HomeMy WebLinkAboutbocc.res.065.2014RECEPTION#: 611338, 06/24/2014 at
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1 OF 54, R $0.00 Doc Code RESOLUTION
Janice K. Vos Caudill, Pitkin County, CO
RESOLUTION OF THE BOARD 'OF COUNTY COMMISSIONERS OF PITKIN COUNTY,
COLORADO, APPROVING THE WOODYCREEK SUBDIVISION METROPOLITAN
DISTRICT SERVICE PLAN
Resolution No.M-2014,
I . The Woody Creek Subdivision ("Applicant") has submitted a Service Plan to the Pitkin County
Board of County Commissioners ("BOCC") to establish a metropolitan taxing district for street
improvements, water distribution, waste disposal, recreation space. and facilities, and other
improvements.
2. The Planning and Zoning Commission reviewed,and recommended approval of the proposed
Service Plan, subject to conditions, on April 1, 2014.
3. The BOCC reviewed the proposed Service Plan at a regular meeting on April 23, 2014, and at a
duly noticed public hearing on May 28, 2014, at which time evidence and testimony were presented with
respect to this application.
4. The BOCC makes the following findings with regard to the proposed Service Plan:
A. There is sufficient existing and projected need for organized. service in the area to be
serviced by the proposed special district.
B. The proposed special district is capable of providing economical and sufficient service to
the area within its proposed boundaries..
C. The area to be included in the proposed special district has, or will have, the financial
ability to discharge the proposed indebtedness on a reasonable basis.
D. Adequate service is not, or will not be, available to the area through the county or other
existing municipal or quasi -municipal corporations; including existing special districts,
within a reasonable time and on a comparable basis.
NOW, THEREFORE, BE IT RESOLVED by the Pitkin County Board of. County Commissioners that
it does hereby approve the Woody Creek Subdivision Metropolitan District Service Plan, subject to the
following conditions:
1. The Applicant shall adhere to all material representations made in the current or prior
applications or in public meetings or hearings and shall consider those representations to be
conditions of approval, unless amended by other conditions.
2. Amendments to the service plan, including any expansion of the service area, are subject to
review by the Planning and Zoning Commission and approval by the Board of County
Commissioners.
INTRODUCED AND FIRST READ AND SET FOR A PUBLIC HEARING AT A REGULAR
MEETING on the 23rd day of April, 2014.
NOTICE OF PUBLIC HEARING AND TITLE. AND SHORT SUMMA OF TILE RESOLUTION
PUBLISHED IN THE ASPEN TIMES WEEKLY on the //.q -?& of
NOTICE OF PUBLIC HEARING AND THE FULL TEXT OF THE RESOLUTION POSTED ON
THE OFFICIAL PITKIN COUNTY WEBSITE (`�rtiwwv , spc�npitkin.com) ON THE J DAY OF
� 2014.
APPROVED AND ADOPTED.AFTER SECOND READING AND PUBLIC HEARING on the 28th
day of May, 2014.
PUBLISHED BY TI I.Y of � lamE AND SHORT SUMMARY AFTER ADOPTION IN THE ASPEN TIMES
WEEKLY on the 'da 1.�-�, 2014.
_
POSTED BY TITLE AND SHORT SUMMARYQN THE OFFICIAL PITKIN COUNTY
WEBSITE www.as en . iticin om) ON THE _ DAY OF tl jt�^. <, 2014.
u
ST:
Jeanett6 ]Jones, Clerk to the
APPROVED AS TO CONTENT:
Cindy Houben
Community Development Director
Case # P024-14
PID #264316105812
Lance/cases/metrodistwoodycreekreso
BOARD OF COUNTY COMMISSIONERS,
PITKIN COUNTY, COLORADO
By
Robert A. Ittner, Jr.
Chair
APPROVED AS TO FORM:
WOODY CREEK METROPOLITAN DISTRICT
SERVICE PLAN
DESCRIPTION OF PROPOSED SERVICES AND SERVICE AREA
The Woody Creek.Mobile Homeowners' Association (the "Association") is presently
responsible for the operation and maintenance of private roads and a private water and
waste water system (collectively referred to as the "Improvements") within the Woody
Creek Subdivision ("Woody Creek")1. The Association is also responsible for the
treatment and delivery of water and the collection and treatment of waste water from
several businesses in the Woody Creek Center (the "Center") 2.
In order to produce an adequate, compliant and reliable source of water and treatment
of wastewater in Woody Creek and the Center, the Association needs to create a source
of funding for the ongoing repairs, maintenance and replacement of the Improvements.
Having a reliable source of funding for operations and a substantial replacement reserve
fund is critical to the long-term viability of these Improvements.
Because the services provided by the Association are not presently available through
Pitkin County or any other local governmental entity, the proponents of the Woody
Creek Metropolitan District (hereinafter "District") have determined that a special
district would be able to efficiently and reliably manage the Improvements.
The District will be incorporated to perform any of the powers granted to metropolitan
districts under the terms of the Special District Act, C.R.S. X32-1-101, et. seq., as may be
amended. Currently, the District plans to perform the following municipal services:
Water Supply: The operation and maintenance of a public
water supply, including the treatment, storage and
distribution of potable water; operation and maintenance of
a raw water irrigation system; obtaining and maintaining
water rights necessary for the operation of the potable and
raw water supply systems.
Wastewater Treatment: The operation and maintenance of
a collection, treatment and disposal system for wastewater.
Recreation: The operation and maintenance of open space.
1 Woody Creek Subdivision according to the Final Plat thereof recorded on September 29, 2005 in Book 75 at Page 21 of the real
property records of Pitkin County, Colorado.
2 Woody Creek Center according to the Final Plat thereof recorded on September 19, 2007 in Book 84 at Page 99 of the real property
records of Pitkin County, Colorado.
Woody Creek Metropolitan District Service Plan
Page 2of18
Street Improvements: The rehabilitation and maintenance of
roads, streets, right-of-ways, street lighting, parking spaces .
and/or parking lots, curb and gutter, road drainage ways,
culverts, pedestrian walkways, storm drainage, and snow
plowing and removal.
Solid Waste: The. collection, transport and disposal of solid
waste and the collection and transport of recyclable
materials.
The above list of services is intended to provide a general description of "the services,
facilities and structures to be offered by the District. Services not specifically identified
but which logically fall within the above described areas or those allowed by law may be
provided, including facilities which may be required for the prudent operation of the
District.
2. FINANCIAL PLAN
A financial feasibility analysis (the "Feasibility Analysis" attached hereto as Exhibit "A")
was prepared to determine the cost of operation, maintenance and replacement of the
Infrastructure in the District's Service Area. The Feasibility Analysis also shows how the
proposed services are to be financed, the proposed operating revenue derived from
property taxes for the first budget year, and the proposed indebtedness.
The Association recently replaced the entire water and wastewater system at a cost of
approximately $3,000,000.00.3 In order to complete the additional planned
improvements to the street lighting, electrical service, overhead utility removal, road,
parking, irrigation and telecommunications, an additional $94,263.00 needs to be
raised. A new loan to cover the cost of these last few improvements is expected to be
obtained through a commercial lender during the first year of operation, rather than
from the issuance of bonds.
A fifteen year cash flow forecast was also prepared for this Service Plan. The revenues
derived from property taxes for the first year are expected to be approximately
$78,702.00 from a mill levy of 63.000.
3 Feasibility Analysis, Table Al.
Woody Creek Metropolitan District Service Plan
Page 3 of 18
2012
First Year
First Year
9.000
5
16.000
Residential
Mill Levy —
Revenue —
First Year
First year —
Assessed
Capital
Capital
Mill Levy -
Operating
Valuation
Reserves
Reserve
Operating
Revenue
TOTAL
$1,249,240
9.000
$11,243.00
54.000
$67,459.00
$78,702.00
The Feasibility Analysis establishes a schedule for the collection of ad valorem taxes to
fairly assess property owners for. their pro rata share of capital and required emergency
reserves, operating and maintenance costs for all Improvements within the District. It
is intended that the mill levy will be set according to facility and infrastructure operating
requirements within the District and considers the appropriate role of service fees and
charges. A combination of property tax revenues, water rates and fees and other
revenues will be used to cover all costs of operation and maintenance and minor capital
costs.
It is anticipated that property owners within Woody Creek will initially replace .
$4,080.00 of their present annual non-deductible homeowners' dues and special
assessments with an average of $1,639.00 in deductible property taxes plus $756.00 in
dues. Taxes will also be used to establish reserve accounts for the eventual replacement
or improvements to existing facilities. Funding of the reserve accounts was originally
expected.to occur two years after the formation of the District; however, because the
Feasibility Analysis was originally performed over two years ago, the funding will now
commence immediately upon the formation of the District.
A mill levy will be established on the 58 residences in the District to fund annual
operations and maintenance and to repay any indebtedness incurred by the. District for
completion of the infrastructure, and future reconstruction of the streets and water and
waste water systems. In addition, a capital reserve mill levy will be imposed and
increased in phases over a twelve year period. The scheduled increases are as follows:
Year
Capital Reserve
Mill Levy
1
9.000
5
16.000
9
25.000
13
32.000
Woody. Creek Metropolitan District Service Plan
Page 4 of 18
For now, the Commercial Service Area .(described in Paragraph 4, below) , will be billed
monthly based upon their percentage of usage of water and no mill levy will be assessed
on these properties. The percentage of usage shall also determine the amount of the
capital reserve to be paid by, these property owners. The Commercial Service Area
properties will be charged their percentage of the Replacement Reserve and annual
capital improvements set forth in Tables A3 and A4 of the Feasibility Analysis. These
usage percentages shall be reviewed and adjusted on at least an annual basis. The
Commercial Service Area property owners will be obligated, to pay only for services
which they receive and to fund reserves for infrastructure which they use. The
Commercial Service Area capital reserve funds shall only be used for the repair or
replacement of infrastructure from which the commercial property owners benefit.
These taxes, together with usage and capital reserve fees from the Commercial Service
Area, will fund all existing services, operations, maintenance and administration of the
District, most of which are now paid by homeowners through monthly assessments to
the Association.
Therefore, the source of funding for operations, maintenance and administration for the
Residential Service Area is changed from after-tax dollars to pre-tax dollars and some
residents will recognize a reduction in annual costs while others will see an increase.
The Feasibility Analysis completed as a part of this Service Plan demonstrates the
District's ability to operate and maintain the facilities and infrastructure in a fiscally
responsible manner and to allow for the institution of a reserve fund for future capital
improvements.
Future decisions regarding replacement and funding sources for capital expenditures
will be made by the District's elected Board of Directors. Future funding for capital
replacements may be made through the issuance of revenue bonds, general obligation
bonds, grants, loans or fee income. No debt which requires an increase in property
taxes can be approved without an affirmative vote of the District's constituents.
3. PRELIMINARY ENGINEERING SURVEY SHOWING HOW THE PROPOSED
SERVICES ARE TO BE PROVIDED.
The District has already constructed most of the improvements required to provide
services to the District residents. The Construction Plan drawings are attached hereto as
Exhibit "B". The Construction Plans include a master utility plan, site grading and
drainage plan, water detail and sewer detail, roadway detail and erosion control detail.
4. DISTRICT BOUNDARIES
i
Woody Creek Metropolitan District Service Plan
Page 5of18
The District boundaries will mirror Woody Creek. The District Service Area will include
both Woody Creek and the Center and then be separated into the Residential Service
Area and the Commercial Service Area. The Residential Service Area will consist of
Woody Creek, which shall receive all of the services provided by the District. The
Commercial Service Area includes the Center, which currently receives primarily water
and wastewater services.
A map of the District boundaries is attached hereto as Exhibit "C" and the two service
areas are depicted in Exhibit "D". A schedule of the properties included in the District is
attached hereto as Exhibit "E".
By separating the District Service Area into sub -districts, the District will have the
flexibility to charge different rates that will be consistent with the services, programs
and facilities furnished to each service area.
It is not presently anticipated that the District's Service Area would be expanded to
include any additional properties; nor will the District Board seek to include any
additional property or land within the corporate boundaries of the District without the
prior approval of the Board of County Commissioners. The District proposes to serve
only those properties described herein.
The District will have the power to impose taxes and other fees or charges allowed by
law within its boundaries and District Service Area. The municipal services described in
will be provided in accordance with all resolutions, rules and regulations of the District.
Total population estimates within the District's initial boundaries at full build -out are
projected at 203 people4 plus customers of the commercial properties. Near full build-
out of the projected population has already been reached.
The valuations of the existing 58 residential properties for 2012 are as follows:
Residential
Total Actual Valuation $15,693,900
Total Assessed -
Valuation $1,249,240
According to the Feasibility Analysis, the average assessed value of residential property
within the District is $22,272.00 and would be subject to total annual "property taxes of
$1,639.00 with a mill levy of 63.000.
4 58 residences multiplied by 3.5 people.
Woody Creek Metropolitan District Service Plan
Page 6 of 18
This rate is intended to replace the majority of the current Association assessments of
$4,080 per residence per year. A small portion of the assessments may continue in
order to provide funding for Association business that is not provided by the District.
There are a number of other special districts and taxing entities which provide limited
services to the District. The total existing mill levy for 2012 is 26.849.
Table of Existing Mill Levies
Taxing Entity
Mill gyy
Pitkin County General Fund
2.205
Pitkin County TV Translator
.0.259
Pitkin County Road and Bride
0.162
Pitkin County Social Services
0.065
Pitkin County Healthy Community
0.707
Aspen Ambulance District
0.204
Open Space and Trails
3.796
Pitkin County Library
1.336
Pitkin County HoHo I using G.O. Bonds
0.000
Aspen Fire Protection
1.455
Aspen Valley Hospital
2.920
Aspen School District - General
4.476
Aspen School District - Bond
2.912
Aspen School District - Override
1.813
Colorado Mountain College
3.997
Colorado River Water Conservancy
0.242
Aspen Historic Park District
0.300
Total Existing Mill Levies
26.849
Combining the existing and proposed mill levy would result in a total of 89.849 mills
and an average property tax bill of $2,001.00.
The property tax assessments will commence in 2014 with initial ad valorem tax
receipts being received in 2015. The Pitkin County Treasurer's Office is responsible for
the collection of all ad valorem taxes levied within the County. All property listed and
valued as of January 1 each year will be included in the next year's tax roll. All taxes
required to be paid are due in full by June 15th and the County disburses 95% of the
taxes collected in one month by the 10th day of the following month. Although taxes are
received by the County on a continuous basis, the primary dates are February 15, April
30 and June 15. Therefore, the bulk of tax receipts to the District will be received in
Woody Creek Metropolitan District Service Plan
Page 7 of 18
March, May and July. Pitkin County currently retains 5% of all taxes collected on behalf
of most special districts.
5. DESCRIPTION OF THE FACILITIES TO BE CONSTRUCTED.
In general, the Association has replaced the entire potable water system and the
wastewater treatment system. A list of the specific capital improvements that have been
constructed is set forth in Table Al of the Feasibility Analysis. The Construction Plans
depict the location of each of the constructed and proposed facilities. The facilities that
remain to be built include the street lighting, electrical service, overhead utility removal,
road and parking pavement, irrigation and telecommunications.
Because the infrastructure has been recently constructed, all Improvements have been
permitted and inspected for compliance with Pitkin County's standards. In addition, the
Colorado Department of Public Health and Environment regulates the wastewater
treatment and the drinking water and both of these systems meet the State standards.
6. ESTIMATED COST OF ORGANIZATION AND INITIAL OPERATION OF THE
DISTRICT.
Cost to Acquire Land. Elam Construction, Inc. granted to the Aspen Pitkin County
Housing Authority, a license for the installation of a water storage tank and a pipeline
from the tank to Woody Creek. No fee was charged for this License. No other land
acquisitions are contemplated for the District.
Engineering. All engineering expenses were paid for out of the initial construction
budget. The plans are already in place for the remaining improvements, so the District
does not anticipate any additional engineering expenses in the near future, other than
for normal operations of the facilities.
Legal. Pitkin County has paid the legal expenses for the organization of the District.
The fee for the Feasibility Analysis, legal fees and mapping is expected to reach
$100,000.00. The District has budgeted approximately $1,000.00 for legal fees in the
first year of operation.
Administrative. The Association has absorbed all of the administrative costs of
organizing the District. The administrative costs of the District after formation are set
forth in Table A7 of the Feasibility Analysis and are estimated to be $9,304.00 per year.
Initial Proposed Indebtedness. The District expects to obtain a new loan in the. amount
of $95,263.00.
Woody Creek Metropolitan District Service Plan
Page 8 of 18
Maximum Interest Rates. The anticipated rate of annual interest on the new loan would
be six percent or less with the payment of two points for the origination fee.
Other Major Expenses Related to the Organization and Initial Operation. In addition
to the organizational expenses already identified, the District will still need to pay the
following expenses:
District Court Filing Fee $ 182.00
Recording Fees $ 301.00
Pitkin County Community Development $2,326.00
Election $1,000.00
TOTAL $3,809.00
Initial operation costs for the District are expected to be approximately $65,718.00 in
the first year. Line item expenses are contained in Table A7 of the Feasibility Analysis.
This operating budget was derived from the annual expenses of the Association.
Approximately 69% of the annual Association costs will be transferred to the District
and the remaining 31% of the expenses will be covered by continuing monthly
Association assessments of approximately $63.00.
7. PROPOSED AGREEMENTS WITH POLITICAL SUBDIVISION FOR SERVICES.
The District does not intend to enter into an agreement with any political subdivision for
the performance of services.
8. COMPLIANCE WITH CRITERIA SET FORTH IN C.R.S. X32-1-203.
In order to document the ability of the district to reliably, and perpetually provide the
core services being proposed, the requirements of C.R.S. X32-1-203, et seq., must be
met. Subsections (2) (a) - (d) and (2.5) (a -e) of this statute provide that Pitkin County
shall have the authority to approve the District if the following requirements can be
satisfactorily demonstrated:
a. There is sufficient existing and projected need for organized service in the
area to be serviced by the proposed special district.
b. That existing service in the area to be served by the proposed special
district is inadequate for present and projected needs.
C. The proposed district is capable of providing economical and sufficient
service to.the area within its proposed boundaries.
Woody Creek Metropolitan District Service Plan
Page 9of18
d. The area to be included in the proposed special district has, or will have,
the financial ability to discharge the proposed indebtedness on a
reasonable basis.
e. Adequate service is not, or will not be, available to the area through the
county or other existing municipal or quasi -municipal corporations,
including existing special districts, within a reasonable time and on a
comparable basis.
f. The facility and service standards of the proposed special district are
compatible with the facility and service standards of the county.
g. The proposed service plan is in substantial compliance with the Pitkin
County Master Plan and any duly adopted County, regional or state long
range water quality management plan for the area.
h. The creation of the District will be in the best interests of the area
proposed to be served.
This Service Plan addresses each of these requirements and demonstrates that all
requirements of C.R.S. §32-1-203 will be satisfactorily met.
,Existing and Projected Need for Organized Service in the Area. There are 58
residential lots and two commercial properties within the proposed District Service
Area. All properties within the District Service Area are currently connected to the
water and wastewater systems. The number of properties involved demonstrates the
existing need for organized service.
Existing Service is Inadequate for Present and Projected Needs. The services in the
proposed special district have historically been inadequate until the construction of the
new water system and waste water treatment improvements: Without a financing
mechanism in place for the collection of capital reserve funds, the repair, maintenance
and replacement of the system in the future will be extremely difficult. The lack of
funding could easily lead to a degradation of the system.
District is Capable of Providing Economical and Sufficient Service. The cost of a small
water and wastewater system for a limited number of properties can be -difficult from an
economic standpoint. Essentially, the District will continue the services currently being
performed by the Association, but will begin the process of building up a capital reserve
fund. This will necessarily increase the cost of service to a number of the properties
within the Service Area, but results in sound financial planning for the future of the
Improvements. The Feasibility Analysis concluded that the services can be provided
economically through the District.
Woody Creek Metropolitan District Service Plan
Page 10 of 18
The Association has a track record of providing sufficient service within the Service
Area. The responsibility for providing these services will be transferred from the
Association over to the District and the level of service should not be affected.
Financial Ability of District. A Feasibility Analysis was performed to address the issue
of whether the District will have the financial ability to discharge the proposed
indebtedness on a reasonable basis. The proposed indebtedness is quite small and the
District will not have any difficulty in discharging this debt. With the ability to receive
real property tax income, the District will be able to obtain lower interest rates and
increase the term of the debt.
Municipal Service is Not Available. There are no governmental entities that can
provide these services within the foreseeable future. Pitkin County does not provide
water and wastewater services anywhere in the county. There are no municipal entities
within miles of the proposed District Service Area. The nearest special district is the
W/J Metropolitan District and it does not provide wastewater services. In addition, the
Service Plan for the W/J Metropolitan District contains a prohibition on the expansion
of its' Service Area.
Pitkin County provides public safety and road maintenance on nearby County roadways,
but does not provide street or road services within Woody Creek. Recreational services
provided by Pitkin County are limited to parks and open space outside of the District
Service Area.
Compliance with County Master Plan and State Long -Range Water Quality
Management Plan. The overall plans for organization of the District, the services to be
provided and the area to be served have been developed to comply with the goals of
Pitkin County's Comprehensive Plan, the Down Valley Master Plan, and the Woody
Creek Master Plan. Generally, these plans seek to maintain the existing "pristine water,
quality" and to preserve the environmental quality of the area. The Woody Creek
Master Plan specifically calls for the improvement of the water supply system, fire
protection and the upgrading of infrastructure in the Center and Subdivision. The
improvement of services to existing development is not inconsistent with the goals of
these plans or the land use policies of Pitkin County.
This Service Plan and the proposed services to be provided will also comply with the
current Area Wide Water Quality Management Plan (the "208 Plan") adopted by the
Northwest Colorado Council of Governments, which plan includes Pitkin County. The
208 Plan seeks to adequately address water quality impacts of development and impose
mitigation measures. The previous wastewater treatment system discharged to
groundwater and was not permitted by the Colorado Department of Public Health and
Environment. The system is now permitted and is required to meet discharge
Woody Creek Metropolitan District Service Plan
Page 11 of 18
limitations. The 208 Plan recommends that this system be operated by a management
entity, which can take the form of a special district.
Best Interests of the Area. The formation of the District will be in the best interests of
the area by providing a long-term financial plan for operation of the Improvements.
9. DIRECTORS
The initial Board of Directors for the District, will be made up of three District
constituents. 'Two will be elected to four year terms, and one will be elected fora two
year term, which at their conclusion, will convert to four year terms. By statute,
staggered -term elections for District board members are held every two years during the
month of May.
The initial Board of Directors for the District will determine and approve the initial by-
laws, rules and regulations and standards and specifications of the District; establish
primary district policies and will be responsible for enforcing the rules, regulations and
policies. In order to allow for Commercial Service Area participation in the District
management, the Board of Directors will provide for the formation of committees that
may be staffed with representatives of the corporate property owners. The District will
thereafter operate according to the laws of the State of Colorado as a political
subdivision of the State and a quasi -municipal corporation.
It is presently anticipated that the District will adopt Rules and Regulations and
Standards and Specifications for all construction of municipal and/or public facilities
and structures to be constructed within the District and these Rules, Regulations,
Standards and Specifications are expected to be at least as comprehensive as those of
the AWWA and capable of providing :water and sewer treatment that meets or exceeds
county, state or federal standards.
EXHIBIT "A"
FEASIBILITY ANALYSIS
MEMORANDUM
To: Rhonda J. Bazil, P.C.
From: Dan Guimond and David Schwartz
Economic & Planning Systems
Subject: Woody Creek Metro District Feasibility Analysis Update;
EPS #19913
Date: March 12, 2013
In November 2010, Economic & Planning Systems (EPS) completed a
feasibility analysis for a Title. 32 Metropolitan District (Metro District) for
r the Woody Creek Homeowners Association (WCHOA) . The Metro District
was proposed as a vehicle to consolidate the existing construction loan
® balance and to provide a means to finance ongoing operations and a
reserve fund for capital replacement reserves.
Since then, the outstanding loan principal has been paid down ahead of
schedule and the WCHOA anticipates paying it off by the end of 2013.
However, there are still costs associated with future capital
improvements, funding of replacement reserves, and ongoing operations
for which a Metro District remains the most feasible option for the
WCHOA and its residents.
Background
In 2005, the WCHOA contracted with Beach Resources to complete
approximately $2.3 million in capital improvements in several phases,
including new water and wastewater systems, pumps, street lighting,
irrigation, landscaping, and other improvements'. in late 2007, an
additional $600,000 was needed to finish the planned capital
improvements2. Additionally, an estimated $95,000 is needed to
complete the contracted capital improvements.
Economic & Planning Systems, Inc.
730 17th Street, Suite 630
Denver, CO 50202-3511
303 623 3557 tel
303 623 9049 fax
Berkeley
Sacramento
Denver
Refer to Appendix Table Al for details.
www.epsys,com 2 Refer to Appendix Table Al for details.
Memorandum
Woody Creek Metro District Feasibility Analysis
March 2013
Page 2
WCHOA had obtained a loan to cover the planned capital improvements from Community Banks
of Colorado. When the costs of the project exceeded the borrowed funds, WCHOA renegotiated
the loan with Community Banks to borrow a total of $464,612, of which there is remaining
balance of $50,971 as of October 31, 2012. WCHOA levied a $160 special assessment on each
of the 58 residents to cover the additional costs, which increased the monthly WCHOA fees from
$180 to $340.
At the time of the loan issuance, each Woody Creek homeowner was given the opportunity to
prepay their proportionate share of the loan, which was approximately $7,800. By late 2010,.
nine residents had prepaid. Since that time, a number of residents have paid their share in full,
the proceeds of which has been used to prepay the loan principal. WCHOA now estimates paying
off the loan balance by the end of 2013.
Even though the loan will be retired, there will still be a need to fund a capital reserve fund to pay
for capital maintenance and replacement. While the $160 special assessment is anticipated to be
unnecessary by 2014, many of the. residents. had been finding it difficult to meet their monthly fee
obligations for the existing dues and special assessment, not including the possibility of requiring
additional fees to fund capital replacement reserves and more improvements. Therefore, at the
request of the homeowners, Pitkin County commissioned this study to evaluate the feasibility of
using a Metro District to pay for the improvements over a longer time period, reducing residents'
monthly burden.
Assumptions
The purpose of the analysis is to determine the most feasible financing structure to pay for the
cost of new capital improvements, capital replacement reserves, and a portion of operations and
maintenance (O&M) expenses while reducing the monthly cost to residents. EPS has evaluated a
15 -year budget and the required mill levy to pay off a new loan from an area bank using the
Community Reinvestment Act (CRA) program. Estimated costs and revenues are summarized
below.
Financing Costs
There are two types of costs incorporated into this feasibility analysis: capital (one-time) costs
for new improvements, which are funded through a capital mill levy; and operational (ongoing)
costs, i.e. eligible WCHOA O&M costs and replacement reserves, which are funded through an
operating mill levy.
One -Time Capital Costs
There is one major one-time cost related to capital improvements in this analysis for which the
capital mill levy is dedicated:
a
New Capital Improvements — In 2010, it was estimated that approximately $82,000 in
additional capital improvements were needed to complete all planned improvements. This
amount was estimated based on 2010 labor and materials costs to cover
telecommunications, street lighting, electrical, overhead utility removal, road and parking,
irrigation, and a contingency 25 percent for completion and have been included as a one -
19913 -Revised Memo -Mar 12 2013
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Memorandum March 2013
Woody Creek Metro District Feasibility Page 8
Feasibility
As mentioned previously, one of the objectives of this study is to evaluate the feasibility of a
Metro District. The other is to reduce the monthly burden on the Woody Creek homeowners.
Here the question is whether it is more advantageous to pay for additional capital improvements
and replacement reserves through new special assessments or a Metro District. Moreover, will
the elimination of the $160 special assessment by 2014 change this feasibility? The following
Figure 1 illustrates the magnitude of difference between the current and future financing options
for homeowners. Also illustrated is each component of monthly cost12:
o Current: Residents currently pay $340 per month to cover the $180 HOA dues and $160
special assessment.
Special Assessments: Without a Metro District, new special assessments would be needed
to fund new improvements and capital replacement reserves. This would include a $33
monthly assessment to cover debt service on a loan for new capital improvements13, and a
$34 monthly assessment for replacement reserves (estimated with assumptions detailed on
page 3 of this memo). In total, with the existing $180 existing dues, the total monthly cost
is estimated to be $247 per homeowner.
Metro District: The portion of HOA O&M costs ineligible for inclusion in a Metro District
would still require a monthly homeowner due. Because those costs (refer to Appendix Table
A7 and AB) represent 35 percent of current O&M expenses, dues would drop to an
estimated $63 per month14. The per -homeowner cost of the remainder of HOA O&M
expenses, costs for new capital improvements, as well as replacement reserves in a Metro
District format are estimated at $137 per month (on average). Based on current assessed
values, the minimum monthly payment is estimated at $56, and the maximum is $376.15 In
total, the average monthly cost to homeowners would be $200. As a result of costs being
covered through property tax, a federal income tax deduction can be realized estimated at
approximately $29 (on average) per month, reducing the monthly cost effectively to $170
(on average). 16
12 Refer to Appendix Table A9 for details.
13 Estimated as a monthly homeowner cost to cover debt service on a 5 -year loan at 7.75 percent.
14 Assumes a 25 percent contingency in excess of the estimated expenses.
15 Refer to Appendix Table A10 for details.
16 For example, if a household earns $60,000 per year and files its IRS federal income taxes as either single,
married filing separately, or as head of household, they fall under the 25 percent tax bracket. In a Metro District,
where an average of 73 mills produces an average annual tax burden of $1,639 per household per year, that
household's tax liability would be reduced by an estimated $406 per year over their tax liability without the mill
levy. Ona monthly basis, this household can realize a $29 per month subsidy against their Metro District cost of
$137. Homeowners with higher annual incomes and a higher tax bracket would receive a greater tax benefit.
Refer to Appendix Table All 1 for details.
19913 -Revised Memo -Mar 12 2013
Memorandum
Woody Creek Metro District Feasibility
March 2013
Page 10
In addition to the individual homeowner benefit, the cost of the District as a whole is also less
than the option to continue with special assessments, as shown in Table 4. Under the scenario
with no Metro District (i.e. continued and enhanced special assessments), the total cost is
estimated to be $2.35 million over 15 years, whereas the estimated cost of a Metro District
option reduces the total cost to $1.92 million. The savings in the Metro District option is more
than $400,000 over 15 years.
Table 4
Total Cost of Options
Woody Creek Metro District Feasibility
[Note 1]: Each of these cost items extends through the 15 -year period except for the estimated special assessment for new capital improvements.
[Note 2]: This is the sum of $180 monthly due payments by 58 homeowners over 15 years.
[Note 31: Refer to Appendix Table A8. This is is the sum of the HOA expenses ineligible for Metro District inclusion w ith a 25 percent contingency over 15 years.
[Note 4]: This is the sum of 5 years of special assessment payments to cover principal and interest payments on a new loan to cover new capital. improvements.
[Note 5]: This is the sum of new property tax liabilities as a result of the estimated Metro District mill levies in Table 3. Assumptions include the biennial increase in AV of 3
percent.
[Note 6]: This assumes that the property tax deduction remains in effect over the 15 -year period, and that homeow ners remain in the same tax bracket over the 15 -year
period.
Source: Economic & Planning Systems
FW9913-Pitkin County Woody Creek Metro Dist\Data1(19913-Assessor-020413.xlsx]Aggregate Cost Comparison
19913 -Revised Memo -Mar 12 2013
Option A: No Metro
District (Special
Assessments)
Option B: Metro
District
District Costs [Note 1]
HOA Dues
$1,879,200 [Note 2]
$774,779 [Note 31
Special Assessment for New Improvements (5 years)
$115,213 [Note 4]
$0 —
Special Assessment for Reserves
$353,738 —
$0 —
Metro District Tax Liability
$0 --
$1,533,424 [Note 5]
Tax Benefit
$0 —
-$383,356 -
Total District Owner Costs
$2,348,151 --
$1,924,848 —
Sa\Angs
— —
$423,303 —
[Note 1]: Each of these cost items extends through the 15 -year period except for the estimated special assessment for new capital improvements.
[Note 2]: This is the sum of $180 monthly due payments by 58 homeowners over 15 years.
[Note 31: Refer to Appendix Table A8. This is is the sum of the HOA expenses ineligible for Metro District inclusion w ith a 25 percent contingency over 15 years.
[Note 4]: This is the sum of 5 years of special assessment payments to cover principal and interest payments on a new loan to cover new capital. improvements.
[Note 5]: This is the sum of new property tax liabilities as a result of the estimated Metro District mill levies in Table 3. Assumptions include the biennial increase in AV of 3
percent.
[Note 6]: This assumes that the property tax deduction remains in effect over the 15 -year period, and that homeow ners remain in the same tax bracket over the 15 -year
period.
Source: Economic & Planning Systems
FW9913-Pitkin County Woody Creek Metro Dist\Data1(19913-Assessor-020413.xlsx]Aggregate Cost Comparison
19913 -Revised Memo -Mar 12 2013
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Memorandum March 2013
Woody Creek Metro District Feasibility Page 20
Table A9
Comparison of Monthly Costs
Woody Creek Metro District (Feasibility
Monthly Cost to Residents
HOA Dues [3] 58 residents $180 $180 $63
Special Assessment $160 — —
New Special Assessment (Replacement Reserves) [4] 58 residents — $34 —
Additional Special Assessment (New Const.) [5] — $33 —
Metro District Monthly Tax Liability [6] — — $137
Tax Benefit [7] _ _ -$29
Net Monthly Cost to Residents $340 $247 $170
[Note 1] This is the average estimated based on five years of expenditure in standard categories.
[Note 2 ] These costs would continue to be apportioned to each of the Metro District residents as ordinary HOA dues.
[Note 3 )The average annual HOA costs divided by 58 residents includes a 25 percent contingency. Underthe M etro District scenario, this assumption holds. Remaining HOA O&M
for Continued Dues is divided equally among all 58 residents and escalated by the 25 percent contingency:
[Note 4] The amount of additional special assessment would be needed to coverthe "Residential Portion" of capital replacement reserves; this amount is based on annual average
funding of replacement reserves for 15 years, divided by58 homeowners.
IN ote 5 ] The amount of additional monthly special assessment would be needed to cover the"Residential Portion" of debt service for the future capital improvements if a loan were
issued at 7.75% amortized 15 years and divided by 58 residents.
[Note 6 ] This is the average monthly taxliability estimated using the average residential assessed valuation from the Pitkin CountyAssesso r.
[Note 7 )This is the average monthly tax benefit as estimated in Table 5.
Source: Economic & Planning Systems
H:\19913 -Pitkin County Woody Creek Metro Dist\M odels\['9913-M OD EL-020413.)dsx] chart data
Table Al O
Monthly Metro District Cost Estimates
Woody Creek Metro District Feasibility
Scenario
Dues + Option A:
Average
Special Special Option B:
Factor
Assessment Assessments Metro District
Annual Homeowners Costs
Value
Mill Levy
Total [1]
Payment
$100,857 $100,857 $100,857
Remaining HOA O&M for Continued Dues [2]
$35,139 $35,139 $35,139
Applicable HOA O&M for Metro District
Minimum
$34,505 $34,505 $34,505
Residential Portion
88%
$30,227 $30,227 $30,227
Commercial Portion
12%
$4,279 $4,279 $4,279
Monthly Cost to Residents
HOA Dues [3] 58 residents $180 $180 $63
Special Assessment $160 — —
New Special Assessment (Replacement Reserves) [4] 58 residents — $34 —
Additional Special Assessment (New Const.) [5] — $33 —
Metro District Monthly Tax Liability [6] — — $137
Tax Benefit [7] _ _ -$29
Net Monthly Cost to Residents $340 $247 $170
[Note 1] This is the average estimated based on five years of expenditure in standard categories.
[Note 2 ] These costs would continue to be apportioned to each of the Metro District residents as ordinary HOA dues.
[Note 3 )The average annual HOA costs divided by 58 residents includes a 25 percent contingency. Underthe M etro District scenario, this assumption holds. Remaining HOA O&M
for Continued Dues is divided equally among all 58 residents and escalated by the 25 percent contingency:
[Note 4] The amount of additional special assessment would be needed to coverthe "Residential Portion" of capital replacement reserves; this amount is based on annual average
funding of replacement reserves for 15 years, divided by58 homeowners.
IN ote 5 ] The amount of additional monthly special assessment would be needed to cover the"Residential Portion" of debt service for the future capital improvements if a loan were
issued at 7.75% amortized 15 years and divided by 58 residents.
[Note 6 ] This is the average monthly taxliability estimated using the average residential assessed valuation from the Pitkin CountyAssesso r.
[Note 7 )This is the average monthly tax benefit as estimated in Table 5.
Source: Economic & Planning Systems
H:\19913 -Pitkin County Woody Creek Metro Dist\M odels\['9913-M OD EL-020413.)dsx] chart data
Table Al O
Monthly Metro District Cost Estimates
Woody Creek Metro District Feasibility
[Note 1]: Assumes federal income taxes are filed as single, married filing separately, or head of household
Source: Woody Creek HOA; Economic & Planning Systems
H:\19913 -Pitkin County WoodyCreek Metro Dist\Data\[19913-Assessor-020413.)dsx]PropertyTax comparison
19913 -Revised Memo -Mar 12 2013
Estimated
Average
Assessed
Annual
Monthly
Value
Mill Levy
Taxes [1]
Payment
Range in Residential Property Value
Minimum
$9,160
73.594
$674
$56
Average
$22,272
73.594
$1,639
$137
Maximum
$61,340
73.594
$4,514
$376
[Note 1]: Assumes federal income taxes are filed as single, married filing separately, or head of household
Source: Woody Creek HOA; Economic & Planning Systems
H:\19913 -Pitkin County WoodyCreek Metro Dist\Data\[19913-Assessor-020413.)dsx]PropertyTax comparison
19913 -Revised Memo -Mar 12 2013
Memorandum
Woody Creek Metro District Feasibility
Table A11
Resident Tax Benefit
Woody Creek Metro District Feasibility
March 2013
Page 21
[Note 11 Based on dividing the total residential assessed valuation of $106million by 58 residents.
[Note 2 ] The tax bracket for 201D is 25%for a filing of single, married filing separately, orhead of household reporting this income level.
Source: Economic &Planning Systems
H A19913 -Pitkin Co unty Wo o dy Creek M etro Dist\M o dels\[16913-M OD EL-020413.)dsx] Resident Tax Benefit
19913 -Revised Memo -Mar 12 2013
Factor
Under Current Metro District
Circumstances Alternative
Property Taxes from Mill Levy
Estimated Average Household Assessed Value [1]
$22,272 $22,272
Total Mill Levy
0.000 63.000
Property Taxes
$0 $1,403
Resident Income Tax Liability
Estimated Average Household Income
$60,000 $60,000
Property Tax Deduction
$0 $1,403
Adjusted Household Income
$60,000 $58,597
Federal Income Tax [2]
25%
$15,000 $14,649
Tax Benefit
per Month
$0 $29
per Year
$0 $351
[Note 11 Based on dividing the total residential assessed valuation of $106million by 58 residents.
[Note 2 ] The tax bracket for 201D is 25%for a filing of single, married filing separately, orhead of household reporting this income level.
Source: Economic &Planning Systems
H A19913 -Pitkin Co unty Wo o dy Creek M etro Dist\M o dels\[16913-M OD EL-020413.)dsx] Resident Tax Benefit
19913 -Revised Memo -Mar 12 2013
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EXHIBIT "C"
MAP ILLUSTRATING
DISTRICT BOUNDARY
15,11-11
N
0 70 140
WE
Feet
S
This map/drawing/image is a graphical representation
of the features depicted and is not a legal
representation. The accuracy may change
depending on the enlargement or reduction.
Copyright 2013 Aspen/Pitkin GIS
1/112013 3:17:29 PM C:\GIS\tempUanl3\WoodyCreekPUD.mxd
134 155
\7 35 � �j�► V
,I I'136' 154 �
37
vvuou j j40� 75Z ` -
Creek
PUD
41431, ♦ �
�---�j 145�� • ISO. � I I I
--144 /
`146 147 ,* 149
7907
8
WOODY CREEK PU
Pi
219
1
L216
-217.
206,
203' 11
20
1 I
214
--•- ?-
901
209
1 = lei=y-f
1
' - - 795 d
RAc��RO
LIBERTY- L -N -v-----
MIOK
♦ - --
T -
i
1
t a
;:."x.108"
i
15,11-11
N
0 70 140
WE
Feet
S
This map/drawing/image is a graphical representation
of the features depicted and is not a legal
representation. The accuracy may change
depending on the enlargement or reduction.
Copyright 2013 Aspen/Pitkin GIS
1/112013 3:17:29 PM C:\GIS\tempUanl3\WoodyCreekPUD.mxd
134 155
\7 35 � �j�► V
,I I'136' 154 �
37
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--144 /
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8
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Pi
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206,
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20
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214
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RAc��RO
EXHIBIT "D"
SERVICE AREAS
2'x
' oo 1
�103).:.
05
106 ,26 ', r
1to
"-109.
110
COR
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=�z123 s"
? J(LS4
,f
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X13`5,
r
`137,
�39
N
0 70 140
W E
Feet
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This map/drawingrmage is a graphical representation
of the features depicted and is not a legal
representation. The accuracy may change
depending on the enlargement or reduction.
Copyright 2013 Aspen/Pitkin GIS
1/17/2013 3:46:42 PM C:\GIS\temp\Janl3\WoodyCreekPUD.mxd
District Service Area
Exhibit "Dtt
Woody `CommerLal Ser�ice Area
Creek
- ente `__ �\ \
Residential Service 140 152
Creek
141
Ares. - - Puy ^�
Il 2
A
%%% ,
i 145/ 150 ' 1
!I 14d
UF=9O49
148
— — — . PL -Z
CREEK _
— — •_- 00
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1 20512 1
11 21
2009. 1 1 21 __. 7909
1 t ��
1 3 209
`-- 211
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212 -•__ _ .-.-�-” ......
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70
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,y. . 1 m17950 18
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RAC
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1
EXHIBIT "E"
SCHEDULE OF PROPERTIES TO BE INCLUDED IN DISTRICT
ACCOUN
TOTAL
TOTAL
TNO
PARCELNB
LANDACT
IMPACT
ACT
LANDASD
IMPASD
ASD
R019789
264316106801
$25,500
$0
$25,500
$2,030
$0
$2,030
R019731
264316106001
$87,000
$312,700
$399,700
$6,930
$24,890
$31,820
R019732
264316106002
$0
$347,500
$347,500
$0
$27,660
$27,660
R019733
264316106003
$91,400
$23,600
$115,000
$7,280
$1,880
$9,160
R019734
264316106004
$115,000
$0-
$115,000
$9,150
$0
$9,150
M000546
264316106004
$0
$21,900
$21,900
$0
$1,740
$1,740
R019735
264316106005
$88,0.00
$0
$88,000
$7,000
$0
$7,000
M000438
264316106005
$0
$121,800
$121,800
$0
$9,700
$9,700
R019736
264316106006
$90,200
$182,700
$272,900
$7,180
$14,540
$21,720
R019737
264316106007
$60,400
$85,500
$145,900
$4,810
$6,810
$11,620
M000487
264316106007
$0
$41,700
$41,700
$0
$3,320
$3,320
R019738
264316106008
$93,100
$0
$93,100
$7,410
$0
$7,410
M000770
264316106008
.$0
$150,700
$150,700
$0
$12,000
$12,000
R019739
264316106009
$94,000
$144,500
$238,500
$7,480
$11,500
$18,980
R019740
264316106010
$89,300
$0
$89,300
$7,110
$0
$7,110
M000761
264316106010
$0
$100,900
$100,900
$0
$8,030
$8,030
R019741
264316106011
$98,600
$0
$98,600
$7,850
$0
$7,850
M000429
264316106011
$0
$104,900
$104,900
$0
$8,350
$8,350
R019742
264316106012
$104,000
$0
$104,000
$8,280
$0
$8,280.
M000713
264316106012
$0
$124,400
$124,400
$0
$9,900
$9,900
R019743
264316106013
$110,600
$134,100
$244700
$8,800
$10,670
$19,470
R019744
264316106014
$77,900
$0
$77,900
$6,200
$0
$6,200
M000143
264316106014
$0
.$96,100
$96,100 -
$0
$7,650
$7,650
R019745
264316106015
$100,000.
$208,100
$308,100
$7,960
$16,560
$24,520
R019746
264316106016
$117,200
$0
$117,200
$9,330
$0
$9,330
M000369
264316106016
$0
$142,800
.$142,800
$0
$11,370
$11,370
R019747
264316106017
$76,000
$.420,000
$496,000
$6,050
$33,430
$39,480
R019748
264316106018
$85,600
$0
$85,600
$6,810
$0
$6,810
M000238
264316106018
$0
$136,000
$136,000
$0
$10,830
$10,830
R019749
264316106019
$61,300
$0
$61,300
..$4,880
$0
$4,880
M00037.3
264316106019
$0
$88,600
$88,600
$0
$7,050
$7,050
R019750
264316106020
$85,300
$0
$85,300
$6,790
$0
$6,790
M000158
264316106020
$0
$51,300
$51,300
$0
$4,080
$4,080
R019751
264316106021
$90,500
$0
$90,500
$7,200
$0
$7,200
M000268
264316106021
$0
$147,500
$147,500
$0
$11,740
$11,740
R019752
264316106022
$86,300
$0
$86,300
$6,870
$0
$6,870
M000788
264316106022
$0
$166,600
$166,600
$0
-$13,260
$13,260
R019753
264316106023
$95,900
$0
$95,900
$7,630
$0
$7,630
M000602
264316106023
$0
$188,300
$188,300
-$0
.$14,990
$14,990
R019754
264316106024
$91,600
$0
$91,600
$7,290
$0
$7,290
M000311
264316106024
$0
$118,300
$118,300
$0
$9,420
$9,420
R019755
264316106025
$104,700
$313,200
$417,900
$8,330
$24,930
$33,260
R019756
264316106026
$118,600
$0.
$118,600
$9,440.
$0
$9,440
M000185
264316106026
$0 .
$126,500
$126,500
$0
$10,070
$10,070
R019757
264316106027
$98,100
$0
$98,100
$7,810
$0
$7,810
M000435
264316106027
$0
$78,900
$78,900
$0
$6,280
$6,280
R019758
264316106028
$85,900
$0
$85,900
$6,840
$0
$6,840
M000310
264316106028
$0
$100,200
$100,200
$0
$7,980
$7,980
R019759
264316106029
$80,900
$0
$80,900
$6,440
$0
$6,440
M000201
264316106029
$0
$125,900
$125,900
$0
$10,020
$10,020
R019760
264316106030
$84,200
$0
$84,200
$6,700
$0
$6,700
M000136
264316106030
$0
$70,600
$70,600
$0
$5,620
$5,620
R019761
264316106031
$84,700
$0
$84,700
$6,740
$0
$6,740
M000113
264316106031
$0
$47,300
$47,300
$0
$3,770
$3,770
R019762
264316106032
$83,200
$149,600
$232,800
$6,620
$11,910
$18,530
ACCOUN
TOTAL
TOTAL
TNO
PARCELNB
LANDACT
IMPACT
ACT
LANDASD
IMPASD
ASD
R019763
264316106033
$123,100
$0 •
$123,100
$9,800
$0
$9,800
M000712
264316106033
$0
$82,100
$82,100
$0
$6,540
$6,540
R019764
264316106034
$0
$125,500
$12"5,500
$0
$9,990
$9,990
M000708
264316106034
$0
$95,600
$95,600
$0
$7,610
$7,610
R019765
264316106035
$99,000
$333,500
$432,500
$7,880
$26,550
$34,430
R019766
264316106036
$97,700
$136,500
$234,200
$7,780
$10,870
$18,650
R019767
264316106037
$84,500
$0
$84,500
$6,730
$0
$6,730
M000110
264316106037 _
$0
$44,200
$44,200
$0
$3,520
$3,520
R019768
264316106038
$293,700
$0
$293,700
$239380
$0
$23,380
M000104
264316106038
$0
$117,200
$117,200
$0
$9,330
$9,330
R019769
264316106039
$185,600
$0
$185,600
$14,770
$0
$14,770
M000004
264316106039
$0
$86,200
$86,200
$0
$6,860
$6,860
R019770
264316106040
$90,800
$0
$90,800
$7,230
$0
$7,230
M000808
264316106040
$0
$154,900
$154,900
$0
$12,330
$12,330
R019771
264316106041
$88,100
$0
$88,100
$7,010
$0
$7,010
M000066
264316106041
$0
$135,700
$135,700
$0
$10,800
$10,800
R019772
264316106042
$89,900
$0
$89,900
$7,160
$0
$7,160
M000277
264316106042
$0
$137,800
$137,800
$0 .
$10,970
$10,970
R019773
264316106043
$97,900
.$202,000
$299,900
$7,790
$16,080
$23,870
R019774
264316106044
$229,700
$335,400
$565,100
$18,280
$26,700
$44,980
R019775
264316106045
$81,900
$427,100
$509,000
$61520
$34,000
$40,520
R019776
264316106046
$91,000
$234,800
$325,800
$7,240,
$18,690
$25,930
R019777
264316106047
$95,700
$191,300
$287,000
$7,620
$15,230
$22,850
R019778
264316106048
$98,300.
$322,100
$420,400
$7,820
$25,640
$33,460
R019779
264316106049
$109,400
$56,000
$165,400
$8;710
$4,460
$13,170
R019780
264316106050
$99,800
$163,500
$263,300
$7,940
$13,010
$20,950
R019781
264316106051
$99,100
$206,200
$305,300
$7,890
$16,410
$24,300
R019782
264316106052
$29,000
$96,000
$125,000
$2,310
$7,640
$99950
R019783
264316106053.
$99,300
$96,800
$196,100
$7,900
$7,710
$15,610.
R019784
264316106054
$100,600
$122,300
$222,900
$8,010
$9,740
$17,750
R019785
264316106055
$101,300
$669,300
$770,600
$8,060
$53,280
$61,340
R019786
264316106056
$108,500
$222,900
$331,400
$89640
$17,740
$26,380
R019787
264316106057
$120,000
$300,600
$420,600
$99550
$23,930
$33,480
R019788
264316106058
$106,800
$250,000
$356,800
$8,500
$19,900
$28,400
Woody Creek Mobile Homeowners' Association
P.O. Box 95
Woody Creek, Colorado 81656
February 24, 2014
Pitkin County Community Development
130 S. Galena Street
Aspen, Colorado 81611
Re: Service Plan
To Whom it May Concern:
This letter shall service as authorization and consent for the filing of the Service
Plan for the Woody Creek Metropolitan District the representation of the Association by
Rhonda J. Pazil.
Sincerely,
�/Presi nt