Peak Metropolitan District No. 3 Documents
ANNUAL INFORMATION REPORT
for the year 2025
PEAK METROPOLITAN DISTRICT NO. 3
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 “District No. 1”, “District No. 2”, the “District” 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, 2025 to December 31, 2025 is hereby submitted.
(1) Boundary changes made or proposed to the District’s boundary as of December 31 of the prior year. The following boundary change was made in 2025:
· Order for Inclusion, recorded on December 16, 2025 at Reception No. 225109285 of the El Paso County Clerk and Recorder Real Property Records (132.93 acres).
(2) Intergovernmental Agreement 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 2025:
Tolling Agreement. On January 14, 2025, Fountain Mutual Irrigation Company, and Cygnet Land, LLC (collectively, “Claimants”), the City and Colorado Springs Utilities, Amazon.com Services LLC, CF Capybara Cos LLC, UFCS Airport, LLC, District No. 1, District No. 2, the District, El Paso County, Colorado, and Peak Innovation, LLC (collectively, “Defendants”) and Urban Frontier, LLC and Enertia Consulting Group, LLC (collectively with Defendants, “Respondents”) entered into a Tolling Agreement to facilitate the negotiation of a potential settlement of any and all claims of Claimants, whether currently pled in the Civil Action or not, and any and all counterclaims and cross-claims that Respondents may assert regarding the subject matter at issue in the Civil Action.
Extension of Tolling Agreement. On June 30, 2025, the parties to the Tolling Agreement described above, entered into an Extension of Tolling Agreement to extend the Tolling Agreement and the Tolling Period, as defined therein, to August 29, 2025.
Further Extension of Tolling Agreement. On August 29, 2025, the parties to the Tolling Agreement described above, entered into an additional Extension of Tolling Agreement to extend the Tolling Agreement and the Tolling Period, as defined therein, to October 28, 2025.
General Release and Settlement Statement. On August 4, 2025, Cygnet Land, LLC, the City, UFCS Airport, LLC, District No. 1, District No. 2, the District, and Urban Frontier, LLC entered into a General Release and Settlement Statement to reach a complete resolution of any known claims including claims asserted in the Civil Action, as described in the General Release and Settlement Statement, and claims in the exercise of reasonable diligence should have been known claims arising out of the Incidents to the property as identified at El Paso Tax Schedule No. 5507200003, effective upon the City completing certain obligations.
General Release and Settlement Statement. On November 17, 2025, Cygnet Land, LLC, the City, UFCS Airport, LLC, District No. 1, District No. 2, the District, and Urban Frontier, LLC entered into a General Release and Settlement Statement to reach a complete resolution of any known claims including claims asserted in the Civil Action, as described in the General Release and Settlement Statement, and claims in the exercise of reasonable diligence should have been known claims arising out of the Incidents to the properties as identified at El Paso Tax Schedule Nos. 6512100001 and 5500000451, effective upon the City completing certain obligations.
General Release and Settlement Statement. On and effective November 17, 2025, Cygnet Land, LLC, the City, UFCS Airport, LLC, District No. 1, District No. 2, the District, and Urban Frontier, LLC entered into a General Release and Settlement Statement to reach a complete resolution of any known claims including claims asserted in the Civil Action, as described in the General Release and Settlement Statement, and claims in the exercise of reasonable diligence should have been known claims arising out of the Incidents to the property as identified at El Paso Tax Schedule No. 5500000550.
Assignment and Assumption of Bluestem Improvement Plans. On May 27, 2025 the District, the City, by and through its enterprise, the Colorado Springs Municipal Airport, if applicable, UFCS Airport, LLC, and Enertia Consulting Group, LLC entered into an Assignment and Assumption of Bluestem Improvement Plans to acknowledge and assign to the City, and the City’s acceptance of the Bluestem Plans for the City’s use and ownership of the Bluestem Plans in conjunction with the installation, construction and completion of the Bluestem Improvements.
Colorado Springs Utilities Agreement and Bill of Sale for Water or Wastewater Facilities. On October 22, 2025, the District and Colorado Springs Utilities (“CSU”), an enterprise of the City, entered into a CSU Agreement and Bill of Sale for Water or Wastewater Utilities pertaining to the Bradley Lift Station, to set forth the terms pursuant to which CSU grants permission to the District to connect the Facilities (as defined in the Agreement) to CSU’s public water system and/or wastewater system.
Facilities Payment Agreement (Bluestem). On November 3, 2025, the District and the City, by and through its enterprise, the Colorado Springs Municipal Airport, entered into a Facilities Payment Agreement (Bluestem) to set forth the rights, obligations, and procedures for the District to pay the City for Certified Construction Costs related to the Bluestem Improvements and Confirmed Acquisition Costs related to the Property Interests, as defined and provided for in the Agreement.
Cost Sharing Intergovernmental Agreement (Bradley Lift Station). On November 12, 2025, the District and Waterview North Metropolitan District No. 1 entered into a Cost Sharing Intergovernmental Agreement (Bradley Lift Station) to establish the rights and obligations of the parties as it relates to cost sharing the design and construction of the Lift Station Improvements (as defined in the Agreement) and the method for payment, responsibility and process for design, construction, maintenance and repair of the Lift Station Improvements and certain other matters identified in the Agreement.
Maintenance Intergovernmental Agreement. On November 18, 2025, District No. 1, District No. 2, the District and the City, by and through its enterprise, the Colorado Springs Municipal Airport entered into a Maintenance Intergovernmental Agreement to set forth the respective rights, obligations and procedures of the parties with regard to the ongoing maintenance and repair of the District Maintained Improvements, as defined in the Agreement.
(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 2025.
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 2025, 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. This claim was settled during 2025.
(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 2025:
For Integration Loop Phase 4 and Pond 705 (west of Logistics Point and south of Integration Loop):
a. storm facilities saw substantial progress, with anticipated final acceptance in 2026; and
b. streetscape landscape and irrigation
For Peak Lift Station:
a. sewer facilities saw substantial progress, with anticipated final acceptance in 2026
For Bradley Lift Station (anticipated completion 2026):
a. sewer and storm facilities
(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. A copy of the 2025 Certification of Assessed Valuation for El Paso County is linked below.
2025 Final AV- Peak MD No. 3.pdf(8) Current year budget including a description of the Public Improvements to be constructed in such year. A copy of the 2025 Budget is attached linked below. It is anticipated that the following Public Improvements will be constructed and/or completed during 2026:
For Integration Loop Phase 4 & Pond 705 (west of Logistics Point and South of Integration Loop) (completion anticipated in 2026):
a. storm facilities; and
b. streetscape landscape and irrigation
For Peak Lift Station (completion anticipated in 2026):
a. sewer facilities
For Bradley Lift Station (anticipated completion 2026):
a. sewer and storm facilities
2026 Budget - Peak 3 .pdf(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 2024 Audit is linke below. A Request for Extension of Time to File Audit for Year End December 31, 2025 has been filed with the State Auditor. A copy of the District’s 2025 Audit will be provided upon its availability.
Final 2024 Audit - Peak 3.pdf(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.
For accessibility purposes, this is an alternate conforming version of the 2025 Annual Report.
2026 Mill Levy - 41.888 Mills
2025 Budget2025 Mill Levy - 40.535 Mills
2024 Budget2024 Mill Levy - 40.536 Mills
The Transparency Notices for the Districts can be accessed on the Special District Association website:
