Smith Metropolitan District No. 3 Documents
2023 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 Nos. 1, 2, 3, and 4 (the “Districts”) approved by the City of Denver, Colorado on February 25, 2013, we present the following report of the Districts’ activities from January 1, 2023 to December 31, 2023.
i. Annual budget of the Districts: See below the 2024 budget for District No. 1. District Nos. 2, 3 and 4 declared Inactive Status effective December 4, 2013, and were not required to adopt 2024 budgets.
District No. 1 - 2024 Budgetii. 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 2023 and do not anticipate constructing any improvements in 2024.
iii. Annual audited financial statements (or any exemption filing made to the State Auditor) of the Districts: A copy of District No. 1’s 2023 Audit Exemption Application is linked below. District Nos. 2, 3 and 4 declared Inactive Status effective December 4, 2013, and were not required to prepare audit exemption applications.
District No. 1 - Audit Exemptioniv. Total debt authorized, total debt issued, and remaining debt authorized and intended to be issued by the Districts: See attached Exhibit C, memorandum regarding the Districts’ authorized, issued and remaining debt. The Districts do not intend to issue debt during 2024.
| Principal Amount of Authorized Debt | Principal Amount of Authorization Used | Principal Amount of Authorization Remaining | ||
|---|---|---|---|---|
| Purpose | ||||
| 5A | Administration and Operations and Maintenance expenses from ad valorem property tax levy | $50,000,000.00 | $0.00 | $50,000,000.00 |
| 5B | Administration and Operations and Maintenance expenses from fees | $50,000,000.00 | $0.00 | $50,000,000.00 |
| 5C | IGAs that are MFY obligations; payable from unlimited ad valorem property tax levy | $500,000,000.00 | $0.00 | $500,000,000.00 |
| 5D | Regional Improvements Mill Levy | $500,000,000.00 | $0.00 | $500,000,000.00 |
| 5E | Authority to Collect/Spend Facilities Fees, charges, tap fees | Allowed | ||
| 5F | Streets | $500,000,000.00 | $1,575,000 | $498,425,000.00 |
| 5G | Parks & Recreation | $500,000,000.00 | $820,000 | $499,180,000.00 |
| 5H | Water | $500,000,000.00 | $290,000 | $499,710,000.00 |
| 5I | Sanitation | $500,000,000.00 | $2,315,000 | $497,685,000.00 |
| 5J | Transportation | $500,000,000.00 | $12,000,000 | $488,000,000.00 |
| 5K | Mosquito Control | $500,000,000.00 | $0.00 | $500,000,000.00 |
| 5L | Safety Protection | $500,000,000.00 | $0.00 | $500,000,000.00 |
| 5M | Fire Protection | $500,000,000.00 | $0.00 | $500,000,000.00 |
| 5N | Television Relay and Translation | $500,000,000.00 | $0.00 | $500,000,000.00 |
| 5O | Operations and Maintenance - Debt | $500,000,000.00 | $0.00 | $500,000,000.00 |
| 5P | Refunding Debt | $500,000,000.00 | $0.00 | $500,000,000.00 |
| 5Q | IGAs as Debt | $500,000,000.00 | $0.00 | $500,000,000.00 |
| 5R | MFY IGAs | Allowed | ||
| 5S | Regional Improvements IGAs -MFY | Allowed |
Note: IGA = Intergovernmental Agreement; MFY = Multiple Fiscal Year
Date of Last Election: November 5, 2013
v. Names and terms of the members of the Boards of Directors and officers of the Districts:
Charles Foster, President, Term – May 2027
Vacant, Term – May 2027
Vacant, Term – May 2027
Vacant, Term – May 2025
Vacant, Term - May 2025
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.
vii. Current intergovernmental agreements and amendments among the Districts: Below is a list of intergovernmental agreements and amendments to which the Districts are parties.
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 Smith Metropolitan District No. 1.
Construction Disbursing Agreement dated June 12, 2015, by and between the City and County of Denver, on behalf of the Department of Aviation, Rail Stop, LLC, Smith Metropolitan 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 Smith Metropolitan District No. 1.
Project Improvements Reimbursement Agreement dated April 20, 2015, by and between Smith Metropolitan 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, Smith Metropolitan District No. 1, City and County of Denver, on behalf of the Department of Aviation and UMB Bank.
Inclusion Agreement dated April 20, 2015, by and between Smith Metropolitan District No. 1 and Aviation Station North Metropolitan District No. 1 and the City and County of Denver.
viii. A summary of all current contracts for services of the Districts: See below a list of all current contracts for services of the Districts.
Engagement Agreement dated May 30, 2014, between the Districts and McGeady Sisneros, P.C. (n/k/a McGeady Becher P.C.) for General Counsel Services.
Service Agreement between District No. 1 and KWS Engineering dated December 3, 2015, for Engineering and Cost Verification Services.
Engagement Agreement between District No. 1 and Greenberg Traurig dated March 12, 2015, for Legal Services.
Engagement Agreement between District No. 1 and Brownstein Hyatt Farber Schreck dated April 20, 2015, for Legal Services.
Service Agreement between District No. 1 and Smith, Brooks, Bolshoun & Co., L.L.P., dated and effective January 1, 2017, for Accounting Services.
Engagement Agreement between District No. 1 and Fiscal Focus Partners LLC for preparation of 2022 Audit Exemption Application.
Agreement between District No. 1 and Archipelago Web for website services.
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: Not applicable.
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. District office contact information:
Smith Metropolitan District Nos. 1-4
c/o McGeady Becher P.C.
450 E. 17th Avenue, Suite 400
Denver, Colorado 80203
303-592-4380 – phone
303-592-4385 – fax
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 the Districts during 2023.
xv. Summary of litigation involving the Districts’ public improvements: The Districts’ public improvements were not involved in any litigation in 2023.
xvi. Status of the Districts’ construction of public improvements: The Districts did not construct any public improvements in 2023.
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 2023.
xviii. Final assessed valuation of the Districts for the report year: District No. 1: $30.00; District No. 2: $30.00; District No. 3: $30.00; and 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 this is an alternate conforming version of the 2023 Annual Report
The Transparency Notices for the Districts can be accessed on the Special District Association website:
https://www.sdaco.org/special-district-transparency-notice/sda-transparency/search/p/S
