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The Series 2005 Bonds are being issued to provide funds to: (i) acquire and construct certain public infrastructure improvements in the Financing Districts consisting generally of sanitation, water, street, storm water, and parks and recreation facilities and related improvements, including reimbursements to certain Land Owners for amounts advanced for such purpose, (ii) capitalize a portion of the interest to accrue on the Series 2005 Bonds; (iii) fund a debt service reserve fund; and (iv) pay certain costs related to the issuance of the Series 2005 Bonds, including fees of the Trustee and Underwriter and certain organizational costs of the Districts.
“Facility Fees” consist of “Residential Facility Fees” imposed and collected by the Residential District pursuant to a Joint Resolution adopted by the Districts on June 2, 2005 (the “Joint Fee Resolution”), and “Commercial Facility Fees” imposed and collected by the Commercial District pursuant to the same Joint Fee Resolution.
Pursuant to the Joint Fee Resolution, one-time Residential Facility Fees are imposed in the amount of $3,420.68 per single-family attached or detached residential unit, and $2,052.41 per multi-family unit. Such Residential Facility Fees are due and payable on the date of issuance of building permit.
Pursuant to the Joint Fee Resolution, one-time Commercial Facility Fees (referred to therein as non-residential Facility Fees) are imposed in the a(mount of $0.86 per gross square foot of any commercial or non-residential building. All such Residential and Commercial Facility Fees are due and payable on the date of issuance of building permit, and are subject to an annual increase of 5% on January 1st of each year, beginning January 1, 2008.
Unpaid Facility Fees are assessed a late penalty of 5% per month, not to exceed twenty-five percent (25%) of the amount due. Interest will also accrue on any outstanding Facility Fee, exclusive of such assessed late fee, at the rate of eighteen percent (18%) per annum. In the event of a default of a payment of a Facility Fee, the District’s statutory lien can be foreclosed in the same manner as provided for in the foreclosure of mechanics’ liens in Colorado.
It is anticipated that the Facility Fees will be collected on behalf of the Financing Districts by Schooler & Associates, Inc., as District Manager. To facilitate the collection process, the City’s Development Review Enterprise Department has advised the Districts that it will provide to the District Manager copies of each plat to be recorded within the Districts. Upon receipt of such plats, the District Manager plans to request a takedown schedule for the owners or developers of the subject property. The District Manager will then monitor building permits weekly through the Regional Building Department website (www.pprbd.com), invoice builders for the payment of fees when due, contact builders for the payment of delinquent fees, and record liens against properties as appropriate.
The District Manager also plans to perform periodic site inspections to verify the status of construction. There is no mechanism in place, however, which would prohibit the City from issuing a building permit for property within the Financing Districts for which Facility Fees are unpaid. There can be no assurance that the City will not issue building permits prior to receipt by the Financing Districts of Facility Fees, or that the afore-described collection procedure will result in the timely and full collection of Facility Fees. Pursuant to the Funding Agreement, the Financing Districts are to pay all such Facility Fees to the Trustee as soon as practicable upon receipt.