dove valley metropolitan district...aug 08, 2020 · fund period ending july 1, 2020 period ending...

DOVE VALLEY METROPOLITAN DISTRICT 141 Union Boulevard, Suite 150

Lakewood, Colorado 80228-1898 Tel: 303-987-0835 800-741-3254

Fax: 303-987-2032

NOTICE OF SPECIAL MEETING AND AGENDA Board of Directors: Office: Term/Expiration: Greg L. Armstrong President 2022/May 2022 Glenn Sandler Treasurer 2023/May 2023 Deborah A. Noble Assistant Secretary 2023/May 2023 VACANT 2022/May 2022 VACANT 2022/May 2022 David Solin Secretary DATE: Monday, August 17, 2020 TIME: 1:00 P.M. PLACE: DUE TO CONCERNS REGARDING THE SPREAD OF THE CORONAVIRUS (COVID-

19) AND THE BENEFITS TO THE CONTROL OF THE SPREAD OF THE VIRUS BY LIMITING IN-PERSON CONTACT, THIS DISTRICT BOARD MEETING WILL BE HELD BY CONFERENCE CALL WITHOUT ANY INDIVIDUALS (NEITHER DISTRICT REPRESENTATIVES NOR THE GENERAL PUBLIC) ATTENDING IN PERSON. IF YOU WOULD LIKE TO ATTEND THIS MEETING, PLEASE CALL IN TO THE CONFERENCE BRIDGE AT 1-877-250-3814 AND WHEN PROMPTED, DIAL IN THE PASSCODE OF 5592663.

I. ADMINISTRATIVE MATTERS

A. Present Disclosures of Potential Conflicts of Interest.

B. Approve Agenda and confirm location and manner of meeting and posting of meeting notices.

C. Review and approve Minutes of the June 15, 2020 Special Meeting (enclosure).

II. PUBLIC COMMENTS

A. III. CITY OF CENTENNIAL MATTERS

A.

Dove Valley Metropolitan District Monday, August 17, 2020

IV. FINANCIAL MATTERS

A. Ratify approval of payment of claims through the periods ending as follows (enclosures):

Fund Period Ending July 1, 2020

Period Ending Aug. 10, 2020

General $ 52,327.29 $ 46,534.25 Debt Service $ -0- $ -0- Capital Projects $ 1,830.00 $ 64,413.36 Total Claims $ 54,157.29 $ 110,947.61

B. Review and accept the unaudited financial statements for the period ending June 30, 2020, schedule of cash position dated June 30, 2020, updated August 4, 2020, and the 2020 property tax reconciliation (enclosure).

V. LEGAL MATTERS

A.

VI. OPERATIONAL / MAINTENANCE MATTERS

A. VII. CAPITAL IMPROVEMENTS - STATUS OF MONUMENTATION, TRAILS, LANDSCAPE,

SPECIFIC DISTRICT TRANSPORTATION INITIATIVES – DIRECTIONAL SIGNAGE/STREET RENAMING, STREET EXPANSION, TRAFFIC SIGNALIZATION AND STREET LIGHTING PROJECTS:

A. Status of the following Trails, Monumentation, and Landscape Projects:

1. Discuss Solara Designs Report (enclosure).

2. Discuss Lone Tree Creek Trail.

3. Discuss Fremont Avenue Trail.

4. Discuss status of Streetscaping plans.

5. Discuss status of trash dumping at Hannibal Street and proposals for the installation of

cameras and signs.

Dove Valley Metropolitan District Monday, August 17, 2020

B. Status of the following Traffic Directional Signage / Street Renaming Projects:

1. Discuss status of signage and wayfinding initiatives.

C. Status of the following Traffic Signalization Projects:

1. Fairplay Street / Broncos Parkway Traffic Signal.

D. Status of the following Street Expansion Projects: 1. Status of closeout of South Hannibal Circle with update from Manhard Consulting, Ltd.

- (identified as “Street B” in the District’s Service Plan).

E. Status of the following Lighting Project for South Fairplay Street, East Mineral Avenue, and East Otero Avenue:

1.

F. Discuss status of Trails Edge Median Break:

VIII. OTHER MATTERS

A. IX. ADJOURNMENT THE NEXT REGULAR MEETING IS SCHEDULED FOR SEPTEMBER

21, 2020.

RECORD OF PROCEEDINGS

Page 1 06.15.20 Special- DVMD

MINUTES OF A SPECIAL MEETING OF

THE BOARD OF DIRECTORS OF THE

DOVE VALLEY METROPOLITAN DISTRICT

HELD

JUNE 15, 2020

A Special Meeting of the Board of Directors (referred to hereafter as the "Board") of the Dove

Valley Metropolitan District (referred to hereafter as the “District”) was convened on

Monday, the 15th day of June, 2020, at 2:00 P.M. Due to concerns regarding the spread of the

Coronavirus (Covid-19) and the benefits to the control of the spread of the virus by limiting

in-person contact, this District Board Meeting was held by conference call without any

individuals (neither District Representatives nor the general public) attending in person.

ATTENDANCE Directors In Attendance Were:

Greg Armstrong

Deborah A. Noble

Also In Attendance Were:

Glenn Sandler; Board Candidate

David Solin; Special District Management Services, Inc. (“SDMS”)

Elisabeth Cortese, Esq.; McGeady Becher P.C.

Kevin Crehan; Solara Designs

Becky Hogan; Edge Consulting Services

Kevin Collins and Rosie Kranzler; CliftonLarsonAllen LLP

Dan Rodriquez; Manhard Consulting, Ltd.

Don Casper; Donald E. Casper Consulting Services, Incorporated

DISCLOSURE OF

POTENTIAL

CONFLICTS OF

INTEREST

Disclosure of Potential Conflicts of Interest: Attorney Cortese noted she was in receipt of

disclosures of potential conflicts of interest statements for each of the Directors and that the

statements had been filed with the Secretary of State at least seventy-two hours in advance of

the meeting.



Mr. Solin requested that the Directors review the Agenda for the meeting and advised the

Board to disclose any new conflicts of interest with any items scheduled for discussion. No

further disclosures were made.

ADMINISTRATIVE

MATTERS

Agenda: Mr. Solin distributed for the Board's review and approval a proposed Agenda for the

District's Special Meeting.

Following discussion, upon motion duly made by Director Noble, seconded by Director

Armstrong and, upon vote, unanimously carried, the Agenda was approved, as presented.

Approval of Meeting Location: The Board entered into a discussion regarding the

requirements of Section 32-1-903(1), C.R.S., concerning the location of the District's Board

meeting.


Armstrong and, upon vote, unanimously carried, the Board determined to conduct the

meeting by conference call at the above-stated date and time. The Board further noted that

notice of the date and time and the telephonic manner of the meeting was duly posted and no

objections to the telephonic manner of the meeting or any requests that the telephonic manner

of the meeting be changed by taxpaying electors within the District boundaries have been

received.

Minutes: The Board reviewed Minutes of the April 20, 2020 Special Meeting.

Following review, upon motion duly made by Director Noble, seconded by Director

Armstrong and, upon vote, unanimously carried, the Minutes of the April 20, 2020 Special

Meeting were approved, as presented.

Appointment of Director: The Board considered the appointment of Glenn Sandler to fill the

vacancy on the Board of Directors.

Following discussion, upon motion duly made by Director Armstrong, seconded by Director

Noble and, upon vote, unanimously carried, Glenn Sandler was appointed to fill the vacancy

on the Board of Directors.

Results of Cancelled May 5, 2020 Regular Election: Mr. Solin discussed with the Board the

results of the cancelled May 5, 2020 Regular Election for Directors (“Election”). It was noted

that the Election was cancelled, as permitted by statute, and that Director Noble was deemed

elected to a three-year term ending in 2023.

Appointment of Officers: The Board entered into discussion regarding the appointment of

officers.




Armstrong and, upon vote, unanimously carried, the following slate of officers was appointed:

President Greg Armstrong

Treasurer Glenn Sandler

Secretary David Solin

Assistant Secretary Deborah Noble

2020 Annual SDA Conference: Mr. Solin discussed with the Board the cancellation of the

2020 Annual SDA Conference in Keystone on September 23, 24, and 25, 2020, and the virtual

conference being planned by the SDA in its place.

PUBLIC

COMMENTS

There were no public present.

CITY OF

CENTENNIAL

MATTERS

City of Centennial Discussion: Ms. Hogan provided an update.

FINANCIAL

MATTERS

Claims: Mr. Collins and Ms. Kranzler presented to the Board the list of claims for the

following periods:

Fund Period Ending

May 12, 2020

Period Ending

June 9, 2020

General $ 24,299.18 $ 28,501.67

Debt Service $ -0- $ -0-

Capital Projects $ 56,202.33 $ 4,701.80

Total Claims $ 80,507.51 $ 33,203.47

Following review, upon motion duly made by Director Armstrong, seconded by Director

Noble and, upon vote, unanimously carried, the Board ratified approval of the payment of

claims, as presented.

Unaudited Financial Statements: Mr. Collins presented to the Board the unaudited financial

statements for the period ending April 30, 2020, the schedule of cash position dated April 30,

2020, updated June 8, 2020, and the 2020 property tax reconciliation.

Following review and discussion, upon motion duly made by Director Armstrong, seconded

by Director Noble and, upon vote, unanimously carried, the Board accepted the unaudited

financial statements for the period ending April 30, 2020, the schedule of cash position dated

April 30, 2020, updated June 8, 2020, and the 2020 property tax reconciliation. Mr. Collins

noted the continued strength of property tax reconciliation.



2019 Audit: Ms. Kranzler and Mr. Collins reviewed with the Board the 2019 draft Audited

Financial Statements.

Following review and discussion, upon motion duly made by Director Armstrong, seconded

by Director Noble and, upon vote, unanimously carried, the Board approved the 2019 Audited

Financial Statements, subject to counsel review, and authorized execution of the

Representations Letter.

LEGAL MATTERS

There were no legal matters for discussion at this time.

OPERATIONAL/

MAINTENANCE

MATTERS

There were no Operational and/or Maintenance Matters for discussion at this time.

CAPITAL

IMPROVEMENTS

Trails, Monuments, and Landscape Projects:

Solara Designs Report: Mr. Crehan discussed with the Board the Solara Designs Report,

attached and incorporated herein by reference.

Dove Valley Regional Park Improvements: Mr. Crehan discussed with the Board the Dove

Valley Regional Park Improvements. It was noted that the Board is not currently in favor of

the project as presented.

Lone Tree Creek Trail: Mr. Crehan discussed with the Board the status of the Lone Tree

Creek Trail.

Fremont Avenue Trail: Mr. Crehan discussed with the Board the status of the Fremont Avenue

Trail. He noted that the City of Centennial has placed the funds for this project on hold until at

least 2021, due to the COVID-19 pandemic.

Following discussion, upon motion duly made by Director Armstrong, seconded by Director

Noble and, upon vote, unanimously carried, the Board determined to place this project on hold

pending further discussions with the City of Centennial regarding the City’s participation.

2020 Streetscaping Plans: Mr. Crehan discussed with the Board the status of the 2020

Streetscaping Plans.

Trash Dumping Issue on Hannibal Street: Mr. Solin discussed with the Board the proposals

for the installation of cameras and signs. He noted that the estimated cost to be up to

$1,750.00 for cameras and signs. No action was taken by the Board.



Traffic Directional Signage/Street Renaming Projects:

Status of Signage and Wayfinding Initiatives: Mr. Crehan noted that there were no updates at

this time.

Traffic Signalization:

Fairplay Street/Broncos Parkway Traffic Signal: There are no updates at this time.

Street Expansion Projects:

Status of close-out of South Hannibal Circle (identified as “Street B” in the District’s Service

Plan): Mr. Solin updated the Board on the status of the close-out of South Hannibal Circle. He

noted that the Board is waiting for SEMSWA to review the vegetation establishment and

finalize acceptance of the same. It is anticipated that such review and acceptance should

occur by the fall of 2020.

Lighting Project for South Fairplay Street, East Mineral Avenue, and East Otero

Avenue: Mr. Rodriquez discussed with the Board the status of the Lighting Project for South

Fairplay Street, East Mineral Avenue, and East Otero Avenue. He noted that the project is

moving along at the anticipated pace.

OTHER MATTERS

Trails Edge Median Break: It was noted that Mr. Solin, Attorney Cortese, and Mr.

Rodriguez will work with Toll Brothers on the details of the Trails Edge Median Break.

ADJOURNMENT

There being no further business to come before the Board at this time, upon motion duly made

by Director Armstrong, seconded by Director Noble and, upon vote, unanimously carried, the

meeting was adjourned.

Respectfully submitted,

By

Secretary for the Meeting

DOVE VALLEY METROPOLITAN DISTRICT

FINANCIAL STATEMENTS

JUNE 30, 2020

GeneralSpecial

Revenue Debt ServiceCapital

Projects Total

ASSETSCash - 1st Bank 195,269$ -$ 112,761$ 38,986$ 347,016$Colotrust Plus 6,330,630 - 2,714,412 34,477 9,079,519Colotrust Plus CTF - 96,027 - - 96,027Colotrust Prime - - - 350,026 350,026US Bank - 2010 Project Fund - - - 1,288,921 1,288,921Receivable from County Treasurer 315,740 - 835,756 - 1,151,496Deposits - - - 79,595 79,595

TOTAL ASSETS 6,841,639$ 96,027$ 3,662,929$ 1,792,005$ 12,392,600$

LIABILITIES AND FUND BALANCES

CURRENT LIABILITIESAccounts payable 55,671$ -$ -$ 1,830$ 57,501$Retainage payable - - - 2,250 2,250

Total Liabilities 55,671 - - 4,080 59,751

FUND BALANCES

Total Fund Balances 6,785,968 96,027 3,662,929 1,787,925 12,332,849

TOTAL LIABILITIES AND FUND BALANCES 6,841,639$ 96,027$ 3,662,929$ 1,792,005$ 12,392,600$

DOVE VALLEY METROPOLITAN DISTRICTBALANCE SHEET - GOVERNMENTAL FUNDS

JUNE 30, 2020

No assurance is provided on these financial statements. Substantially all required disclosures, the government-wide financial statements,and the statement of revenues, expenditures and changes in fund balances - governmental funds have been omitted.

1

AnnualBudget

Year to DateActual Variance

REVENUES

Property taxes 1,115,868$ 1,060,013$ (55,855)$Specific ownership taxes 66,952 36,591 (30,361)Interest income 35,000 36,786 1,786Other revenue - 12,503 12,503

TOTAL REVENUES 1,217,820 1,145,893 (71,927)EXPENDITURES

Accounting 50,000 36,350 13,650Auditing 5,000 - 5,000County treasurer's fees 16,738 15,912 826Directors' fees 3,200 - 3,200Insurance and bonds 12,000 8,825 3,175Irrigation 90,000 35,813 54,187District management 50,000 14,728 35,272Legal services 50,000 9,155 40,845Street lights 100,000 28,603 71,397Miscellaneous 6,817 2,350 4,467Payroll taxes 245 99 146Election expense 1,000 1,288 (288)Landscape maintenance 110,000 28,823 81,177Dues and licenses - 1,238 (1,238)

TOTAL EXPENDITURES 495,000 183,184 311,816

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 722,820 962,709 239,889

OTHER FINANCING SOURCES (USES)Transfers to other fund (2,000,000) - 2,000,000

TOTAL OTHER FINANCING SOURCES (USES) (2,000,000) - 2,000,000

NET CHANGE IN FUND BALANCES (1,277,180) 962,709 2,239,889FUND BALANCES - BEGINNING 5,784,712 5,823,257 38,545

FUND BALANCES - ENDING 4,507,532$ 6,785,966$ 2,278,434$

DOVE VALLEY METROPOLITAN DISTRICTSTATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

FOR THE SIX MONTHS ENDED JUNE 30, 2020

GENERAL FUND

No assurance is provided on these financial statements. Substantially all required disclosures, the government-wide financial statements,and the statement of revenues, expenditures and changes in fund balances – governmental funds have been omitted.

2

AnnualBudget


REVENUES

CTF proceeds 20,000$ 8,243$ (11,757)$Interest income 500 517 17

TOTAL REVENUES 20,500 8,760 (11,740)

EXPENDITURESHappy Canyon trail mowing 2,000 - 2,000

TOTAL EXPENDITURES 2,000 - 2,000

NET CHANGE IN FUND BALANCES 18,500 8,760 (9,740)

FUND BALANCES - BEGINNING 87,905 87,267 (638)

FUND BALANCES - ENDING 106,405$ 96,027$ (10,378)$

DOVE VALLEY METROPOLITAN DISTRICTSTATEMENT OF REVENUES, EXPENDITURES AND



SPECIAL REVENUE FUND


3

SUPPLEMENTARY INFORMATION

AnnualBudget


REVENUES

Property taxes 2,954,566$ 2,808,091$ (146,475)$Specific ownership taxes 177,274 96,886 (80,388)Interest income 25,000 13,662 (11,338)

TOTAL REVENUES 3,156,840 2,918,639 (238,201)

EXPENDITURES

County treasurer's fees 44,318 42,005 2,313Paying agent fees 10,000 1,210 8,790Bond interest - 2010 Series 1,575,347 762,847 812,500Bond principal - 2010 Series 1,325,000 - 1,325,000Contingency 5,000 - 5,000

TOTAL EXPENDITURES 2,959,665 806,062 2,153,603

NET CHANGE IN FUND BALANCES 197,175 2,112,577 1,915,402

FUND BALANCES - BEGINNING 3,139,092 1,550,352 (1,588,740)

FUND BALANCES - ENDING 3,336,267$ 3,662,929$ 326,662$

DOVE VALLEY METROPOLITAN DISTRICTSCHEDULE OF REVENUES, EXPENDITURES AND



DEBT SERVICE FUND


5

AnnualBudget


REVENUES

Interest income 10,000$ 851$ (9,149)$

TOTAL REVENUES 10,000 851 (9,149)

EXPENDITURES

District management 10,000 - 10,000Project management 25,000 7,185 17,815Legal services 10,000 5,777 4,223District identity and website - 495 (495)Street expansion-Hannibal Cir. - 250 (250)Street lighting projects 1,200,000 46,026 1,153,974Way finding and renaming 50,000 - 50,000Happy Canyon Trail and Bridge - 10,015 (10,015)Fremont Ave. Urban Trail 550,000 9,732 540,268Streets repairs and maintenance 500,000 - 500,000Contingency 15,000 - 15,000

TOTAL EXPENDITURES 2,360,000 79,480 2,280,520

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (2,350,000) (78,629) 2,271,371

OTHER FINANCING SOURCES (USES)Transfers from other funds 2,000,000 - (2,000,000)

TOTAL OTHER FINANCING SOURCES (USES) 2,000,000 - (2,000,000)

NET CHANGE IN FUND BALANCES (350,000) (78,629) 271,371

FUND BALANCES - BEGINNING 1,879,946 1,866,555 (13,391)

FUND BALANCES - ENDING 1,529,946$ 1,787,926$ 257,980$

DOVE VALLEY METROPOLITAN DISTRICTSCHEDULE OF REVENUES, EXPENDITURES AND



CAPITAL PROJECTS FUND

No assurance is provided on these financial statements. Substantially all required disclosures, the government-wide financial statements,and the statement of revenues, expenditures and changes in fund balances - governmental funds have been omitted.

6

DOVE VALLEY METROPOLITAN DISTRICT 2020 BUDGET

SUMMARY OF SIGNIFICANT ASSUMPTIONS

Services Provided

The Dove Valley Metropolitan District (“the District”), a quasi-municipal corporation and a political subdivision of the State of Colorado, was organized by order and decree of the District Court on April 30, 1984, and is governed pursuant to provisions of the Colorado Special District Act (Title 32, Article 1, Colorado Revised Statutes).

The District was organized to provide street improvements, parks and recreational facilities, water supply, wastewater facilities, traffic and safety controls, public transportation, fire protection, mosquito control, television relay and operation and maintenance. The District's service area is located entirely within Arapahoe County, Colorado.

In December 1988 and in January 2000, the District amended its Service Plan to include the operation and/or maintenance of water and sanitation services, local sanitary, and drainage facilities and streets, either independently or pursuant to intergovernmental agreements with Arapahoe County, Parker Jordan Metropolitan District and Douglas County, as appropriate. In October 2004, The District again modified its Service Plan to reflect the Financial Plan and to grant the District the authority to issue the remaining voted debt in the amount of $18,000,000.

The District has no employees and all administrative functions are contractual.

The District prepares its budget on the modified accrual basis of accounting, in accordance with the requirements of Colorado Revised Statutes C.R.S. 29-1-105 using its best estimates as of the date of the budget hearing. These estimates are based on expected conditions and its expected course of actions. The assumptions disclosed herein are those that the District believes are significant to the budget. There will usually be differences between the budget and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material.

Revenues

Property Taxes

Property taxes are levied by the District’s Board of Directors. The levy is based on assessed valuations determined by the County Assessor generally as of January 1 of each year. The levy is normally set by December 15 by certification to the County Commissioners to put the tax lien on the individual properties as of January 1 of the following year. The County Treasurer collects the determined taxes during the ensuing calendar year. The taxes are payable by April or, if in equal installments, at the taxpayer’s election, in February and June. Delinquent taxpayers are notified in August and generally sales of the tax liens on delinquent properties are held in November or December. The County Treasurer remits the taxes collected monthly to the District.

The calculation of the taxes levied is displayed on the Property Tax Summary page of the budget using the adopted mill levy imposed by the District.

No assurance is provided on these financial statements. Substantially all required disclosures, the government-wide financial statements, and the statement of revenues, expenditures and changes in fund balances - governmental funds have been omitted.

7



Revenues – (continued)

Specific Ownership Taxes

Specific ownership taxes are set by the State and collected by the County Treasurer, primarily on vehicle licensing within the County as a whole. The specific ownership taxes are allocated by the County Treasurer to all taxing entities within the County. The budget assumes that the District’s share will be equal to approximately 6% of the property taxes collected.

Net Investment Income

Interest earned on the District’s available funds has been estimated based on historical interest earnings.

Conservation Trust (Lottery Proceeds)

The District anticipates receiving revenue from the State Lottery on a per capita basis ratio. The revenue is restricted for recreation purposes under state statutes.

Expenditures

Administrative and Operating Expenditures Operating and administrative expenditures include the estimated services necessary to maintain the District’s administrative viability such as legal, management, accounting, insurance and meeting expense. Estimated expenditures related to street repairs and maintenance, street lights, street sweeping, landscaping, mowing, parks and open space maintenance, utilities and snow removal were also included in the budget.

Capital Outlay

The District anticipates infrastructure improvements as noted in the Capital Project Fund.

County Treasurer’s Fees

County Treasurer’s fees have been computed at 1.5% of property tax collections.

Debt Services

Principal and interest payments are provided based on the debt amortization schedule from the Series 2019 Refunding Bonds (discussed under Debt and Leases).


8



Debt and Leases

Series 2019 Refunding Bond

On December 12, 2019, the District issued $40,625,000 in Series 2019 General Obligation Refunding Bonds. The proceeds from the Series 2019 Refunding Bonds were used for the purpose of establishing an irrevocable trust account (the “Refunding Escrow”) to refund the 2010 Refunded Bonds on the first date on which they may be redeemed prior to their maturity and refunding the Series 2015 Loan.

The Series 2019 Refunding bonds are secured by and payable solely from Pledged Revenue, which includes property taxes net of the cost of collection, Specific Ownership Taxes attributable to the Debt Service Levy. The principal balance of the bonds shall bear an interest rate of 4.000% (with a yield of 2.122% per Form 8038-G), payable semi-annually on June 1 and December 1, commencing on June 1, 2020, and shall mature on December 1, 2039.

The District has no outstanding operating or capital leases.

Reserves

Emergency Reserve

The District has provided for an Emergency Reserve fund equal to at least 3% of fiscal year spending for 2020, as defined under TABOR.

Debt Service Reserve

The District has provided for a Debt Service Reserve fund in the amount of $1,533,425 for 2020, as required by the Series 2019 General Obligation Refunding Bonds.


9

General Debt Service Capital ConservationFund Fund Fund Trust Fund Total

1st Bank - CheckingBalance as of 6/30/2020 195,268.71$ 112,760.61$ 38,985.66$ -$ 347,014.98$ Subsequent activities:

07/01/20 - IREA ACH (250.30) - - - (250.30) 07/06/20 - IREA ACH (53.33) - - - (53.33) 07/16/20 - Xcel ACH (11.52) - - - (11.52) 07/20/20 - ACCWA ACH (13,695.19) - - - (13,695.19) 08/03/20 - Transfer from US Bank Project Funds - Draw Request 53 - - 42,750.00 - 42,750.00 Anticipated Bill.com payables (34,229.64) - (1,830.00) - (36,059.64)

Anticipated Balances 147,028.73 112,760.61 79,905.66 - 339,695.00

ColoTrust - Plus Balance as of 6/30/2020 6,330,630.40 2,714,412.26 34,476.98 - 9,079,519.64 Subsequent activities: 07/10/20 - Property Tax Collections 316,771.64 834,724.43 - - 1,151,496.07

Anticipated Balances 6,647,402.04 3,549,136.69 34,476.98 - 10,231,015.71

ColoTrust - Plus CTFBalance as of 6/30/2020 - - - 96,027.06 96,027.06

Anticipated Balances - - - 96,027.06 96,027.06

ColoTrust - PrimeBalance as of 6/30/2020 - - 350,026.09 - 350,026.09

Anticipated Balances - - - - -

US Bank - Project FundBalance as of 6/30/2020 - - 1,288,920.53 - 1,288,920.53 Subsequent activities: 08/03/20 - Transfer to 1st Bank - Draw Request 53 - - (42,750.00) - (42,750.00)

Anticipated Balances - - 1,246,170.53 - 1,246,170.53

Anticipated Balances 6,794,430.77$ 3,662,047.90$ 1,360,553.17$ 96,027.06$ 11,913,058.90$

Yield information as of 06/30/2020

ColoTrust Prime - 0.50%

DOVE VALLEY METROPOLITAN DISTRICT Schedule of Cash Position

June 30, 2020Updated as of August 4, 2020


10


11

Solara Designs 2212 Fenton St. Edgewater, Colorado (303) 477-2293 (Phone/Fax)

Solara Designs August 7, 2020 2212 Fenton St, Edgewater, CO 80214 Dove Valley Metropolitan District Attn: David Solin, District Manager 141 Union Blvd., Suite 150 Lakewood, Colorado 80228 Dear Members of the Board, Following is an update re: status of the Dove Valley Trails Initiative and current Tree and Streetscape measures. Trails Initiative (See Attached Trails Maps) Fremont Ave to Cherry Creek Urban Trail: Construction and GESC plans are approved and ready for final permitting. Manhard has confirmed with SEMSWA that these approvals will remain valid for construction of the trail in 2021. The City of Centennial has confirmed their commitment to $186,000 in trail construction funding. ($150,000 from Centennial Open Space Funds and $36,000 from Public Works) Centennial had also committed to $24,500 in design funding, which is eligible for collection now. (See Below) Solara Designs is coordinating with SDMS to collect these funds. Kevin, A portion of the project is funded by PW ($36,000) because Open Space funding cannot fund it. PW also deferred their funding until 2021. That gives you the total of $186,000. I wanted to mention that if the design is complete you can request reimbursement of the $24,500 the City is funding. We had the original $10,000 and amended to add $14,500 last year. I don’t believe we have received any requests for payment to date. Thank you, Jenny Houlne | Principal Planner City of Centennial | Community Development Happy Canyon Trail: SEMSWA returned the $100,613 in collateral related to the Stormwater Public Improvements Permit in late December. SEMSWA approved our LOMR submittal in mid-July. The LOMR now moves on to FEMA / Urban Drainage for review. We anticipate FEMA approvals in late 2020 or early 2021. Once the LOMR is complete, SEMSWA will release the final $20,000 in collateral tied to the project.


Lone Tree Creek Trail: Construction of the portion of Phase 1 that lies within the Dove Valley District has been postponed. The City has come to an impasse with both the Airport Business Association and Invesco regarding terms surrounding the required trail easements. Apparently the Business Park has stipulated that the City accept responsibility for liability associated with potential trespassers accessing private property from the trail, and to add “No Trespassing” signs every 75 feet along the trail. The Dove Valley stretch of the trail cannot be completed without Business Association and Invesco cooperation. Phase 1 of the trail had been planned to extend from Broncos Parkway to Caley Avenue. The revised plan for Phase 1 is to construct only the portion that extends from Arapahoe Road to Caley Avenue. Phases 2 and 3 of the project are also still anticipated to move forward. These phases will extend the trail from Caley Avenue into Cherry Creek State Park, connecting with the Cherry Creek Regional Trail inside the park. Trail Maintenance: The Trail Maintenance IGA continues to be bogged down at Arapahoe County Open Spaces (ACOS). We responded to a July 22nd email from Glen Poole (ACOS Operations Manager) asking about next steps. The April 2019 Blackline version of the trail maintenance IGA is still at ACOS pending review & comment. There has been no further communication since. As currently drafted, the annual cost for County maintenance of the Happy Canyon and Broncos Parkway trail segments estimated at $8000. Services included are mowing, trash removal, and snow removal. It does appear the County has been performing these services. Given the approximate $16,500 in annual revenue from the Conservation Trust Fund, an $8000 annual budget to maintain these existing District-owned trails allows a sufficient reserve to maintain an additional 5000 lf of trail. Joint Funding for Trail and Regional Park Improvements: The reciprocal funding arrangement intended to leverage both Dove Valley District and ACOS dollars to fund construction of the Fremont Avenue Trail and improvements at Dove Valley Regional Park is on hold for the time being. The intent is to model the funding arrangement after a similar agreement recently completed between ACOS and the City of Centennial. For the Fremont Ave Trail, a reciprocal funding concept similar to the City of Centennial / ACOS model might look like the following. Fremont Ave Trail Construction Cost Total $546,000 (As per 10-28-19 Manhard Estimate) Requested City of Centennial Contribution $186,000 (Includes East End & former Post Office Parcel) Remainder to be funded (by ACOS) $360,000 ($546,000 - $186,000 = $360,000) DVMD contribution to Regional Park $240,000 ($360,000 x 0.667 = $240,000) Improvements (2/3rds of ACOS amount toward trail funding)


Streetscape Topics District-owned Trees / Streetscape: Rehab work at the Chambers Road signs continues. Additional infill perennial plantings, Tall Fescue grass seeding, and associated supplemental irrigation are underway. The special order of Blue Wonder Catmint for the median landscapes is now available, and the Lotito Brothers have completed median infill plantings west of Bronco’s Parkway and Jordan Road. The next area of focus will be Potomac Street near the Judicial Center. The early freeze last October and the late freeze this past spring have apparently taken a serious toll on many trees in the District. Ash Trees have been especially hard hit and many are already dead. As of today, the Lotito Brothers have removed all the dead trees, and the District’s insurance company has agreed to fund replacement trees. We will be submitting the attached proposal for approval shortly, and intend to plant the replacement trees as soon as possible once we have approval from the insurance company. Irrigation Controllers: Tony Lotito has suggested the Board consider replacing the solar irrigation controllers that were installed with the median landscape at Broncos Parkway east of Potomac. Apparently the controllers frequently fail to shut irrigation valves off at the end of the normal cycles. There have been cases where irrigation circuits have run for multiple days before being detected. Tony’s recommendation is to utilize the power now available from the new street lights to run smart controllers that can be linked with the District-wide system. This change should vastly increase watering efficiency and simplify management of the irrigation system. The Lotito Brothers will forward a proposal to make these controller changes prior to the August 17 Board meeting. Hannibal Street: Trash Dumping: There have been at least two new dumping incidents that must have occurred sometime in the past three weeks. David Solin has been working to implement a “dummy camera” and signage system to deter future dumping and other undesirable activity. Weeds / Revegetation: The revegetation at Hannibal Circle has final received SEMSWA approval. The one remaining concern SEMSWA has expressed relates to the recurring presence of noxious weeds. The Lotito Brothers will mow the weeds down again just prior to SEMSWA’s next inspection, the hope being that the specific timing of the mowing will yield a final approval. That completes the current report. As always, please feel free to contact my office with any questions or comments, Sincerely, Kevin Crehan Solara Designs

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PHASE 1 - DOVE VALLEY REACH

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PHASE 2 - PARKER JORDAN REACH

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Lone Tree Creek Phase 1A

Lone Tree Creek Phase 1



Existing Trail connections

Existing sidewalk connections

Cherry Creek Trail

Cottonwood Creek Trail

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E Arapahoe Road

LOTITO BROTHERS, INC.

5650 Greenwood Plaza Blvd. * Suite #130 * Greenwood Village 80111 PH: 303-740-9724 / Fax: 720-529-8055

August 5, 2020 Price quote Dove Valley Metro District C/O Special District Management Services 141 Union Blvd., Suite #150 Lakewood, CO 80228 Price quote for the replacement of trees that were killed on October 9th when the temperatures went from 83 to 13 degrees in a 36 hour time period and then again on April 15th when the temps went from 55 degrees to 14 degrees in a 24 hour time period. Replace 12 dead ash tree with the following: 6 – 2 ½” Autumn Blaze maples x $695.00 $4,170.00 6 – 2 ½” Chanticleer Pears x 695.00 4,170.00 Replace 2 elm tree that got ran over by a car: 2 – 2 ½” Shade master Honey Locust x 695.00 1,390.00 Replace 2 winter killed Austrian Pines 2 – 9’ Austrian Pine Trees x $795.00 1,590.00 ----------- TOTAL AMOUNT OF THIS PRICE QUOTE $11,320.00

Austrian Pine Shademaster Honey Locust

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Chanticleer-pear

Autumn Blaze Maple

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dove valley metropolitan district...aug 08, 2020 · fund period ending july 1, 2020 period ending...

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