Broadway Park North Metropolitan District No. 2 Documents
2023 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, 2023 to December 31, 2023.
i. Annual budget of the Districts:
2024 Budget - District No. 12024 Budget - District No. 22024 Budget - District No. 3
ii. 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, 6, and 17 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:
2023 Audit - District No. 12023 Audit - District No. 22023 Audit Exemption - District No. 3
iv. Total debt authorized, total debt issued, and remaining debt authorized and intended to be issued by the Districts: Below is a memorandum regarding the Districts’ authorized, issued, and remaining 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.
| Purpose | Principal Amount of Authorized Debt | Principal Amount of Authorization Used – 2013 Loan – District No. 3 | Principal Amount of Authorization Used – 2020 Bonds – District No. 2 | Principal Amount of Authorization Remaining | |
|---|---|---|---|---|---|
| 5A | Administration and Operations and Maintenance expenses from ad valorem property tax levy | $300,000,000.00 | $0.00 | $300,000,000.00 | |
| 5B | Regional Mill Levy | $300,000,000.00 | $0.00 | $300,000,000.00 | |
| 5C | Administration and Operations and Maintenance expenses from fees | $300,000,000.00 | $0.00 | $300,000,000.00 | |
| 5D | IGAs that are MFY obligations; payable from unlimited ad valorem property tax levy | $300,000,000.00 | $0.00 | $300,000,000.00 | |
| 5E | Authority to Collect/Spend Facilities Fees, charges, tap fees | Allowed | |||
| 5F | Streets | $300,000,000.00 | $127,132 | *28,370,000 | $271,502,868 |
| 5G | Parks and Recreation | $300,000,000.00 | $67,641 | * | $299,932,359 |
| 5H | Water | $300,000,000.00 | $95,349 | * | $299,904,651 |
| 5I | Sanitation | $300,000,000.00 | $3,250,939 | * | $296,749,061 |
| 5J | Transportation | $300,000,000.00 | $190,373 | * | $299,809,627 |
| 5K | Mosquito Control | $300,000,000.00 | $0.00 | * | $300,000,000.00 |
| 5L | Safety Protection | $300,000,000.00 | $63,566 | * | $300,000,000.00 |
| 5M | Fire Protection | $300,000,000.00 | $0.00 | * | $300,000,000.00 |
| 5N | Television Relay and Translation | $300,000,000.00 | $0.00 | * | $300,000,000.00 |
| 5O | Operating Expenses and Reimbursement of Operating Advances to the District | $300,000,000.00 | $0.00 | * | $300,000,000.00 |
| 5P | Refunding of Debt | $300,000,000.00 | $0.00 | * | $300,000,000.00 |
| 5Q | IGAs as Debt | $300,000,000.00 | $0.00 | * | $300,000,000.00 |
| 5R | IGAs for Regional Improvements that are MFY obligations | Allowed | * |
Note: IGA = Intergovernmental Agreement; MFY = Multiple Fiscal Year
*allocation of debt from 2020 issuance has not yet been determined by power
Date of Last Election: November 2, 2010
v. Names and terms of the current members of the Boards of Directors and officers of the Districts:
District Nos. 1 and 2:
Dan Cohen, President, Term – May 2027
Vacant, Term - May 2027
Donna Chan, Treasurer, Term – May 2025
James Frank, Assistant Secretary, Term – May 2025
Warren Cohen, Assistant Secretary, Term – May 2025
District No. 3:
Dan Cohen, President, Term – May 2027
Vacant, Term - May 2027
Donna Chan, Treasurer, Term – May 2025
James Frank, Assistant Secretary, 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 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 P.C., 450 E. 17th Avenue, Suite 400, Denver, CO 80203 (303-592-4380) or on the Districts’ website.
vii. Current intergovernmental agreements and amendments among the Districts: Below is a list of current IGAs.
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”).
License Agreement (Dakota Outfall) dated June 21, 2013, between BMP Metropolitan District No. 1 and the Regional Transportation District (“RTD”).
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.
Escrow Agreement (Four Gates Sculpture) dated November 19, 2020, by and among Fidelity National title Insurance Company, Broadway Park North Metropolitan District No. 1, D4 Urban LLC 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.
viii. A summary of all current contracts for services or construction of the Districts: Below is a list of all current contracts for services or construction of the Districts.
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.
Service Agreement for Basic Accounting Services dated December 10, 2012, between District No. 1 and CFPM LLC.
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.
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.
ix. Current documentation of credit enhancements: The Districts do not have any credit enhancements at this time.
x. 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.
xi. 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.
xii. The Management District office contact information:
Broadway Park North Metropolitan District No. 1
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 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: There were no boundary changes made or proposed during 2023.
xv. Summary of litigation involving the Districts’ public improvements: Litigation was commenced by Consolidated Electrical Distributors, Inc. under Case No. 2023CV32758 filed in District Court for the City and County of Denver pertaining to payment associated with work performed within District No. 1’s boundaries. This case was settled and the case against District No. 1 was dismissed with prejudice
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
$37,657,140.00
District No. 3
$7,119,310.00
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, this is an alternate conforming version of the 2023 Annual Report
2025 Transparency Notice
https://www.sdaco.org/special-district-transparency-notice/sda-transparency/search
