District Documents

Annual Reports

2025 ANNUAL REPORT
CANAL AVENUE METROPOLITAN DISTRICT

As required by Section 32-1-207(3)(c), C.R.S. and Section VII of the District’s Service Plan, approved by the City of Commerce City on September 7, 2018, the following report of the activities of Canal Avenue Metropolitan District (the “District”) from January 1, 2025 to December 31, 2025 is hereby submitted:

1. Boundary changes made or proposed.

No boundary changes were made or proposed in 2025.

2. Intergovernmental Agreements entered into, proposed or terminated.

No Intergovernmental Agreements were entered into, proposed or terminated in 2025.

3. The District’s rules and regulations as of December 31 of the report year.

The District has not adopted any rules or regulations as of December 31, 2025. In the event the District adopts rules or regulations in the future, such documents may be accessed at the offices of McGeady Becher Cortese Williams P.C., 450 E. 17th Avenue, Suite 400, Denver, CO 80203, (303) 592-4380, https://canalavenuemetro.specialdistrict.org/.

4. Summary of any litigation which involves the District.

To our knowledge, there is no litigation currently pending or anticipated against the District.

5. Status of the District’s public improvements construction.

The District has begun construction of improvements, including a lift station, sanitary sewer lines, roadway improvements, water improvements, and landscape improvements.

6. List of facilities and improvements constructed by the District that have been dedicated to and accepted by the City.

No facilities or improvements have been dedicated to and accepted by the City.

7. Current assessed valuation of the District.

$16,962,180

8. Current year’s budget including a description of the Public Improvements to be constructed in such year.

The current budget of the District is linked hereto. The District began construction of public improvements in 2021 and additional construction is anticipated in 2026.

2026 Budget

9. Audit of the District’s financial statements.

The 2024 Audit is linked hereto as. The 2025 Audit is in progress and will be provided upon completion.

2024 Audit

10. 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.

11. District’s inability to pay its obligations as they come due, in accordance with the terms of such obligations, which continue beyond a ninety (90) day period.

To our knowledge, the District has been able to pay its obligations as they come due.

The following information required by Section 13-4001(c)(2) of the Commerce City Revised Municipal Code (“CCRMC”) (and not already disclosed above) is also provided:

12. A narrative summary of the progress of the District in implementing its service plan for the report year.

The District has begun construction of improvements, including a lift station, sanitary sewer lines, roadway improvements, water improvements, and landscape improvements.

13. Unless disclosed within a separate schedule to the financial statements, a summary of the capital expenditures incurred by the District in development of improvements in the report year.

The District did not incur any capital expenditures in the development of improvements during the report year.

14. Unless disclosed within a separate schedule to the financial statements, a summary of financial obligations of the District at the end of the report year, including the amount of outstanding debt, the amount and terms of any new District debt issued in the report year, the total assessed valuation of all taxable property within the District's boundaries as of January 1 of the report year and the current total District mill levy pledged to debt retirement in the report year.

On November 26, 2024, the District issued its Limited Tax General Obligation Loan, Series 2024, in the original principal amount of $2,500,000 to be used to reimburse and/or finance public improvements benefiting the District and to pay the cost of issuance. The total 2025 assessed valuation of the District is $16,962,180.00. The District imposed a mill levy of 14.100 mills in 2025 for collection in 2026, of which 7.700 mills is for debt service.

15. The names and contact information of the current directors on the District's board, any District Manager, and the attorney for the district.

Board of Directors:

Rob Andrews

Megan Kranichfeld

(and three vacant seats at the time of filing this report)

c/o McGeady Becher Cortese Williams P.C.

450 E. 17th Avenue, Suite 400

Denver, Colorado 80203

303-592-4380 – phone

Attorney for the District:

c/o McGeady Becher Cortese Williams P.C.

450 E. 17th Avenue, Suite 400

Denver, Colorado 80203