Verve Metropolitan District No. 1

2024 ANNUAL REPORT
VERVE METROPOLITAN DISTRICT NO. 1

As required by Section 32-1-207(3)(c), C.R.S. and Section XIII of the Service Plan for Verve Metropolitan District No. 1 (the “District”), approved by the Jefferson County Board of County Commissioners (the “County”) on February 11, 2014, the following report of activities for the District from January 1, 2024 to December 31, 2024 is hereby submitted.

A.                Boundary changes made: No boundary changes were made or proposed during the reporting year. 

B.                 Intergovernmental Agreements entered into, proposed, or terminated: The District did not enter into, propose, or terminate any Intergovernmental Agreements during the reporting year.

C.                 Access information to obtain a copy of rules and regulations adopted: The District does not currently have any rules and regulations and there were none proposed during the reporting year.  In the event the District adopts rules and regulations in the future, such documents may be accessed by contacting the offices of McGeady Becher Cortese Williams P.C., 450 E. 17th Avenue, Suite 400, Denver, Colorado 80203; telephone: 303-592-4380.

D.                Summary of litigation involving the District’s public improvements: To our knowledge, the District is not involved in any litigation.

E.                 Status of the District’s construction of public improvements: During the reporting year, the following improvements were completed:

                       ·         Verve Innovation Park – Filing No. 4 - Simms Street, Callender Way, and Verve Parkway Improvements – the below improvements were largely completed in 2024, but electrical services from Xcel and delays by the City and County of Broomfield, Colorado precluded final acceptance. Completion of streetlights, traffic signals, Phase 1 of the Filing 4 landscape & irrigation, and final acceptance are anticipated in 2025.

                                                                    i.            Roadway

                                                                  ii.            Trails and sidewalks

                                                                iii.            Water, Sanitary, and storm improvements

F.                  Conveyances or dedications of facilities or improvements, constructed by the District, to the County and/or the City and County of Broomfield, Colorado: The District did not convey or dedicate any facilities or improvements to Jefferson County, Colorado or the City and County of Broomfield, Colorado during the reporting year.

G.                Final assessed valuation of the District for the report year: Final 2024 Assessed Valuation for property located within Jefferson County, Colorado: $25,215,958;  Final 2024 Assessed Valuation for property located within the City and County of Broomfield, Colorado: $609,480; Total 2024 Assessed Valuation: $25,825,438.

H.                Current year’s budget: A copy of the District’s 2025 budget is attached hereto as Exhibit A.

I.                  Audited financial statements for the reporting year (or application for exemption from audit): A copy of the District’s 2024 Audit is attached hereto as Exhibit B. 

J.                  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.

K.                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.

*For accessibility purposes, this is a conforming alternate version of the 2024 Annual Report

2026 Mill Levies - 60.833 mills

2025 Mill Levies - 59.274 mills

2024 Mill Levies - 56.774 mills

The  Transparency Notices for the Districts can be accessed on the Special District Association:

https://www.sdaco.org/lc/sda-transparency/notice/id/1982