Palisade Metropolitan District Nos. 1 and 2

2025 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, 2025 to December 31, 2025 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 following Intergovernmental Agreement described below during the reporting year.

·         First Amendment to Intergovernmental Agreement for Operations Cost Sharing. On August 12, 2025, Palisade Metropolitan District No. 1 (“Palisade No. 1”) and the District entered into a First Amendment to Intergovernmental Agreement for Operations Cost Sharing (“First Amendment”), which First Amendment amends the allocation of the Operations Costs (as defined therein) in accordance with the updated allocation percentages established in the Updated Allocation Report (as defined therein), commencing on the Effective Date (as defined therein) and to further clarify the Operations Services (as defined therein) to be provided by the District.

C.                 Access information to obtain a copy of rules and regulations adopted: On May 5, 2025, the Board of Directors of the District adopted a Resolution Adopting the Park and Amphitheater Rules and Regulations, a copy of which is linked below. In the event the District adopts additional 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, or by request via email to: info@specialdistrictlaw.com. The District’s website can be accessed via: https://palisademetropolitandistricts.specialdistrict.org/.

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 constructed, or financed the construction of, the following public improvements during the reporting year:

·         Improvements for the Palisade Park Amphitheater were completed and the Amphitheater began operations in 2025.

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: The final gross total taxable assessed valuation of the District for the reporting year is $14,581,760 and the final net total taxable assessed valuation of the District for the reporting year is $149,644.

H.                Current year’s budget: A copy of the District’s 2026 budget is linked below.

I.                    Audited financial statements for the reporting year (or application for exemption from audit): A copy of the 2025 Audit is linked below.

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, references to exhibits have been removed and links to exhibit documents have been added. For a copy of the Annual Report with exhibits as filed with the jurisdiction, please contact info@specialdistrictlaw.com. 

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

2026 Mill Levy - 51.702 Mills

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/lc/sda-transparency/notice/id/1105