4 Way Commercial Metropolitan District

In accordance with Section 32-104.5(3)(X), C.R.S., the following general explanation in plain, nontechnical language, is provided.  This information is intended to be read in conjunction with all applicable legal requirements, governing documents, agreements, resolutions, and determinations of the Board of Directors of the District.

1.  A metropolitan district is a special district that provides any two or more of the following services:

(a) Fire protection;

(b) Mosquito control;

(c) Parks and recreation;

(d) Safety protection;

(e) Sanitation;

(f) Solid waste disposal facilities or collection and transportation of solid waste;

(g) Street improvement;

(h) Television relay and translation;

(i) Transportation;

(j) Water;

(k) Covenant enforcement.

2.  In accordance with the District’s Service Plan, the District may provide the following public improvements and services:

(a) Fire protection;

(b) Mosquito control;

(c) Parks and recreation;

(d) Safety protection;

(e) Sanitation;

(f) Solid waste disposal facilities or collection and transportation of solid waste;

(g) Street improvement;

(h) Television relay and translation;

(i) Transportation;

(j) Water; and

(k) Covenant enforcement.

The District is not undertaking construction of public improvements at this time.

The District does not currently provide any ongoing services.

3.  In accordance with the District’s Service Plan, the total amount of debt the District can incur to provide and pay for public infrastructure is Thirty-Six Million Six Hundred Eighty-Five Thousand Dollars ($36,685,000).

4.  In accordance with the District’s Service Plan, the following revenue may be used to pay for the District’s debt: All Debt issued by the District may be payable from any and all legally available revenues of the District, including general ad valorem taxes to be imposed upon all taxable property of the District.

5.  In accordance with the District’s Service Plans, the maximum mill levy the District may assess to pay for its debt is: fifty (50) mills; provided that if, if after approval of this Service Plan, the laws of the State change with respect to the assessment of property for taxation purposes, the method of calculating assessed valuation or any other similar changes occur, an allowed adjustment to the Maximum Debt Service Mill Levy determined by the Board in good faith so that to the extent possible, the actual tax revenues generated by the Maximum Debt Service Mill Levy are neither diminished nor enhanced as a result of such changes.

6.  Residents may serve on the Board of Directors of a District if they are eligible electors of that District. A resident is an eligible elector of a District if the resident lives within the boundaries of the District and is registered to vote in Colorado.