Uplands Metropolitan District Nos. 1 and 2

2024 ANNUAL REPORT
UPLANDS METROPOLITAN DISTRICT NOS. 1 AND 2

As required by Section 32-1-207(3)(c), C.R.S., and Section XVII of the Consolidated Service Plan (the “Service Plan”) for the Uplands Metropolitan District Nos. 1 and 2 (respectively, “District No. 1” and “District No. 2” and collectively, the “Districts”), the following report of the Districts’ activities from January 1, 2024, to December 31, 2024, is hereby submitted.

A.                Summary of the progress of the Districts in implementing the Service Plan: The Districts were organized December 2, 2022, and held their organizational meetings on December 14, 2022.  The progress of the Districts implementing their Service Plan is proceeding as planned.

B.                 Audited financial statements for the reporting year (or application for exemption from audit): District No. 2 is currently exempt from audit, pursuant to Section 29-1-604, C.R.S. A copy of the District No. 2 Application for Exemption from 2024 Audit is linked below. The 2024 Audit for District No. 1 is in progress and will be provided once complete.

C.                 Summary of capital expenditures incurred in development of public facilities and any capital improvements or projects proposed to be undertaken in the five (5) years following the Report Year: The Districts incurred capital expenditures in development of public improvements or facilities in 2024. It is anticipated that additional capital expenditures for public improvements identified in plats and development plans approved by the City will continue for years 2025-2030.

D.                Summary of financial obligations, including the amount of outstanding debt, the amount and terms of any new debt or long-term obligations issued in the Report Year, the amount of payment or retirement of existing indebtedness in the Report Year, the total assessed valuation of all taxable properties within the Districts as of January 1 of the Report Year, and the current mill levy of the Districts pledged to debt retirement in the Report Year:

District No. 1 issued its Limited Tax General Obligation Bonds, Series 2023A, in the aggregate principal amount of $15,940,000, and its Subordinate Limited Tax General Obligation Bonds, Series 2023B(3), in the aggregate principal amount of up to $28,097,000 on September 1, 2023 (collectively, the “Series 2023 Bonds”). Additional information respecting the terms of the Series 2023 Bonds will be available in the 2024 Audit for District No. 1.

District No. 1 Final Assessed Valuation: $3,504,720

District No. 2 Final Assessed Valuation: $63,090

E.                 Current year’s budget: 

F.                  Summary of residential and/or commercial development: No residential and/or commercial development commenced during 2024.

G.                Summary of all fees imposed by the District: District No. 1 adopted Resolution No. 2023-08-01; Facilities Fee Resolution on August 22, 2023, and recorded in the real property records of Adams County on September 26, 2023, at Reception No. 2023000054701 (the “Facilities Fee Resolution”). In accordance with the Facilities Fee Resolution, District No. 1 imposes a $3,000.00 fee upon Single Family Dwelling Units (as defined in the Facilities Fee Resolution) and a $2,000.00 fee upon Townhome Dwelling Units (as defined in the Facilities Fee Resolution), which are payable to District No. 1 on or before the issuance of a building permit for such dwelling unit.  District No. 2 did not impose any fees during 2024.

H.                Certification of the Board of Directors of the respective Districts (collectively, the “Board”) that no action, event or condition enumerated in Section 11 of the Policy has occurred in the Report Year: There were no material modifications to the Service Plan in 2024.

On July 14, 2025, the City of Westminster approved a First Amendment to the Consolidated Service Plan for Uplands Metropolitan District Nos. 1 and 2.

I.                    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:

Mark Nickless

4601 DTC Blvd., Suite 525

Denver, CO 80237

970-439-1946

Jeff Handlin

4601 DTC Blvd., Suite 525

Denver, CO 80237

970-439-1946

Amber Sands

4601 DTC Blvd., Suite 525

Denver, CO 80237

970-439-1946

Chad Ellington

1480 Humboldt Street

Denver, CO 80218

970-439-1946

Matt Childers

2000 N. Clay Street

Denver, CO 80211

904-644-7670

Chief Administrative Officer and General Counsel:

McGeady Becher Cortese Williams P.C.

Paula J. Williams, Esq.

450 E. 17th Avenue, Suite 400

Denver, CO 80203

303-592-4380

2025 Regular Meetings: April 2, 2025, July 2, 2025, and October 29, 2025 at 10:00 a.m. to be held via video/teleconference

J.                   Boundary changes made:  No boundary changes occurred in 2024.

K.                Intergovernmental Agreements entered into or terminated:  

The Districts did not enter into or terminate any Intergovernmental Agreements in 2024.

L.                 Access information to obtain a copy of rules and regulations adopted: The Districts have not adopted any rules and regulations as of December 31, 2024.  In the event the Districts adopt such in the future, they may be accessed at the offices of McGeady Becher Cortese Williams P.C., 450 E. 17th Avenue, Suite 400, Denver, Colorado 80203, or on the District’s website: https://uplandsmetrodistricts.specialdistrict.org/.

M.               Summary of litigation involving the District’s public improvements: To our knowledge, the Districts have not been involved in any litigation.

N.                Status of the Districts construction of public improvements: No construction of public improvements commenced during 2024.

O.                Conveyances or dedications of facilities or improvements, constructed by the District, to the City:  None.

P.                  Notice of any uncured events of default by the Districts, which continue beyond a ninety (90) day period, under any debt instrument: To our knowledge, there are no uncured events of default by the Districts which continue beyond a ninety (90) day period.

Q.                Any inability of the Districts to pay obligations as they come due, in accordance with the terms of such obligations, which continues beyond a ninety (90) day period: To our knowledge, the Districts have been able to pay obligations as they come due.

*For accessibility purposes, this is an alternate conforming version of the Annual Report

2025 Mill Levy - 23.906 Mills

2024 Mill Levy - 23.906 Mills

2023 Audit Exemption

The 2025 Transparency Notices for the Districts can be accessed on the Special District Association:

https://www.sdaco.org/special-district-transparency-notice/sda-transparency/search/p/U