Palisade Metropolitan District Nos. 1 and 2

2023 ANNUAL REPORT
PALISADE METROPOLITAN DISTRICT NO. 2

As required by Section 32-1-207(3)(c), C.R.S. and Section XI of the First Amended and Restated Service Plan for Palisade Metropolitan District No. 2 (the “District”), approved by the City and County of Broomfield, Colorado (the “City”) on December 2, 2014, and as subsequently amended, the following report of activities from January 1, 2023 to December 31, 2023 is hereby submitted.

A.                Boundary changes made: The District did not make any boundary changes during the reporting year.

B.                 Intergovernmental Agreements entered into or terminated: The District entered into the Intergovernmental Agreements described below during the reporting year.

·         Amended and Restated Park Cost Sharing Intergovernmental Agreement.  On September 14, 2023, the District, Palisade Metropolitan District No. 1, Palisade Park North Metropolitan District Nos. 1, 2 and 3 and Palisade Park West Metropolitan District (hereinafter referred to collectively as the “Palisade Districts”) entered into an Amended and Restated Park Cost Sharing Intergovernmental Agreement, effective May 7, 2020, which amended and restated the Palisade Districts’ original Park Cost Sharing Intergovernmental Agreement in its entirety (the “Restated Park Cost Sharing IGA”).  The Restated Park Cost Sharing IGA: (i) identifies and approves the allocation of the costs incurred relative to certain regional park, open space, and recreation improvements of a regional nature as defined therein as the Spano Park Improvements and those subsequent regional park, open space and recreational improvements of a regional nature defined therein as the Urban Park Improvements; (ii) evidences the agreement of the District to finance and cause the construction of the Spano Park Improvements and Urban Park Improvements; and (iii) evidences the agreement of the remaining Palisade Districts to reimburse the District for such costs in accordance with an agreed-upon cost-sharing allocation.

·         First Amendment to the City and County of Broomfield Subdivision Improvement Agreement for Palisade Park Filing No. 1, Replat C Final Plat. On July 25, 2023, the District, the City and County of Broomfield, Kevamra, LLC, Palisade Brownstones, LLC, Palisade Brownstones II, LLC, and Chartered Development Corporation entered into the First Amendment to the City and County of Broomfield Subdivision Improvement Agreement for Palisade Park Filing No. 1, Replat C Final Plat (“First Amendment to SIA”).  The purpose of the First Amendment to SIA is to establish the District’s responsibility to construct certain park improvements within its boundaries, subject to the availability of funds, in a phased approach as indicated in the First Amendment to SIA.  In the event the District does not have funds available, Kevamra, LLC will construct or cause the construction of the park improvements and seek reimbursement from the District.

C.                 Access information to obtain a copy of rules and regulations adopted: The District does not currently have any rules and regulations and there were none proposed during the reporting year.  In the event the District adopts rules and regulations in the future, such documents may be accessed at the offices of McGeady Becher Cortese Williams P.C., 450 E. 17th Avenue, Suite 400, Denver, Colorado 80203.

D.                Summary of litigation involving the District’s public improvements: To our knowledge, the District is not involved in any litigation.

E.                 Status of the District’s construction of public improvements: The District did not construct any public improvements during the reporting year.

F.                  Conveyances or dedications of facilities or improvements, constructed by the District, to the City: There were no conveyances or dedications of facilities or improvements, constructed by the District, to the City during the reporting year.

G.                Final assessed valuation of the District for the reporting year:

$176,686

H.                Current year’s budget: 

I.                    Audited financial statements for the reporting year (or application for exemption from audit):

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

K.                Any inability of the District to pay its 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 District has been able to pay its obligations as they come due.

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

2025 Mill Levy - 50.518 Mills

2024 Mill Levy - 50.552 Mills

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/P