Second Creek Farm Metropolitan District No. 3 Documents

Annual Reports

ANNUAL INFORMATION REPORT
FOR THE YEAR 2025
SECOND CREEK FARM METROPOLITAN DISTRICT NO. 3

As required by Section 32-1-207(3)(c), C.R.S., and Section VII of the Service Plan for Second Creek Farm Metropolitan District No. 3 (the “District”), approved by the City of Commerce City on September 19, 2005, 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:

i. Amended and Restated Facilities Funding, Construction and Operations Agreement among Second Creek Farm Metropolitan District Nos. 1, 2, 3 and 4 dated July 15, 2019, with an effective date of January 1, 2019.

· First Amendment by and between the District and Second Creek Farm Metropolitan District Nos. 2, 3, and 4 dated August 8, 2022, with an effective date of July 14, 2022.

ii. Eligible Governmental Entity Agreement among Second Creek Farm Metropolitan District Nos. 1, 2, 3, 4 and Colorado Statewide Internet Portal Authority dated August 28, 2019.\

iii. Agreement Regarding Payment Obligations by and between the District, Second Creek Farm Metropolitan District No. 1, Second Creek Holdings, LLC and LGI Homes – Colorado, LLC dated September 5, 2019.

· First Amendment by and between the District, Second Creek Farm Metropolitan District No. 1, Second Creek Holdings, LLC and LGI Homes – Colorado, LLC dated March 9, 2020.

iv. South Half of 88th Avenue Facilities Funding and Acquisition Agreement by and between the District, Second Creek Farm Metropolitan District No. 1 and LGI Homes – Colorado, LLC dated September 10, 2019.

· First Amendment by and between the District, Second Creek Farm Metropolitan District No. 1 and LGI Homes – Colorado, LLC dated March 6, 2020.

v. Second Amendment to Cooperation and Reimbursement dated September 25, 2015 by and between the District, Second Creek Farm Metropolitan District No. 1, Second Creek Holdings, LLC, Stratus Buffalo Highlands, LLC, Meritage Homes of Colorado, Inc., Lennar Colorado, LLC, and LGI Homes – Colorado, LLC dated January 15, 2020.

vi. Cost Sharing Intergovernmental Agreement by and among the District, Second Creek Farm Metropolitan District Nos. 2, 3 and 4 dated August 8, 2022, with an effective date of July 14, 2022.

· First Amendment by and among the District and Second Creek Farm Metropolitan District Nos. 1 and 4 dated April 22, 2024.

vii. Second Amended and Restated Capital Pledge Agreement between the District and Second Creek Farm Metropolitan District No. 2 dated August 11, 2022.

C. Changes or proposed changes in the District’s rules and regulations and access information to obtain a copy of the rules and regulations adopted: The District does not currently have any rules and regulations and there were none proposed during 2025. The District’s website address is: https://secondcreekfarmmd.colorado.gov/.

D. Changes or proposed changes in the District operations: The District adopted an Amended and Restated Facilities Fee Resolution on April 7, 2021, effective February 25, 2021, and recorded September 16, 2021 with the Clerk and Recorder of Adams County at Reception No. 2021000110084.

E. Budgets, including a description of the public improvements to be constructed by the District in such year, and Audits: A copy of the District’s 2026 budget is posted below: The 2024 and 2025 Audits are in the process of being completed and will be provided as a supplement to this report upon their completion.

2026 Budget - SCFMD3 .pdf

F. Summary of litigation involving the District or the District’s public improvements: Neither the District nor the District’s public improvements were involved in any litigation in 2025.

G. Proposed plans for the year immediately following the year summarized in the annual report: Construction within the District is largely complete and the District does not have any plans to construct any public improvements in 2026.

H. Status of construction of public improvements: The District is involved with the financing of certain public improvements that benefit the District pursuant to and in accordance with various contractual obligations, including, without limitation, those agreements referenced in Section B above.

I. Final assessed valuation of the District for the report year: $9,858,100.

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

J. Status of the District’s construction of public improvements: The District did not construct any public improvements in 2025.

K. Conveyances or dedications of facilities or improvements, constructed by the District, to the City of Commerce City: The District did not convey any facilities or improvements to the City of Commerce City in 2025.

L. Notice of any uncured events of default by the District, which continue beyond a ninety (90) day period, under any debt instrument: To our knowledge, there are no uncured events of default by the District which continue beyond a ninety (90) day period.

M. Any inability of the District 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 District has been able to pay its obligations as they come due.

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:

N. A narrative summary of the progress of the District in implementing its service plan for the report year: The progress of the District implementing its Service Plan is in progress and proceeding as planned as evidenced by the Cost Verification Reports provided in the 2024 Annual Report.

O. 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: Through 2025, capital expenditures incurred by the District are described in the Cost Verification Reports as provided in the 2024 Annual Report.

P. 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 October 23, 2019, the District issued its General Obligation (Limited Tax Convertible to Unlimited Tax) Bonds, Series 2019A in the amount of $18,715,000 and Subordinate General Obligation Limited Tax Bonds, Series 2019B in the amount of $1,696,000, on August 11, 2022, the District issued its Junior Subordinate Lien Limited Tax General Obligation Draw Down Bonds, Series 2022D(3) in the amount of up to $3,055,000, and on April 24, 2025, the District issued its Junior Subordinate Lien Limited Tax General Obligation Bonds, Series 2025D in the amount of $4,018,000, all issuances to be used to reimburse and/or finance public improvements benefiting the District and to pay the cost of issuance. The total 2025 assessed valuation of the District is $9,858,100. The District imposed a mill levy of 67.748 mills in 2025 for collection in 2026, of which 58.080 mills is debt service.

Q. 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:

Joel H. Farkas

Toni L. Serra

Cindy Payne

Ashish Malla

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:

c/o McGeady Becher Cortese Williams P.C.