000 1,485,691 1,515,405 1,545,713 1,576,627 1,608,160 1,640,323 1,673,130 1,706,592 1,584,822 WM #1 TOWNHOMES Homes Added 1,400,000 1,400,000 1,456,560 1,485,691 1,515,405 1,545,713 1,576,627 1,608,160 1,525,874 WM #1 1/4 ACRE HOMESITES Homes Added 2,500,000 2,500,000 2,653,020 2,706,080 2,760,202 2,698,162 Weighted A vg 1,414,727 1,414,727 578,723 1,832,735 2,191,925 2,177,493 2,102,170 2,226,683 2,460 ,485 2,609,694 2,968,093 1,565,365 £➢•n•uct Ty.e Commercial District Total D-sc 0 2i22MV 118,390,000 :uilt T• :uilt 118,390,000 2x22 2123 9,333,000 2x24 27,882,720 2125 18,465,019 2r2. 16,452,969 2x27 13,138,562 2'28 12,320,217 2129 10,912 ,514 2i i 11,130,764 2131 9,560,741 2x32 Tot al 129,196,505 To tal 0 -118,390,000 -118,390,000 -9,519,660 -28,440,374 -18,834,320 -16,782,028 -13,401,333 -12,566,621 -11,130,764 -11,353,379 -9,751,955 ########## Co mmercia l Total 9,333,000 18,363,060 -9,975,355 -2,381,351 -3,643,467 -1,081,116 -1,654,107 -1,792,639 -9,751,955 -2,583,930 Residential WM #1 LODGE Homes Added 75,000,000 75,000,000 78,030,000 78,030,000 WM #1 GOLF VILLAS Homes Added 74,800,000 74,800,000 79,378,358 79,378,358 WM#1 1/3 ACRE HOMESITES Homes Added 198,800,000 198,800,000 30,308,100 30,914,262 31,532,548 32,163,199 32,806,463 33,462,592 37,545,028 228,732,192 WM #1 CABINS/SMALL CABIN HOM ESITES Ho mes Added 103,600,000 103,600,000 14,856,912 15,154,050 15,457,131 15,766,274 16,081,599 16,403,231 16,731,296 6,826,369 117,276,863 WM #1 TO WNHOM ES Ho mes Added 78,400,000 78,400,000 14,565,600 14,856,912 15,154,050 15,457,131 15,766,274 9,648,960 85,448,927 WM #1 1/4 ACRE HOMESITES Homes Added 65,000,000 65,000,000 26,530,200 27,060,804 16,561,212 70,152,216 R esidentia l To tal 595,600,000 595,600,000 92,595,600 135,822,382 87,677,005 78,389,737 63,065,095 57,893,758 49,209,694 50,193,888 44,371,397 659,018,656 Grand Total 595,600,000 595,600,000 9,333,000 110,958,660 125,647,027 85,295,654 74,746,270 61,983,980 56,239,650 49,209,694 48,401,249 34,619,442 656,434,626 Completion Year Collectio n Year Co mmercial 29. 00% 2022 MV Bu ilt To Be Built 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 T otal 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2,706,570 5,325,287 -2,892,853 -690,592 -1,056,605 -313,524 -479,691 -519,865 -2,828,067 -749,340 Re sidential Total Annual Additions rreparea oy rcbL. c.apaai aian cets 6,620,585 9,697,000 6,804,147 5,604,866 4,548,261 3,172,555 7.15% 42,585,400 42,585,400 42,585,400 42,585,400 6,268,906 5,578,314 4,509,154 4, 195,631 4,139,404 3,659,713 3,518,493 3,518,493 3,588,863 3,068,998 47,119,827 46,370,487 2,706,570 rage s 11,945,873 344 ,488 ua/Ia/LVL Grand Park W est Mountain District #1 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submission TOTAL CAPACITY ALL PH ASES Lash. Fl Summary Pro perty Tax Revenue Informati on Beginning Assessed Value Additions Reappraisal Adju stments To tal District Assessed Value District Mill Lev y % Rea ppra isal Gro wth District Pro pe rty Tax Re ven ue Treasurer's Fee - 2.00% Property Tax Re ven ue Include 12/01/2022' 12/01/2023' 12/01/2024' 12/01/2025' 12/01/2026' 12/01/2027' 12/01/2028' 12/01/2029' 12/01/2030' 12/01/2031' 12/01/2032' 12/01/2033' 3,569,320 17,095,159 25,407,887 33,002,938 39,059,779 45,545,186 50,713,478 56,754,821 3,569,320 13,454,453 8,312,727 7,086,894 6,056,841 5,704,211 5,168,293 5,027,073 4,577,578 - 71,386 - 508,158 - 781,196 - 1,014,270 - 3,569,320 17,095,159 25,407,887 33,002,938 39,059,779 45,545,186 50,713,478 56,754,821 61,332,399 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50.000 50.000 50.000 50.000 50.000 0 .00% 2.00% 2 .00% 2 .00% 2 .00 % 178,466 854,758 1,270,394 1,650,147 1,952,989 2,277,259 2,535,674 2,837,741 3,066,620 (3,569) (17,095) (25,408) (33,003) (39,060) (45,545) (50,713) (56,755) (61,332) 174,897 837,663 1,244,986 1,617,144 1,913,929 2,211,714 2,484,960 2,780,986 3,005,288 Total Reven ue for Debt Service 174,897 837 ,663 1,244,986 1,617,144 1,913,929 2,231,714 2,484,960 2,780,986 3,005,288 Senior Debt Serv ice In formation Debt Service Capitalized Interest DSR Fund Total Ne t De bt Service 722,500 1,734,000 1,734,000 1,734,000 1,734,000 1,734,000 1,829,000 2,059,250 2,227,750 (722,500) (1,734,000) (1,734,000) (520,200) - - - - - 1,213,800 1,734,000 1,734,000 1,829,000 2,059,250 2,227,750 Coverage Ratio 1.33 1.10 1.29 1.36 1.35 1.35 Revenue After Senior DJS 174,897 837,663 1,244,986 403,344 179,929 497,714 655 ,960 721,736 777,538 Rev en ue After Other O bligatio ns 174,897 837,663 1,244,986 403,344 179,929 497,714 655,960 721,736 777,538 Surplus Fund Deposits = $1,391, 125 Revenu e A fte r Surplus Fun d Deposit 174,897 837,663 378,565 866,421 403,344 179,929 497,714 655,960 721,736 777,538 Excess Revenue Split 0.00% Rev en ue After Exce ss Reven ue Split 866,421 403,344 179,929 497,714 655,960 721,736 777,538 Subordinate O bligatio n Information Begin ning Principal Balance Beginning Interest Balance Additions Intere st Rate Interest (Simple) Payments Ending Principal Balance En din g In tere st Balance Ending Total Balance 8. 00% 8.00% 8.00% 3,500,000 8,500,000 8,500,000 8,313,579 8,313,579 8,313,579 8,313,579 8,313,579 8,256,929 680,000 1,360,000 1,360,000 1,621,742 2,106,900 2,274,272 2,283,398 2,283,398 8.00% 8 .00% 8.00% 8.00 % 8.00% 8.00 % 8.00% 8.00% 8 .00 % 680,000 680,000 680,000 665,086 665,086 665,086 665,086 665,086 660,554 (866,421) (403,344) (179,929) (497,714) (655,960) (721,736) (777,538) 8,500,000 8,500,000 1,360,000 9,860,000 8,313,579 1,360,000 9,673,579 8,313,579 1,621,742 9,935,321 8,313,579 2,106,900 8,313,579 2,274,272 8,313,579 2,283,398 8,256,929 2,283,398 8,139,946 2,283,398 680,000 9,180,000 10,420,479 10,587,851 10,596,977 10,540,328 10,423,344 Re ven ue After Subo rdin ate Obliga tion Surplus Fund In formatio n Deposits / (Withdrawls) Interest at 0.00% 'Ending Balan ce 174,897 837,663 378,565 174,897 1,012,560 1,391,125 1,391,125 1,391,125 1,391,125 1,391,125 1,391,125 1,391,125 Operations Mill Levy Revenues Available for Operations Anticipated Expenses 'Net Fund Balance 10.000 10. 000 10.000 10. 000 10. 000 10.000 10 .000 10.000 10 .000 10.000 10 .000 10.00 35,693 170,952 254,079 330,029 390,598 455,452 507,135 567,548 613,324 (35,693) (170,952) (254,079) (330,029) (390,598) (455,452) (507,135) (567,548) (613,324) Prepa re d by RBC Capital Markets Page 4 04/18/2022 Grand Park W est Mountain District #1 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submission TOTAL CAPACITY ALL PH ASES Lash. Fl Summary Pro perty Tax Revenue Informati on Beginning Assessed Value Additions Reappraisal Adju stments To tal District Assessed Value District Mill Lev y % Rea ppra isal Gro wth District Pro pe rty Tax Re ven ue Treasurer's Fee - 2.00% Property Tax Re ven ue Include 12/01/20341 12/01/20351 12/01/20361 12/01/20371 12/01/20381 12/01/20391 12/01/20401 12/01/20411 12/01/20421 12/01/20431 12/01/20441 12/01/20451 61,332,399 62,903,534 62,903,534 64,161,605 344,488 1,226,648 1,258,071 64,161,605 65,444,837 1,283,232 65,444,837 66,753,734 1,308,897 66,753,734 68,088,808 1,335,075 68,088,808 69,450,585 1,361,776 62,903,534 62,903,534 64,161,605 64,161,605 65,444,837 65,444,837 66,753,734 66,753,734 68,088,808 68,088,808 69,450,585 69,450,585 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50.000 50.000 50.000 50.000 50.000 2 .00% 2 .00% 2.00% 2 .00% 2 .00% 2 .00 % 3,145,177 (62,904) 3,145,177 (62,904) 3,208,080 (64,162) 3,208,080 (64,162) 3,272,242 (65,445) 3,272,242 (65,445) 3,337,687 (66,754) 3,337,687 (66,754) 3,404,440 (68,089) 3,404,440 (68,089) 3,472,529 (69,451) 3,472,529 (69,451) 3,082,273 3,082,273 3,143,919 3,143,919 3,206,797 3,206,797 3,270,933 3,270,933 3,336,352 3,336,352 3,403,079 3,403,079 Total Reven ue for Debt Service 3,082,273 3,082,273 3,143,919 3 ,143,919 3,206,797 3,206,797 3,270,933 3,270,933 3,336 ,352 3,336,352 3, 403,079 3,403,079 Senior Debt Serv ice In formation Debt Service Capitalized Interest DSR Fund Total Ne t De bt Service 2,282,000 2,282,250 2,331,000 2,330,750 2,373,750 2,377,750 2,424,500 2,421,750 2,471,750 2,471,750 2,519,000 2,521,000 2,282,000 2 ,282,250 2,331,000 2,330,750 2,373 ,750 2,377,750 2 ,424,500 2,421,750 2 ,471,750 2,471,750 2,519,000 2,521,000 Coverage Ratio 1. 35 1 .35 1.35 1 .35 1.35 1 .35 1.35 1.35 1.35 1.35 1.35 1.35 Revenue After Senior DJS 800,273 800,023 812,919 813,169 833,047 829,047 846,433 849,183 864 ,602 864 ,602 884,079 882,079 Rev en ue After Other O bligatio ns 800,273 800,023 812,919 813,169 833,047 829,047 846,433 849,183 864,602 864,602 884,079 882,079 Surplus Fund Deposits = $1,391, 125 Revenu e A fte r Surplus Fun d Deposit 800,273 800,023 812,919 813,169 833,047 829,047 846,433 849,183 864,602 864,602 884,079 882,079 Excess Revenue Split 0.00% Rev en ue After Exce ss Reven ue Split 800,273 800,023 812,919 813,169 833,047 829,047 846,433 849,183 864 ,602 864,602 884,079 882,079 Subordinate O bligatio n Information Begin ning Principal Balance Beginning Interest Balance Additions Intere st Rate Interest (Simple) Payments Ending Principal Balance En din g In tere st Balance Ending Total Balance 8,139,946 7,990,868 7,830,115 7,643,605 7,441,924 7,204,231 6,951,523 6,661,212 6,344,926 5,987,918 5,602,349 5,166,458 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 8. 00% 651,196 (800,273) 8.00% 639,269 (800,023) 8. 00% 626,409 (812,919) 8.00% 611,488 (813,169) 8 .00% 595,354 (833,047) 8.00% 576,339 (829,047) 8.00 % 556,122 (846,433) 8.00% 532,897 (849,183) 8.00 % 507,594 (864,602) 8.00% 479,033 (864,602) 8.00% 448,188 (884,079) 8 .00 % 413,317 (882,079) 7,990,868 2,283,398 7,830,115 2,283,398 7,643,605 2,283,398 9,927,003 7,441,924 2,283,398 9,725,323 7,204,231 2,283,398 9,487,630 6,951,523 2,283,398 9,234,921 6,661,212 2,283,398 8,944,610 6,344,926 2,283,398 8,628,324 5,987,918 2,283,398 8,271,316 5,602,349 2,283,398 7,885,747 5,166,458 2,283,398 7,449,856 4,697,696 2,283,398 6,981,094 10,274,267 10,113,513 Re ven ue After Subo rdin ate Obliga tion Surplus Fund In formatio n Deposits / (Withdrawls) Interest at 0.00% 'Ending Balan ce 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 Operations Mill Levy Revenues Available for Operations Anticipated Expenses 'Net Fund Balance 10.000 10. 000 10.000 10. 000 10. 000 10.000 10 .000 10.000 10 .000 10.000 10 .000 10.00 629,035 629,035 641,616 641,616 654,448 654,448 667,537 667,537 680,888 680,888 694,506 694,506 (629,035) (629,035) (641,616) (641,616) (654,448) (654,448) (667,537) (667,537) (680,888) (680,888) (694,506) (694,506) Prepa re d by RBC Capital Markets Page 5 04/18/2022 Grand Park W est Mountain District #1 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submission TOTAL CAPACITY ALL PH ASES Lash. Fl Summary Pro perty Tax Revenue Informati on Beginning Assessed Value Additions Reappraisal Adju stments To tal District Assessed Value District Mill Lev y % Rea ppra isal Gro wth District Pro pe rty Tax Re ven ue Treasurer's Fee - 2.00% Property Tax Re ven ue Include 12/01/20461 12/01/20471 12/01/20481 12/01/20491 12/01/20501 12/01/20511 12/01/20521 12/01/20531 12/01/20541 12/01/20551 Totals1 69,450,585 70,839,596 1,389,012 70,839,596 72,256,388 1,416,792 72,256,388 73,701,516 1,445,128 73,701,516 75,175,546 1,474,030 75,175,546 76,679,057 1,503,511 59,301,877 17,377,180 76,679,057 1 70,839,596 1 70,839,596 1 72,256,388 1 72,256,388 1 73,701,516 1 73,701,516 1 75,175,546 1 75,175,546 1 76,679,057 1 76,679,057 1 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50.000 50.000 50.000 2 .00% 2 .00% 2.00% 2 .00% 2 .00% 3,541,980 (70,840) 3,541,980 (70,840) 3,612,819 (72,256) 3,612,819 (72,256) 3,685,076 (73,702) 3,685,076 (73,702) 3,758,777 (75,176) 3,758,777 (75,176) 3,833,953 (76,679) 3,833,953 93,169,569 (76,679) (1,863,391) 91,306,178 3,471,140 3,471,140 3,540,563 3,540,563 3,611,374 3,611,374 3,683,602 3,683,602 3,757,274 3,757,274 Total Reven ue for Debt Service 3,471,140 3,471,140 3,540,563 3 ,540,563 3,611,374 3,611,374 3,683,602 3,683,602 3,757 ,274 3,757,274 91,306,178 1 Senior Debt Serv ice In formation Debt Service Capitalized Interest DSR Fund Total Ne t De bt Service 2,569,750 2,572,750 2,622,000 2,625,000 2,673,750 2,675,750 2,728,000 2,727,750 2,782,250 6,058,500 74,351,250 (4,710,700) (3,468,000) 66,172,550 1 (3,468,000) 2,590,500 2,569,750 2 ,572,750 2,622,000 2,625,000 2,673 ,750 2,675,750 2 ,728,000 2,727,750 2 ,782,250 Coverage Ratio 1. 35 1 1 .35 1 1.35 1 1 .35 1 1.35 1 1 .35 1 1.35 1 1.35 1 1.35 1 1.45 Revenue After Senior D/S 901,390 898,390 918,563 915,563 937,624 935,624 955,602 955,852 975,024 1,166,774 25,133,629 1 25,133,629 1 Rev en ue After Other O bligatio ns 901,390 898,390 918,563 915,563 937,624 935,624 955,602 955,852 975,024 1,166,774 Surplus Fund Deposits = $1,391, 125 Revenu e A fte r Surplus Fun d Deposit 1,391,125 901,390 898,390 918,563 915,563 937,624 935,624 955,602 955,852 975,024 1,166,774 23,742,5041 Excess Revenue Split 0.00% Rev en ue After Exce ss Reven ue Split 901,390 898,390 918,563 915,563 937,624 935,624 955,602 955,852 975,024 1,166,774 23,742,504 Subordinate O bligatio n Information Begin ning Principal Balance Beginning Interest Balance Additions Intere st Rate Interest (Simple) Payments Ending Principal Balance En din g In tere st Balance Ending Total Balance 4,697,696 4,172,121 3,607,501 2,977,538 2,300,178 1,546,568 734,670 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,283,398 2,121,240 8. 00% 375,816 (901,390) 8.00% 333,770 (898,390) 8. 00% 288,600 (918,563) 8.00% 238,203 (915,563) 8 .00% 184,014 (937,624) 8.00% 123,725 (935,624) 8.00 % 58,774 (955,602) 8.00% (955,852) 1,165, 388 190,364 8.00 % (975,024) 8.00% (190,364) 4,697,696 14,266,094 (22,766,094) 4,172,121 2,283,398 6,455,520 3,607,501 2,283,398 5,890,899 2,977,538 2,283,398 5,260,936 2,300,178 2,283,398 4,583,576 1,546,568 2,283,398 3,829,967 734,670 2,283,398 3,018,068 2,121,240 2,121,240 1,165,388 1,165,388 190,364 190,364 (3,802,304) (3,802,304) Re ven ue After Subo rdin ate Obliga tion 2,367,535 24,387,1061 Surplus Fund In formatio n Deposits / (Withdrawls) Interest at 0.00% 'Ending Balan ce (1,391,125) 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 1 1,391,125 I 40,138,957 Operations Mill Levy Revenues Available for Operations Anticipated Expenses 'Net Fund Balance 10.000 10. 000 10.000 10. 000 10. 000 10.000 10 .000 10.000 10 .000 10.000 708,396 708,396 722,564 722,564 737,015 737,015 751,755 751,755 766,791 (708,396) (708,396) (722,564) (722,564) (737,015) (737,015) (751,755) (751,755) (766,791) 766,791 24, 251,152 (766,791) (24, 251,152) Prepa re d by RBC Capital Markets Page 6 04/18/2022 Grand Park W est Mountain District #1 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2023 Date 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Principal - - - - - - 95,000 330,000 515,000 595,000 625,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 722,500 1,734,000 1,734,000 1,734,000 1,734,000 1,734,000 1,734,000 1,729, 250 1,712, 750 1,687,000 1,657, 250 Total P+I 722,500 1,734,000 1,734,000 1,734,000 1,734,000 1,734,000 1,829,000 2,059,250 2,227,750 2,282,000 2,282,250 CAPI (722,500) (1,734,000) (1,734,000) (520,200) - - - - - - - DSRF - - - - - - - - - - - Net D/S - - - 1,213,800 1,734,000 1,734,000 1,829,000 2,059,250 2,227,750 2,282,000 2,282,250 Senior -Tota l Date 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Principal - - - - - - 95,000 330,000 515,000 595,000 625,000 Inte re st 722,500 1,734,000 1,734,000 1,734,000 1,734,000 1,734,000 1,734,000 1,729, 250 1,712, 750 1,687,000 1,657, 250 Total P+I 722,500 1,734,000 1,734,000 1,734,000 1,734,000 1,734,000 1,829,000 2,059,250 2,227,750 2,282,000 2,282,250 CAPI (722,500) (1,734,000) (1,734,000) (520,200) - - - - - - - DSRF - - - - - - - - - - - Net D/S - - - 1,213,800 1,734,000 1,734,000 1,829,000 2,059,250 2,227,750 2,282,000 2,282,250 Prepared by RBC Capital Markets Page 7 04/18/2022 Grand Park W est Mountain District #1 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2023 Date 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Principal 705,000 740,000 820,000 865,000 955,000 1,000,000 1,100,000 1,155,000 1,260,000 1,325,000 1,440,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 1,626,000 1,590,750 1,553,750 1,512,750 1,469, 500 1,421, 750 1,371,750 1,316,750 1,259,000 1,196, 000 1,129, 750 Total P+I 2,331,000 2,330,750 2,373,750 2,377,750 2,424,500 2,421,750 2,471,750 2,471,750 2,519,000 2,521,000 2,569,750 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 2,331,000 2,330,750 2,373,750 2,377,750 2,424,500 2,421,750 2,471,750 2,471,750 2,519,000 2,521,000 2,569,750 Senior -Tota l Date 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Principal 705,000 740,000 820,000 865,000 955,000 1,000,000 1,100,000 1,155,000 1,260,000 1,325,000 1,440,000 Inte re st 1,626,000 1,590,750 1,553,750 1,512,750 1,469, 500 1,421, 750 1,371,750 1,316,750 1,259,000 1,196, 000 1,129, 750 Total P+I 2,331,000 2,330,750 2,373,750 2,377,750 2,424,500 2,421,750 2,471,750 2,471,750 2,519,000 2,521,000 2,569,750 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 2,331,000 2,330,750 2,373,750 2,377,750 2,424,500 2,421,750 2,471,750 2,471,750 2,519,000 2,521,000 2,569,750 Prepared by RBC Capital Markets Page 8 04/18/2022 Grand Park W est Mountain District #1 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2023 Date 2047 2048 2049 2050 2051 2052 2053 2054 2055 Totals Principal 1,515,000 1,640,000 1,725,000 1,860,000 1,955,000 2,105,000 2,210,000 2,375,000 5,770,000 34,680,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% Interest 1,057,750 982,000 900,000 813,750 720,750 623,000 517,750 407,250 288,500 39,671,250 Total P+I 2,572,750 2,622,000 2,625,000 2,673,750 2,675,750 2,728,000 2,727,750 2,782,250 6,058,500 74,351,250 CAPI - - - - - - - - - (4,710,700) DSRF - - - - - - - - (3,468,000) (3,468,000) Net D/S 2,572,750 2,622,000 2,625,000 2,673,750 2,675,750 2,728,000 2,727,750 2,782,250 2,590,500 66,172,550 Senior -Tota l Date 2047 2048 2049 2050 2051 2052 2053 2054 2055 Totals Principal 1,515,000 1,640,000 1,725,000 1,860,000 1,955,000 2,105,000 2,210,000 2,375,000 5,770,000 34,680,000 Inte re st 1,057,750 982,000 900,000 813,750 720,750 623,000 517,750 407,250 288,500 39,671,250 Total P+I 2,572,750 2,622,000 2,625,000 2,673,750 2,675,750 2,728,000 2,727,750 2,782,250 6,058,500 74,351,250 CAPI - - - - - - - - - (4,710,700) DSRF - - - - - - - - (3,468,000) (3,468,000) Net D/S 2,572,750 2,622,000 2,625,000 2,673,750 2,675,750 2,728,000 2,727,750 2,782,250 2,590,500 66,172,550 Prepared by RBC Capital Markets Page 9 04/18/2022 Grand Park West Mountai n District #2 District Financing Analysis - DRAFT - 50 MILLS De veloper Projections - Ser vice Plan Submission TOTAL CAPACITY ALL PHASES Financing S ummary So urces and Us es So urces 2026 2026 Sub T otal Par Amount Premium/(Discount) Other 22,095,000 5,000,000 27,095,000 Total Sou rces 22,095,000 5,000,000 27,095,000 Uses 2026 2026 Sub T otal Pro je ct Fund - Release d at Clo sing Project Fund - Escrowed Total Project Fund Capitalized Interest Debt Service Rese rve Fund Costs of Issuance 17,258,733 17,258,733 1,984,868 2,209,500 641,900 4,850,000 4,850,000 150,000 22,108,733 22,108,733 1,984,868 2,209,500 791,900 To tal Uses 22,095,000 5,000,000 27,095,000 Total D ebt S er vic e Summary Stated Term (Each Issuance) Estimated Interest Rates Principal Interest Total Principal & Interest Less: Capitalized Interest (Principal & Earnings @ 0 .00%) L ess: Debt Service Reserve Fund (Principal & Earnings @ 0 .00 %) Net Debt Servic e Maximum Annual Net Debt Service 30.0 Yrs 5.00% 22,095,000 24,943,563 47,038,563 (1,984,868) (2,209,500) 42, 844,195 1,721,250 Oth er Inf ormation Total District Mill Levy C omm ercial Assessment % Residential Assessment % PIF Sales Tax Rate Senior Minimum Coverage Requirement Actual Coverage at Stabilizati on (2030) Pr operty Tax Rev enue % PIF Revenue % 50.000 29.00% 7 .15% 1.50% 1 .35 1 .35 100% 0% Prepared by RBC Capital Markets Page 1 04/18/2022 Grand Park West Mountain District #2 District Financing An aly sis - DRAFT - 50 MILLS Developer Projectio ns - Servic e Plan S ubmissi on Residential aeveinem ent 73jDistrict Ty.-13�= •r o•uct D-s c U nits =uilt T.:-: uilt 2122 2123 2124 2125 212. 2'27 212: 212• 2131 2131 2132 T.t.t Commercial WM 02 4-PLEX Lots Add ed 136 136 20 20 20 20 20 20 16 136 WM 42 DUPLEX Lots Added 102 102 20 20 20 20 22 102 WM 42 SMALL CABIN HOMESITES Lots Added 54 54 5 10 10 10 10 9 54 WM 42 1/4 ACRE HOMESITES Lots Added 7 7 2 2 3 7 WM 42 4-PLEX Lots Deleted -136 -136 -20 -20 -20 -20 -20 -20 -16 -136 WM 42 DUPLEX Lots Deleted -102 -102 -20 -20 -20 -20 -22 -102 WM 42 SMALL CABIN HOMESITES Lots Deleted -54 -54 -5 -10 -10 -10 -10 -9 -54 WM 42 1/4 ACRE HOMESITES Lots Deleted -7 -7 -2 -2 -3 -7 m..c adr- .a .>= Annua l Cha nge Residential WM #2 4-PLEX Homes Added 136 136 42 5 20 6 20 -3 20 2 20 -22 20 -5 20 -25 16 136 WM #2 DUPLEX Homes Added 102 102 20 20 20 20 22 102 WM #2 SMALL CABIN HOMESITES Homes Added 54 54 5 10 10 10 10 9 54 WM #2 1/4 ACRE HOMESITES Homes Added 7 7 2 2 3 7 Annua l Cha nge 299 299 42 47 53 50 52 30 25 299 Cumulativ e Residential Built Total 42 89 142 192 244 274 299 299 t ,v..?- -- ;ts_s_._a-,--' ,-'-."''''--.....•_a ?a+?sF�, .,. s=-4 ,'.. ;_ .rt _, Type Commercial District WM #2 Pro duct 4-PLEX Desc Lots Added 2022 MV 240,000 Built To Be B uilt 240,000 2022 2023 2024 249,696 2025 254,690 2026 259,784 2027 264,979 2028 270,279 2029 275,685 2030 281,198 2031 2032 Total 264,716 WM42 DUPLEX Lots Added 350,000 350,000 364,140 371,423 378,851 386,428 394,157 379,297 WM 42 SMALL CABIN HOMESITES Lots Added 375,000 375,000 397,953 405,912 414,030 422,311 430,757 439,372 419,893 WM #2 1/4 ACRE HOMESITES - ----`- Lots A dded 550,000 -_c 550,000 572,220 583,664 595,338 585,397 _ ". WM #2 4-PLEX Lots Deleted _ ._a 240,000 _..4 .-,:_.- 240,000 -254,690 -259,784 -264,979 -270,279 -275,685 -281,198 -286,822 -270,011 WM #2 DUPLEX Lots Deleted 350,000 350,000 -371,423 -378,851 -386,428 -394,157 -402,040 -386,883 WM #2 SMALL CABIN HOMESITES Lots Deleted 375,000 375,000 -405,912 -414,030 -422,311 -430,757 -439,372 -448,160 -428,291 WM #2 1/4 ACRE HOMESITES Lots Deleted 550,000 550,000 -583,664 -595,338 -607,244 -597,105 Type Residential Distric t WM 02 Produ ct 4-PLEX De sc Homes Added 2022 MV 1,400,000 B uilt To Be Built 1,400,000 2022 2023 2024 2025 1,485,691 2026 1,515,405 2027 1,545,713 2028 1,576,627 2029 1,608,160 2030 1,640,323 2031 1,673,130 2032 Total 1,575,062 WM 42 DUPLEX Homes Added 1,800,000 1,800,000 1,910,174 1,948,378 1,987,345 2,027,092 2,067,634 1,989,684 WM 42 SMALL CABIN HOMESITES Homes Added 1,400,000 1,400,000 1,515,405 1,545,713 1,576,627 1,608,160 1,640,323 1,673,130 1,598,952 WM #2 1/4 A CRE HOM ESITES Homes A dded 2,500,000 2,500,000 2,653,020 2,706,080 2,760,202 2,714,115 Weighted Av g 1,562,207 1,562,207 1,743,413 1,750,316 1,781,111 1,756,813 1,802,553 1,640,323 1,673,130 1,747,486 c Type District To tal Pro duc t Desc 1 2022 MV 92,440,000 Built To Be Built 92,440,000 2022 2023 2024 13,421,160 2025 2026 2027 2028 •1101,461,722 2029 2030 2031 2032 Total Co mmercial Total •• ••• • ••1 -18,990,190 • •17,688 -8,622,593 -103,490,956 Commercial Total Residential WM #2 4-PLEX Ho mes Added 190,400,000 190,400,000 13,421,160 1,989,765 29,713,824 2,624,898 30,308,100 -1,821,733 30,914,26232,806,463 788,314 -8,844,880 -1,564,165 -8,622,593 • •74 -2,029,234 214,208,470 DUPLEX Home s- .•1 ••• 183,600,000 38,203,488••• 40,541,847 #2 SMALL CABIN HOMESITES Home s Added 75,600,000 75,600,000 7,577,025 15,457,131 15,766,274 16,081,599 16,403,231 15,058,166 86,343,427 HOMESITESWM - 17,500,000 17,500,000 5,306,040 8,280,606 18,998,807 WM #2 0 Homes Added • Ho mes Added Re side ntia l T otal Grand Total 467,100,000 467,100,000 467,100,000 467,100,000 13,421,160 73,223,352 75,213,117 82,264,844 84,889,742 94,398,909 92,577,175 87,840,669 88,628,982 93,732 ,750 84,887,871 49,209,694 47,645,529 41 ,828,240 33,205,647 522,498,458 520,469,223 Co mple tion Y ear Collec tion Ye ar Commercial Residential Total Annual Additions 2022 MV Built To Be Built 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Tot al 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 29.00% 3,892,136 577,032 761,220 -528,303 228,611 -2,565,015 -453,608 -2,500,552 -588,478 7. 15% 33,397,650 33,397,650 33,397,650 33,397,650 5,235,470 5,812,502 5,881,936 6,643,157 6,749,522 6,221,219 6,280,608 6,509,219 6,701,892 4,136,877 3,518,493 3,064,885 2,990,719 37, 358, 640 36,770,162 3,892,136 490,167 Prepared by RBC Capital M arkets Page 2 04/18/2022 Grand Park West Mou ntain District 82 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submissi on TOTA L CAPACITY ALL PHASES Cash Ft o bv Summary, Property Tax Re venue Information Beginning Assessed Value Additions Re appraisal Adjustments To tal District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Re venue Treasurer's Fee - 2.00% Pro pe rty Ta x Reven ue Include 12/01/2022 12/01/20231 12/01/2024 12/01/2025 12/01/2026 12/01/20271 12/01/2028 12/01/2029 12/01/2030 12/01/2031 12/01/2032 12/01/2033 - 3,892,136 9,704,638 3,892,136 5,812,502 6,643,157 - - 194,093 3,892,136 16,541,887 22,763,107 6,221,219 6,509,219 455,262 22,763,107 29,727,588 33,864,464 37,606,639 4,136,877 3,064,885 677,289 490,167 9,704,638 1 16,541,887 29,727,588 33,864,464 37,606,639 38,096,806 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50 .000 50 .000 50 .000 0.00% 2.00% 2.00% 2.00% 2.00% 194,607 (3,892) 485,232 (9,705) 827,094 (16,542) 1,138,155 (22,763) 1,486,379 (29,728) 1,693,223 (33,864) 1,880,332 (37,607) 1,904,840 (38,097) 190,715 475,527 810,552 1,115 ,392 1,456,652 1,659,359 1,842,725 1,866,743 Total Revenu e for Debt Se rvice 190,715 475,527 810,552 1,115,392 1,456,652 1,659,359 1,842,725 1,866,743 Senior Debt Serv ice Information Debt Service Capitalized Intere st DSR Fund To tal N et Debt Se rv ice 460,313 1,104,750 1,104,750 1,104,750 1,104,750 1,229,750 (460,313) (751,230) (497,138) (276,188) 1,363,500 1,380,250 353,520 607,613 828 ,563 1 ,104,750 1 ,229,750 1 ,363,500 1 ,380,250 Co verage Ratio 1 .35 1 1 .33 1.35 1.32 1.35 1.35 1.35 Revenue A fter Senior 0/5 190,715 122,007 202,940 286,830 351,902 429,609 479,225 486,493 Reven ue A fte r Othe r Obligation s 190,715 122,007 202,940 286,830 351,902 429,609 479,225 486,493 Surplus Fun d De posits = $860,625 Revenue Afte r Surplus Fu nd Depo sit 190,715 122,007 202,940 286,830 58,133 293,769 429,609 479 ,225 486,493 Excess Revenue Split 0.00% Reven ue Afte r Excess Reve nue Split 293,769 429,609 479,225 486,493 Subordinate Obligatio n Info rmation Be ginning Principal Balance Beginning Interest Balance Additio ns Interest Rate Interest (Simple) Payments Ending Principal Balance Ending Interest Balance Ending Total Balance 8.00% 8.00% 8.00% 8.00% 5,00= 8.00% 400,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 4,970,391 4,888,797 400,000 800,000 1,200,000 1,600,000 1,706,231 1,706,231 1,706,231 8.00% 400,000 8.00% 400,000 8 .00% 400,000 8 .00% 400,000 (293,769) 8 .00% 400,000 (429,609) 8 .00% 397,631 (479,225) 8 .00% 391,104 (486,493) 5,000,000 5,000,000 5,000,000 1,200,000 6,200,000 5,000,000 1,600,000 6,600,000 5,000,000 1,706,231 6,706,231 4,970,391 1,706,231 6,676,622 4,888,797 1,706,231 6,595,028 4,793,408 1,706,231 6,499,639 400,000 800,000 5,400,000 5,800,000 Revenue Afte r Subordina te Obligatio n Surplu s Fund Informatio n Deposits / (Withdrawls) Interest at 0.00% Ending Balance 190,715 122,007 202,940 286,830 58,133 Operation s Mill Levy Re venues Available fo r Operations Anticipate d Expenses Net Fund Balan ce 190,715 312,722 1 515,662 802,492 860,625 860,625 860,625 860,625 10.000 10.0001 10.000 10.000 10.000 38,921 97,046 165,419 227,631 297,276 338,645 376,066 380,968 (38,921) 10.0001 10.00: 10.000 10.000 10.000 10.000 10.000 (97,046) (165,419) (227,631) (297,276) (338,645) (376,066) (380,968) Prepa red by RBC Capital Markets Page 3 04/18/2022 Grand Park West Mou ntain District 82 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submissi on TOTA L CAPACITY ALL PHASES Cash Ft o bv Surnmary, Property Tax Re venue Information Beginning Assessed Value Additions Re appraisal Adjustments To tal District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Re venue Treasurer's Fee - 2.00% Pro pe rty Ta x Reven ue Include 12/01/2034 12/01/20351 12/01/2036 12/01/2037 12/01/2038 12/01/20391 12/01/2040 12/01/2041 12/01/2042 12/01/2043 12/01/2044 12/01/2045 38,096,806 38,858,742 761,936 38,858,742 39,635,917 777,175 39,635,917 40,428,635 792,718 40,428,635 41,237,208 808,573 41,237,208 42,061,952 824,744 42,061,952 42,903,191 841,239 38,858,742 38,858,742 1 39,635,917 39,635,917 40,428,635 40,428,635 1 41,237,208 41,237,208 42,061,952 42,061,952 42,903,191 42,903,191 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50 .000 50 .000 50 .000 2.00 % 2.00% 2.00% 2.00% 2.00% 2.00% 1,942,937 (38,859) 1,942,937 (38,859) 1,981,796 (39,636) 1,981,796 (39,636) 2,021,432 (40,429) 2,021,432 (40,429) 2,061,860 (41,237) 2,061,860 (41,237) 2,103,098 (42,062) 2,103,098 (42,062) 2,145,160 (42,903) 2,145,160 (42,903) 1,904,078 1,904,078 1 ,942,160 1,942,160 1,981,003 1,981,003 2,020,623 2,020,623 2,061,036 2,061 ,036 2,102 ,256 2,102,256 Total Revenu e for Debt Se rvice 1,904,078 1,904,078 1,942,160 1,942,160 1,981,003 1,981,003 2,020,623 2,020 ,623 2,061,036 2,061 ,036 2,102,256 2,102,256 Senior Debt Serv ice Information Debt Service Capitalized Intere st DSR Fund To tal N et Debt Se rv ice 1,410,500 1,408,500 1,440,750 1,440,500 1,469,250 1,465,500 1,495,750 1,498,250 1,529,250 1,527,250 1,558,750 1,557,000 1,410, 500 1,408,500 1,440 ,750 1,440,500 1,469,250 1 ,465,500 1,495,750 1,498,250 1 ,529,250 1 ,527 ,250 1 ,558,750 1 ,557,000 Co verage Ratio 1.35 1.35 1 1.35 1 .35 1 .35 1 .35 1 1 .35 1.35 1.35 1.35 1.35 1.35 Revenue A fter Senior 13/5 493,578 495,578 501,410 501,660 511,753 515,503 524,873 522,373 531,786 533,786 543,506 545,256 Reven ue A fte r Othe r Obligation s 493, 578 495,578 501,410 501 ,660 511,753 515,503 524,873 522,373 531,786 533 ,786 543,506 545,256 Surplus Fun d De posits = $860,625 Revenue Afte r Surplus Fu nd Depo sit 493,578 495,578 501 ,410 501 ,660 511,753 515,503 524,873 522,373 531,786 533,786 543,506 545,256 Excess Revenue Split 0.00% Reven ue Afte r Excess Reve nue Split 493,578 495,578 501,410 501,660 511,753 515,503 524,873 522,173 531,786 533,786 543,506 545,256 Subordinate Obligatio n Info rmation Be ginning Principal Balance Beginning Interest Balance Additio ns Interest Rate Interest (Simple) Payments Ending Principal Balance Ending Interest Balance Ending Total Balance 4,793,408 4,683,303 4,562,389 4,425,970 4,278,388 4,108,906 3,922,115 3,711,011 3,485,519 3,232,575 2,957,395 2,650,480 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 8.00% 383,473 (493,578) 8.00% 374,664 (495,578) 8.00% 364,991 (501,410) 8.00% 354,078 (501,660) 8.00% 342,271 (511,753) 8.00% 328,712 (515,503) 8.00% 313,769 (524,873) 8 .00% 296,881 (522,373) 8 .00% 278,842 (531,786) 8 .00% 258,606 (533,786) 8 .00% 236,592 (543,506) 8 .00% 212,038 (545,256) 4,683,303 1,706,231 6,389,534 4,562,389 1,706,231 6,268,620 4,425,970 1,706,231 6,132,201 4,278,388 1,706,231 5,984,619 4,108,906 1,706,231 5,815,137 3,922,115 1,706,231 5,628,346 3,711,011 1,706,231 5,417,242 3,485,519 1,706,231 5,191,750 3,232,575 1,706,231 4,938,806 2,957,395 1,706,231 4,663,626 2,650,480 1,706,231 4,356,711 2,317,263 1,706,231 4,023,494 Revenue Afte r Subordina te Obligatio n Surplu s Fund Informatio n Deposits / (Withdrawls) Interest at 0.00% Ending Balance Operation s Mill Levy Re venues Available fo r Operations Anticipate d Expenses Net Fund Balan ce 860,625 860,625 1 860,625 860,625 860,625 860,625 1 860,625 860,625 860,625 860,625 860,625 860,625 10.000 10.0001 10.000 10.000 10.000 10.0001 10.000 10.000 10.000 10.000 10.000 10.000 388,587 388,587 396,359 396,359 404,286 404,286 412,372 412,372 420,620 420,620 429,032 429,032 (388,587) (388,587) (396,359) (396,359) (404,286) (404,286) (412,372) (412,372) (420,620) (420,620) (429,032) (429,032) Prepa red by RBC Capital Markets Page 4 04/18/2022 Grand Park West Mou ntain District 82 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submissi on TOTA L CAPACITY ALL PHASES Cash Ft o bv Surnmary, Property Tax Re venue Information Beginning Assessed Value Additions Re appraisal Adjustments To tal District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Re venue Treasurer's Fee - 2.00% Pro pe rty Ta x Reven ue Include 12/01/2046 12/01/20471 12/01/2048 12/01/2049 12/01/2050 12/01/20511 12/01/2052 12/01/2053 12/01/2054 12/01/2055 12/01/2056 Totals 42,903,191 858,064 43,761,255 43,761,255 875,225 44,636,480 44,636,480 892,730 45,529,210 45,529,210 910,584 46,439,794 46,439,794 928,796 47,368,590 47,368,590 947,372 36,770,162 11,545,800 48,315,962 43,761,255 43,761,255 1 44,636,480 44,636,480 45,529,210 45,529,210 1 46,439,794 46,439,794 47,368,590 47,368,590 48,315,962 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50 .000 50 .000 2.00 % 2.00% 2.00% 2.00% 2.00% 2.00% 2,188,063 (43,761) 2,188,063 (43,761) 2,231,824 (44,636) 2,231,824 (44,636) 2,276,460 (45,529) 2,276,460 (45,529) 2,321,990 (46,440) 2,321,990 (46,440) 2,368,429 (47,369) 2,368,429 (47,369) 2,415,798 59,311,759 (48,316) (1,186,235) 58,125,524 2,144,301 2,144,301 2,187,188 2,187,188 2,230,931 2,230,931 2,275,550 2,275,550 2,321,061 2,321,061 2,367,482 Total Revenu e for Debt Se rvice 2,144,301 2,144,301 2,187,188 2,187,188 2,230,931 2,230,931 2,275,550 2,275,550 2,321,061 2,321,061 2,367,482 58,125,524 Senior Debt Serv ice Information Debt Service Capitalized Intere st DSR Fund To tal N et Debt Se rv ice 1,588,500 1,586,500 1,622,500 1,619,500 1,654,250 1,654,750 1,687,500 1,685,750 1,721,000 1,721,250 3,843,000 47,038,563 (1,984,868) - - - - - - - - - - (2,209,500) (2,209,500) 1,588,500 1,586,500 1,622,500 1,619 ,500 1,654,250 1 ,654,750 1,687,500 1,685 ,750 1 ,721,000 1 ,721,250 1 ,633 ,500 42,844,195 Co verage Ratio 1.35 1.35 1 1.35 1 .35 1 .35 1 .35 1 1 .35 1.35 1.35 1.35 1.45 Revenue A fter Senior 13/5 555,801 557,801 564,688 567,688 576,681 576,181 588,050 589,800 600,061 599,811 733,982 15,281,327 Reven ue A fte r Othe r Obligation s 555, 801 557,801 564,688 567,688 576,681 576,181 588,050 589,800 600,061 599,811 733,982 15,281,327 Surplus Fun d De posits = $860,625 Revenue Afte r Surplus Fu nd Depo sit 860,625 555, 801 557,801 564,688 567,688 576,681 576,181 588,050 589,800 600,061 599,811 733 ,982 14,420,702 Excess Revenue Split 0.00% Reven ue Afte r Excess Reve nue Split 555,801 557,801 564,688 567,688 576,681 576,181 588,050 589,800 600,061 599,811 733,982 14,420,702 Subordinate Obligatio n Info rmation Be ginning Principal Balance Beginning Interest Balance Additio ns Interest Rate Interest (Simple) Payments Ending Principal Balance Ending Interest Balance Ending Total Balance 2,317,263 1,946,843 1,544,789 1,103,684 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 1,706,231 1,235,408 647,358 624,291 97,553 8.00% 185,381 (555,801) 8.00% 155,747 (557,801) 8.00% 123,583 (564,688) 8.00% 88,295 (567,688) 8.00% 49,943 (576,681) 8.00% 7,804 (576,181) 8.00% (588,050) 8 .00% (589,800) 57,558 8 .00% (57,558) 8 .00% 8 .00% 2,317,263 7,544,406 (12,544,406) 1,946,843 1,706,231 3,653,074 1,544,789 1,706,231 3,251,020 1,103,684 1,706,231 2,809,915 624,291 97,553 1,706,231 2,330,522 1,706,231 1,803,784 1,235,408 1,235,408 647,358 647,358 57,558 57,558 (2,682,737) (2,682,737) Revenue Afte r Subordina te Obligatio n 542,503 1 ,460 ,436 733 ,982 14,445,556 Surplu s Fund Informatio n Deposits / (Withdrawls) Interest at 0.00% Ending Balance (860,625) Operation s Mill Levy Re venues Available fo r Operations Anticipate d Expenses Net Fund Balan ce 860,625 860,625 1 860,625 860,625 860,625 860,625 1 860,625 860,625 860,625 23,337,216 10.000 10.0001 10.000 10.000 10.000 10.0001 10.000 10.000 437,613 437,613 446,365 446,365 455,292 455,292 464,398 464,398 (437,613) (437,613) (446,365) (446,365) (455,292) (455,292) (464,398) (464,398) 10.000 473,686 (473,686) 10.000 473,686 (473,686) 10.000 483,160 14,849,248 (483,160) (14,849,248) Prepa red by RBC Capital Markets Page 5 04/18/2022 Grand Park W est Mountain District #2 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2023 Date 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Principal - - - - - 125,000 265,000 295,000 340,000 355,000 405,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 460,313 1,104, 750 1,104, 750 1,104, 750 1,104, 750 1,104, 750 1,098,500 1,085,250 1,070,500 1,053,500 1,035,750 Total P+I 460,313 1,104,750 1,104,750 1,104,750 1,104,750 1,229,750 1,363,500 1,380,250 1,410,500 1,408,500 1,440,750 CAPI (460,313) (751,230) (497,138) (276,188) - - - - - - - DSRF - - - - - - - - - - - Net D/S - 353,520 607,613 828,563 1,104,750 1,229,750 1,363,500 1,380,250 1,410,500 1,408,500 1,440,750 Senior -Tota l Date 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Principal - - - - - 125,000 265,000 295,000 340,000 355,000 405,000 Inte re st 460,313 1,104, 750 1,104, 750 1,104, 750 1,104, 750 1,104, 750 1,098,500 1,085,250 1,070,500 1,053,500 1,035,750 Total P+I 460,313 1,104,750 1,104,750 1,104,750 1,104,750 1,229,750 1,363,500 1,380,250 1,410,500 1,408,500 1,440,750 CAPI (460,313) (751,230) (497,138) (276,188) - - - - - - - DSRF - - - - - - - - - - - Net D/S - 353,520 607,613 828,563 1,104,750 1,229,750 1,363,500 1,380,250 1,410,500 1,408,500 1,440,750 Prepared by RBC Capital Markets Page 6 04/18/2022 Grand Park W est Mountain District #2 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2023 Date 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Principal 425,000 475,000 495,000 550,000 580,000 640,000 670,000 735,000 770,000 840,000 880,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 1,015,500 994,250 970,500 945,750 918,250 889,250 857,250 823,750 787,000 748,500 706,500 Total P+I 1,440,500 1,469,250 1,465,500 1,495,750 1,498,250 1,529,250 1,527,250 1,558,750 1,557,000 1,588,500 1,586,500 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 1,440,500 1,469,250 1,465,500 1,495,750 1,498,250 1,529,250 1,527,250 1,558,750 1,557,000 1,588,500 1,586,500 Senior -Tota l Date 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Principal 425,000 475,000 495,000 550,000 580,000 640,000 670,000 735,000 770,000 840,000 880,000 Inte re st 1,015,500 994,250 970,500 945,750 918,250 889,250 857,250 823,750 787,000 748,500 706,500 Total P+I 1,440,500 1,469,250 1,465,500 1,495,750 1,498,250 1,529,250 1,527,250 1,558,750 1,557,000 1,588,500 1,586,500 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 1,440,500 1,469,250 1,465,500 1,495,750 1,498,250 1,529,250 1,527,250 1,558,750 1,557,000 1,588,500 1,586,500 Prepared by RBC Capital Markets Page 7 04/18/2022 Grand Park W est Mountain District #2 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2023 Date 2046 2047 2048 2049 2050 2051 2052 2053 2054 Totals Principal 960,000 1,005,000 1,090,000 1,145,000 1,235,000 1,295,000 1,395,000 1,465,000 3,660,000 22,095,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% Interest 662,500 614,500 564,250 509,750 452,500 390,750 326,000 256,250 183,000 24,943,563 Total P+I 1,622,500 1,619,500 1,654,250 1,654,750 1,687,500 1,685,750 1,721,000 1,721,250 3,843,000 47,038,563 CAPI - - - - - - - - - (1,984,868) DSRF - - - - - - - - (2,209,500) (2,209,500) Net D/S 1,622,500 1,619,500 1,654,250 1,654,750 1,687,500 1,685,750 1,721,000 1,721,250 1,633,500 42,844,195 Senior -Tota l Date 2046 2047 2048 2049 2050 2051 2052 2053 2054 Totals Principal 960,000 1,005,000 1,090,000 1,145,000 1,235,000 1,295,000 1,395,000 1,465,000 3,660,000 22,095,000 Inte re st 662,500 614,500 564,250 509,750 452,500 390,750 326,000 256,250 183,000 24,943,563 Total P+I 1,622,500 1,619,500 1,654,250 1,654,750 1,687,500 1,685,750 1,721,000 1,721,250 3,843,000 47,038,563 CAPI - - - - - - - - - (1,984,868) DSRF - - - - - - - - (2,209,500) (2,209,500) Net D/S 1,622,500 1,619,500 1,654,250 1,654,750 1,687,500 1,685,750 1,721,000 1,721,250 1,633,500 42,844,195 Prepared by RBC Capital Markets Page 8 04/18/2022 Grand Park West Mountai n District #3 District Financing Analysis - DRAFT - 50 MILLS De veloper Projections - Ser vice Plan Submission TOTAL CAPACITY ALL PHASES Financing S ummary So urces and Us es So urces 2025 2025 Sub T otal Par Amount Premium/(Discount) Other 13,180,000 3,000,000 16,180,000 Total Sou rces 13,180,000 3,000,000 16,180,000 Uses 2025 2025 Sub T otal Pro je ct Fund - Release d at Clo sing Project Fund - Escrowed Total Project Fund Capitalized Interest Debt Service Rese rve Fund Costs of Issuance 10,300,067 10,300,067 1,098,333 1,318,000 463,600 2,850,000 2,850,000 150,000 13,150,067 13,150,067 1,098,333 1,318,000 613,600 To tal Uses 13,180,000 3,000,000 16,180,000 Total D ebt S er vic e Summary Stated Term (Each Issuance) Estimated Interest Rates Principal Interest Total Principal & Interest Less: Capitalized Interest (Principal & Earnings @ 0 .00%) L ess: Debt Service Reserve Fund (Principal & Earnings @ 0 .00 %) Net Debt Servic e Maximum Annual Net Debt Service 30.0 Yrs 5.00% 13,180,000 14,636,583 27,816,583 (1,098,333) (1,318,000) 25,400,250 1,015,750 Oth er Inf ormation Total District Mill Levy C omm ercial Assessment % Residential Assessment % PIF Sales Tax Rate Senior Minimum Coverage Requirement Actual Coverage at Stabilizati on (2030) Pr operty Tax Rev enue % PIF Revenue % 50.000 29.00% 7 .15% 1.50% 1 .35 1 .35 100% 0% Prepared by RBC Capital Markets Page 1 04/18/2022 Grand Park West M ountain District 83 District Fi nanci ng A nalysis - DRAFT - 50 MILLS D eveloper Pr oj ections - Ser vice Plan S ubmission Commercial De velopme nt Development Summ ary- Property Ta x Area Descriptio n Property Include Type F ull AV Start Open Full AV Collect Date Date Mos. Tax Year Year Sq Ft or Units Market Val ue per Sq Ft or Unit 2022/2024 2023/2025 2024/2026 2025/2027 2026/2028 2027/2029 7.15 % R 29.00% C oll ect Coll ect Coll ect Collect Coll ect C ollect Market C Assessed AV % AV % AV % AV % AV % AV % Value Value Complete Complete C omplete C omplete C omplete Complet e All Pha se s of D evelopment 1 Commercial Commercial Total Yes Commercial Jun -25 Jun -26 12 Dec -26 2028 10,000 250 2,500,000 725,000 10,000 250 2,500,000 725,000 0% 0% 0% 100% 100% 100 % 754,290 754,290 754,290 De velopment To tal 10,000 2,500,000 725,000 754,290 754,290 754,290 Mill Levy Reven ue (8150.000 Mills 0 37,715 37,715 37,715 Prepared by RBC Capital Markets Page 2 04/18/2022 Grand Park West Mountain District #3 District Financing An aly sis - DRAFT - 50 MILLS Developer Projectio ns - Servic e Plan S ubmissi on Residential aeveinem ent Type District Pr oduct LODGE Des c U nits 60 Built To Be B uilt 60 2022 2023 2024 60 2025 2026 2027 2028 2029 2030 2031 2032 T otal 60 Lots Add ed W M #3GOLF VILLAS Lots Added 51 51 51 51 W M #3 HOMESn-Es Lots Added 42 42 10 10 15 7 42 W M #3SMALL CABIN HOMESn-EsLots Added 24 24 5 10 9 24 .� .� .nom . _ �� _ WM #3 •• DeletedX60 60 •r 60 WM#3 GOLF VILLAS LotsDeleted 51 51 51 WM #3 HOMESITES . Deleted 42 42 r r -1 42 WM #3 SMALL CABINHOMESITES • Deleted 24 24 0 - 24 - .- g Annua l Cha nge Residential WM #3 LODGEr 60 75 -4 6,0 -47 -17 -7 60 GOLF VILLAS Homes Added 51 51 51 51 HOMESITES r 10 15 7 42 WM #3 SMALL CABIN HOMESITES Annua l Cha nge Cumu lative Residential Built Total 177 177 75 75 7'1 146 24 170 7 177 177 177 177 177 177 t ,v..?--;ts_s_.:ate:mot _�a ?a+?sF�, .,. =-#=;__, .7... ype Commercial District WM#3 Pro duct LODGE Desc Lots Added 2022 MV 45,000 Built To Be Built 45,000 2022 2023 2024 46,818 2025 2026 2027 2028 2029 2030 2031 2032 T otal 46,818 WM #3 GOLF VILLAS Lots Added 400,000 400,000 424,483 424,483 WM#3 1/4 ACRE HOMESITES Lots Added 650,000 650,000 676,260 689,785 703,581 717,653 696,137 WM #3 SMALL CABIN HOMESITES Lots A dded 350,000 350,000 364,140 371,423 378,851 372,691 •••,45,000 WM #3 LODGE Lots Deleted 45,000 -47,754 -47,754 WM #3 GOLF VILLAS Lots Deleted 400,000 400,000 -432,973 -432,973 WM #3 1/4 ACRE HOMESITES Lots Deleted 650,000 650,000 -689,785 -703,581 -717,653 -732,006 -710,059 WM #3 SMALL CABIN HOMESITES Lots Deleted 350,000 350,000 -371,423 -378,851 -386,428 -380,145 '.- .= -_,,,, -.. -•,•. -. .h- -.---- .- -,-- `- -Ns- .- � _.tea Type Distric t Produ ct De sc 2022 MV B uilt To Be Built 2022 2023 2024 2025 2026 2027 2028£ 2029 2030 2031 2032 - -• Total Residential WM #3 LODGE Homes Added 500,000 500,000 530,604 530,604 WM #3 GOLF VILLAS Homes Added 1,800,000 1,800,000 1,948,378 1,948,378 WM #3 1/4 ACRE HOMESITES Homes Added 2,600,000 2,600,000 2,759,141 2,814,324 2 ,870,610 2,928,022 2,840,237 WM #3 SMA LL CA BIN HOM ESITES Homes A dded 1,600,000 1,600,000 1,697,933 1,731,891 1,766,529 1,737,806 Weighted Av g 1,522,034 1,522,034 905,564 2,039,851 2,456,580 2,928,022 1,650,852 Type Commercial District To tal Product Dose 0 2022 MV 58,800,000 Built To Be Built 58,800,000 2022 2023 2024 11,392,380 2025 32,260,723 2026 13,963,375 2027 5,023,568 2028 2029 2030 2031 2032 Total 62,640,046 Total 0 -58,800,000 -58,800,000 -11,620,228 -32,905,938 -14,242,642 -5,124,039 -63,892,847 Commercial To tal 11,392,380 20,640,496 -18,942,563 -9,219,075 -5,124,039 -1,252,801 Residential WM #3 LODGE Ho mes Added 30,000,000 30,000,000 31,836,240 31,836,240 WM #3 GO LF VILLAS Homes Adde d 91,800,000 91,800,000 99,367,272 99,367,272 WM#3 1/4 ACRE HOMESITES Homes Added 109,200,000 109,200,000 27,591,408 28,143,236 43,059,151 20,496,156 119,289,952 WM #3 SMALL CABIN HOMESITES Homes Added 38,400,000 38,400,000 8,489,664 17,318,915 15,898,764 41,707,342 Residential To tal 269,400,000 269,400,000 67,917,312 144,829,423 58,957,915 20,496,156 292,200,806 Gran d Total 269,400,000 269,400,000 11,392,380 88,557,808 125,886,860 49,738,840 15,372,117 290,948,005 Completion Year Co llection Yea r Commercial Residential Total Annual Additions 2022 MV Bu ilt To Be Built 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 29.00% 3,303,790 5,985,744 -5,493,343 -2,673,532 -1,485,971 -363,312 7.15% 19,262,100 19,262,100 19,262,100 19,262,100 4,856,088 10,355,304 4,215,491 1,541,959 1,465,475 20,892,358 20,529,045 3,303,790 10,841,832 4,861,961 -20,496 Prepared by RBC Capital M arkets Page 3 04/18/2022 Grand Park W est Mountain District 83 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submission TOTAL CAPACITY ALL PH ASES Lash. Fl Summary Pro perty Tax Revenue Informati on Beginning Assessed Value Additions Reappraisal Adju stments To tal District Assessed Value District Mill Lev y % Rea ppra isal Gro wth District Pro pe rty Tax Re ven ue Treasurer's Fee - 2.00% Property Tax Re ven ue Include 12/01/20221 12/01/20231 12/01/20241 12/01/20251 12/01/20261 12/01/20271 12/01/20281 12/01/20291 12/01/20301 12/01/20311 12/01/20321 12/01/20331 3,303,790 14,899,912 3,303,790 11,596,122 4,861,961 297,998 3,303,790 14,899,912 20,059,870 21,601,830 22,013,370 22,013,370 22,453,638 22,453,638 20,059,870 21,601,830 22,013,370 22,013,370 22,453,638 1,541,959 (20,496) 432,037 440,267 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50.000 50.000 50.000 50.000 50.000 0 .00% 2.00% 2 .00% 2 .00% 2 .00 % 165,190 (3,304) 744,996 (14,900) 1,002,994 (20,060) 1,080,091 (21,602) 1,100,669 (22,013) 1,100,669 (22,013) 1,122,682 (22,454) 1,122,682 (22,454) 161,886 730,096 982,934 1,058,490 1,078,655 1,078,655 1,100,228 1,100,228 Total Reven ue for Debt Service 161,886 730,096 982,934 1,058,490 1 ,078 ,655 1,078,655 1,100,228 1,100,228 Senior Debt Serv ice In formation Debt Service Capitalized Interest DSR Fund Total Ne t De bt Service 274,583 (274,583) 659,000 (659,000) (164,750) 659,000 729,000 785,500 799,000 796,500 813,750 814,750 494,250 729,000 785,500 799,000 796,500 813,750 814,750 Coverage Ratio 1 .48 1.35 1.35 1.35 1.35 1.35 1.35 Revenue After Senior D/S 161,886 235,846 253,934 272,990 279,655 282,155 286,478 285,478 Rev en ue After Other O bligatio ns 161,886 235,846 253,934 272,990 279,655 282,155 286,478 285,478 Surplus Fund Deposits = $507,875 Revenu e A fte r Surplus Fun d Deposit 161,886 235,846 110,143 143,791 272,990 279,655 282,155 286,478 285,478 Excess Revenue Split 0.00% Rev en ue After Exce ss Reven ue Split 143,791 272,990 279,655 282,155 286,478 285,478 Subordinate O bligatio n Information Begin ning Principal Balance Beginning Interest Balance Additions Intere st Rate Interest (Simple) Payments Ending Principal Balance En din g In tere st Balance Ending Total Balance 8. 00% 8.00% 8.00% 8.00% 5,000,0;- 3,000,000 3,000,000 3,000,000 2,967,010 2,924,716 2,876,538 2,820,183 240,000 480,000 576,209 576,209 576,209 576,209 576,209 8 .00% 8.00% 240,000 240,000 8.00 % 240,000 (143,791) 8.00% 240,000 (272,990) 8.00 % 237,361 (279,655) 8.00% 233,977 (282,155) 8.00% 230,123 (286,478) 8 .00 % 225,615 (285,478) 3,000,000 3,000,000 3,000,000 2,967,010 2,924,716 2,876,538 2,820,183 2,760,320 240,000 480,000 576,209 576,209 576,209 576,209 576,209 576,209 3,240,000 3,480,000 3,576,209 3,543,219 3,500,925 3,452,747 3,396,392 3,336,529 Re ven ue After Subo rdin ate Obliga tion Surplus Fund In formatio n Deposits / (Withdrawls) Interest at 0.00% 'Ending Balan ce 161,886 235,846 110,143 161,886 1 397,732 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 Operations Mill Levy Revenues Available for Operations Anticipated Expenses 'Net Fund Balance 10.000 10. 000 10.000 10. 000 10. 000 10.000 10 .000 10.000 10 .000 10.000 10 .000 10.00 33,038 148,999 200,599 216,018 220,134 220,134 224,536 224,536 (33,038) (148,999) (200,599) (216,018) (220,134) (220,134) (224,536) (224,536) Prepa re d by RBC Capital Markets Page 4 04/18/2022 Grand Park W est Mountain District 83 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submission TOTAL CAPACITY ALL PH ASES Lash. Fl Summary Pro perty Tax Revenue Informati on Beginning Assessed Value Additions Reappraisal Adju stments To tal District Assessed Value District Mill Lev y % Rea ppra isal Gro wth District Pro pe rty Tax Re ven ue Treasurer's Fee - 2.00% Property Tax Re ven ue Include 12/01/20341 12/01/20351 12/01/20361 12/01/20371 12/01/20381 12/01/20391 12/01/20401 12/01/20411 12/01/20421 12/01/20431 12/01/20441 12/01/20451 22,453,638 22,902,710 449,073 22,902,710 23,360,765 458,054 23,360,765 23,827,980 467,215 23,827,980 24,304,539 476,560 24,304,539 24,790,630 486,091 24,790,630 25,286,443 495,813 22,902,710 22,902,710 23,360,765 23,360,765 23,827,980 23,827,980 24,304,539 24,304,539 24,790,630 24,790,630 25,286,443 25,286,443 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50.000 50.000 50.000 50.000 50.000 2 .00% 2 .00% 2.00% 2 .00% 2 .00% 2 .00 % 1,145,136 (22,903) 1,145,136 (22,903) 1,168,038 (23,361) 1,168,038 (23,361) 1,191, 399 (23,828) 1,191, 399 (23,828) 1,215,227 (24,305) 1,215,227 (24,305) 1,239,532 (24,791) 1,239,532 (24,791) 1,264,322 (25,286) 1,264,322 (25,286) 1,122, 233 1,122, 233 1,144,677 1,144,677 1,167, 571 1,167, 571 1,190,922 1,190,922 1,214,741 1,214,741 1,239,036 1,239,036 Total Reven ue for Debt Service 1,122,233 1,122,233 1,144,677 1,144,677 1,167,571 1,167,571 1,190,922 1,190,922 1 ,214, 741 1,214, 741 1,239,036 1,239,036 Senior Debt Serv ice In formation Debt Service Capitalized Interest DSR Fund Total Ne t De bt Service 830,250 829,500 848,250 845,500 867,250 862,250 881,750 884,500 901,250 901,250 920,250 917,250 830,250 829,500 848,250 845,500 867,250 862,250 881,750 884,500 901,250 901,250 920,250 917,250 Coverage Ratio 1. 35 1 .35 1.35 1 .35 1.35 1 .35 1.35 1.35 1.35 1.35 1.35 1.35 Revenue After Senior DJS 291,983 292,733 296 ,427 299,177 300,321 305 ,321 309,172 306,422 313,491 313,491 318,786 321,786 Rev en ue After Other O bligatio ns 291,983 292,733 296,427 299,177 300,321 305,321 309,172 306,422 313,491 313,491 318,786 321,786 Surplus Fund Deposits = $507,875 Revenu e A fte r Surplus Fun d Deposit 291,983 292,733 296,427 299,177 300,321 305,321 309,172 306,422 313,491 313,491 318,786 321,786 Excess Revenue Split 0.00% Rev en ue After Exce ss Reven ue Split 291,983 292,733 296,427 299,177 300,321 305,321 309,172 306,422 313 ,491 313,491 318,786 321,786 Subordinate O bligatio n Information Begin ning Principal Balance Beginning Interest Balance Additions Intere st Rate Interest (Simple) Payments Ending Principal Balance En din g In tere st Balance Ending Total Balance 2,760,320 2,689,162 2,611,562 2,524,060 2,426,808 2,320,632 2,200,961 2,067,866 1,926,874 1,767,532 1,595,444 1,404,294 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 8. 00% 220,826 (291,983) 8.00% 215,133 (292,733) 8. 00% 208,925 (296,427) 8.00% 201,925 (299,177) 8 .00% 194,145 (300,321) 8.00% 185,651 (305,321) 8.00 % 176,077 (309,172) 8.00% 165,429 (306,422) 8.00 % 154,150 (313,491) 8.00% 141,403 (313,491) 8.00% 127,636 (318,786) 8 .00 % 112,343 (321,786) 2,689,162 2,611,562 2,524,060 2,426,808 2,320,632 2,200,961 2,067,866 1,926,874 1,767,532 1,595,444 1,404,294 1,194,851 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 576,209 3,265,371 3,187,771 3,100,269 3,003,017 2,896,841 2,777,170 2,644,075 2,503,083 2,343,741 2,171,653 1,980,503 1,771,060 Re ven ue After Subo rdin ate Obliga tion Surplus Fund In formatio n Deposits / (Withdrawls) Interest at 0.00% 'Ending Balan ce 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 Operations Mill Levy Revenues Available for Operations Anticipated Expenses 'Net Fund Balance 10.000 10. 000 10.000 10. 000 10. 000 10.000 10 .000 10.000 10 .000 10.000 10 .000 10.00 229,027 229,027 233,608 233,608 238,280 238,280 243,045 243,045 247,906 247,906 252,864 252,864 (229,027) (229,027) (233,608) (233,608) (238,280) (238,280) (243,045) (243,045) (247,906) (247,906) (252,864) (252,864) Prepa re d by RBC Capital Markets Page 5 04/18/2022 Grand Park W est Mountain District 63 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submission TOTAL CAPACITY ALL PH ASES Lash. Fl Summary Pro perty Tax Revenue Informati on Beginning Assessed Value Additions Reappraisal Adju stments To tal District Assessed Value District Mill Lev y % Rea ppra isal Gro wth District Pro pe rty Tax Re ven ue Treasurer's Fee - 2.00% Property Tax Re ven ue Include 12/01/20461 12/01/20471 12/01/20481 12/01/20491 12/01/20501 12/01/20511 12/01/20521 12/01/20531 12/01/20541 12/01/20551 Totals1 25,286,443 25,792,172 505,729 25,792,172 26,308,015 515,843 26,308,015 26,834,175 526,160 26,834,175 27,370,859 536,684 27,370,859 27,918,276 547,417 21,283,335 6,634,941 25, 792,172 1 25, 792,172 1 26, 308,015 1 26, 308,015 1 26,834,175 1 26,834,175 1 27, 370,859 1 27, 370,859 1 27,918, 276 1 27,918, 276 1 27,918,276 1 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50.000 50.000 50.000 2 .00% 2 .00% 2.00% 2 .00% 2 .00% 1,289,609 (25,792) 1,289,609 (25,792) 1,315,401 (26,308) 1,315,401 (26,308) 1,341,709 (26,834) 1,341,709 (26,834) 1,368,543 (27,371) 1,368,543 (27,371) 1,395,914 (27,918) 1,395,914 35,309,627 (27,918) (706,193) 1,263,816 1,263,816 1,289,093 1,289,093 1,114,875 1,314,875 1,341,172 1,341,172 1,367,996 1,367,996 34,603,435 Total Reven ue for Debt Service 1,263,816 1,263,816 1,289,093 1,289,093 1,314,875 1,314,875 1,341,172 1,341,172 1 ,367 ,996 1,367,996 34,603,435 i Senior Debt Serv ice In formation Debt Service Capitalized Interest DSR Fund Total Ne t De bt Service 938,250 937,000 954,500 954,750 973,500 974,750 994,250 996,000 1,015,750 2,257,500 27,816,583 (1,098,333) (1,318,000) 25,400,250 (1,318,000) 938,250 937,000 954,500 954,750 973,500 974,750 994,250 996,000 1,015,750 939,500 Coverage Ratio 1. 35 1 1 .35 1 1.35 1 1 .35 1 1.35 1 1 .35 1 1.35 1 1.35 1 1.35 1 1.46 I Revenue After Senior D/S 325,566 326,816 334,593 334,343 341,375 340,125 346,922 345,172 352,246 428,496 9,203,186 Rev en ue After Other O bligatio ns 325,566 326,816 334,593 334,343 341,375 340,125 346,922 345,172 352,246 428,496 9,203,186 Surplus Fund Deposits = $507,875 Revenu e A fte r Surplus Fun d Deposit 507,875 325,566 326,816 334,593 334,343 341,375 340,125 346,922 345,172 352,246 428,496 8,695,311) Excess Revenue Split 0.00% Rev en ue After Exce ss Reven ue Split 325,566 326,816 334,593 334,343 341,375 340,125 346,922 345,172 352 ,246 428,496 8,695,311 Subordinate O bligatio n Information Begin ning Principal Balance Beginning Interest Balance Additions Intere st Rate Interest (Simple) Payments Ending Principal Balance En din g In tere st Balance Ending Total Balance 1,194, 851 964,873 715,247 437,874 138,561 576,209 576,209 576,209 576,209 576,209 384,479 8. 00% 95,588 (325,566) 8.00% 77,190 (326,816) 8. 00% 57,220 (334,593) 8.00% 35,030 (334,343) 8 .00% 11,085 (341,375) 8.00% (340,125) 44,354 8.00 % (44,354) 8.00% 8.00 % 8.00% 1,194,851 4,266,829 (7,266,829) 964,873 576,209 715,247 576,209 437,874 576,209 138,561 576,209 714,770 384,479 384,479 44,354 44,354 (1,805,149) (1,805,149) 1,541,082 1,291,456 1,014,083 Re ven ue After Subo rdin ate Obliga tion 302,568 345,172 352,246 936,371 10,232,590) Surplus Fund In formatio n Deposits / (Withdrawls) Interest at 0.00% 'Ending Balan ce (507,875) 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 507,875 1 14,272,243 Operations Mill Levy Revenues Available for Operations Anticipated Expenses 'Net Fund Balance 10.000 10. 000 10.000 10. 000 10. 000 10.000 10 .000 10.000 10 .000 10.000 257,922 257,922 263,080 263,080 268,342 268,342 (257,922) (257,922) (263,080) (263,080) (268,342) (268,342) 273,709 273,709 279,183 279,183 (273,709) (273,709) (279,183) (279,183) 9,107,120 (9,107,120) Prepa re d by RBC Capital Markets Page 6 04/18/2022 Grand Park W est Mountain District #3 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2023 Date 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Principal - - - 70,000 130,000 150,000 155,000 180,000 190,000 215,000 225,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 274,583 659,000 659,000 659,000 655,500 649,000 641,500 633,750 624,750 615,250 604,500 Total P+I 274,583 659,000 659,000 729,000 785,500 799,000 796,500 813,750 814,750 830,250 829,500 CAPI (274,583) (659,000) (164,750) - - - - - - - - DSRF - - - - - - - - - - - Net D/S - - 494,250 729,000 785,500 799,000 796,500 813,750 814,750 830,250 829,500 Senior -Tota l Date 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Principal - - - 70,000 130,000 150,000 155,000 180,000 190,000 215,000 225,000 Inte re st 274,583 659,000 659,000 659,000 655,500 649,000 641,500 633,750 624,750 615,250 604,500 Total P+I 274,583 659,000 659,000 729,000 785,500 799,000 796,500 813,750 814,750 830,250 829,500 CAPI (274,583) (659,000) (164,750) - - - - - - - - DSRF - - - - - - - - - - - Net D/S - - 494,250 729,000 785,500 799,000 796,500 813,750 814,750 830,250 829,500 Prepared by RBC Capital Markets Page 7 04/18/2022 Grand Park W est Mountain District #3 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2023 Date 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Principal 255,000 265,000 300,000 310,000 345,000 365,000 400,000 420,000 460,000 480,000 525,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 593,250 580,500 567,250 552,250 536,750 519,500 501,250 481,250 460,250 437,250 413,250 Total P+I 848,250 845,500 867,250 862,250 881,750 884,500 901,250 901,250 920,250 917,250 938,250 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 848,250 845,500 867,250 862,250 881,750 884,500 901,250 901,250 920,250 917,250 938,250 Senior -Tota l Date 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Principal 255,000 265,000 300,000 310,000 345,000 365,000 400,000 420,000 460,000 480,000 525,000 Inte re st 593,250 580,500 567,250 552,250 536,750 519,500 501,250 481,250 460,250 437,250 413,250 Total P+I 848,250 845,500 867,250 862,250 881,750 884,500 901,250 901,250 920,250 917,250 938,250 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 848,250 845,500 867,250 862,250 881,750 884,500 901,250 901,250 920,250 917,250 938,250 Prepared by RBC Capital Markets Page 8 04/18/2022 Grand Park W est Mountain District #3 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2023 Date 2047 2048 2049 2050 2051 2052 2053 2054 2055 Totals Principal 550,000 595,000 625,000 675,000 710,000 765,000 805,000 865,000 2,150,000 13,180,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% Interest 387,000 359,500 329,750 298,500 264,750 229,250 191,000 150,750 107,500 14,636,583 Total P+I 937,000 954,500 954,750 973,500 974,750 994,250 996,000 1,015,750 2,257,500 27,816,583 CAPI - - - - - - - - - (1,098,333) DSRF - - - - - - - - (1,318,000) (1,318,000) Net D/S 937,000 954,500 954,750 973,500 974,750 994,250 996,000 1,015,750 939,500 25,400,250 Senior -Tota l Date 2047 2048 2049 2050 2051 2052 2053 2054 2055 Totals Principal 550,000 595,000 625,000 675,000 710,000 765,000 805,000 865,000 2,150,000 13,180,000 Inte re st 387,000 359,500 329,750 298,500 264,750 229,250 191,000 150,750 107,500 14,636,583 Total P+I 937,000 954,500 954,750 973,500 974,750 994,250 996,000 1,015,750 2,257,500 27,816,583 CAPI - - - - - - - - - (1,098,333) DSRF - - - - - - - - (1,318,000) (1,318,000) Net D/S 937,000 954,500 954,750 973,500 974,750 994,250 996,000 1,015,750 939,500 25,400,250 Prepared by RBC Capital Markets Page 9 04/18/2022 Grand Park West Mountai n District #4 District Financing Analysis - DRAFT - 50 MILLS De veloper Projections - Ser vice Plan Submission TOTAL CAPACITY ALL PHASES Financing S ummary So urces and Us es So urces 2027 2027 Sub T otal Par Amount Premium/(Discount) Other 38,955,000 9,000,000 47,955,000 Total Sou rces 38,955,000 9,000,000 47,955,000 Uses 2027 2027 Sub T otal Pro je ct Fund - Release d at Clo sing Project Fund - Escrowed Total Project Fund Capitalized Interest Debt Service Rese rve Fund Costs of Issuance 30,152,438 30,152,438 3,927,963 3,895,500 979,100 8,850,000 8,850,000 150,000 39,002,438 39,002,438 3,927,963 3,895,500 1,129,100 To tal Uses 38,955,000 9,000,000 47,955,000 Total D ebt S er vic e Summary Stated Term (Each Issuance) Estimated Interest Rates Principal Interest Total Principal & Interest Less: Capitalized Interest (Principal & Earnings @ 0 .00%) L ess: Debt Service Reserve Fund (Principal & Earnings @ 0 .00 %) Net Debt Servic e Maximum Annual Net Debt Service Oth er Inf ormation Total District Mill Levy C omm ercial Assessment % Residential Assessment % PIF Sales Tax Rate Senior Minimum Coverage Requirement Actual Coverage at Stabilizati on (2030) Pr operty Tax Rev enue % PIF Revenue % 30.0 Yrs 5.00% 38,955,000 43,769,063 82,724,063 (3,927,963) (3,895,500) 74,900,600 3,045,000 50.000 29.00% 7 .15% 1.50% 1 .35 1 .35 100% 0% Prepared by RBC Capital Markets Page 1 04/18/2022 Grand Park West Mountain District #4 District Financing Analysis - DR AFT - 50 MILLS Developer Proj ections - Servi ce Pl an Submission n esWentW oere eoment Type Commercial Distri ct VV M #4 Produ ct S MALL C ABIN HO MESITES Desc Lots Added U nit s Built 193 To Be Built 193 2022 2023 2024 25 2025 25 2026 25 2027 25 2028 25 2029 25 2030 25 2031 18 2032 Tot al 193 WM #4 4-PLEX Lots Added 108 108 20 20 20 20 28 108 WM #4 DUPLE X Lots Added 132 132 25 25 25 25 25 7 132 WM #4 S MALL C ABIN HO MESITES Lots Deleted -193 -193 -25 -25 -25 -25 -25 -25 -25 -18 -193 A nnual Change Re sidentia l WM #4 ®-®---®®®®®®®®® 25 45 8 -4 .6 -14 -18 •HOMESITES WM 4 DUPLEX A nn ual Change Cumulative Residential Built Total 433 433 25 25 70 95 70 165 70 235 70 305 78 383 32 415 18 433 433 Type Commercial Y District WM #4 Product SM ALL CA BIN HOM ESITES D esc L ots Add ed 2022 MV 500,000 Built To Be Built 500,000 2022 2023 2024 520,200 2025 530,604 2026 541,216 2027 552,040 2028 563,081 2029 574,343 2030 585,830 2031 597,546 2032 Total 556,677 WM #4 4-PLEX Lots Added 325,000 325,000 344,893 351,790 358,826 366,003 373,323 360,030 WM #4 DUPLEX Lots Added 350,000 350,000 371,423 378,851 386,428 394,157 402,040 410,081 387,826 WM #4 SMALL CABIN HOMESITES Lots Deleted 500,000 500,000 -530,604 -541,216 -552,040 -563,081 -574,343 -585,830 -597,546 -609,497 -567,811 WM #4 4-PLEX Lots Deleted 325,000 325,000 -351,790 -358,826 -366,003 -373,323 -380,789 -367,231 WM #4 DUPLEX Lots Deleted 350,000 350 ,000 -378,851 -386,428 -394,157 -402,040 -410,081 -418,282 -395,583 .e .,s_ ;E - -.-.__.- - -_. ._ . . .- _ __ '4 4za ''' ,.:7-, 'I >= .., Type Re siden tia l District WM #4 Product SMA LL CA BIN HOM ESITES Desc Ho mes A dde d 2022 MV 1,800,000 Built To Be Built 1,800,000 2022 2023 2024 2025 1,910,174 -'',',. .U.4 2026 1,948,378 2027 1,987,345 2028 2 ,027,092 2029 2,067,634 2030 2,108,987 2031 2,151,167 2032 2,194,190 Tot al 2,044,118 WM #4 4-PLEX Ho mes Adde d 1,800,000 1,800,000 1,948,378 1,987,345 2,027,092 2,067,634 2,108,987 2,033,895 WM #4 DUPLEX Homes A dded 2,000,000 2,000,000 2,164,864 2,208,162 2,252,325 2,297,371 2,343,319 2,390,185 2,260,472 Weighted Avg 1, 860, 970 1 ,860,970 1 ,910,174 2 ,025 ,694 2 ,066,208 2 ,107 ,533 2 ,149,683 2,184,093 2 ,203 ,452 2,194,190 2,107 ,524 ......... ... Type Co mmercial District Total Produ ct Desc 0 2022 MV 177,800,000 Built To Be Built 177,800,000 2022 2023 2024 13,005,000 2025 29,448,522 2026 30,037,492 2027 30,638,242 2028 31,251,007 2029 34,862,610 2030 17,516,308 2031 10,755,833 2032 T otal 197,515,015 To tal 0 -177,800,000 -177,800,000 -13,265,100 -30,037,492 -30,638,242 -31,251,007 -31,876,027 -35,559,862 -17,866,634 -10,970,950 -201,465,315 Commercia l Tota l 13,005,000 16,183,422 2,986,583 -18,043,554 -7,110,801 -10,970,950 -3,950,300 Residen tial WM #4 SMA LL CA BIN HOM ESITES Home s Added 347,400,000 347,400,000 47,754,360 48,709,447 49,683,636 50,677,309 51,690,855 52,724,672 53,779,166 39,495,419 394,514,864 WM #4 4-PLEX Home s Added 194,400,000 194,400,000 38,967,558 39,746,909 40,541,847 41,352,684 59,051,633 219,660,631 WM #4 DUPLEX Homes Added 264,000,000 264,000,000 54,121,608 55,204,040 56,308,121 57,434,283 58,582,969 16,731,296 298,382,318 Reside ntial To tal 805,800, 666 805,800, 000 47 ,754 ,360 141 ,798,613 144,634 ,585 147 ,527 ,277 150 ,477 ,822 170 ,359,274 70,510,462 39 ,495,419 912 ,557,812 Grand Total 805,800,000 805,800,000 13,005,000 63,937,782 141,798,613 144,634,585 147,527,277 153,464,405 152,315,720 63,399,661 28,524,469 908,607,512 C ompletion Ye ar Collec tion Ye ar Co mmercial Residential Total A nnual A dditions 29.00% 2022 MV Built To Be Built 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 3,771,450 4,693,192 Total 866,109 -5,232,631 -2,062,132 -3,181,575 -1,145,587 7.15% 57,614,700 57,614,700 57,614,700 57,614,700 3,414,437 8,107,629 10 ,138,601 10,138,601 10,341,373 10,341,373 10,548,200 10,548,200 10,759,164 11,625,273 12,180,688 5,041,498 2,979,366 2,823,922 65,247 ,884 64,102,296 3,771,450 6,948,057 -357,653 Prepared by RBC Capital Markets Page 2 04/18/2022 Grand Park West Mou ntain District 64 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submissi on TOTA L CAPACITY ALL PHASES Cash Ft o bv Summary, Property Tax Re venue Information Beginning Assessed Value Additions Re appraisal Adjustments To tal District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Re venue Treasurer's Fee - 2.00% Pro pe rty Ta x Reven ue Include 12/01/2023 12/01/20241 12/01/2025 12/01/2026 12/01/2027 12/01/20281 12/01/2029 12/01/2030 12/01/2031 12/01/2032 12/01/2033 12/01/2034 - 3,771,450 11,879,079 3,771,450 8,107,629 10,138,601 - - 237,582 3,771,450 22,255,262 32,596,634 10,341,373 10, 548, 200 651,933 43,796,767 55,422,041 11,625,273 6,948,057 - 1,108,441 55,422,041 63,478,539 66,457,905 2,979,366 (357,653) - 1,329,158 66,457,905 11,879,079 22,255,262 1 32,596,634 43,796,767 63,478,539 67,429,410 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50 .000 50 .000 50 .000 0.00 % 2.00% 2.00% 2.00% 2.00% 2.00% 188,573 (3,771) 593,954 (11,879) 1,112,763 (22,255) 1,629,832 (32,597) 2,189,838 (43,797) 2,771,102 (55,422) 3,173,927 (63,479) 3,322,895 (66,458) 3,371,470 (67,429) 184,801 582,075 1,090,508 1,597,235 2,146,042 2,715,680 3,110,448 3,256,437 3,304,041 Total Revenu e for Debt Se rvice 184,801 582,075 1,090,508 1,597,235 2,146,042 2,715,680 3,110,448 3,256,437 3,304,041 Senior Debt Serv ice Information Debt Service Capitalized Intere st DSR Fund To tal N et Debt Se rv ice 811,563 1,947,750 1,947,750 1,947,750 2,012,750 2,304,500 (811,563) (1,947,750) (779,100) (389,550) 2,411,500 2,447,250 1,168 ,650 1,558,200 2 ,012,750 2,304,500 2 ,411,500 2 ,447,250 Co verage Ratio 1 .37 1.38 1.35 1.35 1.35 1.35 Revenue A fter Senior 0/5 184,801 582,075 1,090,508 428,585 587,842 702,930 805,948 844,937 856,791 Reven ue A fte r Othe r Obligation s 184,801 582,075 1,090,508 428,585 587,842 702,930 805,948 844,937 856,791 Surplus Fun d De posits = $1,522,500 Revenue Afte r Surplus Fu nd Depo sit 184,801 582,075 755,624 334,884 428,585 587,842 702,930 805,948 844,937 856,791 Excess Revenue Split 0.00% Reven ue Afte r Excess Reve nue Split 334,884 428,585 587,842 702,930 805,948 844,937 856,791 Subordinate Obligatio n Info rmation Be ginning Principal Balance Beginning Interest Balance Additio ns Interest Rate Interest (Simple) Payments Ending Principal Balance Ending Interest Balance Ending Total Balance 8.00% 8.00% 8.00% 8.00% 8.00% 720,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 8,914,052 8,782,239 720,000 1,105,116 1,396,531 1,528,689 1,545,759 1,545,759 1,545,759 8.00% 720,000 (334,884) 8.00% 720,000 (428,585) 8 .00% 720,000 (587,842) 8 .00% 720,000 (702,930) 8 .00% 720,000 (805,948) 8 .00% 713,124 (844,937) 8 .00% 702,579 (856,791) 9,000,000 9,000,000 1,105,116 9,000,000 1,396,531 9,000,000 1,528,689 9,000,000 1,545,759 8,914,052 1,545,759 8,782,239 1,545,759 8,628,027 1,545,759 720,000 9,720,000 10,105,116 10,396,531 10,528,689 10,545,759 10,459,811 10,327,998 10,173,786 Revenue Afte r Subordina te Obligatio n Surplu s Fund Informatio n Deposits / (Withdrawls) Interest at 0.00% Ending Balance 184,801 582,075 755,624 Operation s Mill Levy Re venues Available fo r Operations Anticipate d Expenses Net Fund Balan ce 184,801 766,876 1,522,500 1 1,522,500 1,522,500 1,522,500 1,522,500 1,522,500 1,522,500 10.000 10.0001 10.000 10.000 37,715 118,791 222,553 325,966 437,968 554,220 634,785 664,579 674,294 (37,715) (118,791) (222,553) (325,966) (437,968) (554,220) (634,785) (664,579) (674,294) 10.000 10.0001 10.000 10.000 10.000 10.000 10.000 10.000 Prepa red by RBC Capital Markets Page 3 04/18/2022 Grand Park West Mou ntain District 84 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submissi on TOTA L CAPACITY ALL PHASES Cash Fl o bv Summary, Property Tax Re venue Information Beginning Assessed Value Additions Re appraisal Adjustments To tal District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Re venue Treasurer's Fee - 2.00% Pro pe rty Ta x Reven ue Include 12/01/2035 12/01/20361 12/01/2037 12/01/2038 12/01/2039 12/01/20401 12/01/2041 12/01/2042 12/01/2043 12/01/2044 12/01/2045 12/01/2046 67,429,410 67,429,410 1,348,588 68,777,998 68,777,998 1,375,560 70,153,558 70,153,558 1,403,071 71,556,629 71,556,629 1,431,133 72,987,762 72,987,762 1,459,755 74,447,517 74,447,517 1,488,950 67,429,410 68,777,998 1 68,777,998 70,153,558 70,153,558 71,556,629 1 71,556,629 72,987,762 72,987,762 74,447,517 74,447,517 75,936,467 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50 .000 50 .000 50 .000 2.00 % 2.00% 2.00% 2.00% 2.00% 2.00% 3,371,470 (67,429) 3,438,900 (68,778) 3,438,900 (68,778) 3,507,678 (70,154) 3,507,678 (70,154) 3,577,831 (71,557) 3,577,831 (71,557) 3,649,388 (72,988) 3,649,388 (72,988) 3,722,376 (74,448) 3,722,376 (74,448) 3,796,823 (75,936) 3,304,041 3,370,122 3 ,370,122 3 ,437,524 3 ,437,524 3,506,275 3,506,275 3,576,400 3,576,400 3,647,928 3,647,928 3,720,887 Total Revenu e for Debt Se rvice 3,304,041 3,370,122 3,370,122 3,437,524 3,437,524 3,506,275 3,506,275 3,576,400 3,576,400 3,647,928 3,647,928 3,720,887 Senior Debt Serv ice Information Debt Service Capitalized Intere st DSR Fund To tal N et Debt Se rv ice 2,450,000 2,496,250 2,498,750 2,544,500 2,546,250 2,596,000 2,596,250 2,649,250 2,647,250 2,702,750 2,702,750 2,754,750 2,450, 000 2,496,250 2,498,750 2,544,500 2,546,250 2 ,596,000 2,596,250 2,649,250 2,647 ,250 2,702,750 2 ,702 ,750 2 ,754,750 Co verage Ratio 1.35 1.35 1 1.35 1 .35 1 .35 1 .35 1 1 .35 1.35 1.35 1.35 1.35 1.35 Revenue A fter Senior 0/5 854,041 873,872 871,372 893,024 891,274 910,275 910,025 927,150 929,150 945,178 945,178 966,137 Reven ue A fte r Othe r Obligation s 854,041 873,872 871,372 893 ,024 891,274 910,275 910,025 927,150 929 ,150 945,178 945 ,178 966,137 Surplus Fun d De posits = $1,522,500 Revenue Afte r Surplus Fu nd Depo sit 854,041 873,872 871,372 893,024 891,274 910,275 910 ,025 927,150 929,150 945 ,178 945 ,178 966,137 Excess Revenue Split 0.00% Reven ue Afte r Excess Reve nue Split 854,041 873,872 871,372 893,024 891,274 910,275 910,025 927,150 929,150 945,178 945,178 966,137 Subordinate Obligatio n Info rmation Be ginning Principal Balance Beginning Interest Balance Additio ns Interest Rate Interest (Simple) Payments Ending Principal Balance Ending Interest Balance Ending Total Balance 8,628,027 8,464,228 8,267,495 8,057,522 7,809,100 7,542,554 7,235,683 6,904,513 6,529,724 6,122,952 5,667,610 5,175,841 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 8.00% 690,242 (854,041) 8.00% 677,138 (873,872) 8.00% 661,400 (871,372) 8.00% 644,602 (893,024) 8.00% 624,728 (891,274) 8.00% 603,404 (910,275) 8.00% 578,855 (910,025) 8 .00% 552,361 (927,150) 8 .00% 522,378 (929,150) 8 .00% 489,836 (945,178) 8 .00% 453,409 (945,178) 8 .00% 414,067 (966,137) 8,464,228 1,545,759 8,267,495 1,545,759 9,813,254 8,057,522 1,545,759 9,603,281 7,809,100 1,545,759 9,354,859 7,542,554 1,545,759 9,088,313 7,235,683 1,545,759 8,781,442 6,904,513 1,545,759 8,450,272 6,529,724 1,545,759 8,075,483 6,122,952 1,545,759 7,668,711 5,667,610 1,545,759 7,213,369 5,175,841 1,545,759 6,721,600 4,623,771 1,545,759 6,169,530 10,009,987 Revenue Afte r Subordina te Obligatio n Surplu s Fund Informatio n Deposits / (Withdrawls) Interest at 0.00% Ending Balance Operation s Mill Levy Re venues Available fo r Operations Anticipate d Expenses Net Fund Balan ce 1,522,500 1, 522,500 1 1,522,500 1,522,500 1,522,500 1,522,500 1 1,522,500 1,522,500 1,522,500 1,522,500 1,522,500 1,522,500 10.000 10.0001 10.000 10.000 10.000 10.0001 10.000 10.000 10.000 10.000 10.000 10.000 674,294 687,780 687,780 701,536 701,536 715,566 715,566 729,878 729,878 744,475 744,475 759,365 (674,294) (687,780) (687,780) (701,536) (701,536) (715,566) (715,566) (729,878) (729,878) (744,475) (744,475) (759,365) Prepa red by RBC Capital Markets Page 4 04/18/2022 Grand Park West Mou ntain District 84 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submissi on TOTA L CAPACITY ALL PHASES Cash Ft o bv Summary, Property Tax Re venue Information Beginning Assessed Value Additions Re appraisal Adjustments To tal District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Re venue Treasurer's Fee - 2.00% Pro pe rty Ta x Reven ue Include 12/01/2047 12/01/20481 12/01/2049 12/01/2050 12/01/2051 12/01/20521 12/01/2053 12/01/2054 12/01/2055 12/01/2056 12/01/2057 Totals 75,936,467 75,936,467 77,455,196 1,518,729 77,455,196 79,004,300 1,549,104 79,004,300 80,584,386 1,580,086 80,584,386 82,196,074 1,611,688 82,196,074 83,839,996 1,643,921 60,330,846 19,737,699 80,068,546 75,936,467 77,455,196 1 77,455,196 79,004,300 79,004,300 80,584,386 1 80,584,386 82,196,074 82,196,074 83,839,996 83,839,996 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50 .000 50 .000 2.00 % 2.00% 2.00% 2.00% 2.00% 3,796,823 (75,936) 3,872,760 (77,455) 3,872,760 (77,455) 3,950,215 (79,004) 3,950,215 (79,004) 4,029,219 (80,584) 4,029,219 (80,584) 4,109,804 (82,196) 4,109,804 (82,196) 4,192,000 (83,840) 4,192,000 105,231,241 (83,840) (2,104,625) 3,720,887 3,795,305 3 ,795,305 3 ,871,211 3,871,211 3,948,635 3,948,635 4,027,608 4,027,608 4,108,160 4,108,160 103,126,616 Total Revenu e for Debt Se rvice 3 ,720,887 3,795,305 3,795,305 3,871,211 3,871,211 3,948,635 3,948,635 4,027,608 4,027,608 4,108,160 4,108,160 103,126,616 Senior Debt Serv ice Information Debt Service Capitalized Intere st DSR Fund To tal N et Debt Se rv ice 2,756,000 2,813,750 2,810,000 2,867,500 2,868,000 2,924,000 2,927,500 2,985,750 2,985,750 3,045,000 6,725,250 82,724,063 - - - - - - - - - - - (3,927,963) - - - - - - - - - - (3,895,500) (3,895,500) 2,756,000 2,813 ,750 2,810 ,000 2,867 ,500 2,868 ,000 2 ,924,000 2,927,500 2,985,750 2 ,985 ,750 3,045 ,000 2,829,750 74,900,600 Co verage Ratio 1.35 1.35 1 1.35 1 .35 1 .35 1 .35 1 1 .35 1.35 1.35 1.35 1.45 Revenue A fter Senior 0/5 964,887 981,555 985,305 1,003,711 1,003,211 1,024,635 1,021,135 1,041,858 1,041,858 1,063,160 1,278,410 28,226,017 Reven ue A fte r Othe r Obligation s 964,887 981,555 985 ,305 1 ,003,711 1,003,211 1,024,635 1,021,135 1 ,041,858 1,041,858 1,063,160 1,278,410 28,226,017 Surplus Fun d De posits = $1,522,500 Revenue Afte r Surplus Fu nd Depo sit 1,337,699 964,887 981,555 985,305 1 ,003,711 1,003,211 1 ,024,635 1,021,135 1,041,858 1,041,858 1,063 ,160 1 ,278,410 26,888 ,318 Excess Revenue Split 0.00% Reven ue Afte r Excess Reve nue Split 964,887 981,555 985,305 1,003,711 1,003,211 1,024,635 1,021,135 1,041,858 1,041,858 1,063,160 1,278,410 26,888,318 Subordinate Obligatio n Info rmation Be ginning Principal Balance Beginning Interest Balance Additio ns Interest Rate Interest (Simple) Payments Ending Principal Balance Ending Interest Balance Ending Total Balance 4,623,771 4,028,786 3,369,534 2,653,792 1,862,384 1,008,164 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 1,545,759 593,940 64,182 8.00% 369,902 (964,887) 8.00% 322,303 (981,555) 8.00% 269,563 (985,305) 8.00% 212,303 (1,003,711) 8.00% 148,991 (1,003,211) 8.00% 80,653 (1,024,635) 8.00% 5,135 (1,021,135) 8 .00% (593,940) 8 .00% 8 .00% 8 .00% 5,175,841 14,056,972 (23,056,972) 4,028,786 1,545,759 5,574,545 3,369,534 1,545,759 4,915,293 2,653,792 1,545,759 4,199,551 1,862,384 1,545,759 3,408,143 1,008,164 1,545,759 2,553,923 64,182 1,545,759 1,609,941 593,940 593,940 (3,824,159) (3,824,159) Revenue Afte r Subordina te Obligatio n 447,918 2,564,358 1 ,063,160 1 ,278,410 22,384 ,660 Surplu s Fund Informatio n Deposits / (Withdrawls) Interest at 0.00% Ending Balance (1,522,500) Operation s Mill Levy Re venues Available fo r Operations Anticipate d Expenses Net Fund Balan ce 1,522,500 1, 522,500 1 1,522,500 1,522,500 1,522,500 1,522,500 1 1,522,500 1,522,500 42,059,177 10.000 10.0001 10.000 10.000 10.000 10.0001 10.000 759,365 774,552 774,552 790,043 790,043 805,844 805,844 (759,365) (774,552) (774,552) (790,043) (790,043) (805,844) (805,844) 10.000 821,961 (821,961) 10.000 821,961 (821,961) 10.000 838,400 (838,400) 10.000 838,400 25,428,558 (838,400) (25,428,558) Prepa red by RBC Capital Markets Page 5 04/18/2022 Grand Park W est Mountain District #4 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2025 Date 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Principal - - - - 65,000 360,000 485,000 545,000 575,000 650,000 685,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 811,563 1,947,750 1,947,750 1,947,750 1,947,750 1,944,500 1,926,500 1,902,250 1,875,000 1,846,250 1,813,750 Total P+I 811,563 1,947,750 1,947,750 1,947,750 2,012,750 2,304,500 2,411,500 2,447,250 2,450,000 2,496,250 2,498,750 CAPI (811,563) (1,947,750) (779,100) (389,550) - - - - - - - DSRF - - - - - - - - - - - Net D/S - - 1,168,650 1,558,200 2,012,750 2,304,500 2,411,500 2,447,250 2,450,000 2,496,250 2,498,750 Sen ior -Total Date 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Principal - - - - 65,000 360,000 485,000 545,000 575,000 650,000 685,000 Inte re st 811,563 1,947, 750 1,947, 750 1,947, 750 1,947, 750 1,944, 500 1,926, 500 1,902, 250 1,875,000 1,846, 250 1,813, 750 Total P+I 811,563 1,947,750 1,947,750 1,947,750 2,012,750 2,304,500 2,411,500 2,447,250 2,450,000 2,496,250 2,498,750 CAPI (811,563) (1,947,750) (779,100) (389,550) - - - - - - - DSRF - - - - - - - - - - - Net D/S - - 1,168,650 1,558,200 2,012,750 2,304,500 2,411,500 2,447,250 2,450,000 2,496,250 2,498,750 Prepared by RBC Capital Markets Page 6 04/18/2022 Grand Park W est Mountain District #4 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2025 Date 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 Principal 765,000 805,000 895,000 940,000 1,040,000 1,090,000 1,200,000 1,260,000 1,375,000 1,445,000 1,575,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 1,779,500 1,741,250 1,701,000 1,656,250 1,609,250 1,557,250 1,502,750 1,442, 750 1,379,750 1,311,000 1,238,750 Total P+I 2,544,500 2,546,250 2,596,000 2,596,250 2,649,250 2,647,250 2,702,750 2,702,750 2,754,750 2,756,000 2,813,750 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 2,544,500 2,546,250 2,596,000 2,596,250 2,649,250 2,647,250 2,702,750 2,702,750 2,754,750 2,756,000 2,813,750 Sen ior -Total Date 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 Principal 765,000 805,000 895,000 940,000 1,040,000 1,090,000 1,200,000 1,260,000 1,375,000 1,445,000 1,575,000 Inte re st 1,779, 500 1,741, 250 1,701,000 1,656, 250 1,609, 250 1,557, 250 1,502, 750 1,442, 750 1,379, 750 1,311,000 1,238, 750 Total P+I 2,544,500 2,546,250 2,596,000 2,596,250 2,649,250 2,647,250 2,702,750 2,702,750 2,754,750 2,756,000 2,813,750 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 2,544,500 2,546,250 2,596,000 2,596,250 2,649,250 2,647,250 2,702,750 2,702,750 2,754,750 2,756,000 2,813,750 Prepared by RBC Capital Markets Page 7 04/18/2022 Grand Park W est Mountain District #4 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2025 Date 2049 2050 2051 2052 2053 2054 2055 2056 2057 Totals Principal 1,650,000 1,790,000 1,880,000 2,030,000 2,135,000 2,300,000 2,415,000 2,595,000 6,405,000 38,955,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% Interest 1,160,000 1,077,500 988,000 894,000 792,500 685,750 570,750 450,000 320,250 43,769,063 Total P+I 2,810,000 2,867,500 2,868,000 2,924,000 2,927,500 2,985,750 2,985,750 3,045,000 6,725,250 82,724,063 CAPI - - - - - - - - - (3,927,963) DSRF - - - - - - - - (3,895,500) (3,895,500) Net D/S 2,810,000 2,867,500 2,868,000 2,924,000 2,927,500 2,985,750 2,985,750 3,045,000 2,829,750 74,900,600 Sen ior -Total Date 2049 2050 2051 2052 2053 2054 2055 2056 2057 Totals Principal 1,650,000 1,790,000 1,880,000 2,030,000 2,135,000 2,300,000 2,415,000 2,595,000 6,405,000 38,955,000 Inte re st 1,160,000 1,077,500 988,000 894,000 792,500 685,750 570,750 450,000 320,250 43,769,063 Total P+I 2,810,000 2,867,500 2,868,000 2,924,000 2,927,500 2,985,750 2,985,750 3,045,000 6,725,250 82,724,063 CAPI - - - - - - - - - (3,927,963) DSRF - - - - - - - - (3,895,500) (3,895,500) Net D/S 2,810,000 2,867,500 2,868,000 2,924,000 2,927,500 2,985,750 2,985,750 3,045,000 2,829,750 74,900,600 Prepared by RBC Capital Markets Page 8 04/18/2022 Grand Park West Mountai n District #5 District Financing Analysis - DRAFT - 50 MILLS De veloper Projections - Ser vice Plan Submission TOTAL CAPACITY ALL PHASES Financing S ummary So urces and Us es So urces 2027 2027 Sub T otal Par Amount Premium/(Discount) Other 59,440,000 14,000,000 73,440,000 Total Sou rces 59,440,000 14,000,000 73,440,000 Uses 2027 2027 Sub T otal Pro je ct Fund - Release d at Clo sing Project Fund - Escrowed Total Project Fund Capitalized Interest Debt Service Rese rve Fund Costs of Issuance 45,667,867 45,667,867 6,439,333 5,944,000 1,388,800 13,850,000 13,850,000 150,000 59,517,867 59,517,867 6,439,333 5,944,000 1,538,800 To tal Uses 59,440,000 14,000,000 73,440,000 Total D ebt S er vic e Summary Stated Term (Each Issuance) Estimated Interest Rates Principal Interest Total Principal & Interest Less: Capitalized Interest (Principal & Earnings @ 0 .00%) L ess: Debt Service Reserve Fund (Principal & Earnings @ 0 .00 %) Net Debt Servic e Maximum Annual Net Debt Service 30.0 Yrs 5.00% 59,440,000 67,015,833 126,455,833 (6,439,333) (5,944,000) 114,072,500 4,668,750 Oth er Inf ormation Total District D/S Mill Levy C omm ercial Assessment % Residential Assessment % PIF Sales Tax Rate Senior Minimum Coverage Requirement Actual Coverage at Stabilizati on (2030) Pr operty Tax Rev enue % PIF Revenue % 50.000 29.00% 7 .15% 1.50% 1 .35 1 .35 100% 0% Prepared by RBC Capital Markets Page 1 04/18/2022 Grand Park West Mountain District 05 District Financing Analysis - DR AFT - 50 MILLS Developer Proj ections - Servi ce Pl an Submission n eskdent!al Development Type Commercial _ Distri ct Produ ct 1/4 ACRE HO MESITES Desc U nit s Built To Be Built 2022 2023 2024 2025 35 2026 2027 2028 2029 2030 2031 2032 T ot al WM #5 Lots Added 268 268 35 40 40 40 40 38 268 WM #5 1/2 ACRE HOMESITES Lots Added 32 32 5 5 5 5 5 7 32 WM #5 1 ACRE HO MESITESLots Added 82 82 15 15 15 15 15 7 82 WM #5 SMALL CABIN HOMESITESLots Added 23 23 5 - -35 -35 '= ; r -40 -268 Deleted 7 32 - • ., Deleted -15 -82 WM #5 SMALL CABIN HO MESITES Lots Deleted -23 -23 -5 -5 -8 A nnual Chan ge Residential WM Homes Added 268 268 45 15 5 3 -8 2 -17 -45 • WM #5 1 ACRE HOMESITESHOMESITES #5 SM ALL CA BIN • Annua l Change Cumulative Residential Built To tal 405 405 45 45 60 105 65 170 68 238 60 298 62 360 45 405 405 Type Commercial Distric t WM #5 Pro duct 1/4 A CRE HOM ESITES Des c Lots Added 2022 MV 750,000 B uilt To Be Built 750,000 2022 2023 2024 2025 795,906 2026 811,824 2027 828,061 2028 844,622 2029 861,514 2030 878,745 2031 896,319 2032 Total 846,449 WM #5 1/2 ACRE HOMESITES Lots Added 900,000 900,000 955,087 974,189 993,673 1,013,546 1,033,817 1,054,493 1,007,282 WM #5 1 A CRE HOM ESITES Lo ts Added 1,100,000 1,100,000 1,190,675 1,214,489 1,238,779 1,263,554 1,288,825 1,314,602 1,245,696 WM #5 SMALL CABIN HOMESITES Lots Added 550,000 550 ,000 583,664 595,338 607 ,244 619 ,389 603,754 WM #5 1/4 A CRE HOM ESITES Lots Deleted 750,000 750,000 -811,824 -828,061 -844,622 -861,514 -878,745 -896,319 -914,246 -863,378 WM #5 1/2 A CRE HOM ESITES Lots Deleted 900,000 900,000 -974,189 -993,673 -1,013,546 -1,033,817 -1,054,493 -1,075,583 -1,027,427 WM #5 1 ACRE HOMESITES Lots Deleted 1,100,000 1,100,000 -1,214,489 -1,238,779 -1,263,554 -1,288,825 -1,314,602 -1,340,894 -1,270,610 WM #5 SMA LL CA BIN HOM ESITES Lots Deleted 550,000 550,000 -595,338 -607,244 -619,389 -631,777 -615,829 Type Dis trict Pro duc t Desc 2022 MV Built To Be Built 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Residential WM#5 1/4 ACRE HOMESITES Homes Added 2,800,000 2,800,000 3,030,810 3,091,426 3,153,255 3,216,320 3,280,646 3,346,259 3,413,184 3,223,278 WM #5 1/2 A CRE HOM ESITES Home s A dded 3,250,000 3,250,000 3,517,905 3,588,263 3,660,028 3,733,228 3,807,893 3,884,051 3,710,154 WM #5 1 ACRE HOMESITES Homes Added 4,000,000 4,000,000 4,416,323 4,504,650 4,594,743 4,686,638 4,780,370 4,875,978 4,620,399 WM #5 SMA LL CA BIN HOM ESITES Homes A dde d 2,000,000 2,000,000 2,164,864 2,208.162 2,252,325 2,297,371 2,239,379 Weighte d A vg 3,033,086 3,033,086 2,988,715 3,390,448 3,434,795 3,450,280 3,676,081 3,753,940 3,640,730 3,488,745 Type Commercial Dis trict Total Pro duct Desc 0 2022 MV 332,650,000 Bu ilt To Be Built 332,650,000 2022 2023 2024 2025 35,550,468 2026 54,121,608 2027 59,344,343 2028 62,389,398 2029 58,582,969 2030 61,863,615 2031 43,262,351 2032 Total 375,114,753 Total 0 -332,650,000 -332,650,000 -36,261,477 -55,204,040 -60,531,230 -63,637,186 -59,754,628 -63,100,888 -44,127,598 -382,617,048 Comme rcial Total 35,550,468 17,860,131 4,140,303 1,858,168 -5,054,217 2,108,987 -19,838,537 44,127,598 -7,502,295 Residential WM #5 1/4 ACRE HOM ESITES Homes Added 750,400,000 750,400,000 106,078,352 108,199,919 126,130,191 128,652,795 131,225,851 133,850,368 129,701,006 863,838,481 WM#5 1/2 ACRE HOMESITES Home s Added 104,000,000 104,000,000 17,589,523 17,941,313 18,300,139 18,666,142 19,039,465 27,188,356 118,724,938 WM #5 1 AC RE HOM ESITES Ho mes Adde d 328,000,000 328,000,000 66,244,848 67,569,745 68,921,140 70,299,563 71,705,554 34,131,844 378,872,694 WM #5 SMALL CABIN HOMESITES Home s Added 46,000, 000 46,000, 000 10,824,322 11,040,808 11,261,624 18,378,971 51,505,725 Residen tial Total 1,228,400,000 1,228,400,000 134,492,196 203,426,888 223,261,700 234,619,048 220,564,878 232,744,278 163,832,850 #########ti# Grand Total 1,228,400, 000 1,228,400,000 35,550,468 152,352,327 207,567,191 225,119,868 229,564,831 222,673,865 212,905,741 119,705,252 6666699999# Completion Year Co llec tion Yea r To ta l Annual Additions 29.00% 2022 MV Built To Be Built 2022 2023 2024 2025 2026 2024 2025 2026 2027 2028 10.309,636 1 .200 ,688 2027 2028 2029 2029 2030 2031 MIMMEIMMEIII MEMMI 87,830, 600 87,830.600 87,830,600 87.830. 600 9,616,192 14,545,022 538 ,869 2030 2031 2032 2033 611 ,606 15,770,389 16.381,995 16,641,216 10.888 .040 2032 Total 2034 -12 .797 ,003 -2 .175 ,666 ®„ , 10.309,636 14 .795,630 16.502,080 15.309,539 -1.082 .955 98.849,676 Prepared by RBC Capital Markets Page 2 04/18/2022 Grand Park West Mou ntain District 85 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submissi on TOTA L CAPACITY ALL PHASES Cash Ft o bv Summary, Property Tax Re venue Information Beginning Assessed Value Additions Re appraisal Adjustments To tal District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Re venue Treasurer's Fee - 2.00% Pro pe rty Ta x Reven ue Include 12/01/2023 12/01/20241 12/01/2025 12/01/2026 12/01/2027 12/01/20281 12/01/2029 12/01/2030 12/01/2031 12/01/2032 12/01/2033 12/01/2034 - 10,309,636 10,309,636 14,795,630 206,193 10,309,636 25,311,458 41,057,169 15,745,710 16,502,080 821,143 58,380,392 73,689,931 15,309,539 16,381,995 - 1,473,799 73,689,931 91,545,725 102,433,765 10,888,040 (1,082,955) - 2,048,675 25,311,458 1 41,057,169 58,380,392 91,545,725 102,433,765 103,399,486 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50 .000 50 .000 50 .000 0.00 % 2.00% 2.00% 2.00% 2.00% 2.00% 515,482 (10,310) 505,172 1,240,261 2,011,801 2,860,639 3,610,807 4,485,741 5,019,254 5,066,575 1,265,573 (25,311) 2,052,858 (41,057) 2,919,020 (58,380) 3,684,497 (73,690) 4,577,286 (91,546) 5,121,688 (102,434) 5,169,974 (103,399) Total Revenu e for Debt Se rvice 505,172 1,240,261 2,011,801 2,860 ,639 3,610,807 4,485,741 5,019,254 5,066,575 Senior Debt Serv ice Information Debt Service Capitalized Intere st DSR Fund To tal N et Debt Se rv ice 1,238,333 2,972,000 2,972,000 2,972,000 2,972,000 3,322,000 (1,238,333) (2,972,000) (1,486,000) (743,000) 3,719,500 3,751,250 1 ,486,000 2,229,000 2 ,972,000 3,322,000 3 ,719,500 3,751,250 Co verage Ratio 1 .35 1.28 1.21 1.35 1.35 1.35 Revenue A fter Senior 13/5 505,172 1,240,261 525,801 631,639 638,807 1,163,741 1,299,754 1,315,325 Reven ue A fte r Othe r Obligation s 505,172 1,240,261 525,801 631,639 638,807 1,163 ,741 1,299,754 1 ,315,325 Surplus Fun d De posits = $2,334,375 Revenue Afte r Surplus Fu nd Depo sit 505,172 1,240,261 525,801 63,141 568 ,498 638,807 1 ,163,741 1 ,299 ,754 1 ,315,325 Excess Revenue Split 0,00% Reven ue Afte r Excess Reve nue Split 568,498 638,807 1,163,741 1,299,754 1,315,325 Subordinate Obligatio n Info rmation Be ginning Principal Balance Beginning Interest Balance Additio ns Interest Rate Interest (Simple) Payments Ending Principal Balance Ending Interest Balance Ending Total Balance 8.00% 8.00% 8.00% 8.00% 14,00= 8.00% 1,120,000 14, 000, 000 14, 000, 000 14, 000, 000 14, 000, 000 14, 000, 000 13,956,259 13,773,006 1,120,000 2,240,000 3,360,000 3,911,502 4,392,695 4,392,695 4,392,695 8.00% 1,120,000 8.00% 1,120,000 8 .00% 1,120,000 (568,498) 8 .00% 1,120,000 (638,807) 8 .00% 1,120,000 (1,163,741) 8 .00% 1,116,501 (1,299,754) 8 .00% 1,101,840 (1,315,325) 14,000,000 14,000,000 2,240,000 16,240,000 14,000,000 3,360,000 17,360,000 14,000,000 3,911,502 17,911,502 14,000,000 4,392,695 18,392,695 13,956,259 4,392,695 18,348,954 13,773,006 4,392,695 18,165,701 13,559,521 4,392,695 17,952,216 1,120,000 15,120,000 Revenue Afte r Subordina te Obligatio n Surplu s Fund Informatio n Deposits / (Withdrawls) Interest at 0.00% Ending Balance 505,172 1,240,261 525,801 63,141 Operation s Mill Levy Re venues Available fo r Operations Anticipate d Expenses Net Fund Balan ce 505,172 1,745,433 1 2,271,234 2,334,375 2,334,375 2,334,375 2,334,375 2,334,375 10.000 10.0001 10.000 10.000 10.000 10.0001 10.000 10.000 10.000 10.000 10.000 10.000 103,096 253,115 410,572 583,804 736,899 915,457 1,024,338 1,033,995 (103,096) (253,115) (410,572) (583,804) (736,899) (915,457) (1,024,338) (1,033,995) Prepa red by RBC Capital Markets Page 3 04/18/2022 Grand Park West Mou ntain District 65 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submissi on TOTA L CAPACITY ALL PHASES Cash Ft o bv Surnmary, Property Tax Re venue Information Beginning Assessed Value Additions Re appraisal Adjustments To tal District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Re venue Treasurer's Fee - 2.00% Pro pe rty Ta x Reven ue Include 12/01/2035 12/01/20361 12/01/2037 12/01/2038 12/01/2039 12/01/20401 12/01/2041 12/01/2042 12/01/2043 12/01/2044 12/01/2045 12/01/2046 103,399,486 103,399,486 105,467,476 105,467,476 107,576,825 107,576,825 109,728,362 109,728,362 111,922,929 111,922,929 114,161,387 114,161,387 2,067,990 2,109,350 2,151,537 2,194,567 2,238,459 2,283,228 103,399,486 105,467,476 1 105,467,476 107,576,825 107,576,825 109,728,362 1 109,728,362 111,922,929 111,922,929 114,161,387 114,161,387 116,444,615 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50 .000 50 .000 50 .000 2.00 % 2.00% 2.00% 2.00% 2.00% 2.00% 5,169,974 (103,399) 5,273,374 (105,467) 5,273,374 (105,467) 5,378,841 (107,577) 5,378,841 (107,577) 5,486,418 (109,728) 5,486,418 (109,728) 5,596,146 (111,923) 5,596,146 (111,923) 5,708,069 (114,161) 5,708,069 (114,161) 5,822,231 (116,445) 5,066,575 5,167,906 5 ,167,906 5,271,264 5,271,264 5,376,690 5,376,690 5,484 ,224 5,484,224 5,593,908 5,593,908 5,705,786 Total Revenu e for Debt Se rvice 5,066,575 5,167,906 5,167,906 5,271,264 5,271,264 5,376,690 5,376,690 5,484,224 5,484,224 5,593,908 5,593,908 5,705,786 Senior Debt Serv ice Information Debt Service Capitalized Intere st DSR Fund To tal N et Debt Se rv ice 3,754,500 3,830,500 3,825,500 3,903,250 3,904,500 3,982,750 3,984,000 4,061,750 4,062,000 4,143,250 4,146,250 4,224,500 3, 754,500 3,830 ,500 3,825,500 3 ,903,250 3,904,500 3 ,982,750 3 ,984,000 4,061,750 4,062,000 4,143 ,250 4 ,146,250 4 ,224,500 Co verage Ratio 1.35 1.35 1 1.35 1 .35 1 .35 1 .35 1 1 .35 1.35 1.35 1.35 1.35 1.35 Revenue A fter Senior 0/5 1,312,075 1,337,406 1,342,406 1,368,014 1,366,764 1,393,940 1,392,690 1,422,474 1,422,224 1,450,658 1,447,658 1,481,286 Reven ue A fte r Othe r Obligation s 1,312,075 1, 337,406 1,342 ,406 1 ,368,014 1,366,764 1,393,940 1,392,690 1 ,422,474 1,422,224 1,450 ,658 1,447,658 1 ,481,286 Surplus Fun d De posits = $2,334,375 Revenue Afte r Surplus Fu nd Depo sit 1,312,075 1,337,406 1,342 ,406 1,368,014 1,366,764 1 ,393,940 1 ,392 ,690 1,422,474 1,422,224 1,450,658 1 ,447,658 1 ,481,286 Excess Revenue Split 0.00% Reven ue Afte r Excess Reve nue Split 1,312,075 1,337,406 1,342,406 1,368,014 1,366,764 1,393,940 1,392,690 1,422,474 1,422,224 1,450,658 1,447,658 1,481,286 Subordinate Obligatio n Info rmation Be ginning Principal Balance Beginning Interest Balance Additio ns Interest Rate Interest (Simple) Payments Ending Principal Balance Ending Interest Balance Ending Total Balance 13,559,521 13,332,208 13,061,379 12,763,883 12,416,979 12,043,574 11,613,120 11,149,479 10,618,964 10,046,257 9,399,299 8,703,585 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 8.00% 1,084,762 (1,312,075) 8.00% 1,066,577 (1,337,406) 8.00% 1,044,910 (1,342,406) 8.00% 1,021,111 (1,368,014) 8.00% 993,358 (1,366,764) 8.00% 963,486 (1,393,940) 8.00% 929,050 (1,392,690) 8 .00% 891,958 (1,422,474) 8 .00% 849,517 (1,422,224) 8 .00% 803,701 (1,450,658) 8 .00% 751,944 (1,447,658) 8 .00% 696,287 (1,481,286) 13,332,208 4,392,695 17,724,903 13,061,379 4,392,695 17,454,074 12,763,883 4,392,695 17,156,578 12,416,979 4,392,695 16,809,674 12,043,574 4,392,695 16,436,269 11,613,120 4,392,695 16,005,815 11,149,479 4,392,695 15,542,174 10,618,964 4,392,695 15,011,659 10,046,257 4,392,695 14,438,952 9,399,299 4,392,695 13,791,994 8,703,585 4,392,695 13,096,280 7,918,586 4,392,695 12,311,281 Revenue Afte r Subordina te Obligatio n Surplu s Fund Informatio n Deposits / (Withdrawls) Interest at 0.00% Ending Balance Operation s Mill Levy Re venues Available fo r Operations Anticipate d Expenses Net Fund Balan ce 2,334,375 2, 334,375 1 2,334,375 2,334,375 2,334,375 2,334,375 1 2,334,375 2,334,375 2,334,375 2,334,375 2,334,375 2,334,375 10.000 19.0001 10.000 10.000 10.000 10.0001 10.000 10.000 10.000 10.000 10.000 10.000 1,033,995 1,054,675 1,054,675 1,075,768 1,075,768 1,097,284 1,097,284 1,119,229 1,119,229 1,141,614 1,141,614 1,164,446 (1,033,995) (1,054,675) (1,054,675) (1,075,768) (1,075,768) (1,097,284) (1,097,284) (1,119,229) (1,119,229) (1,141,614) (1,141,614) (1,164,446) Prepa red by RBC Capital Markets Page 4 04/18/2022 Grand Park West Mou ntain District 85 District Financing Analysis - DRAFT - 50 MILLS Developer Projecti ons - Service Plan Submissi on TOTA L CAPACITY ALL PHASES Cash Ft o bv Surnmary, Property Tax Re venue Information Beginning Assessed Value Additions Re appraisal Adjustments To tal District Assessed Value District Mill Levy % Reappraisal Growth District Property Tax Re venue Treasurer's Fee - 2.00% Pro pe rty Ta x Reven ue Include 12/01/2047 12/01/20481 12/01/2049 12/01/2050 12/01/2051 12/01/20521 12/01/2053 12/01/2054 12/01/2055 12/01/2056 12/01/2057 Totals 116,444,615 116,444,615 118,773,507 118,773,507 121,148,978 121,148,978 123,571,957 123,571,957 126,043,396 126,043,396 128,564,264 2,328,892 2,375,470 2,422,980 2,471,439 2,520,868 98,849,676 29,714,588 116,444,615 118,773,507 1 118,773,507 121,148,978 121,148,978 123,571,957 1 123,571,957 126,043,396 126,043,396 128,564,264 128,564,264 128,564,264 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50 .000 50.000 50 .000 50 .000 2.00 % 2.00% 2.00% 2.00% 2.00% 5,822,231 (116,445) 5,938,675 (118,774) 5,938,675 (118,774) 6,057,449 (121,149) 6,057,449 (121,149) 6,178,598 (123,572) 6,178,598 (123,572) 6,302,170 (126,043) 6,302,170 (126,043) 6,428,213 (128,564) 6,428,213 158,816,722 (128,564) (3,176,334) 5,705,786 5,819,902 5 ,819,902 5,936,300 5,936,300 6,055,026 6,055,026 6,176,126 6,176,126 6,299,649 6,299,649 155,640,388 Total Revenu e for Debt Se rvice 5,705,786 5,819,902 5,819,902 5,936,300 5,936,300 6,055,026 6,055,026 6,176,126 6,176,126 6,299,649 6,299,649 155,640,388 Senior Debt Serv ice Information Debt Service Capitalized Intere st DSR Fund To tal N et Debt Se rv ice 4,224,000 4,313,250 4,312,500 4,395,750 4,398,500 4,484,250 4,483,500 4,575,000 4,573,750 4,668,750 10,284,750 126,455,833 - - - - - - - - - - - (6,439,333) - - - - - - - - - - (5,944,000) (5,944,000) 4,224,000 4,313 ,250 4,312,500 4,395,750 4,398,500 4,484,250 4 ,483,500 4,575 ,000 4,573 ,750 4,668,750 4 ,340,750 114,072 ,500 Co verage Ratio 1.35 1.35 1 1.35 1 .35 1 .35 1 .35 1 1 .35 1.35 1.35 1.35 1.45 Revenue A fter Senior 0/5 1,481,786 1,506,652 1,507,402 1,540,550 1,537,800 1,570,776 1,571,526 1,601,126 1,602,376 1,630,899 1,958 ,899 41 ,567,887 Reven ue A fte r Othe r Obligation s 1,481,786 1, 506,652 1,507 ,402 1 ,540 ,550 1,537,800 1,570,776 1,571,526 1 ,601,126 1,602,376 1,630 ,899 1,958,899 41,567,887 Surplus Fun d De posits = $2,334,375 Revenue Afte r Surplus Fu nd Depo sit 1,958,899 4,293,274 1,481, 786 1,506,652 1,507 ,402 1 ,540 ,550 1,537,800 1 ,570,776 1 ,571,526 1,601,126 1,602,376 1,630,899 37,274 ,613 Excess Revenue Split 0,00% Reven ue Afte r Excess Reve nue Split 1,481,786 1,506,652 1,507,402 1,540,550 1,537,800 1,570,776 1,571,526 1,601,126 1,602,376 1,630,899 37,274,613 Subordinate Obligatio n Info rmation Be ginning Principal Balance Beginning Interest Balance Additio ns Interest Rate Interest (Simple) Payments Ending Principal Balance Ending Interest Balance Ending Total Balance 7,918,586 7,070,287 6,129,258 5,112,196 3,980,622 2,761,272 1,411,398 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,392,695 4,345,478 8.00% 633,487 (1,481,786) 8.00% 565,623 (1,506,652) 8.00% 490,341 (1,507,402) 8.00% 408,976 (1,540,550) 8.00% 318,450 (1,537,800) 8.00% 220,902 (1,570,776) 8.00% 112,912 (1,571,526) 8 .00% (1,601,126) 2,744,352 1,141,976 8 .00% (1,602,376) 8 .00% (1,141,976) 8 .00% 8,703,585 22,785,690 (36,785,690) 7,070,287 4,392,695 11,462,982 6,129,258 4,392,695 10,521,953 5,112,196 4,392,695 9,504,891 3,980,622 4,392,695 8,373,317 2,761,272 4,392,695 7,153,967 1,411,398 4,392,695 5,804,093 4,345,478 4,345,478 2,744,352 2,744,352 1,141,976 1,141,976 (5,296,415) (5,296,415) Revenue Afte r Subordina te Obligatio n 2 ,334,375 488,923 30,898,063 Surplu s Fund Informatio n Deposits / (Withdrawls) Interest at 0.00% Ending Balance (2,334,375) 1,958,899 Operation s Mill Levy Re venues Available fo r Operations Anticipate d Expenses Net Fund Balan ce 2,334,375 2, 334,375 1 2,334,375 2,334,375 2,334,375 2,334,375 1 2,334,375 2,334,375 1,958,899 10.000 10.0001 10.000 10.000 10.000 10.0001 10.000 10.000 1,164,446 1,187,735 1,187,735 1,211,490 1,211,490 1,235,720 1,235,720 1,260,434 (1,164,446) (1,187,735) (1,187,735) (1,211,490) (1,211,490) (1,235,720) (1,235,720) (1,260,434) 10.000 1,260,434 (1,260,434) 10.000 1,285,643 (1,285,643) 10.000 1,285,643 (1,285,643) 64,840,113 38,425,555 (38,425,555) Prepa red by RBC Capital Markets Page 5 04/18/2022 Grand Park W est Mountain District #5 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2025 Date 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Principal - - - - - 350,000 765,000 835,000 880,000 1,000,000 1,045,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 1,238,333 2,972,000 2,972,000 2,972,000 2,972,000 2,972,000 2,954,500 2,916,250 2,874,500 2,830,500 2,780,500 Total P+I 1,238,333 2,972,000 2,972,000 2,972,000 2,972,000 3,322,000 3,719,500 3,751,250 3,754,500 3,830,500 3,825,500 CAPI (1,238,333) (2,972,000) (1,486,000) (743,000) - - - - - - - DSRF - - - - - - - - - - - Net D/S - - 1,486,000 2,229,000 2,972,000 3,322,000 3,719,500 3,751,250 3,754,500 3,830,500 3,825,500 Sen ior -Total Date 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Principal - - - - - 350,000 765,000 835,000 880,000 1,000,000 1,045,000 Inte re st 1,238,333 2,972,000 2,972,000 2,972,000 2,972,000 2,972,000 2,954,500 2,916,250 2,874,500 2,830,500 2,780,500 Total P+I 1,238,333 2,972,000 2,972,000 2,972,000 2,972,000 3,322,000 3,719,500 3,751,250 3,754,500 3,830,500 3,825,500 CAPI (1,238,333) (2,972,000) (1,486,000) (743,000) - - - - - - - DSRF - - - - - - - - - - - Net D/S - - 1,486,000 2,229,000 2,972,000 3,322,000 3,719,500 3,751,250 3,754,500 3,830,500 3,825,500 Prepared by RBC Capital Markets Page 6 04/18/2022 Grand Park W est Mountain District #5 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2025 Date 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 Principal 1,175,000 1,235,000 1,375,000 1,445,000 1,595,000 1,675,000 1,840,000 1,935,000 2,110,000 2,215,000 2,415,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% 5.00% 5 .00% Interest 2,728,250 2,669,500 2,607,750 2,539,000 2,466,750 2,387,000 2,303,250 2,211,250 2,114,500 2,009,000 1,898,250 Total P+I 3,903,250 3,904,500 3,982,750 3,984,000 4,061,750 4,062,000 4,143,250 4,146,250 4,224,500 4,224,000 4,313,250 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 3,903,250 3,904,500 3,982,750 3,984,000 4,061,750 4,062,000 4,143,250 4,146,250 4,224,500 4,224,000 4,313,250 Sen ior -Total Date 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 Principal 1,175,000 1,235,000 1,375,000 1,445,000 1,595,000 1,675,000 1,840,000 1,935,000 2,110,000 2,215,000 2,415,000 Inte re st 2,728,250 2,669,500 2,607,750 2,539,000 2,466,750 2,387,000 2,303,250 2,211,250 2,114,500 2,009,000 1,898,250 Total P+I 3,903,250 3,904,500 3,982,750 3,984,000 4,061,750 4,062,000 4,143,250 4,146,250 4,224,500 4,224,000 4,313,250 CAPI - - - - - - - - - - DSRF - - - - - - - - - - - Net D/S 3,903,250 3,904,500 3,982,750 3,984,000 4,061,750 4,062,000 4,143,250 4,146,250 4,224,500 4,224,000 4,313,250 Prepared by RBC Capital Markets Page 7 04/18/2022 Grand Park W est Mountain District #5 District Financing Analysis - DR AFT - 50 MILLS Developer Projections - Service Pla n Submissio n TOTAL CAPACITY ALL PHASES De bt Service Summary Se nior - 2025 Date 2049 2050 2051 2052 2053 2054 2055 2056 2057 Totals Principal 2,535,000 2,745,000 2,885,000 3,115,000 3,270,000 3,525,000 3,700,000 3,980,000 9,795,000 59,440,000 Coupon 5.00% 5.00% 5.00% 5.00% 5.00 % 5.00% 5.00% 5.00 % 5.00% Interest 1,777,500 1,650,750 1,513,500 1,369,250 1,213,500 1,050,000 873,750 688,750 489,750 67,015,833 Total P+I 4,312,500 4,395,750 4,398,500 4,484,250 4,483,500 4,575,000 4,573,750 4,668,750 10,284,750 126,455,833 CAPI - - - - - - - - - (6,439,333) DSRF - - - - - - - - (5,944,000) (5,944,000) Net D/S 4,312,500 4,395,750 4,398,500 4,484,250 4,483,500 4,575,000 4,573,750 4,668,750 4,340,750 114,072,500 Sen ior -Total Date 2049 2050 2051 2052 2053 2054 2055 2056 2057 Totals Principal 2,535,000 2,745,000 2,885,000 3,115,000 3,270,000 3,525,000 3,700,000 3,980,000 9,795,000 59,440,000 Inte re st 1,777,500 1,650,750 1,513,500 1,369,250 1,213,500 1,050,000 873,750 688,750 489,750 67,015,833 Total P+I 4,312,500 4,395,750 4,398,500 4,484,250 4,483,500 4,575,000 4,573,750 4,668,750 10,284,750 126,455,833 CAPI - - - - - - - - - (6,439,333) DSRF - - - - - - - - (5,944,000) (5,944,000) Net D/S 4,312,500 4,395,750 4,398,500 4,484,250 4,483,500 4,575,000 4,573,750 4,668,750 4,340,750 114,072,500 Prepared by RBC Capital Markets Page 8 04/18/2022 WEST MOUNTAIN METRO DISTRICTS #1-#5 METROPOLITATION DISTRICT COSTS CONTINGENCY COST PER L.F. DISTRICT D ensity u ,th,; cr ei Ac er ua e Water S ew er Sa nitary Storm Stre ets Ro ads C urb & G utter Sidew alks Landsc api ng Traits P arks ROAD LE NGTH (LFJ WEST MOUNTAIN DISTRICT#1 232 81 ---- $ 34,770,191 SUBTOTAL 232 .81. 9 ,774 ,974 5,090,735 4,245,161 8,535,539 2,017,515 3,491,884 722,895 847 ,836 43,653 WEST MOUNTAIN DISTRICT #2 130 `3 $ 22,933,189 SUBTOTAL 7.8 _ 7,582,025 3,162,241 2,636 ,991 5 ,302,070 1,253,232 2,169,075 380,631 421,324 25,600 WEST MOUNTAIN DISTRICT #3 142 -44 $ 20,367,328 SUBTOTAL 742 44 4,851,539 3,204,586 2,672,302 5,373,069 1,270,014 2,198 ,120 344,024 426,965 26,708 - WEST MOUNTAIN DISTRICT#4 1200 - $ 36,892,624 $ 54,534,243 SUBTO TAL 20 8 11,791 ,338 5,211,789 4,346,108 8,738,509 2,065,490 3,574,918 446,281 694,398 23,794 WEST MOUNTAIN DISTRICT #5 380 .0-0 SUBTOTAL 14 380.40 14,753 ,266 8,180,966 6,822,103 13,716,871 3,242,208 5,611,563 1,045,933 .. .. 1,089,998 71,336 - WEST MOUNTAIN DISTRICTS TOTAL 1. r' 1.,015.14 48,753,142 24,850,316 20,722 ,664 41,666,058 9,848,459 17,045,561 2,939,763 3,480,520 191,091 $ 169,497,574 FIRST AMENDMENT TO INTERGOVERNMENTAL AGREEMENT This FIRST AMENDMENT TO INTERGOVERNMENTAL AGREEMENT ("First Amendment") is entered into on , 2023, by and between the Town of Fraser, a municipal corporation of the State of Colorado (the "Town"); and Byers View Metropolitan District ("Byers View"), West Mountain Metropolitan District ("West Mountain"), and West Meadow Metropolitan District ("West Meadow"), each a quasi -municipal corporation and political subdivision of the State of Colorado (collectively referred to as the "Districts" and all parties are collectively referred to herein as the "Parties"). RECITALS WHEREAS, the Districts were organized pursuant to the Special District Act, §§ 32-1-101, et seq., C.R.S., for the purpose of providing public improvements, facilities, and services to and for the use and benefit of their taxpayers and residents; WHEREAS, the Town approved the Districts' Consolidated Service Plan on August 4, 2004 and subsequently approved the First Amended and Restated Consolidated Service Plan on April 14, 2005 (together, the "Service Plan"); WHEREAS, the Districts and the Town entered into that certain Intergovernmental Agreement, dated April 6, 2005 ("IGA"), setting forth the responsibilities, powers, duties, and services between the Town and the Districts; WHEREAS, following approval by the Town pursuant to Resolution No. , the Districts have amended the Service Plan to, inter alia, remove West Mountain, Byers View, and the undeveloped portion of West Meadow from the multi -district structure under the Service Plan; and WHEREAS, the Districts and the Town would like to amend the IGA to remove West Mountain and Byers View as parties to the IGA, as West Mountain and Byers View may enter into a separate intergovernmental agreement with the Town. NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Incorporation of Recitals. All of the recitals hereof are incorporated by this reference and are made a part hereof as though set forth at length herein. 2. IGA Amendments: a. Byers View and West Mountain are hereby removed as parties to the IGA. As a result, Byers View and West Mountain are hereby released from all obligations under the IGA. b. Section 3.d of the IGA shall hereby be replaced and restated by the following: 1 The debt limit for West Meadow shall not exceed $24,000,000 without approval of the Board of Directors of West Meadow and the Town Board's approval of a material modification of the Service Plan. 3. Effect of Assignment. Except as amended herein, the IGA remains in full force and effect. 4. Counterparts. This First Amendment may be executed in counterparts, each of which may be deemed an original but all of which taken together shall constitute one and the same instrument. IN WITNESS WHEREOF, the Parties have executed this First Amendment on the date first above written. TOWN OF FRASER Mayor ATTEST: Town Clerk BYERS VIEW METROPOLITAN DISTRICT President ATTEST: Secretary WEST MEADOW METROPOLITAN DISTRICT President ATTEST: Secretary WEST MOUNTAIN METROPOLITAN DISTRICT President ATTEST: 2 DN 6800273.1 Secretary DN 6800273.1 INTERGOVERNMENTAL AGREEMENT AMONG TOWN OF FRASER, WEST MOUNTAIN METROPOLITAN DISTRICT AND WEST MOUNTAIN METROPOLITAN DISTRICT NOS. 2-5 THIS INTERGOVERNMENTAL AGREEMENT ("Agreement") is made and entered into this day of , 2023, by and among the Town of Fraser, a municipal corporation of the State of Colorado ("Town"); and West Mountain Metropolitan District and West Mountain Metropolitan District Nos. 2-5, each a quasi -municipal corporation and political subdivision of the State of Colorado (individually, the "District" and collectively, the "Districts") (all parties individually, the "Party" and collectively, the "Parties"). RECITALS WHEREAS, the Districts were organized for the purpose of, inter alia, providing water improvements, sanitation improvements, street improvements, traffic and safety control improvements, street improvements, and park and recreation improvements for the benefit of their residents and taxpayers; and WHEREAS, the purpose and powers of the Districts are more specifically set forth in the Districts' Consolidated Service Plan, approved by the Town on April 26, 2023 (the "Service Plan"); and WHEREAS, the Service Plan contemplates entry into an intergovernmental agreement among the Town and the Districts; and WHEREAS, the Town and the Districts have determined it to be in the best interests of their respective taxpayers, residents, and property owners to enter into this Agreement. COVENANTS AND AGREEMENTS NOW, THEREFORE, in consideration of the covenants and mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 1. Application of Local Laws. The Districts hereby acknowledge that the property within their respective boundaries shall be subject to the generally applicable ordinances, rules and regulations of the Town relating to zoning, subdividing, building, dedication and acceptance of public improvements, and land use. 2. Application of Certain Agreements. The Districts will comply with the approved Planned Development District Plan (including without limitation the June 4, 2003 Annexation Agreement applicable to any service area of the Districts) for the Districts as amended and supplemented from time to time. 3. Issuance of Bonds. 1 a. The Districts agree that they will provide the Town with a minimum of thirty (30) days advance notice of any issuance of new money bonds or refunding bonds. b. The Districts shall prepare a Service Plan amendment and financing plan for the Town's prior approval before the issuance of any debt outside the parameters established pursuant to the Service Plan. c. The maximum mill levies identified in the Service Plan shall not be exceeded without the approval of the Board of Trustees of the Town ("Town Board") and shall be viewed as a material modification of the Districts' Service Plan. d. The total combined Service Plan debt limit in the Service Plan shall not exceed $200,000,000 without approval of the Boards of Directors of the Districts and the Town Board's approval of a material modification of the Service Plan. e. All limitations relating to the Districts' Financing Plan and issuance of debt, contained in the Districts' Service Plan, are incorporated herein by this reference. 4. Certain Items Requiring Town Board Approval. The Districts agree that other than as allowed by the Service Plan, the following actions that may be undertaken by the Districts shall be subject to the prior approval of the Town Board as evidenced by a resolution adopted by the Town Board; provided, however, that the following actions shall not constitute a material modification of the Service Plan. a. Inclusions. Other than certain property as described in the Service Plan, the inclusion of property within the boundaries of the Districts; b. Exclusions. Other than certain property as described in the Service Plan, any exclusion of property from the boundaries of the Districts; c. Extraterritorial Service. The provision of service to a customer located outside of the boundaries of the Districts; d. Initiation of or Consent to Consolidation. The filing by any of the Districts of a request or resolution with the District Court to consolidate with another district; e. Consent for an Overlapping District. The provision by any of the Districts of its consent, if required pursuant to Section 32-1-107(3)(b)(IV), C.R.S., for the overlapping of any other special district or metropolitan district. 5. Certain Items Requiring Notice to Town, Departures. As soon as practicable, the Districts shall provide written notice to the Town in the event any of the following occurs: 2 a. Failure by the Districts to make a scheduled debt service payment when due. b. Failure for an unreasonable time to commence or diligently pursue completion of a capital facility to be constructed with bond proceeds after the scheduled start date for construction. The Town acknowledges that certain federal regulations allow at least three years for the construction of facilities following the issuance of certain bonds. c. Failure to perform this Agreement. d. Failure to conform to the Special District Act as it applies to the Districts. The occurrence of any of the foregoing actions or events shall constitute a material departure from the Service Plan; provided, however, that the foregoing are only examples and are not an exclusive list of all matters that may constitute material departures from the Service Plan. In the event of any such material departure from the Service Plan, the Town may pursue the remedies provided by law for any such departure, and/or it may require the Districts to submit a proposal for a material modification of the Service Plan to resolve such departure in accordance with the provisions of Section 7 hereof. 6. Annual Report. The Districts shall submit an annual report to the Town within 90 days following the conclusion of the Districts' fiscal year. Such report shall include information as to the following matters that occurred during the year: a. Narrative summarizing the Districts' efforts toward meeting their goals, objectives, and schedules. b. Boundary changes made or proposed. c. Intergovernmental agreements made or proposed. d. Material changes or proposed changes in the Districts' operations. e. Any material changes in the financial status of the Districts including revenue projections or operating costs. f. A summary of any litigation which involves the Districts. g. past year. A summary of the capital facilities constructed by the Districts during the h. A summary of residential and commercial development within the Districts during the past year. i. The Districts' schedule of rates, fees, tolls, charges, and penalties. 3 J. Certification by each Board of Directors that there have been no actions taken by the respective District that would constitute a material modification of the Service Plan during the past year. k. Proposed capital facility plans for the year immediately following the year summarized in the annual report. 1. Certified assessed valuation in each District. m. Annual budget for each District. n. Annual audited financial statements or audit exemption application of each District. o. A summary of financial obligations, including total debt authorized and total debt issued. p. Names, telephone numbers, and terms of members of the Boards of Directors and officers. q. A listing of any developer repayments. r. An explanation of any increase or decrease in the debt service mill levy reflective of a change in the method of calculating assessed valuation, as provided in the Service Plan. 7. Dissolution. Upon the determination by resolution of the Town Board that the Districts have accomplished their objectives, in good faith and at the Districts' expense, the Districts shall file petitions in the District Court for dissolution of their respective District at the request of the Town if provision for payment of the financial obligations of the District has been made, with dissolution subject to completion of all required statutory and election procedures. The Town agrees that, in the event that the eligible electors voting at a dissolution election do not approve the dissolution, the Town will not request dissolution for a period of at least two years thereafter. Nothing herein shall preclude the Town from pursuing exclusion or dissolution of one or more of the Districts pursuant to other provisions of Colorado law or of this Agreement. 8. Procedure for Modification of Service Plan. The Districts shall obtain the prior written approval of the Town before making any material modifications to the Service Plan. a. Material modifications shall include modifications of a basic or essential nature including: 4 i. any additions to the types of services initially provided by the Districts; ii. a decrease in the level of services; iii. a decrease in the financial ability of the Districts to discharge the existing or proposed indebtedness; iv. change in the total Service Plan debt limit; v. change in maximum mill levy; vi. decrease in the existing or projected need for organized service in the area. The examples above are only examples and are not an exclusive list of all actions which may be identified as a material modification. b. The Town's approval for modification shall not be required for changes necessary only for the execution of the Service Plan if they contain modifications that have been approved by the Town in the future. c. Material modifications of the Service Plan of the Districts shall be considered by the Town Board pursuant to Section 32-1-204.5 and 32-1-207, C.R.S. as follows: i. Prior to submission of a written proposal to modify the Service Plan, the Districts shall discuss the proposal informally with the Town Manager and Town Attorney. ii. The Districts shall set forth, in writing, the proposed modification to the Service Plan (including its purpose and estimated financial impact, if any) in such detail as may be reasonably required by the Town ("Proposed Amendment"). iii. The Districts shall submit one copy of the Proposed Amendment to the Town Manager, and one copy to the Town Attorney, at least 10 days before a meeting of the Town Board. iv. At its next meeting after the filing, the Town Board shall set the date, time, and place for a public hearing on the Proposed Amendment, such public hearing shall occur no later than 30 days after the filing and may be continued by the Town for an additional 30 days. v. Unless waived by the Town, the Districts shall provide notice by publication as defined in Section 32-1-103(15), C.R.S. of the date, time, place and purpose of the hearing on the Proposed Amendment. vi. The Town Board shall hold a public hearing on the Proposed Amendment in accordance with its regular procedures for public hearings. vii. The Town Board shall provide a written decision on the Proposed Amendment within 10 days of the conclusion of the hearing which shall be in the form of an adopted resolution approving, 5 conditionally approving, or disapproving the Proposed Amendment as needed. 9. Limitation on Requests to Add Additional Powers. The Districts shall not request Town approval of modification of the Service Plan to add a power that is included in the service plan of an overlapping district (such as park and recreation powers) without first obtaining the consent of such overlapping district a required by Section 32-1- 107(3)(b)(1V), C.R.S. 10. Collection and Allocation of Fees. Prior to the collection of development fees, the Town and the District or Districts shall enter into intergovernmental agreements concerning the method of collection and allocation of their respective rates, fees, tolls, penalties, and charges, which shall not affect the amount of the fees. Such agreements may include provisions wherein the Town collects such fees prior to the issuance of a permit and collects and retains a reasonable administrative fee to provide such service. 11. Procedure for Dedication of Improvements to the Town. The Districts intend to dedicate all of the improvements that they construct to the Town or such other entity as the Town may direct. It is the intent of the Districts to operate improvements only during the limited period prior to the acceptance of such dedications or in unusual circumstances, such as when the Town or other recipient does not want to accept the improvements. The dedication of improvements by the Districts and acceptance of improvements by the Town shall be completed in accordance with the generally applicable regulations of the Town governing the dedication and acceptance of public improvements as the same may be amended from time to time. The offering of improvements for dedication by the Districts and the acceptance of improvements offered for dedication by the Town shall not be unreasonably withheld or delayed. All conveyance documents shall be in such form as is reasonably acceptable to the Town. 12. Entire Agreement of the Parties. This Agreement constitutes the entire agreement among the Parties and supersedes all prior written or oral agreements, negotiations, or representations and understanding of the Parties with respect to the subject matter contained herein. 13. Amendment. This Agreement may be amended, modified, changed, or teiininated in whole or in part only by a written agreement duly authorized and executed by the Parties hereto and without amendment to the Service Plan. 14. Enforcement. The Parties agree that this Agreement may be enforced in law or in equity for specific performance, injunctive, or other appropriate relief, including damages, as may be available according to the laws and statutes of the State of Colorado. It is specifically understood that by executing this Agreement each Party commits itself to perform pursuant to the terms contained herein, and that any breach hereof which results in any recoverable damages shall not cause the termination of any obligations created by this Agreement. 6 15. Venue. Venue for any action arising out of any dispute hereunder shall be in the Grand County District Court of the State of Colorado. 16. Third Party Beneficiaries. Except as otherwise stated herein, this Agreement is intended to describe the rights and responsibilities of and among the named Parties and is not intended to, and shall not be deemed to, confer any rights upon any persons or entities not named as parties. 17. Retained Powers. This Agreement shall not limit in any way the police powers and responsibilities of the Town. 18. Effect of Invalidity. If any portion hereof is held invalid or unenforceable by a court of competent jurisdiction as to any Party or as to all Parties, such portion shall be deemed severable and its invalidity or its unenforceability shall not cause the entire Agreement to be terminated. 19. Assignability. Neither the Town nor the Districts shall assign their rights or delegate their duties hereunder without the prior written consent of the other Parties. Notwithstanding the foregoing, one District may assign or delegate any or all of its duties hereunder to another District without the Town's consent. 20. Successors and Assigns. This Agreement and the rights and obligations created hereby shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and assigns. [Signature pages to follow] 7 WEST MOUNTAIN METROPOLITAN DISTRICT President ATTEST: Secretary WEST MOUNTAIN METROPOLITAN DISTRICT NO. 2 President ATTEST: Secretary WEST MOUNTAIN METROPOLITAN DISTRICT NO. 3 President ATTEST: Secretary WEST MOUNTAIN METROPOLITAN DISTRICT NO. 4 President ATTEST: Secretary 8 WEST MOUNTAIN METROPOLITAN DISTRICT NO. 5 President ATTEST: Secretary TOWN OF FRASER Mayor ATTEST: Town Clerk 9 INTERGOVERNMENTAL AGREEMENT AMONG TOWN OF FRASER, BYERS VIEW METROPOLITAN DISTRICT, GP NORTH MEADOW METROPOLITAN DISTRICT, AND GP SOUTH MEADOW METROPOLITAN DISTRICT THIS INTERGOVERNMENTAL AGREEMENT ("Agreement") is made and entered into this day of , 2023, by and among the Town of Fraser, a municipal corporation of the State of Colorado ("Town"); and Byers View Metropolitan District,. GP North Meadow Metropolitan District, and GP South Meadow Metropolitan District, each a quasi - municipal corporation and political subdivision of the State of Colorado (individually, the "District" and collectively, the "Districts") (all parties individually, the "Party" and collectively, the "Parties"). RECITALS WHEREAS, the Districts were organized for the purpose of, inter alia, providing water improvements, sanitation improvements, street improvements, traffic and safety control improvements, street improvements, and park and recreation improvements for the benefit of their residents and taxpayers; and WHEREAS, the purpose and powers of the Districts are more specifically set forth in the Districts' Consolidated Service Plan, approved by the Town on April 26, 2023 (the "Service Plan"); and WHEREAS, the Service Plan contemplates entry into an intergovernmental agreement among the Town and the Districts; and WHEREAS, the Town and the Districts have determined it to be in the best interests of their respective taxpayers, residents, and property owners to enter into this Agreement. COVENANTS AND AGREEMENTS NOW, THEREFORE, in consideration of the covenants and mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 1. Application of Local Laws. The Districts hereby acknowledge that the property within their respective boundaries shall be subject to the generally applicable ordinances, rules and regulations of the Town relating to zoning, subdividing, building, dedication and acceptance of public improvements, and land use. 2. Application of Certain Agreements. The Districts will comply with the approved Planned Development District Plan (including without limitation the June 4, 2003 Annexation Agreement applicable to any service area of the Districts) for the Districts as amended and supplemented from time to time. 1 3. Issuance of Bonds. a. The Districts agree that they will provide the Town with a minimum of thirty (30) days advance notice of any issuance of new money bonds or refunding bonds. b. The Districts shall prepare a Service Plan amendment and financing plan for the Town's prior approval before the issuance of any debt outside the parameters established pursuant to the Service Plan. c. The maximum mill levies identified in the Service Plan shall not be exceeded without the approval of the Board of Trustees of the Town ("Town Board") and shall be viewed as a material modification of the Districts' Service Plan. d. The total combined Service Plan debt limit in the Service Plan shall not exceed $85,000,000 without approval of the Boards of Directors of the Districts and the Town Board's approval of a material modification of the Service Plan. e. All limitations relating to the Districts' Financing Plan and issuance of debt, contained in the Districts' Service Plan, are incorporated herein by this reference. 4. Certain Items Requiring Town Board Approval. The Districts agree that other than as allowed by the Service Plan, the following actions that may be undertaken by the Districts shall be subject to the prior approval of the Town Board as evidenced by a resolution adopted by the Town Board; provided, however, that the following actions shall not constitute a material modification of the Service Plan. a. Inclusions. Other than certain property as described in the Service Plan, the inclusion of property within the boundaries of the Districts; b. Exclusions. Other than certain property as described in the Service Plan, any exclusion of property from the boundaries of the Districts; c. Extraterritorial Service. The provision of service to a customer located outside of the boundaries of the Districts; d. Initiation of or Consent to Consolidation. The filing by any of the Districts of a request or resolution with the District Court to consolidate with another district; e. Consent for an Overlapping District. The provision by any of the Districts of its consent, if required pursuant to Section 32-1-107(3)(b)(IV), C.R.S., for the overlapping of any other special district or metropolitan district. 5. Certain Items Requiring Notice to Town, Departures. As soon as practicable, the Districts shall provide written notice to the Town in the event any of the following occurs: 2 a. Failure by the Districts to make a scheduled debt service payment when due. b. Failure for an unreasonable time to commence or diligently pursue completion of a capital facility to be constructed with bond proceeds after the scheduled start date for construction. The Town acknowledges that certain federal regulations allow at least three years for the construction of facilities following the issuance of certain bonds. c. Failure to perform this Agreement. d. Failure to conform to the Special District Act as it applies to the Districts. The occurrence of any of the foregoing actions or events shall constitute a material departure from the Service Plan; provided, however, that the foregoing are only examples and are not an exclusive list of all matters that may constitute material departures from the Service Plan. In the event of any such material departure from the Service Plan, the Town may pursue the remedies provided by law for any such departure, and/or it may require the Districts to submit a proposal for a material modification of the Service Plan to resolve such departure in accordance with the provisions of Section 7 hereof. 6. Annual Report. The Districts shall submit an annual report to the Town within 90 days following the conclusion of the Districts' fiscal year. Such report shall include information as to the following matters that occurred during the year: a. Narrative summarizing the Districts' efforts toward meeting their goals, objectives, and schedules. b. Boundary changes made or proposed. c. Intergovernmental agreements made or proposed. d. Material changes or proposed changes in the Districts' operations. e. Any material changes in the financial status of the Districts including revenue projections or operating costs. f. A summary of any litigation which involves the Districts. g. past year. A summary of the capital facilities constructed by the Districts during the h. A summary of residential and commercial development within the Districts during the past year. 3 i. The Districts' schedule of rates, fees, tolls, charges, and penalties. �. Certification by each Board of Directors that there have been no actions taken by the respective District that would constitute a material modification of the Service Plan during the past year. k. Proposed capital facility plans for the year immediately following the year summarized in the annual report. 1. Certified assessed valuation in each District. m. Annual budget for each District. n. Annual audited financial statements or audit exemption application of each District. o. A summary of financial obligations, including total debt authorized and total debt issued. p. Names, telephone numbers, and terms of members of the Boards of Directors and officers. q. A listing of any developer repayments. r. An explanation of any increase or decrease in the debt service mill levy reflective of a change in the method of calculating assessed valuation, as provided in the Service Plan. 7. Dissolution. Upon the determination by resolution of the Town Board that the Districts have accomplished their objectives, in good faith and at the Districts' expense, the Districts shall file petitions in the District Court for dissolution of their respective District at the request of the Town if provision for payment of the financial obligations of the District has been made, with dissolution subject to completion of all required statutory and election procedures. The Town agrees that, in the event that the eligible electors voting at a dissolution election do not approve the dissolution, the Town will not request dissolution for a period of at least two years thereafter. Nothing herein shall preclude the Town from pursuing exclusion or dissolution of one or more of the Districts pursuant to other provisions of Colorado law or of this Agreement. 8. Procedure for Modification of Service Plan. The Districts shall obtain the prior written approval of the Town before making any material modifications to the Service Plan. a. Material modifications shall include modifications of a basic or essential nature including: 4 i. any additions to the types of services initially provided by the Districts; ii. a decrease in the level of services; iii. a decrease in the financial ability of the Districts to discharge the existing or proposed indebtedness; iv. change in the total Service Plan debt limit; v. change in maximum mill levy; vi. decrease in the existing or projected need for organized service in the area. The examples above are only examples and are not an exclusive list of all actions which may be identified as a material modification. b. The Town's approval for modification shall not be required for changes necessary only for the execution of the Service Plan if they contain modifications that have been approved by the Town in the future. c. Material modifications of the Service Plan of the Districts shall be considered by the Town Board pursuant to Section 32-1-204.5 and 32-1-207, C.R.S. as follows: i. Prior to submission of a written proposal to modify the Service Plan, the Districts shall discuss the proposal informally with the Town Manager and Town Attorney. ii. The Districts shall set forth, in writing, the proposed modification to the Service Plan (including its purpose and estimated financial impact, if any) in such detail as may be reasonably required by the Town ("Proposed Amendment"). iii. The Districts shall submit one copy of the Proposed Amendment to the Town Manager, and one copy to the Town Attorney, at least 10 days before a meeting of the Town Board. iv. At its next meeting after the filing, the Town Board shall set the date, time, and place for a public hearing on the Proposed Amendment, such public hearing shall occur no later than 30 days after the filing and may be continued by the Town for an additional 30 days. v. Unless waived by the Town, the Districts shall provide notice by publication as defined in Section 32-1-103(15), C.R.S. of the date, time, place and purpose of the hearing on the Proposed Amendment. vi. The Town Board shall hold a public hearing on the Proposed Amendment in accordance with its regular procedures for public hearings. vii. The Town Board shall provide a written decision on the Proposed Amendment within 10 days of the conclusion of the hearing which shall be in the form of an adopted resolution approving, 5 conditionally approving, or disapproving the Proposed Amendment as needed. 9. Limitation on Requests to Add Additional Powers. The Districts shall not request Town approval of modification of the Service Plan to add a power that is included in the service plan of an overlapping district (such as park and recreation powers) without first obtaining the consent of such overlapping district a required by Section 32-1-107(3)(b)(1V), C.R.S. 10. Collection and Allocation of Fees. Prior to the collection of development fees, the Town and the District or Districts shall enter into intergovernmental agreements concerning the method of collection and allocation of their respective rates, fees, tolls, penalties, and charges, which shall not affect the amount of the fees. Such agreements may include provisions wherein the Town collects such fees prior to the issuance of a permit and collects and retains a reasonable administrative fee to provide such service. 11. Procedure for Dedication of Improvements to the Town. The Districts intend to dedicate all of the improvements that they construct to the Town or such other entity as the Town may direct. It is the intent of the Districts to operate improvements only during the limited period prior to the acceptance of such dedications or in unusual circumstances, such as when the Town or other recipient does not want to accept the improvements. The dedication of improvements by the Districts and acceptance of improvements by the Town shall be completed in accordance with the generally applicable regulations of the Town governing the dedication and acceptance of public improvements as the same may be amended from time to time. The offering of improvements for dedication by the Districts and the acceptance of improvements offered for dedication by the Town shall not be unreasonably withheld or delayed. All conveyance documents shall be in such form as is reasonably acceptable to the Town. 12. Entire Agreement of the Parties. This Agreement constitutes the entire agreement among the Parties and supersedes all prior written or oral agreements, negotiations, or representations and understanding of the Parties with respect to the subject matter contained herein. 13. Amendment. This Agreement may be amended, modified, changed, or terminated in whole or in part only by a written agreement duly authorized and executed by the Parties hereto and without amendment to the Service Plan. 14. Enforcement. The Parties agree that this Agreement may be enforced in law or in equity for specific performance, injunctive, or other appropriate relief, including damages, as may be available according to the laws and statutes of the State of Colorado. It is specifically understood that by executing this Agreement each Party commits itself to perform pursuant to the terms contained herein, and that any breach hereof which results in any recoverable damages shall not cause the termination of any obligations created by this Agreement. 15. Venue. Venue for any action arising out of any dispute hereunder shall be in the Grand County District Court of the State of Colorado. 6 16. Third Party Beneficiaries. Except as otherwise stated herein, this Agreement is intended to describe the rights and responsibilities of and among the named Parties and is not intended to, and shall not be deemed to, confer any rights upon any persons or entities not named as parties. 17. Retained Powers. This Agreement shall not limit in any way the police powers and responsibilities of the Town. 18. Effect of Invalidity. If any portion hereof is held invalid or unenforceable by a court of competent jurisdiction as to any Party or as to all Parties, such portion shall be deemed severable and its invalidity or its unenforceability shall not cause the entire Agreement to be terminated. 19. Assignability. Neither the Town nor the Districts shall assign their rights or delegate their duties hereunder without the prior written consent of the other Parties. Notwithstanding the foregoing, one District may assign or delegate any or all of its duties hereunder to another District without the Town's consent. 20. Successors and Assigns. This Agreement and the rights and obligations created hereby shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and assigns. [Signature page to follow] 7 BYERS VIEW METROPOLITAN DISTRICT President ATTEST: Secretary GP NORTH MEADOW METROPOLITAN DISTRICT President ATTEST: Secretary GP SOUTH MEADOW METROPOLITAN DISTRICT President ATTEST: Secretary TOWN OF FRASER Mayor ATTEST: Town Clerk 8 NOTICE OF PUBLIC HEARING ON FIRS- AMENDMENT TO FIRST" Ai ,NDED AND RESTATED CONSOLIDATE[) SERVICE PLAN WEST MOUNTAIN METROPOLITAN IDS Y,RIC"I:', WEST I II_;ADOW METROP()L➢TAN I:➢IS] RIC'T, AND BYERS VIEW Mil IROPOLI"IRAN D:IS'IRIC'1", TOWN "),IF FRA.SER, COUNTY OF GRAND, STATE OF COLORADO PUBLIC NOTICE IS IIEREBY GIVEN that pursuant to Section 32-1-204(1), C.R.S., a First Amendment to First Amended as d Restated. Consolidated Service Plan ("First Amendment") for West. Mountain Metropolitan District, West MeadowMetropolitan District, and Byers View Metropolitan. District (collectively, the "Districts") has been filed with the Town of Fraser, 153 Fraser Avenue, Fraser, CO 80442, and is available for public inspection there. A public hearing on the First Amendment and related matters is scheduled. for Wednesday, April 26, 202.3 at 6:00 p.m., or as soon as possible thereafter, at the Town Hall, 1.53 Fraser Avenue, Fraser, CO 80442, or at such other time and place as the hearing may. be continued, The purpose of fire 1ue wing is to consider the First Amendment and forma basis for Board of Trustees to adopt a resolution approving, conditionally approving, or disapprovin Amm.ndment. The Districts contain approximately 1,332 acres and are generally located south intersection of Highway 72 and I lighway 40, in Fraser, Colorado. A full legal description is available from the office of Spencer Fane LIT, 1700 Lincoln Street, Suite 2000, Denver, Colorado 80203. The proposed First. A.m.errdrment will remove Byers View Metropolitan District and West Mountain Metropolitan District from the Service Plan to allow for such Districts to be governed by new service plans and will reduce the debt authorization limit for Meadow :Metropolitan District, The maximum mil' West mill levies will remain the same with the maxirnurn debt service mill levy,at 50 mills and the maximum operations and maintenance mill levy at 5 mills, ascr NOTICE IS FU GIVEN that pursuant to Section 32.1-203(3.5), C.R.S., as amen Led, no later than ten days prior to the public hearing on the Service Plan, any owner of real property within the District(s) may :tile a petition with the Fraser Board of Trustees (the "Board") requesting that such real. property be excluded from. the District(s). 'Fhe Board shall not be limited in its action with respect to the exclusion of property based upon such request. Any request for exclusion shall be acted upon 'before final action of the Board concerning approval of the Service Plan. By: Town rk r, Colorado