District Documents
2023 ANNUAL REPORT
MANAGER OF FINANCE AND MANAGER OF PUBLIC WORKS
MARKET STATION METROPOLITAN DISTRICT NOS. 1 AND 2
(F/K/A DUS METROPOLITAN DISTRICT NOS. 4 AND 5)
As required by Section XI of the Service Plans for the Market Station Metropolitan District Nos. 1 and 2 (f/k/a DUS Metropolitan District Nos. 4 and 5) (collectively, the “Districts”), approved by the City and County of Denver, Colorado (the “City”) on August 4, 2008, as amended, we present the following report of the Districts’ activities from January 1, 2023 to December 31, 2023.
i. Annual budget of the Districts:
2024 BudgetDistrict No. 2 is inactive and was not required to adopt a 2024 budget.
ii. Annual construction schedules for the current year and reconciliation of the capital improvement program for completion of the Eligible Improvements in the following two (2) years:
The Districts did not construct any improvements during 2023.
iii. Annual audited financial statements (or any exemption filing made to the State Auditor) of the Districts:
2023 Audit ExemptionDistrict No. 2 is inactive and was not required to file a 2023 Audit or Application for Exemption from Audit.
iv. Total debt authorized, total debt issued, and remaining debt authorized and intended to be issued by the Districts:
| Q# | O&M/TABOR | Authorized | Used | Remaining |
|---|---|---|---|---|
| 5A | O&M – Ad Valorem Tax Increase | $10,000,000 | ||
| 5B | O&M -- Fee Increase | $10,000,000 | ||
| 5C | Multiple-FY IGA | $300,000,000 | ||
| 5D | TABOR Exemptions | Yes | ||
| Q# | Public Improvement Debt | Authorized | Used | Remaining |
| 5E | Street | $300,000,000 | $ | $300,000,000 |
| 5F | Parks and Recreation | $300,000,000 | $ | $300,000,000 |
| 5G | Water | $300,000,000 | $ | $300,000,000 |
| 5H | Sanitation | $300,000,000 | $ | $300,000,000 |
| 5I | Transportation | $300,000,000 | $ | $300,000,000 |
| 5J | Mosquito Control | $300,000,000 | $ | $300,000,000 |
| 5K | Safety Protection | $300,000,000 | $ | $300,000,000 |
| 5L | Fire Protection | $300,000,000 | $ | $300,000,000 |
| Totals | $300,000,000 (1) | $ | $300,000,000 (2) | |
| Q# | Other | Authorized | Used | Remaining |
| 5M | O&M Debt | $100,000,000 | $100,000,000 | |
| 5N | Refunding Debt | $300,000,000 | $ | $300,000,000 |
| 5O | IGAs as Debt | $300,000,000 | $300,000,000 | |
| 5P | Multiple-FY IGA | Yes | ||
| 501 | Organization of District | Yes | ||
| 502 | Term Limits | Yes |
Date of Organizational Election: November 4, 2008
Date of Last Debt Election: November 4, 2008
[1] Service Plan Debt Limitation: The total aggregate amount of debt the Districts together with DUS Metropolitan District Nos. 1-3 may issue is $300,000,000 (See Section VIII.E, p. 15 of the Service Plan). The aggregate principal amount of $300,000,000 if authorization was fully utilized by DUS Metropolitan District Nos. 1-3. Pursuant to each District’s First Amendment to Service Plan, each District has an additional $50,000,000 of authorization.
[2] Service Plan Debt Limitation: The total aggregate amount of debt the Districts together with DUS Metropolitan District Nos. 1-3 may issue is $300,000,000 (See Section VIII.E, p. 15 of the Service Plan). The aggregate principal amount of $300,000,000 if authorization was fully utilized by DUS Metropolitan District Nos. 1-3. Pursuant to each District’s First Amendment to Service Plan, each District has an additional $50,000,000 of authorization.
v. Names and terms of the members of the Boards of Directors and officers of the Districts:
Roger Pecsok, President, Term – May 2027
Lenn Moldenhauer, Secretary, Term – May 2025
Mark Falcone, Assistant Secretary, Term – May 2025
Jen Walker, Treasurer, Term – May 2027
Vacant, Term - May 2027
vi. Any bylaws, rules and regulations of the Districts regarding bidding, conflict of interest, contracting and other governance matters / Access information to obtain a copy of rules and regulations adopted:
The Districts have not adopted any bylaws or rules and regulations, but comply with State statutes regarding bidding, potential conflicts of interest and other governance matters. In the event the Districts adopt such in the future, they may be accessed at the offices of McGeady Becher P.C., 450 E. 17th Avenue, Suite 400, Denver, CO 80203, 303-592-4380.
vii. Current intergovernmental agreements and amendments among the Districts:
Market Station Metropolitan District Nos. 1 and 2, Cooperation Agreement dated January 3, 2017.
Denver Downtown Development Authority, DUS Metropolitan District Nos. 1-3 and the Districts, Amended and Restated Cooperation and Pledge Agreement dated February 3, 2017.
viii. A summary of all current contracts for services of the Districts:
Master Service Agreement and Statements of Work between the Districts and CliftonLarsonAllen LLP for Accounting Services.
Engagement Agreement dated February 17, 2009 between the Districts and McGeady Sisneros, P.C. (n/k/a McGeady Becher Cortese Williams P.C.) for General Counsel Services.
Contract for Banking Services dated October 6, 2010 between the Districts and Wells Fargo Bank.
Service Agreement dated February 11, 2019 between District No. 1 and Ranger Engineering, LLC, for Cost Verification Services.
Agreement between the Districts and Generation Web, Inc. (f/k/a Archipelago Web) for website services.
Engagement Letter between District No. 1 and Wipfli LLP for auditing services.
ix. Official statements of current outstanding bonded indebtedness of the Districts, if not already received by the City:
Not applicable.
x. Current approved Service Plans of the Districts and amendments thereto:
Copies of the Districts’ Service Plans approved by the City on August 4, 2008 were filed with the 2009 Annual Report. First Amendments to the Districts’ Service Plans approved by the City on January 30, 2017 were filed with the City upon approval.
xi. District office contact information:
Market Station Metropolitan District Nos. 1 and 2
c/o McGeady Becher P.C.
450 E. 17th Avenue, Suite 400
Denver, Colorado 80203
303-592-4380 – phone
303-592-4385 – fax
Elisabeth A. Cortese, Attorney for the Districts, ecortese@specialdistrictlaw.com
The following information required by Section 32-1-207(3)(c)(II), C.R.S. (and not already disclosed above) is also provided:
xii. Boundary changes made:
No boundary changes were made or proposed during 2023.
xiii. Summary of litigation involving the Districts’ public improvements:
To our knowledge, there is no litigation involving the Districts’ public improvements.
xiv. Conveyances or dedications of facilities or improvements, constructed by the Districts, to the City:
The Districts did not convey or dedicate any facilities or improvements to the City in 2023.
xv. Final assessed valuation of the Districts for the report year:
District No. 1: Gross: $28,410,260; Net: $4,203,432
District No. 2: Gross: $6,884,750; Net: $1,018,631
xvi. Notice of any uncured events of default by the Districts, which continue beyond a ninety (90) day period, under any debt instrument:
To our knowledge, there are no uncured events of default by the Districts which continue beyond a ninety (90) day period.
xvii. Any inability of the Districts to pay their 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 Districts have been able to pay their obligations as they come due.
*For accessibility purposes, this is an alternate conforming version of the 2023 Annual Report
District No. 2 is currently inactive
District No. 1 - 2025 MIll Levy - 15.607 Mills
District No. 1 - 2024 Budget AmendmentDistrict No. 1 - 2024 BudgetDistrict No. 1 - 2024 Mill Levy - 15.000 Mills
District No. 2 is currently inactive
The Transparency Notices for the Districts can be accessed on the Special District Association website:
https://www.sdaco.org/special-district-transparency-notice/sda-transparency/search/p/M
