History
The following is a brief history regarding the Parkside Metropolitan District:
| September 2017 |
Arbor Capital Partners (a 5-member team based out of Newport Beach, CA) files articles of incorporation with the Colorado Secretary of State forming Boedecker Lake Partners, LLC ("Developer").
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| November 2017 |
The Developer acquires 22.9 acres of land from Eileen Heusinkveld & Kirk Martinson for $985,000.
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| May 2018 |
City of Loveland approves the service plan for the proposed Parkside Metro District (District). The Service Plan limits the District to issuing no more than $5.8 million in debt - if voter approval is obtained - and limits the District to levying a debt mill of no more |
than 55.278 mills. The financial plan included with the Service Plan states the total estimated cost to install public infrastructure is $4.25 million of which $2.66 million will be funded from debt issued by the District.
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| September 2018 |
City of Loveland approves the plat map for the Parkside Village Second Division, which is comprised of 76 home lots and encompasses the entire 22.9-acre service area of the District.
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| September 2018 |
The Developer issues option contracts to seven individuals to purchase the storm water detention pond land tract for the purpose of attempting to qualify such individuals to vote in a TABOR election and serve on the District's board.
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| November 2018 |
The seven individuals vote in a TABOR election unanimously authorizing the District to issue up to $192 million in debt (which equates to a maximum of $2.5 million in debt per home lot) to fund the construction of public infrastructure. The voter approved debt limit is 7,218% higher than the planned debt to be issued by the District per the Service Plan submitted by the Developer to the City.
The seven individuals also unanimously voted to elect the following individuals to the District Board: (1) Kenneth Mitchell (employee of Arbor Capital Partners), (2) Karen Mitchell (wife of Kenneth Mitchell), (3) David Katz (consultant who works for Arbor Capital Partners) and (4) Tony Vienna (consultant who works for Arbor Capital Partners).
District Court reviews and approves the formation of the District.
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| September 2019 |
The Developer files a Declaration of Covenants, Conditions, Restrictions and Easements for Parkside Village Second Subdivision ("CC&Rs") with the Larimer County Clerk & Recorder's Office. All 76 home lots become subject to the CC&Rs.
The Developer sells 35 of the 76 platted home lots to Artesia Lot Holdings, LLC for $4.55 million. Artesia Lot Holdings, LLC is owned by American Legend Homes (Builder).
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| March 2020 |
The first single family home is sold by the Builder to a homeowner.
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| January 2021 |
The Developer sells 40 of the 76 platted home lots to Artesia Lot Holdings, LLC for $5.98 million. Artesia Lot Holdings, LLC is owned by American Legend Homes (Builder).
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| October 2021 |
The Developer-controlled District Board adopts the District's 2022 budget, which reflects 60% (or $72,300) of the District's required and necessary operating expenditures to be funded from discretionary contributions from the Developer.
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| December 2021 |
The District issues a $5.52 million bond to Front Range Securities, LLC (an entity created by Arbor Capital Partners) for the purpose of reimbursing the Developer for costs the Developer claimed it incurred to install public infrastructure within the District.
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| May 2022 |
Three homeowners are elected to the District's 5-member board. This is the first time the majority of the directors serving on the Board do not have personal conflicts of interest regarding their service on the District's board.
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| August 2022 |
The District board replaces the District's management firm and attorney (hired by the Developer-controlled Board) with independent firms with no direct or indirect contractual relationships with the Developer.
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| September 2022 |
The Developer notifies the District and homeowners that it will no longer advance any discretionary funds to the District to assist the District in funding its operations.
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| September 2022 |
64 of 76 home lots have been built and sold to homeowners
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| November 2022 |
The District submits a TABOR ballot issue to the voter requesting the District's annual property tax revenue cap be increased to $136,000 without regard to the operating mill levy rate. The ballot issue passed by a margin of 53 "yes" votes to 48 "no" votes.
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| December 2022 |
Loveland City Council reviews and votes to approves the District's request to increase the operations mill levy cap in the District's Service Plan from 16.583 mills to 38.938 mills.
The combination of the voter-approved TABOR ballot issue and the City-approved modification to the District's Service Plan allows the District to adopt its 2023 budget and fund the District's operations entirely from secured revenue sources (e.g. property taxes and specific ownership taxes).
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