District No. 2 Documents
2023 ANNUAL REPORT
MANAGERS OF FINANCE AND PUBLIC WORKS
9th AVENUE METROPOLITAN DISTRICT NO. 2
As required by Section XI of the Service Plan for the 9th Avenue Metropolitan District No. 2 (“District”), 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 District’s activities from January 1, 2023 to December 31, 2023.
i. Annual budget of the District:
2024 Budget
ii. 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 District did not construct any improvements during 2023.
iii. Annual audited financial statements (or any exemption filing made to the State Auditor) of the District:
iv. Total debt authorized, total debt issued, and remaining debt authorized and intended to be issued:
Below is a memorandum regarding the District’s authorized, issued and remaining debt. The District was organized in conjunction with 9th Avenue Metropolitan District Nos. 1 and 3, with District No. 1 as the Service District and District Nos. 2 and 3 as the Financing Districts. The District issued Bonds on December 19, 2018.
MEMORANDUM REGARDING AUTHORIZED / ISSUED / REMAINING DEBT
| Purpose | Principal Amount of Authorized Debt | Principal Amount of Authorization Used | Principal Amount of Authorization Remaining | |
|---|---|---|---|---|
| 5A | Administration, Operations, Maintenance, and Capital Expenses from ad valorem property tax levy | $5,000,000.00 | $0.00 | $5,000,000.00 |
| 5B | Administration and Operations and Maintenance expenses from fees | $5,000,000.00 | $0.00 | $5,000,000.00 |
| 5C | IGAs that are MFY obligations; payable from unlimited ad valorem property tax levy | $5,000,000.00 | $0.00 | $5,000,000.00 |
| 5D | Regional Mill Levy | $5,000,000.00 | $0.00 | $5,000,000.00 |
| 5E | Authority to Collect/Spend Facilities Fees, charges, tap fees | Allowed | ||
| 5F | Streets | $160,000,000.00 | $3,888,017 | $156,111,983.00 |
| 5G | Parks and Recreation | $160,000,000.00 | $2,106,743 | $157,893,257.00 |
| 5H | Water | $160,000,000.00 | $4,186,519 | $155,813,481.00 |
| 5I | Sanitation | $160,000,000.00 | $4,188,721 | $155,811,279.00 |
| 5J | Transportation | $160,000,000.00 | $0.00 | $160,000,000.00 |
| 5K | Mosquito Control | $160,000,000.00 | $0.00 | $160,000,000.00 |
| 5L | Safety Protection | $160,000,000.00 | $0.00 | $160,000,000.00 |
| 5M | Fire Protection | $160,000,000.00 | $0.00 | $160,000,000.00 |
| 5N | Television Relay and Translation | $160,000,000.00 | $0.00 | $160,000,000.00 |
| 5O | Security Services and Improvements | $160,000,000.00 | $0.00 | $160,000,000.00 |
| 5P | Operating Expenses and Reimbursement of Operating Advances to the District | $160,000,000.00 | $0.00 | $160,000,000.00 |
| 5Q | Refunding of Debt | $160,000,000.00 | $0.00 | $160,000,000.00 |
Note: IGA = Intergovernmental Agreement; MFY = Multiple Fiscal Year
v. Names and terms of the current members of the Board of Directors and its officers of the District:
| Frank C. Cannon | President | May 2027 |
|---|---|---|
| Mark Falcone | Assistant Secretary | May 2027 |
| Matthew Schartz | Secretary | May 2025 |
| Asher Werthan | Treasurer | May 2027 |
| Vacant | May 2025 |
vi. Any bylaws, rules and regulations of the District regarding bidding, conflict of interest, contracting and other governance matters and access information to obtain a copy of adopted rules and regulations:
The District has 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 District adopts rules and regulations in the future, such documents may be accessed at 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: https://9thavenuemetropolitandistricts.specialdistrict.net/.
vii. Current intergovernmental agreements, amendments and/or terminations of the District:
Intergovernmental Agreement for the Colorado Special Districts Property and Liability Pool dated December 8, 2016, between the District and the Colorado Special Districts Property and Liability Pool.
Memorandum of Understanding effective September 30, 2016, between 9th Avenue Metropolitan Districts Nos. 1-3.
Cooperation Agreement dated June 21, 2018, among 9th Avenue Metropolitan District Nos. 1, 2, 3 and the Denver Urban Renewal Authority.
Capital Pledge Agreement dated December 19, 2018, among the District, 9th Avenue Metropolitan 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 9th Avenue Metropolitan District Nos. 1, 2, 3, and the City and County of Denver.
viii. A summary of all current contracts for services or construction of the District:
Engagement letter dated December 8, 2016, between the District and McGeady Becher P.C. for General Counsel Services.
Agency Services Agreement dated December 8, 2016, between the District and T. Charles Wilson Insurance Service.
Engagement letter dated March 23, 2018, between the District and McCloud & Associates for appraisal services.
Service Agreement for Cost Verification Services dated November 15, 2018, between the District and Schedio Group LLC.
Engagement Letters with Haynie & Company for Audit Services.
Master Service Agreement and Statements of Work between the District and CliftonLarsonAllen LLP for Accounting Services.
Agreement between the District and Archipelago Web dated October 7, 2021, for website services.
Engagement Agreement with D.A. Davidson & Co. for investment banking services.
ix. Current documentation of credit enhancements:
There were no credit enhancements in 2023.
x. Official statements of current outstanding bonded indebtedness of the District:
The District 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.
xi. Current approved Service Plan of the District and amendments thereto:
A copy of the District’s Service Plan is on file with the City Clerk’s Office.
xii. District office contact information:
9th Avenue Metropolitan District No. 2
c/o McGeady Becher 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
xiii. Changes in proposed development assumptions that impact the financial projections:
There was no change in the District’s financial projection for 2023. However, the District’s Service plan 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 District’s Service Plan, that the District would be issuing such Bonds for the Project and closed on the Bonds on December 19, 2018.
xiv. Boundary changes made:
There were no boundary changes made or proposed during 2023.
xv. Summary of litigation involving the District’s public improvements:
The District’s public improvements were not involved in any litigation in 2023.
xvi. Status of the District’s construction of public improvements:
The District did not construct any public improvements in 2023.
xvii. Conveyances or dedications of facilities or improvements, constructed by the District, to the City and County of Denver:
The District did not convey any facilities or improvements to the City and County of Denver in 2023.
xviii. Final assessed valuation of the District for the report year:
The final gross assessed valuation of the District for 2023 is $30,994,320.
xix. 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.
xx. 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, this is an alternate conforming version of the 2023 Annual Report
https://www.sdaco.org/special-district-transparency-notice/sda-transparency/search
