Peak Metropolitan District No. 1 Documents
ANNUAL INFORMATION REPORT
for the year 2024
PEAK METROPOLITAN DISTRICT NO. 1
As required by Section 32-1-207(3)(c), C.R.S. and Section VII of the Consolidated Service Plan for Peak Metropolitan District Nos. 1, 2 and 3 (hereinafter referred to as the “District”, “District No. 2”, “District No. 3” and collectively the “Districts”), approved by the City of Colorado Springs (the “City”) on August 28, 2018, and as amended from time to time (the “Service Plan”), the following report of activities for the District from January 1, 2024 to December 31, 2024 is hereby submitted.
(1) Boundary changes made or proposed to the District’s boundary as of December 31 of the prior year. No inclusions or exclusions of property were effectuated during the reporting period.
(2) Intergovernmental Agreements with other governmental entities either entered into, proposed or terminated as of December 31 of the prior year. The District entered into the following intergovernmental agreements during 2024:
First Amendment to Operations and Maintenance Mill Levy Limitation Agreement. On March 28, 2024, the Districts entered into a First Amendment to Operations and Maintenance Mill Levy Limitation Agreement to set forth the agreement of the Districts relative to the process by which District No. 2 will advance funds to District Nos. 1 and 3 for Operations Shortfalls and for District Nos. 1 and 3 to reimburse District No. 2 for advances made.
(3) Access information to obtain a copy of the District’s rules and regulations, if any, as of December 31 of the prior year. The District does not currently have any rules and regulations and there were none proposed during 2024. The Districts’ website address is: https://peakmetropolitandistricts.specialdistrict.org/
(4) A summary of any litigation which involved the District Public Improvements as of December 31 of the prior year. During 2024, the Districts, El Paso County, the City of Colorado Springs, Colorado Springs Utilities, Amazon.com Services LLC, CF Capybara COS LLC, UFCS Airport, LLC, Peak Innovation, LLC, Pathfinder Windmill, LLC and Enertia Consulting Group, LLC defended against a claim filed by Fountain Mutual Irrigation Company; Cygnet Land, LLC; and Michael S. Hassel related to damage to the Fountain Mutual Irrigation Company Canal.
(5) Status of the District’s construction of the Public Improvements as of December 31 of the prior year. The following Public Improvements were in progress during 2024:
For Planning Area 6 - Improvements at Vector Heights, Enertia Pt., and Peak Innovation Pkwy.:
a. storm facilities, primarily consisting of Pond 1200, saw substantial progress, with anticipated final acceptance in 2025
For Planning Area 7 - Ponds 500 and 600:
a. storm facilities saw substantial progress, with anticipated final acceptance in 2025
(6) A list of all facilities and improvements constructed by the District that have been dedicated to and accepted by the City as of December 31 of the prior year. No facilities or improvements constructed by the District were dedicated to and accepted by the City during the reporting period.
(7) The final assessed valuation of the District for the current year. $16,651,800.
(8) Current year budget including a description of the Public Improvements to be constructed in such year. A copy of the 2025 Budget is linked below. It is anticipated that the following Public Improvements will be constructed and/or completed during 2025:
For Planning Area 5 - Improvements:
a. Landscape/Irrigation improvements at Bud Breckner and Embraer Hts.
For Planning Area 0 - Improvements adjacent to Grinnell Blvd. (anticipated completion 2025):
a. sewer and storm facilities;
b. water
For Planning Area 7/Ponds 500 & 600 (anticipated completion 2025):
a. storm facilities
District No. 1 - 2025 Budget
(9) Audit of the District’s financial statements, for the year ending December 31 of the previous year, prepared in accordance with generally accepted accounting principles or audit exemption, if applicable. A copy of the 2023 Audit is linked below. A Request for Extension of Time to File Audit for Year End December 31, 2024 has been filed with the State Auditor. A copy of the District’s 2024 Audit will be provided upon its availability.
District No. 1 - 2023 Audit
(10) Notice of any uncured events of default by the District, which continue beyond a ninety (90) day period, under any Debt instrument. None.
(11) Any inability of the District to pay its obligations as they come due, in accordance with the terms of such obligations, which continue beyond a ninety (90) day period. None.
(12) Copies of any Certifications of an External Financial Advisor provided as required by the Privately Placed Debt Limitation provision. Not Applicable.
*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
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/P
