District Documents

Annual Reports

ANNUAL INFORMATION REPORT
FOR THE YEAR 2025
SETTLER’S CROSSING METROPOLITAN DISTRICT NO. 2

As required by Section VII of the Service Plan for Settler’s Crossing Metropolitan District No. 2 (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. On January 30, 2023, the District issued its Convertible Capital Appreciation Limited Tax General Obligation Refunding and Improvement Draw Down Bonds, Series 2023, issued in the initial principal amount of $4,091,234.73 with a maximum principal amount of up to $4,727,000 when fully drawn. Details on the issuance are contained in the District’s 2023 Audit (previously filed). On December 3, 2025, the District authorized the First Amendment to Indenture of Trust between the District and UMB Bank, n.a., as Trustee, to extend the maximum draw date on the Series 2023 Bonds through January 29, 2028.

E. Budgets and audits. The District’s 2026 budget proceedings are linked below. The District obtained the consent of its bondholders to file an Application for Exemption from Audit for 2025 instead of a full audit. A copy of the Application for Exemption from Audit for 2025 is linked below.

2026 Budget - Settler's Crossing MD No. 2 .pdf 2025 Audit Exemption -Settler's Crossing MD No. 2.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 plans to construct roadway, water, sewer, and storm improvements for Phase 1 of the commercial area in the second half of 2026.

H. Status of construction / conveyances or dedications of facilities or public improvements. The District did not construct any public improvements during 2025. There were no conveyances or dedications of facilities or public improvements constructed by the District to the City of Commerce City during 2025.

I. The current assessed valuation in the District. The 2025 final assessed valuation in the District is $16,410.

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. Subsequent to approval of the Service Plan and various boundary changes, it was determined that the District will implement commercial development on the property within its boundaries. The property within the District is in the process of being subdivided and following approval of the final plat, it is anticipated that public improvements will be installed. Settler’s Crossing Metropolitan District No. 1 has previously coordinated the installation of public improvements for development within its boundaries, certain of which public improvements also benefit the District and the Districts entered into a Cost Sharing Intergovernmental Agreement with respect to these improvements.

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 January 30, 2023, the District issued its Convertible Capital Appreciation Limited Tax General Obligation Refunding and Improvement Draw Down Bonds Series 2023 (the “Series 2023 Bonds”) dated January 30, 2023 with an original issue price of $4,091,235, with a maximum principal amount of up to $4,727,000 when fully drawn, for the purpose of funding public capital facilities for the District and paying the costs of issuing the bonds. The total 2025 assessed valuation of the District is $16,410. The District imposed a mill levy of 42.250 mills in its General Fund in 2025 for collection in 2026. There was no debt service mill levy imposed in 2025 for collection in 2025.

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:

Richard Frank

Toni Serra

Susan Frank

Joel Farkas

Daniel Frank

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: