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� <br /> I� <br /> I� <br /> I� <br /> I� <br />� <br />� <br />� <br />� <br />� <br />� <br />� <br />� <br />Study Objectives <br />This study provides information regarding the acquisition of clear title to the water rights <br />and related assets that have been and continue to be used to supply water to District <br />customers. The water rights had originally been purchased by SNMD but were <br />subsequently quitclaimed and assigned to Suntrust Mortgage and subsequently to <br />Resolution Trust Corporation as a result of a Notice of Election and Demand for Sale by <br />Public Trustee July 22, 1991. Breckenridge Meadows Development Co. LLC (BMDC) <br />then purchased the land and associated water rights from RTC and that purchase <br />allowed BMDC to use SNMD in providing assurances to the County Planning and <br />Engineering that SNMD would provide water service for Swan River Ranch, The Villas <br />at Swan's Nest and Upper Blue Sanitation District employee housing. Unfortunately <br />when the infrastructure was turned over to SNMD, BMDC did not include the water <br />rights. An O&E tracing the history of the land and associated water rights from RTC's <br />conveyance to BMDC can be found in Exhibit I. Once the omission to formally convey <br />the water rights to the District was discovered by the current Board President, plans <br />were developed to rectify the situation. A detailed time line is included later in this study. <br />Project Sponsor <br />The project sponsor for the proposed acquisition of clear title to the water rights is <br />Swan's Nest Metropolitan District. SNMD was formed in 1984 as a Special District in <br />Colorado under Title 32 CRS. The District relies on user fees and property taxes to fund <br />operations, maintain the water supply system, maintain its open spaces and pay down <br />the Bond Issue. Bond Debt Service Schedule is found in Exhibit H. As discussed in a <br />later report Section, the District has provided detailed financial analyses regarding the <br />acquisition. <br />As set out in the District's Service Plan, SNMD currently services 160 Single Family <br />Equivalents (SFE) and through a lease arrangement provides water to 372 spaces and <br />several administrative sites in Tiger Run RV Park (Tiger Run). The customers in the <br />District are all single family homes or condominium units. Tiger Run is not in the District <br />and the lease does not allow SNMD to charge Tiger Run service fees for the duration of <br />the lease. The District is almost completely built out. 3 vacant lots in SRR are the only <br />platted areas left in the District. The potential for 3 more in Swan's Nest and up to 6 in <br />Parcel A are unplatted at this time. Tiger Run treats their own water and is responsible <br />for the maintenance of the leased water tank, lines and well #6. SNMD contracts with <br />Southwest Water Company in Arvada to manage, operate and maintain the water <br />supply system. SNMD utilizes an integrated supply system fed by two wells using a <br />pump house where treatment is performed, located at 370 Revett Drive, with water <br />stored in a 240,000 gallon steel tank. SNMD is responsible for the main water lines only. <br />All lines off the main are the individual customers' responsibility. At some point in the <br />C! <br />� <br />