District Documents

Annual Reports

ANNUAL INFORMATION REPORT
FOR THE YEAR 2025
SETTLER’S CROSSING METROPOLITAN DISTRICT NO. 1

As required by Section VII of the Service Plan for Settler’s Crossing Metropolitan District No. 1 (the “District”), approved by the City of Commerce City on March 27, 2006, the following report of the District’s activities from January 1, 2025 to December 31, 2025 is hereby submitted:

A. Boundary changes made or proposed. There were no boundary changes made or proposed during 2025.

B. Intergovernmental Agreements entered into, proposed or terminated. The District did not enter into, propose, or terminate any intergovernmental agreements during 2025.

C. Changes or proposed changes in the District’s rules and regulations / access information. There were no changes or proposed changes in the District’s rules and regulations in 2025. Should any rules or regulations be adopted, they can be obtained by contacting McGeady Becher Cortese Williams P.C., 450 E. 17th Ave., Suite 400, Denver, CO 80203-1254. Phone: 303-592-4380. Email: info@specialdistrictlaw.com.

D. Changes or proposed changes in the District operations. There were no changes or proposed changes in the District operations during 2025.

E. Budgets and audits. The District’s 2026 budget proceedings are linked below. The District’s 2024 Audit was not available when the 2024 Annual Report was filed but has since been completed. A copy of the 2024 Audit is linked below. The 2025 Audit is still in process and has not yet been completed. A copy of the 2025 Audit will be provided when available.

2026 Budget - Settler's Crossing MD No. 1 .pdf Final 2024 Audit- Settler's Crossing MD No. 1.pdf

F. A summary of any litigation involving the District. The District was not involved in any litigation during 2025.

G. Proposed plans for the year immediately following the year summarized in the annual report. The District does not have plans to directly construct any public improvements in 2026. Richmond American Homes of Colorado has completed construction of horizontal improvements and is constructing homes in Filing No. 1. DR Horton has completed its horizontal infrastructure and is constructing homes in Filing No. 2. DR Horton has also completed its horizontal infrastructure and is constructing duplex homes in Filing No. 3.

H. Status of construction / conveyances or dedications of facilities or public improvements. The District did not directly construct any public improvements in 2025, but Richmond American Homes of Colorado and DR Horton constructed residential improvements during 2025. Richmond is building on 217 lots in Filing No. 1 and, as of the end of the report year, has approximately 2 homes under construction, and has sold approximately 215 homes to homebuyers. DR Horton is building on 142 lots in Filing No. 2 and has approximately 39 homes under construction, and has sold approximately 103 homes to homebuyers. DR Horton is also building on 154 lots in Filing No. 3 and has approximately 104 duplex homes under construction and has sold approximately 50 homes to homebuyers. There were no conveyances or dedications of facilities or public improvements constructed by the District to the City of Commerce City during 2025. Additionally, The District accepted a conveyances of certain Tracts within the Development by virtue of those certain Special Warranty Deeds recorded at Reception Numbers 2025000065629 and 2025000067913, respectively, in the official records of Adams County, Colorado.

I. The current assessed valuation in the District. The 2025 final assessed valuation in the District is $14,279,890.

The following information required by Section 32-1-207(3)(c)(II), C.R.S. (and not already disclosed above) is also provided:

J. Notice of any uncured defaults existing for more than ninety days under any instrument of the special district. There were no uncured defaults existing for more than ninety days under any instrument of the special district during 2025.

K. Any inability of the special district to pay its obligations as they come due under any obligation which continues beyond a ninety-day period. There was no inability of the special district to pay its obligations as they come due under any obligation which continues beyond a ninety-day period during 2025.

The following information required by Section 13-4001(c)(2) of the Commerce City Revised Municipal Code (“CCRMC”) (and not already disclosed above) is also provided:

L. A narrative summary of the progress of the District in implementing its service plan for the report year. See response to Item H. above. The District can make no further progress in implementing its Service Plan until such time as new development applications relating to undeveloped property within the District’s boundaries are approved by the City.

M. Unless disclosed within a separate schedule to the financial statements, a summary of the capital expenditures incurred by the District in development of improvements in the report year. The District did not incur any capital expenditures in the development of improvements during the report year.

N. Unless disclosed within a separate schedule to the financial statements, a summary of financial obligations of the District at the end of the report year, including the amount of outstanding debt, the amount and terms of any new District debt issued in the report year, the total assessed valuation of all taxable property within the District's boundaries as of January 1 of the report year and the current total District mill levy pledged to debt retirement in the report year. On August 27, 2020, the District issued its $15,920,000 Limited Tax General Obligation Bonds, Series 2020A (the “Series 2020A Bonds”) and its $1,793,000 Subordinate Limited Tax General Obligation Bonds (the “Series 2020B Bonds”). The Series 2020A Bonds and Series 2020B Bonds were issued for the purposes of funding and reimbursing a portion of the costs of acquiring, constructing and installing certain public improvements, paying capitalized interest, and paying the costs of issuance of the bonds. On November 12, 2021, the District terminated its Series 2020C(3) Bonds and issued its $4,560,000 Junior Lien Limited Tax General Obligation Bonds, Series 2021C(3) (“Series 2021C(3) Bonds) for the purpose of repaying the Property Owner for costs incurred on the construction of the infrastructure within the boundaries of the District. The total 2025 assessed valuation of the District is $14,279,890. The District imposed a mill levy of 68.551 mills in 2025 for collection in 2026, of which 65.551 mills is for debt service.

O. The names and contact information of the current directors on the District's board, any District Manager, and the attorney for the district.

Board of Directors:

Rebecca Taladay

Gary Starling

Joel Farkas

Daniel Frank

(and one vacant seat at the time of filing this report)

c/o McGeady Becher Cortese Williams P.C.

450 E. 17th Avenue, Suite 400

Denver, Colorado 80203

303-592-4380 – phone

Attorney for the District: