District No. 1 Documents
2025 ANNUAL REPORT
MANAGERS OF FINANCE AND PUBLIC WORKS
9th AVENUE METROPOLITAN DISTRICT NOS. 1 - 3
As required by Section XI of each Service Plan for the 9th Avenue Metropolitan District No. 1 (“District No. 1”), 9th Avenue Metropolitan District No. 2 (“District No. 2”), and 9th Avenue Metropolitan District No. 3 (“District No. 3”, together with District No. 1 and District No. 2, the “Districts”), approved by the City of Denver, Colorado on December 8, 2014, and Section 32-1-207(3)(c), C.R.S., we present the following report of the Districts’ activities from January 1, 2025 to December 31, 2025.
i. Annual budget of the Districts:
Attached are copies of the 2026 budgets.
2026 Budget 9th Avenue MD No. 1.pdf2026 Budget 9th Avenue MD No. 2.pdf2026 Budget 9th Avenue MD No. 3.pdfii. Annual construction schedules for the current year and reconciliation of the capital improvement program for completion of the Eligible Improvements in the following two (2) years:
The Districts did not construct any improvements during 2025.
iii. Annual audited financial statements (or any exemption filing made to the State Auditor) of the Districts:
Attached are copies of the 2025 Audits for District No. 1 and District No. 2 and the 2025 Application for Exemption from Audit for District No. 3.
2025 Audit Exemption Application - 9th Avenue MD No. 3 (signed).pdf9th Avenue MD No. 1 Final Audit FS Report 2025 (003).pdf9AMD2 Final Audit FS Report 2025.pdfiv. Total debt authorized, total debt issued, and remaining debt authorized and intended to be issued:
The Districts were organized to provide services to the same service area pursuant to the Service Plan for each of the Districts. The Districts, in aggregate, are limited in their ability to issue Debt, as set forth in their respective Service Plans, in an amount not to exceed $160,000,000 (the “Service Plan Aggregate Debt Issuance Limit”).
In no event are the Districts authorized to issue Debt in aggregate that exceeds the Service Plan Aggregate Debt Issuance Limit; provided, however, that the Service Plan Aggregate Debt Issuance Limit does not apply to refunding Debt.
As of December 31, 2025, the amount of debt authorization remaining within the Service Plan Aggregate Debt Issuance Limit is $145,630,000.
The Districts’ voters have authorized the Districts to issue Debt in accordance with the Service Plan Aggregate Debt Issuance Limit.
In the future, the District may issue a portion or all of the remaining Service Plan Aggregate Debt Issuance Limit for purposes of providing public improvements to support development as it occurs within the Districts’ service area.
v. Names and terms of the current members of the Board of Directors and officers of each District:
| District Nos. 1 & 2 Board of Directors | District Nos. 1 & 2 Office | Term Expires |
|---|---|---|
| Mark Falcone | President | May, 2027 |
| Matt Schartz | Secretary / Treasurer | May, 2029 |
| Vacant | May, 2029/2027 | |
| Vacant | May, 2027 | |
| Vacant | May, 2027 |
| District No. 3 Board of Directors | District No. 3 Office | Term Expires |
|---|---|---|
| Mark Falcone | President | May, 2027 |
| Matt Schartz | Treasurer | May, 2029 |
| Soroosh Pourmehraban | Secretary | May, 2029/2027 |
| Vacant | May, 2027 | |
| Vacant | May, 2027 |
i. Any bylaws, rules and regulations of the Districts regarding bidding, conflict of interest, contracting and other governance matters / access information to obtain a copy of adopted rules and regulations:
The Districts have not adopted any bylaws or rules and regulations, but complies with State statutes regarding bidding, potential conflicts of interest and other governance matters. In the event the Districts adopt 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, CO 80203, (303-592-4380), or on the Districts’ website: https://9thavenuemetropolitandistricts.specialdistrict.org/.
ii. Current intergovernmental agreements, amendments and/or terminations of the Districts:
Intergovernmental Agreement for the Colorado Special Districts Property and Liability Pool dated December 8, 2016, between the Districts and the Colorado Special Districts Property and Liability Pool.
Memorandum of Understanding effective September 30, 2016, among the Districts.
Cooperation Agreement dated June 21, 2018, among the Districts and the Denver Urban Renewal Authority.
Capital Pledge Agreement dated December 19, 2018, among District No. 1, District No. 3 and UMB Bank.
Intergovernmental Agreement Regarding Construction, Funding, Operations, and Maintenance of 10th Avenue and Bellaire Street Improvements dated April 26, 2021, among the Districts and the City and County of Denver.
iii. A summary of all current contracts for services or construction of the Districts:
Engagement letters dated December 8, 2016, between the Districts and McGeady Becher P.C. for General Counsel Services.
Agency Services Agreement dated December 8, 2016, between the Districts and T. Charles Wilson Insurance Service.
Engagement letter dated March 23, 2018, between the Districts and McCloud & Associates for appraisal services.
Towing Agreement with Wyatts Towing dated October 16, 2018.
Service Agreement for Cost Verification Services dated November 15, 2018, between the Districts and Schedio Group LLC.
Engagement Letters between Haynie & Company and District No. 1 and District No. 2 for Audit Services.
Service Agreement for Day Porter Services dated June 18, 2020, between District No. 1 and Roth Property Maintenance, LLC.
Service Agreement for Stormwater Management, Inspection, and Maintenance Services dated October 15, 2020, between District No. 1 and Stormwater Compliance Solutions, LLC.
Master Service Agreement and Statements of Work between Districts and CliftonLarsonAllen LLP for Accounting Services.
Engagement Agreement with D.A. Davidson & Co. for investment banking services.
Service Agreement for Landscape Enhancements (Block 7S) dated August 10, 2022, between District No. 1 and Sustainable Landscapes Colorado LLC.
Service Agreement for Hardscape Repair effective April 18, 2022, between District No. 1 and Van Heukelem Concrete, Inc. d/b/a Colorado Hardscapes, Inc.
Service Agreement for Snow Removal Services dated October 1, 2024, between District No. 1 and Keesen Landscape Management, Inc.
Service Agreement for Landscape Maintenance Services dated October 15, 2024, between District No. 1 and Keesen Landscape Management, Inc.
Service Agreement for Website Services dated December 20, 2024, between the Districts and Streamline Software, Inc.
Service Agreement for Property and Facilities Management Services dated February 20, 2025, between District No. 1 and Continuum Property Management Company, LLC.
Service Agreement for Security Services dated April 1, 2025, between District No. 1 and Colorado Security Solutions, LLC.
Service Agreement for Holiday Lighting Services dated November 20, 2025 between District No. 1 and Design by Scott d/b/a Event Design by Scott and Katie.
Work Authorization for installation of landscaping rock dated December 14, 2025 between District No. 1 and Rival Landscaping LLC.
Work Authorization for repair of gradings between District No. 1 and D/S Profix LLC.
Service Agreement for Electrical Services between District No. 1 and Dean Electric Inc.
Service Agreement for Lighting System Installation Services between District No. 1 and Vibrant Nights, LLC
iv. Current documentation of credit enhancements:
There were no credit enhancements in 2025.
v. Official statements of current outstanding bonded indebtedness of the Districts:
District No. 1 had no outstanding bonded indebtedness as of December 31, 2025.
District No. 2 issued its Limited Tax General Obligation Bonds, Series 2018 in the amount of $14,370,000 on December 19, 2018. A copy of the Limited Offering Memorandum was provided to the City on December 19, 2018, and entered into a Capital Pledge Agreement with District no. 3 concurrently therewith.
vi. Current approved Service Plan of the Districts and amendments thereto:
Copies of the Districts’ Service Plans are on file with the City Clerk’s Office.
vii. Districts’ office contact information:
9th Avenue Metropolitan District Nos. 1-3
c/o McGeady Becher Cortese Williams P.C.
450 E. 17th Avenue, Suite 400
Denver, Colorado 80203
303-592-4380 – phone
303-592-4385 – fax
Elisabeth Cortese, Attorney for the District
ecortese@specialdistrictlaw.com
viii. Changes in proposed development assumptions that impact the financial projections:
There was no change in the Districts’ financial projection for 2025. However, the Districts’ Service Plans anticipated that the Denver Urban Renewal Authority (“DURA”) would issue Bonds to fund the initial redevelopment Improvements for the 9th and Colorado site (the “Project”). It was determined, as allowed by the Districts’ Service Plans, that District No. 2 would be issuing Bonds for the Project and closed on the Bonds on December 19, 2018.
The following information required by Section 32-1-207(3)(c)(II), C.R.S. (and not already disclosed above) is also provided:
xiv. Boundary changes made:
There were no boundary changes made or proposed during 2025.
xv. Summary of litigation involving the Districts’ public improvements:
The Districts’ public improvements were not involved in any litigation in 2025.
xvi. Status of the Districts’ construction of public improvements:
The Districts did not construct any public improvements in 2025.
xvii. Conveyances or dedications of facilities or improvements, constructed by the Districts, to the City and County of Denver:
The Districts did not convey any facilities or improvements to the City and County of Denver in 2025.
xviii. Final assessed valuation of the Districts for the report year:
District No. 1 = $0.00.
District No. 2 = $27,781,800
District No. 3 = $19,394,910
xix. Notice of any uncured events of default by the Districts, which continue beyond a ninety (90) day period, under any debt instrument:
To our knowledge, there are no uncured events of default by the Districts which continue beyond a ninety (90) day period.
xx. Any inability of the Districts 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 Districts have been able to pay their 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 2025 Annual Report.
2026 Mill Levy- 0.000 Mills
2025 Budget2025 Mill Levy - 0.000 Mills
2024 Budget2024 Mill Levy - 0.000 Mills
The Transparency Notices for the Districts can be accessed on the Special District Association website:
