District Documents

Annual Reports

NINE MILE METROPOLITAN DISTRICT

2023 ANNUAL INFORMATION REPORT

As required by Section 32-1-207(3)(c), C.R.S. and pursuant to Section VII of the Service Plan approved by the Town of Erie, Colorado on August 13, 2019, the following report of the activities of Nine Mile Metropolitan District (the “District”) from January 1, 2023 to December 31, 2023 is hereby submitted.

(a) A narrative summary of the progress of the District in implementing its Service Plan;

The District was created February 4, 2020 and held its organizational meeting on February 18, 2020. The District is proceeding as planned with regard to implementing its Service Plan.

(b) Except when an exemption from audit has been granted for the fiscal year under the Local Government Audit Law, the audited financial statements of the District for the fiscal year including a statement of financial condition (i.e. balance sheet) as of December 31 of the fiscal year and the statement of operations (i.e. revenues and expenditures) for the fiscal year;

2023 Audit

(c) Unless disclosed within a separate schedule to the financial statements, a summary of the capital expenditures incurred by the District in development of public facilities in the fiscal year, as well as any capital improvements or projects proposed to be undertaken in the five (5) years following the fiscal year;

2023 expenses for public facilities/capital improvements were approximately $35,000.

The Developer has completed extensive planning, design and engineering work in connection with the development. Public infrastructure projects, including but not limited to; landscaping, road improvements, grading, storm water detention ponds, extension of water, sewer and storm sewer utilities were substantially completed by the Developer during 2021 and subsequently fully completed and closed out in 2022. No additional capital improvements or projects are proposed in the next five (5) years. The District’s primary ongoing responsibility will be maintaining its various public improvements while the Developer completes its remaining development activities within the District.

(d) Unless disclosed within a separate schedule to the financial statements, a summary of the financial obligations of the District at the end of the fiscal year, including the amount of outstanding indebtedness, the amount and terms of any new District indebtedness or long-term obligations issued in the fiscal year, the amount of payment or retirement of existing indebtedness of the District in the fiscal year, the total assessed valuation of all taxable properties within the District as of January 1 of the fiscal year, and the current mill levy of the District pledged to debt retirement in the fiscal year;

On October 30, 2020, the District issued $17,775,000 of Special Revenue Bonds Series 2020 (the “Bonds”) for the purpose of financing or reimbursing a portion of the costs of acquiring, constructing, and installing certain public improvements, funding reserves and capital interest, and paying certain costs in connection with the Bonds. The bonds are term bonds, of which, $4,515,000 bear interest at 4.625%, mature December 1, 2023; and $13,260,000 bear interest at 5.125%, mature December 1, 2040, payable semiannually on each June and December 1, commencing on December 1, 2020.

Summary table of annual long-term debt principal, interest, and total for years 2024-2040, totaling $27,872,765.

The Assessed Value for budget year 2024 was a net amount of $480,583.

Pursuant to the approved Service Plan, the District shall not impose a mill levy on taxable property within its boundaries as a source of revenue for repayment of debt. The District may impose a mill levy on taxable property within its boundaries as a source of revenue for operations and maintenance. The District imposed a 0.000 mill levy for budget years 2020-2024. The District’s revenue source is derived from Urban Renewal Area shared tax revenue, sales tax revenue and interest income.

(e) The District’s budget for the calendar year in which the annual report is submitted;

2024 Budget

(f) A summary of residential and commercial development which has occurred within the District for the fiscal year;

Since the issuance of the Series 2020 Bonds, the Developer has completed construction of all horizontal improvements for the development. The multi-family housing, Lowe’s, UCHealth and Taco Bell completed construction in 2022. King Soopers commenced construction of its grocery store and fuel center in March of 2023 and will open for business in the fall of 2024. The multi-tenant retail shop buildings and Chase Bank also commenced construction in 2023 with 2024 openings.

(g) A summary of all taxes, fees, charges and assessments imposed by the District as of January 1 of the fiscal year;

The District imposed a 0.000 mill levy for budget years 2020-2024.

(h) The name, business address and telephone number of each member of the Board and its chief administrative officer and general counsel, together with the date, place and time of the regular meetings of the Board.

Tyler Carlson- Board Member, President