RRC Metropolitan District Nos. 1, 2, 4, 5 and 6, and RRC Authority

CONSOLIDATED ANNUAL INFORMATION REPORT
FOR THE YEAR 2023
RRC METROPOLITAN DISTRICT NOS. 1, 2, 4, 5 AND 6

As required by Section 32-1-207(3)(c), C.R.S., and Section VII of the Consolidated Amended and Restated Service Plan for RRC Metropolitan District Nos. 1 and 2 and Service Plan for RRC Metropolitan District Nos. 4-6 (individually “RRC No. 1,” “RRC No. 2,” “RRC No. 4,” “RRC No. 5,” “RRC No. 6,” and collectively, the “Districts”), approved by the Jefferson County Board of County Commissioners on August 23, 2022, the following report of the Districts’ activities from January 1, 2023 to December 31, 2023 is hereby submitted:

1.              Boundary changes made or proposed to the Districts’ boundary as of December 31 of the prior year.

a.     RRC No. 2 excluded three (3) parcels totaling 0.741 acres, effective August 23, 2023.  These parcels were included into RRC MD Nos. 4, 5 and 6 as noted below.

b.     RRC No. 4 included 0.235 acres, effective August 2, 2023.

c.     RRC No. 5 included 0.236 acres, effective August 2, 2023, and excluded 3.683 acres, effective August 22, 2023.

d.     RRC No. 6 included 0.270 acres, effective August 2, 2023, and excluded 11.273 acres, effective August 22, 2023.

2.              Intergovernmental Agreements with other governmental entities, either entered into, proposed, or terminated as of December 31 of the prior year.  The Districts are party to the following intergovernmental agreements:

a.     RRC Nos. 1 and 2:  Intergovernmental Agreement Regarding Debt Allocation, dated February 4, 2020 (along with RRC Metropolitan District No. 3).

b.     RRC Nos. 1 and 2:  Memorandum of Understanding, dated December 7, 2020.

c.     RRC Nos. 1 and 2:  Capital Pledge Agreement, dated December 17, 2021.

d.     RRC Nos. 1, 2, 4, 5 and 6:  RRC Authority Establishment Agreement, dated April 6, 2023.

3.              Copies of the Districts’ rules and regulations, if any, as of December 31 of the prior year, and access information to obtain.  As of December 31, 2023, none of the Districts have adopted any rules and regulations.  Should any rules and regulations be adopted, they would be available as follows:  contact McGeady Becher P.C., 450 E. 17th Ave., Suite 400, Denver, CO 80203-1254.  Phone:  303-592-4380.  Email:  info@specialdistrictlaw.com.

4.              A summary of any litigation which involves the Public Improvements as of December 31 of the prior year.  There was no litigation involving any of the Districts’ Public Improvements during 2023.

5.              Status of the Districts’ construction of the Public Improvements as of December 31 of the prior year.  See the following status for each filing within the Districts (Red Rocks Ranch Filings 2, 3A, 3B and 4):

a.     Filing 2 – All infrastructure is completed (earthwork, sanitary sewer, waterlines, storm sewer, concreted curb and gutter, and asphalt.  The process for acceptance of the improvements by Jefferson County is in progress, and is anticipated to be completed by the end of 2024.

                                               i.     Within Filing 2, design work was completed during 2023 on a community park located in Tract H, Filing 2, to consist of a splash pad building, playground, hillside slide, parking lot and turf soccer field.  The park and the splash pad are being constructed by the RRC Authority, with work commencing in 2024.

b.     Filing 3A & 3B – Earthwork started in 2023.  The public improvements (excluding landscaping) were completed in 2024.  The landscaping will be completed in either fall of 2024 or in spring of 2025.

c.     Filing 4 – Plans have been approved by Jefferson County.  Earthwork has started in 2024 and should be completed by the end of 2024.  Construction of the wet utilities and channel improvements should commence in the fall of 2024, with concrete and asphalt work commencing in the spring of 2025.

6.              A list of all facilities and improvements constructed by the Districts that have been dedicated to and accepted by the County or other governmental entity as of December 31 of the prior year.  See response to Item 5 above.

7.              The final assessed valuation of the Districts for the current year.

a.     RRC No. 1:  $11,205,108

b.     RRC No. 2:  $12,143,222

c.     RRC No. 4:  $421,984

d.     RRC No. 5:  $-0-

e.     RRC No. 6:  $1,204,603

8.              Current year budget, including a description of the Public Improvements to be constructed in such year.  See response to Item 5 above for information about Public Improvements to be constructed in 2024.

9.              Audit of the Districts’ (and any entity formed by one or more of the Districts) financial statements, for the year ending December 31 of the previous year, prepared in accordance with generally accepted accounting principles or audit exemption, if applicable.

10.           Notice of any uncured events of default by any of 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 any of the Districts which continue beyond a ninety (90) day period.

11.           Any inability of a District to pay its obligations as they come due, in accordance with the terms of such obligations, which continue beyond a ninety (90) day period.  To our knowledge, the Districts have been able to pay their obligations as they become due.

*For accessibility purposes, this is an alternate conforming version of the 2023 Annual Report

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

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