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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />District has restructured its rates to maximize income without stifling the needed <br /> <br />growth. The predictable framework of the bankruptcy plan has generated new <br /> <br />development with recent sketch plan reviews for approximately 1100 new homes, a <br /> <br />proposed public 18 hole golf course, and the re- inclusion of planning Parcel R. 7 into <br /> <br />the District. After years of stagnation, and with some timely assistance, Castle Pines <br /> <br />North is once again headed to quality growth and development that will enhance <br /> <br />Douglas County and Colorado. <br /> <br />Excerpts from the appropriate legal documents are provided in Appendix B. As of <br /> <br /> <br />this report, payments have been made to the Trustee on schedule. The major <br /> <br /> <br />developers have made their tap purchases per the negotiated Tap Purchase <br /> <br />agreements. Requests for sketch plan review have been completed for approximately <br /> <br />1113 homes. Additionally, the parcel R-7, previously excluded from the District, has <br /> <br />been included in the District with the potential for approximately 300 homesites. <br /> <br />Plans for a public golf course are under review and, while the District will receive <br /> <br />no additional revenue from the golf course, it will energize home sales within the <br /> <br />District. <br /> <br />Water rates were increased in May 1995 in order to increase the revenue to cover <br /> <br />a portion of the well rehabilitation costs. <br /> <br />10 <br /> <br />Jehn Water Consultants, Inc. <br />