Metropolitan District. Prior to issuance of the Notice of Final Acceptance, Developer shall delegate covenant enforcement to the District.
Metropolitan District. The Lot is contained within The Shores on Xxxx Xxxxx Xxxxxxxxxxxx Xxxxxxxx Xx. 00 a quasi-municipal corporation and political subdivision of the State of Colorado (the “District”). Buyer’s acquisition of the Lot shall be expressly subject to the District, including all funding and authority related to the District and provision of public improvements, facilities and services as outlined and authorized by Title 32, C.R.S. and the Service Plan approved by the Town of Xxxxxxxxx, Colorado. The District has been established for constructing or assisting with financing related to some or all of the onsite and offsite infrastructure for the Lot (including, without limitation, roads, drainage improvements, utility lines), and maintaining improvements (including landscaping, fencing, neighborhood signs, entry features, open space, fencing and irrigation water systems (if applicable) and provides for a mill levy and property tax assessment upon owners of property within the District to pay the cost of providing such services and operating and maintaining such improvements. District property owners shall be assessed certain ad valorem property taxes, fees, tolls and charges as set forth in an approved Service Plan for the Districts for the purpose of paying for the cost of a portion of the construction of public improvements and facilities necessary to serve The Shores on Xxxx Xxxxx Xxxxxxxxxxxx Xxxxxxxx Xx. 00. Xxxxxxxx Xx. 00 will assess a mill levy of twenty-five (25) xxxxx for purposes of paying for the public infrastructure improvements installed to make the Lot permit ready. The Seller and the Developer constructing or coordinating the construction of the public improvements and facilities needed for the Lot intend on the District assessing the 25 xxxxx against the property until One Hundred Thousand Dollars ($100,000) of the initial cost of building the public improvements needed for the subdivision (plus interest of 6.75% per annum) is repaid by the Lots within the Dreamers Ridge Phase 1 subdivision, including, but not limited to the capital costs related to the installation, ownership, operation, repair or maintenance of the Public Infrastructure required to provide facilities and services to the Lot, after which time District No. 10 will assess what is necessary to operate the Filing No. 1 subdivision in lieu of or in addition to a property owners and/or homeowner’s association at the direction of the property owners.
Metropolitan District. Melody acknowledges that a metropolitan district (the "District") has been formed to provide a financing mechanism for the acquisition and maintenance of a portion or all of infrastructure improvements for the Land. The service area for the District encompasses all of the Land and no portion of the Land will be excluded from the District without Melody's prior written consent. Buffalo Highlands shall not cause the inclusion of any additional property within the boundaries of the District without the prior written consent of Melody. Buffalo Highlands shall deliver to Melody for Melody's review a copy of the service plan for the District ("Service Plan") within five (5) days after the Effective Date. The Service Plan provides that the total debt mill levy, exclusive of the operations and maintenance mill levy, against the Lots shall not exceed 50 mills (subject to periodic xxxxease in accordance with Colorado law) based upon the real estate assessment laws, regulations and procedures and the mill levy structure currently applicable and utilized by the City, and anticipates that a mill levy of 42. will be sufficient to service the debt and operations and maintenance expenses of the District. Notwithstanding the foregoing, Buffalo Highlands agrees that for three (3) years from the date that the District delivers the District Note to Buffalo Highlands (the "Note Closing"), provided that Melody is not in default under any of the provisions of this Agreement, neither Buffalo Highlands nor any entity under common ownership, management or control of Buffalo Highlands shall request: (1) that the District impose or collect any fees, rates or charges for payment of such bonds issued by the District; or (2) that the District increase its mill levy for payment of bonds issued by the District and owned by Buffalo Highlands or its affiliate to a number which would exceed 42 mills in 2003 plus 10% (non-xxxxxunded) for every year thereafter (the "Mill Levy Limitation"). For purposes of calculating the Mill Levy Limitation, the number 42 may be increased or decreased to take into account legislative or constitutionally imposed adjustments in assessed values, or the method of calculating assessed values, which may occur after 2003. If the mill levy exceeds 44 mills at the time of the Notx Xxosing or for three (3) years thereafter, then Buffalo Highlands shall pay the excess to the District on behalf of Melody with respect to all Lots then owned by Melody. Except as previously...
Metropolitan District
