This general information sheet has been prepared by the Fallbrook Villas Metropolitan District (the District) Manager to provide property owners with general information regarding the District and its operations. This information Sheet is intended to provide an overview of pertinent district information and does not purport to be comprehensive or definitive. You are encouraged to independently confirm the accuracy and completeness of all statements contained herein.

The Special District and its Purpose

The property within the Fallbrook subdivision is located within the boundaries and/or service area of the Fallbrook Villas Metropolitan District (the “District”). In Colorado, special districts are local governments just as cities and counties are considered local governments. Special districts are formed to provide services that are not otherwise provided by a municipality or county.

Organization of the District

The District is a quasi-municipal corporation and a political subdivision of the State of Colorado. The District was organized pursuant to Order of the Adams County District Court recorded on December 31, 2015. The Service Plan for the District was approved on August 11, 2015. The District is wholly contained within the City of Thornton and covers approximately 17.02 acres of land.

Members of the District Board of Directors

The District is governed by a five member Board of Directors, who are elected to staggered four-year terms. Any person registered to vote in the State of Colorado and who resides within the District or owns taxable property within the District is eligible to serve on the Board. Please see the website for regular meeting dates listed in the Transparency Notice to Electors.

District Powers

In accordance with the Colorado Special District Act, the District operates pursuant to its Service Plan. The Service Plan describes what the District’s powers and functions are. According to the Service Plan, the major purpose of the District is to finance and construct public improvements which upon completion shall either be owned and operated by the District, or dedicated to the City of Thornton or Adams County for ongoing operation and maintenance. Fallbrook Villas Metropolitan District does not own or operate any public improvements within the Development.

Property Taxes Collected by the District to Construct Improvements

The District has the power to impose taxes as identified in the Service Plan. Property taxes payable by owners of property within the District are the primary source of revenue. The secondary source of revenue is from a proportionate share of taxes imposed by the state, collected by the county on motor vehicles. The District may issue bonds to provide for the costs of capital improvements within its boundaries. Once the bonds are sold, they must be repaid over time with interest. The annual payment on the bonds is known as “Debt Service”.

In order to meet the Debt Service requirements for the bonds and to pay operational costs associated with the provisions of services, the District will impose a Mill Levy under the Service Plan. A part of the Mill Levy is also dedicated for operating expenses of the District. Adjustments to the District’s operating mill levy will occur, up or down, as necessary to assure that revenue is available to provide adequate day-to-day services of the District. However, in accordance with limitations set forth in the District’s Plan, the total annual mill levy pledged for repayment of bonds and other debt of the District cannot exceed 50 (fifty) mill levies, except that mill levy may be adjusted in a revenue neutral way to account for changes made by the Colorado Legislature in the method of valuing residential property.

The total debt of the District permitted to issue bonds is $5,000,000.00. The Mill Levy for the District is certified to Adams County annually, on or before December 15. The 2019 certification is 55.277 mills levied for Debt Service and 11.056 mills levied to the general operating fund. Total Mill Levy is 66.330 mills. District’s debt is for 30 years from issuance.

• Because the District is located within the City, fire and police services are provided by the City. The City is also responsible for the direct provision of water, wastewater, storm water, as well as major park and recreation facilities. The City, the School District and others may impose mill levies for their operations and debt.

Example of General Formula for Assessment of Residential Property

The assessment for a home is determined as follows: 

• The County Assessor’s Office determines the Actual Value of the home based upon sales prices of comparable homes in the area. 
• To determine the Assessed Valuation, the Actual Value of the home is multiplied by the Assessment Ratio, which is set every odd numbered year by the state legislatures. The current Assessment Ratio can be obtained from the County Assessor’s Office. 
• The applicable Mill Levy is multiplied by the Assessed Valuation of the home, resulting in the assessment for the home.

THIS INFORMATION SHEET HAS BEEN PROVIDED TO YOU IN AN EFFORT TO ANSWER ANTICIPATED QUESTIONS RAISED BY RESIDENTS AND PROPERTY OWNERS WITHIN THE DISTRICT’S BOUNDARIES. IF YOU HAVE ANY ADDIITIONAL QUESTIONS, PLEASE CONTACT THE COMMUNITY MANAGER.