District Documents

Annual Reports

2023 ANNUAL REPORT
TWIN PEAKS METROPOLITAN DISTRICT

As required by Section XVII of the Amended and Restated Service Plan approved by the City of Longmont, Colorado (the “City”) on May 7, 2013 and Section 32-1-207(3)(c), C.R.S. the following report of the activities of Twin Peaks Metropolitan District (the “District”) from January 1, 2023 to December 31, 2023 (the “Report Year”) is hereby submitted.

1. A narrative summary of the progress of the District in implementing its Amended and Restated Service Plan for the report year. In August 2014, the City of Longmont Urban Renewal Authority issued Certificates of Participation and at that time, the District entered into a Pledge Agreement with the City, whereby the District pledges its debt service revenues to the City.

2. Except when granted an exemption, an audit for the report year under the Local Government Audit Law, the audited financial statements of the District for the report year including a statement of financial condition (i.e. balance sheet) as of December 31 of the report year and the statement of operations (i.e. revenues and expenditures) for the report year. The 2023 Audit is linked here.

3. Unless disclosed within a separate schedule to the financial statements, a summary of the capital expenditures incurred by the District in construction of public facilities in the report year as well as any capital improvements or projects proposed to be undertaken in the five (5) years following the report year. See the 2023 Audit upon receipt. The City has coordinated the financing and construction of public improvements necessary to serve the project and the District is contributing toward the financing of the public improvements pursuant to the Pledge Agreement with the City. Please see the Amended and Restated Service Plan for capital improvements and projects to be undertaken.

Public improvements have been completed. No capital improvement projects are anticipated to be undertaken within the next five (5) years.

4. Unless disclosed within a separate schedule to the financial statements, a summary of the financial obligations of the District at the end of the report year, including the amount of outstanding indebtedness, the amount of payment or retirement of existing indebtedness of the District in the report year, the total assessed valuation of all taxable properties within the District as of January 1 of the report year, and the current mill levy of the District pledged to debt retirement in the report year. See the 2023 Audit upon receipt. On December 1, 2023, the District issued Subordinate Limited Tax General Obligation Bonds, Series 2023, in the Aggregate Principal Amount of $8,117,000. The 2023 total net assessed valuation of the District is $9,678,226. The District imposed 0.000 mills for the general fund and 25.000 mills for debt service and 25.000 mills for contractual obligations, for a total of 50.000 mills in 2023 for collection in 2024.

5. The District’s budget for the calendar year following the year in which the annual report is submitted. The District’s 2024 budget is linked here.

6. A summary of commercial development which has occurred within the District for the report year. The Twin Peaks Mall (aka Village at the Peaks) completed construction in 2015. The commercial retailers include, but are not limited to, Whole Foods Market, Sam’s Club and Regal Cinemas.

7. A summary of all fees, charges and assessments imposed by the District as of January 1 of the report year. The District does not currently impose any fees, charges or assessments.

8. Certification by the Board that no action, event or condition enumerated in Section 4.10.090 of the City’s Municipal Code has occurred in the report year. The District’s Service Plan was approved by the City on August 12, 2012. The District’s Amended and Restated Service Plan was approved by the City on May 7, 2013. Outside of these actions, the Board certifies that no action, event or condition enumerated in said Section of the Code occurred during 2023.

9. The 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.

The District does not have a Chief Administrative Officer.

Board of Directors:

Danaria McCoy, President

Joeseph Ginsborg, Treasurer

c/o NewMark Merrill Mountain States

630 15th Avenue, Suite 100

Longmont, CO 80501

Phone: 720-438-2500

A 2024 regular Board meeting is scheduled for October 21, 2024 at 10:00 a.m. to be held by electronic means.

10. Boundary changes made. There were no boundary changes made in 2023.

11. Intergovernmental Agreements entered into or terminated. On October 24, 2023, the District entered into a First Amendment to Redevelopment and Reimbursement Agreement with Longmont Urban Renewal Authority, the City of Longmont, Colorado and NMMS Twin Peaks, LLC.

On November 30, 2023, NMMS Twin Peaks, LLC, the Developer of the District, entered into a General Assignment and Assumption Agreement with NMMS VATP.

12. Access information to obtain a copy of rules and regulations adopted. The District has adopted the “Use of Public Property Rules and Regulations.” Adopted Rules and Regulations are available of the offices of McGeady Becher P.C., 450 E. 17th Avenue, Suite 400, Denver, CO 80203 (303) 592-4380 or on the District’s website.

13. Summary of litigation involving the District’s public improvements. There was no litigation involving the District’s public improvements in 2023.

14. Conveyances or dedications of facilities or improvements, constructed by the District, to the City of Longmont. The District did not convey or dedicate any facilities or improvements constructed by the District to Boulder County or the City in 2023.

15. 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.

16. 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.

Audits/Audit Exemption

2023 Audit

Budgets

2025 Budget

2025 Mill Levies - 50.000 mills

2024 Budget

2024 Mill Levies - 50.000 mills

2024 Budget Amendment

District Map