Broadway Park North Metropolitan District No. 2 Documents
2025 ANNUAL REPORT
MANAGER OF FINANCE AND MANAGER OF PUBLIC WORKS
BROADWAY PARK NORTH METROPOLITAN DISTRICT NOS. 1-3 (F/K/A/BMP METROPOLITAN DISTRICT NOS. 1-3)
As required by Section XI of the Service Plans for the BMP Metropolitan District Nos. 1-3 (now known as Broadway Park North Metropolitan District Nos. 1-3) (the “Districts”), approved by the City and County of Denver, Colorado on August 30, 2010, and Section 32-1-207(3)(c), C.R.S., 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 each District are linked below.
2026 Budget BPNMD1.pdf2026 Budget BPNMD2 .pdf2026 Budget BPNMD3 .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: Developers have advanced construction of Mercado plaza, Bannock St., Dakota Ave., Cherokee St., internal roadways, water, sewer, and drainage improvements to support intended development within District No. 2. The Four Gates sculpture at Alameda Station was completed in 2021. The District is in the process of certifying developer advance expenditures for this work and issuing reimbursements as applicable. Concurrent with the processing of a new Infrastructure Master Plan required by the City and County of Denver, Developers have also commenced design associated with infrastructure necessary to enable the future pending development of parcels 5 and 6 of the Broadway Park masterplan and which also fall within District No. 2.
iii. Annual audited financial statements (or any exemption filing made to the State Auditor) of the Districts: Copies of the 2025 Audit Exemption Application for District No. 3 and 2025 Audit for District No. 2 are linked below. The District No. 1 audit for the current report year (2025) is still in process. A copy of the 2025 Audit for District No. 1 will be provided once it is completed. District No. 1 and No. 2’s 2024 Audits were not completed when the Districts’ 2024 Annual Report was filed but have now been completed. Copies of the 2024 Audits are also linked below.
2025 Audit Exemption Application - BPNMD No. 3.pdfBroadway Park North MD No. 2 Final Audit FS 2025.pdf2024 Final Audit - BPNMD1.pdf2024 Audit - Broadway Park North 2.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 area pursuant to their Service Plans. The Districts, in aggregate, are limited in their ability to issue Debt as set forth in their respective Service Plans to a total amount of $300,000,000 (the “Service Plan Aggregate Debt Issuance Limit”).
In no event are the Districts authorized to issue Debt which, in aggregate, exceeds the Service Plan Aggregate Debt Issuance Limit; provided, however, that the Service Plan Aggregate Debt Issuance Limit does not apply to refunding Debt.
District No. 2 issued its Limited Tax General Obligation Refunding and Improvements Bonds, Series 2020 in the amount of $28,370,000 on September 30, 2020. The bonds were used to refund District No. 3’s 2013 Loan and to fund the payment of public improvements.
As of December 31, 2025, the amount of debt authorization remaining within the Service Plan Aggregate Debt Issuance Limit is $271,630,000.
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 Service Plan Aggregate Debt Issuance Limit for the purposes of providing public improvements to support development as it occurs within the Districts’ service area.
i. Names and terms of the current members of the Boards of Directors and officers of the Districts:
Dan Cohen, President, Term – May 2027
Bruce O’Donnell, Assistant Secretary, Term - May 2027
James Frank, Assistant Secretary, Term – May 2029
Warren Cohen, Assistant Secretary, Term – May 2029
Jamie Wright, Term – May 2027 to May 2029
ii. Any bylaws, rules, and regulations of the Districts regarding bidding, conflict of interest, contracting and other governance matters and access information to obtain a copy of adopted rules and regulations: The Districts have adopted policies regarding Colorado Open Records Act Requests and Records Retention. 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.
Adopted rules and regulations are available 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 address is: https://broadwayparkmd.specialdistrict.org/.
iii. Current intergovernmental agreements and amendments among the Districts are listed below.
LIST OF DISTRICTS’ INTERGOVERNMENTAL AGREEMENTS
Regional Mill Levy Intergovernmental Agreement (Broadway Marketplace) dated December 10, 2010, as amended by a First Amendment dated January 9, 2014, among BMP Metropolitan District Nos. 1, 2, 3 and the City and County of Denver (the “City”).
Memorandum of Understanding dated December 10, 2010, as amended by the First Amendment dated December 5, 2013, and Second Amendment dated November 10, 2015, among BMP Metropolitan District Nos. 1, 2 and 3.
Memorandum of Understanding dated August 8, 2011, amended November 22, 2011, among BMP Metropolitan District No. 1, the City, and the Denver Urban Renewal Authority (“DURA”).
Assignment of TIF Revenues dated December 5, 2013, among BMP Metropolitan District Nos. 1, 2 and 3.
Inclusion and Exclusion Agreement dated December 5, 2013, among BMP Metropolitan District Nos. 2, 3 and property owners.
Intergovernmental Agreement for Alameda Station Transit Plaza Maintenance dated April 7, 2014, between BMP Metropolitan District No. 1 and RTD.
Escrow Agreement (South Cherokee) dated April 21, 2014, by and among Fidelity National title Insurance Company, Broadway Park North Metropolitan District No. 1 and RTD.
Operations Pledge Agreement dated November 9, 2016, between BMP Metropolitan District Nos. 1 and 3.
Facilities Funding, Construction and Operations Agreement dated January 1, 2020, by and between Broadway Park North Metropolitan District Nos. 1, 2 and 3.
License Agreement (Four Gates Sculpture) dated November 19, 2020, between Broadway Park North Metropolitan District No. 1 and RTD.
Assignment of Artwork Reproduction Rights License Agreement dated March 29, 2021, by and among Broadway Park North Metropolitan District No. 1 and RTD.
iv. A summary of all current contracts for services or construction of the Districts are listed below.
Current contracts for services or construction of the Districts
Engagement Agreement dated December 12, 2010, between the Districts and McGeady Becher P.C. for General Counsel Services.
Engagement Agreement dated December 10, 2010, between District No. 1 and Brownstein Hyatt Farber Schreck, LLP for special counsel services.
Project Development Management Services Agreement with an effective date of November 11, 2013, between District No. 1 and D4 Urban LLC.
Project Management/Consulting Agreement with an effective date of May 23, 2012, among District No. 1, The Wells Partnership and D4 Urban LLC, as amended April 3, 2013, and April 30, 2013.
Engagement of The Holt Group as special counsel.
Engagement of Dawn Schilling as Districts’ Auditor.
Project Management / Consulting Agreement with The Wells Partnership and D4 Urban, LLC, dated August 3, 2015.
Service Agreement for Engineering and Cost Verification Services with Schedio Group LLC.
Agreement for Services dated August 2, 2021, between District No. 1 and Martin/Martin, Inc. for Cost Verification Services.
Master Service Agreement with CliftonLarsonAllen LLP for Accounting Services, and Statements of Work thereunder.
Comcast Enterprise Services Master Services Agreement with District No. 1 for internet services on the Plaza.
Service Agreement between District No. 1 and CFPM, LLC for Maintenance Services.
Engagement of Spencer Fane LLP as special counsel.
Service Agreement for Website Services dated December 20, 2024, between the District and Streamline Software, Inc.
v. Current documentation of credit enhancements: The Districts do not have any credit enhancements at this time.
vi. Official statements of current outstanding bonded indebtedness of the Districts, if not already received by the City: District No. 2 issued its Limited Tax General Obligation Refunding and Improvements Bonds, Series 2020 in the amount of $28,370,000 on September 30, 2020. A copy of the Limited Offering Memorandum was provided with the 2020 Annual Report.
vii. Current approved Service Plans of the Districts and amendments thereto: Copies of the Districts’ Service Plans approved by the City of Denver on August 30, 2010, were provided with the 2010 Annual Report. No amendments have been made.
viii. The Management District office contact information:
Broadway Park North 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
303-592-4385 – fax
Paula J. Williams, Attorney for the Districts
pwilliams@specialdistrictlaw.com
ix. Any change in proposed development assumptions that impact the financial projections: There have not been any changes in proposed development assumptions.
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: The following boundary changes were made or proposed during 2025.
· District No. 1 – Order for Inclusion of approximately less than one acre recorded with the Denver County Clerk and Recorder on January 6, 2025 at Reception No. 2025001123.
· District No. 1 – Order for Exclusion of approximately less than one acre recorded with the Denver County Clerk and Recorder on January 13, 2025 at Reception No. 2025002788.
· District No. 3 – Order for Inclusion of approximately less than one acre recorded with the Denver County Clerk and Recorder on January 6, 2025 at Reception No. 2025001124.
· District No. 3 – Order for Exclusion of approximately less than one acre recorded with the Denver County Clerk and Recorder on January 13, 2025 at Reception No. 2025002789.
· District No. 2 – Order for Exclusion of approximately less than one acre recorded with the Denver County Clerk and Recorder on January 6, 2025 at Reception No. 2025001107
· District No. 2 – Order for Inclusion of approximately less than one acre recorded with the Denver County Clerk and Recorded on January 13, 2025 at Reception No. 2025002784
xv. Summary of litigation involving the Districts’ public improvements: To our knowledge, there is no litigation involving the Districts’ public improvements.
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 and County of Denver: The Districts did not convey any facilities or improvements to the City and County of Denver in 2025.
xviii. Final assessed valuation of the Districts for the report year:
District No. 1
$30.00
District No. 2
$28,514,940.00
District No. 3
$4,792,550.00
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.
*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 - 64.740 Mills
2025 Budget2025 Mill Levy - 56.379 Mills
2024 Budget2026 Mill Levy - 56.347 Mills
The Transparency Notices for the Districts can be accessed on the Special District Association website:
