Smith Metropolitan District No. 2 Documents
2025 ANNUAL REPORT
MANAGER OF FINANCE AND MANAGER OF PUBLIC WORKS
SMITH METROPOLITAN DISTRICT NOS. 1-4
As required by Section XI of the Service Plans for the Smith Metropolitan District No. 1 (“District No. 1”), Smith Metropolitan District No. 2 (“District No. 2”), Smith Metropolitan District No. 3 (“District No. 3”), and Smith Metropolitan District No. 4 (“District No. 4”, and together with District No. 1, District No. 2, and District No. 3, the “Districts”) approved by the City Council of the City and County of Denver, Colorado (“City”) on February 25, 2013, we present the following report of the Districts’ activities from January 1, 2025 to December 31, 2025.
i. Annual budget of the Districts:
Copies of the 2026 budgets for District Nos. 1, 2 and 3 are linked below. District No. 4 declared Inactive Status effective January 1, 2026 and was not required to adopt a 2026 budget.
Smith MD No. 1 - 2026 Budget.pdfSmith MD No. 2 - 2026 Budget.pdfSmith MD No. 3 - 2026 Budget.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 and do not anticipate constructing any improvements in 2026.
iii. Annual audited financial statements (or any exemption filing made to the State Auditor) of the Districts:
Copies of the Districts 2025 Audit Exemption Applications are linked below.
2025 Audit Exemption -Smith MD No. 1 .pdf2025 Audit Exemption -Smith MD No. 2 .pdf2025 Audit Exemption - Smith MD No. 3 .pdf2025 Audit Exemption - Smith MD No. 4.pdfiv. Total debt authorized, total debt issued, and remaining debt authorized and intended to be issued by the Districts:
The Districts were organized to provide services to the same service area with Aviation Station North Metropolitan District Nos. 1, 2, 3, 4, 5, and 6 (the “Aviation Districts”) pursuant to their respective Service Plans. The Districts and the Aviation Districts, in aggregate, are limited in their ability to issue Debt as set forth in each Service Plan to a total amount of $500,000,000 (the “Service Plan Aggregate Debt Issuance Limit”).
In no event are the Districts authorized to issue Debt which, in aggregate with the Debt issued by the Aviation Districts, exceeds the Service Plan Aggregate Debt Issuance Limit; provided, however, that the Service Plan Aggregate Debt Issuance Limit does not apply to refunding Debt or agreements between any of the Districts and another governmental entity, such as the PIRA (as defined below).
Pursuant to that certain Project Improvements Reimbursement Agreement dated April 20, 2015, by and between District No. 1 and Aviation Station North Metropolitan District No. 1 (the “PIRA”), District No. 1 incurred the reimbursement obligation in the amount of $17,000,000 in order to repay the City, on behalf of the Department of Aviation, for a portion of the initial costs of certain regional improvements, as described therein, funded by the City.
Pursuant to that certain Intergovernmental Agreement Regarding Debt Allocation dated June 12, 2015, by and between Aviation Station North Metropolitan District No. 1 and District No. 1, the parties agreed that of the Service Plan Aggregate Debt Issuance Limit, $109,210,526.01 was allocated to the Districts (the “Smith Aggregate Debt Issuance Limit”).
On June 4, 2026, District No. 3 issued $18,280,000 Limited Tax General Obligation and Special Revenue Bonds, Series 2026A (the “Series 2026A Senior Bonds”) and $2,050,000 Subordinate Limited Tax General Obligation and Special Revenue Bonds, Series 2026B (the “Series 2026B Subordinate Bonds”) and on June 10, 2026, District No. 3 issued $3,345,000 Junior Lien Limited Tax General Obligation and Special Revenue Bonds, Series 2026C (the “Series 2026C Bonds”, together with the Series 2026A Senior Bonds and the Series 2026B Subordinate Bonds, the “2026 Bonds”). District No. 3 delivered final documents related to the 2026 Bonds to Assistant City Attorney Brad Neiman on June 10, 2026.
As of December 31, 2025, the amount of debt authorization remaining within the Smith Aggregate Debt Issuance Limit is $109,210,526.01. As of the date hereof, following the issuance of the 2026 Bonds, the amount of det authorization remaining within the Smith Aggregate Debt Issuance Limit is $85,535,526.01
The Districts’ voters have authorized the Districts to issue Debt in accordance with the Service Plan Aggregate Debt Issuance Limit.
In the future, the Districts may issue a portion or all of the remaining Smith 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 Boards of Directors and officers of the Districts:
Jared Eck, President, Term – May 2027 to complete Term to May 2029
Charles Foster, Treasurer / Assistant Secretary, Term – May 2027
Vacant, Term – May 2027
Vacant, Term – May 2029
Vacant, Term - May 2029
vi. Any bylaws, rules and regulations of the Districts regarding bidding, conflict of interest, contracting and other governance matters:
The Districts have not adopted any bylaws or rules and regulations, but comply with State statutes regarding bidding, potential conflicts of interest and other governance matters. In the event the Districts adopt any such bylaws or rules and regulations in the future, they 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://smithmetropolitandistrict1.specialdistrict.org/.
vii. Current intergovernmental agreements and amendments among the Districts:
A list of current intergovernmental agreements and amendments to which the Districts are parties are listed below.
Current Intergovernmental Agreements
Memorandum of Understanding among District Nos. 1, 2, 3 and 4 dated May 30, 2013.
Intergovernmental Agreement Regarding Pena Station Improvements dated April 20, 2015, by and between Aviation Station North Metropolitan District No. 1 and District No. 1.
Construction Disbursing Agreement dated June 12, 2015, by and between the City, on behalf of the Department of Aviation, Rail Stop, LLC, District No. 1, Aviation Station North Metropolitan District No. 1, Midfirst Bank, and Land Title Guarantee Company.
Intergovernmental Agreement Regarding Debt Allocation dated June 12, 2015, by and between Aviation Station North Metropolitan District No. 1 and District No. 1.
Project Improvements Reimbursement Agreement dated April 20, 2015, by and between District No. 1 and Aviation Station North Metropolitan District No. 1.
Custodial Agreement dated June 12, 2015, by and among Aviation Station Metropolitan District Nos. 1 and 2, District No. 1, City and County of Denver, on behalf of the Department of Aviation and UMB Bank.
Joinder Agreement dated November 12, 2025, by and among the City on behalf of the Department of Aviation, Aviation Station North Metropolitan District Nos. 1 and 2, UMB Bank, N.A., District No. 1, and District No. 3.
Inclusion Agreement dated April 20, 2015, by and between District No. 1, Aviation Station North Metropolitan District No. 1, and the City.
Capital Pledge Agreement (Project Improvements Reimbursement Agreement) dated November 12, 2025, by and among District No. 1 and District No. 3.
Facilities Funding, Construction and Operations Agreement dated April 21, 2026 by and among the Districts.
viii. A summary of all current contracts for services of the Districts:
A list of all current contracts for services of the Districts are listed below.
Current Contracts for Services
Engagement Agreement dated May 30, 2014, between the Districts and McGeady Sisneros, P.C. (n/k/a McGeady Becher Cortese Williams P.C.) for General Counsel Services.
Service Agreement for website services between the Districts and Streamline Software, Inc. dated December 20, 2024.
Service Agreement for District Engineering and cost Certification Services between District No. 1 and Ranger Engineering, LLC dated December 4, 2024.
Engagement Agreement for Accounting Service between the Districts and Marchetti & Weaver, LLC dated February 25, 2025.
Engagement Agreement for investment banking services between District No. 3 and D.A. Davidson & Co. dated January 15, 2026.
Engagement Agreement for bond counsel services between District No. 3 and Casey Parrot LLC dated January 26, 2026.
Engagement Agreement for financial forecast services between District No. 3 and Marchetti & Weaver, LLC dated February 3, 2026.
Engagement Agreement for SEC Post-Issuance Services between District No. 3, Digital Assurance Certification (DAC) and IMKD 8 LLC dated May 5, 2026.
Agreement for External Financial Services between District No. 3 and MuniCap, Inc. dated November 26, 2025.
ix. Current documentation of credit enhancements:
None.
x. Official statements of current outstanding bonded indebtedness of the Districts, if not already received by the City:
As noted above in Section iv, District No. 3 delivered final documents related to the 2026 Bonds to Assistant City Attorney Brad Neiman on June 10, 2026.
xi. Current approved Service Plans of the Districts and amendments thereto:
Final Service Plans for the Districts are on file with the City Clerk’s office.
xii. Management District office contact information:
Smith Metropolitan District No. 1
c/o McGeady Becher Cortese Williams P.C.
450 E. 17th Avenue, Suite 400
Denver, Colorado 80203
303-592-4380 – phone
Paula J. Williams, Attorney for the Districts
pwilliams@specialdistrictlaw.com
xiii. Any changes in proposed development assumptions that impact the financial projections:
None.
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:
No boundary changes were made or proposed for District Nos. 1, 2 and 4 during 2025. District No. 3 included approximately 11.9148 acres of real property into its boundaries pursuant to that certain Order for Inclusion issued by the District Court of the City on March 18, 2025, and recorded with the Denver Clerk and Recorder on March 26, 2025 at Reception No. 2025025752. District No. 3 additionally included approximately 49.8371 acres of real property into its boundaries pursuant to that certain Order for Inclusion issued by the District Court of the City on February 9, 2026, and recorded with the Denver Clerk and recorder on February 12, 2026 at Reception No. 2026010710.
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:
The Districts did not convey any facilities or improvements to the City in 2025.
xviii. Final assessed valuation of the Districts for the report year:
District No. 1: $30.00
District No. 3: $590.00
District No. 2: $30.00
District No. 4: $30.00
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 their 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 Annual Report.
2026 Mill Levy - 0.000 mills
2025 Budget2025 Mill Levy - 0.000 mills
The Transparency Notices for the Districts can be accessed on the Special District Association website:
