The Retreat Metropolitan District Nos. 1 & 2

The Annual Report is filed with El Paso County. 

The Retreat Metropolitan District No. 1’s Financial Obligations

A.    Maximum Debt Service Mill Levy for a residential district: 50 mills, subject to adjustment as set forth in the Service Plan.
B.    Maximum Operations and Maintenance Mill Levy: 10 mills, subject to adjustment as set forth in the Service Plan.
C.    Maximum Covenant Enforcement Mill Levy: 5 mills.
D.    The maximum mill levy is 65 mills.
E.    Current Debt Service Mill Levy: 44.717 mills
F.    Current O&M Mill Levy: 11.179 mills
H.    The District may increase or decrease the mill levies to offset the effect of adjustments to the ratio between market value and assessed value of taxable property as further described in the Service Plan and to address other factors such as price increases and market conditions.
I.    District No. 1 is party to that certain Capital Pledge Agreement with District No. 2 on April 13, 2022, whereby District No. 2 agreed to pledge revenue, including ad valorem property tax revenue, to repay District No. 2’s bonds.
J.    The District is party to the following developer reimbursement agreements:

1. Facilities Funding and Acquisition Agreement between the District, The Retreat Metropolitan District No. 2, and Timberridge Development Group LLC, dated December 9, 2019.
   1. Term: December 31, 2049
   2. Interest rate: 8%
2.  Reimbursement Agreement between the District, The Retreat Metropolitan District No. 2, and Timberridge Development Group LLC, dated December 9, 2019.
   1. Term: Automatic annual renewal
   2. Interest rate: 8%

The Retreat Metropolitan District No. 2’s Financial Obligations
A. Maximum Debt Service Mill Levy for a residential district: 50 mills, subject to
adjustment as set forth in the Service Plan.
B. Maximum Operations and Maintenance Mill Levy: 10 mills, subject to adjustment as
set forth in the Service Plan.
C. Current Debt Service Mill Levy: 45.076 mills
D. Current O&M Mill Levy: 11.269 mills
F. The District may increase or decrease the mill levies to offset the effect of adjustments to the ratio between market value and assessed value of taxable property as further described in the Service Plan and to address other factors such as price increases and market conditions.
G. Information regarding debt for the District is as follows:

1. The District issued General Obligation Limited Tax Bonds on April 13, 2022, in the total amount of $8,216,000.
   1. Term: December 1, 2051
   2. Interest Rate: 6.125%
2. The District may issue additional debt in the future.

H. The District is party to the following developer reimbursement agreements:

1. Facilities Funding and Acquisition Agreement between the District, The Retreat Metropolitan District No. 1, and Timberridge Development Group LLC, dated December 9, 2019.
   1. Term: December 31, 2049
   2. Interest rate: 8%
2. Reimbursement Agreement between the District, The Retreat Metropolitan District No. 1, and Timberridge Development Group LLC, dated December 9, 2019.
   1. Term: Automatic annual renewal
   2. Interest rate: 8%