District No. 1
The annual report is filed with Douglas County and the Town of Castle Rock.
PROMENADE AT CASTLE ROCK METROPOLITAN DISTRICT NOS. 1-3
2024 CONSOLIDATED ANNUAL REPORT
TO THE TOWN OF CASTLE ROCK, COLORADO
Pursuant to § 32-1-207(3)(c), C.R.S., and the Amended and Restated Consolidated Service Plan for Promenade at Castle Rock Metropolitan District Nos. 1-3 (individually, “District No. 1,” “District No. 2,” and “District No. 3” and collectively, the “Districts”) approved March 2, 2021, the Districts are required to submit an annual report to the Town of Castle Rock, Colorado (the “Town”) reflecting activity and financial events through the preceding December 31st (the “Report Year”), and shall include information required by Section 11.02.040 of the Town Code.
For the year ending December 31, 2024, the Districts make the following report:
1. A narrative summary of the progress of the Districts in implementing its Service Plan for the report year:
The Districts continue to implement the development schedule as contemplated in the Amended and Restated Consolidated Service Plan dated March 2, 2021, by financing and constructing the Public Improvements for the benefit of their property owners and inhabitants. See also question C and question 5 below.
2. Except when exemption from audit has been granted for the report year under the Local Government Audit Law, the audited financial statements of the Districts for the report year including a statement of financial condition (i.e., balance sheet) as of December 31 of the report year and the statement of operations (i.e., revenues and expenditures) for the report year:
The Districts’ Audits for the current report year (2024) are still in process, and the Districts have requested from the State Auditor an extension of time to file the 2024 Audits. The copies of the 2024 Audits will be available using this link: http://www.dola.colorado.gov/lgis/
3. Unless disclosed within a separate schedule to the financial statements, a summary of the capital expenditures incurred by the Districts in development of Public Improvements in the report year, as well as any Public Improvements proposed to be undertaken in the five (5) years following the report year, and the status of the Districts’ construction of Public Improvements for the report year:
Please refer to the audit and budget for a summary of the capital expenditures incurred.
4. Unless disclosed within a separate schedule to the financial statements, a summary of the financial obligations of the Districts at the end of the report year, including the amount of outstanding Debt, the amount and terms of any new Debt issued in the report year, the amount of payment or retirement of existing Debt of the Districts in the report year, the total assessed valuation of all taxable properties within the Districts as of January 1 of the report year, and the current mill levy of the Districts pledged to Debt retirement in the report year:
The Districts’ financial obligations are outlined in the Districts’ 2024 Audits, which upon completion will be available using this link: http://www.dola.colorado.gov/lgis/
The current mill levy of the Districts pledged to debt retirement in the report year is shown in the 2024 Budgets and available to view at http://www.dola.colorado.gov/lgis/
5. The Districts’ budgets for the calendar year in which the annual report is submitted:
The Districts’ 2025 budgets were filed with the Division of Local Government and are available using this link: http://www.dola.colorado.gov/lgis/
6. A summary of the residential development in the Districts for the report year:
Chipotle (Block 4) – constructed 2023
Los Dos Potrillos (Block 1) – constructed 2023
Lazy Dog (Block 3) – under construction. 2024/2025 completion
Alana Apartments, 300 units (Block 3) – under construction. 2024 completion[MB1]
7. A summary of all fees, charges and assessments imposed by the Districts as of January 1 of the report year:
The Districts impose a General Operations Fee pursuant to the Resolution of the Boards of Directors of Promenade at Castle Rock Metropolitan District Nos. 1-3 Concerning the Imposition of a General Operations Fee, as approved by the Boards of Directors on April 1, 2017, and recorded in the real property records of the Clerk and Recorder of Douglas County at Reception No. 2017032980 (the “Fee Resolution”). The General Operations Fee is calculated as a “proportionate share” of all the common facility maintenance expenses incurred by the Districts, as further described in the Fee Resolution.
8. Certification of the Board that no action, event or condition enumerated in Town Code section 10.11.060 has occurred in the report year, or certification that such event has occurred but that an amendment to the Service Plan that allows such event has been approved by Town Council:
The Boards of Directors of the Districts hereby certify that no action, event, or condition enumerated in Section 11.02.060 of the Town Code has occurred in the Report Year.
9. The name, business address and telephone number of each member of the Board and its chief administrative officer and general counsel, together with the date, place and time of the regular meetings of the Board:
Board:
Timothy O’Connor, President
5750 DTC Parkway, Suite 210
Greenwood Village, CO 80111
Telephone: (303) 771-4004
Scott Hall, Assistant Secretary
5750 DTC Parkway, Suite 210
Greenwood Village, CO 80111
Telephone: (303) 771-4004
Kelly Goodnough, Secretary/Treasurer
5750 DTC Parkway, Suite 210
Greenwood Village, CO 80111
Telephone: (303) 771-4004
Dustin Anderson, Assistant Secretary
5750 DTC Parkway, Suite 210
Greenwood Village, CO 80111
Telephone: (303) 771-4004
Districts’ Manager / Chief Administrative Officer:
Denise Denslow
CliftonLarsonAllen LLP
2001 16th Street, Suite 1700
Denver, CO 80202
303-779-5710
General Counsel:
Clint Waldron, Esq.
White Bear Ankele Tanaka and Waldron, Attorneys at Law 2154 E. Commons Ave., Suite 2000
Centennial, CO 80122
Telephone: (303) 858-1800
Date: First Monday of July and November
Place: via teleconference
Time: 2:15 p.m.
10. Certification from the Board of the Districts that the Districts are in compliance with all provisions of the Service Plan:
To the best of its knowledge, the Districts are in compliance with all provisions of the Service Plan.
11. A copy of any intergovernmental agreements entered into or terminated by the Districts since the filing of the last annual report:
There were no intergovernmental agreements entered into or terminated by the Districts since the filing of the last annual report.
The following information required by Section 32-1-207(3)(c)(II), C.R.S. (and not already disclosed above) is also provided:
12. Boundary changes made:
No boundary changes were made or proposed during 2024.
13. Access information to obtain a copy of rules and regulations adopted:
The Districts have not adopted any rules or regulations as of December 31, 2024. In the event the District adopts rules and regulations in the future, such documents may be accessed at the offices of CliftonLarsonAllen LLP, 2001 16th Street, Suite 1700 Denver, CO 80202, 303-779-5710, or on the District’s website: https://promenademetro.specialdistrict.org/.
14. Summary of litigation involving the Districts’ Public Improvements:
To our knowledge, there is no litigation involving the Districts Public Improvements.
15. The status of the construction of public improvements by the Districts.
The Districts constructed the following public improvements during the Report Year;
- Castlegate Drive – landscaping improvements completed
- Retaining Wall (Block 3) - completed
- Commons Park (Block 3) – under construction. 2024 completion
- Promenade Parkway Streetscape enhancements – under construction. 2024 completion
- Parking lot (Block 1) - completed in 2024
16. A list of facilities or improvements constructed by the Districts that were conveyed or dedicated to the county or municipality.
None.
17. 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.
18. Any inability of the Districts to pay its obligations as they come due, in accordance with the terms of such obligations, which continues beyond a ninety (90) day period:
To our knowledge, the Districts have been able to pay their obligations as they come due.
2023 Joint Annual Report - District Nos. 1-3