General Information
General Information About the District
Buckhorn Valley Metropolitan District No. 2 (District) is a quasi-municipal corporation and political subdivision of the State of Colorado organized on May 15, 2000 and is governed pursuant to provisions of the Colorado Special District Act (Title 32). The District operates under a consolidated service plan (which also governs Buckhorn Valley Metropolitan District No. 1) approved by the Town of Gypsum (Town) on January 11, 2000 and amended and restated with Town approval on June 28, 2005 and July 14, 2009. The District's service area is located in Eagle County, Colorado entirely within the boundaries of the Town and is comprised of approximately 368 acres of land zoned for residential development. The entrance to the Buckhorn subdivision is located at the intersection of Cooley Mesa Road and Buckhorn Valley Boulevard - south of the Eagle County Regional Airport. The District was established to provide financing for the design, acquisition, construction and installation of water, sanitation, street improvements, parks and recreational facilities, television relay and translation, mosquito control and other improvements (Public Improvements) within and without the District boundaries that benefit the taxpayers and inhabitants of the District. The District was created to provide certain essential public-purpose facilities for the use and benefit of all its anticipated residents and taxpayers of real property located within the boundaries of the District. |  |
District's Relationship to Buckhorn Valley Metro District No 1 (BVMD1)
The boundaries of Buckhorn Valley Metro District No 1 (BVMD1) is comprised of a single house located at 11 Bridger Drive - located within the District. Ownership of this home lot has changed hands over time as developers of land within the District has changed. Since August 2009, the house has been owned by Christiane Hepfer, who is a principal of International Capital, LLC (the firm that manages the assets for BV Firewheel, LLC). As of December 2022, BV Firewheel, LLC owns approximately 135 acres of 142 undeveloped acres of land within the District.
Although BVMD1's boundaries is comprised of only one home lot, BVMD1 owns 6 public space land tracts within the District comprising over 67 acres of land designated for a future golf course and public open spaces.
[Disclose terms of the new 2025 DFSCA]
District Board Composition and History
Between May 15, 2000 and February 2021, all directors serving on the District's board were employees, owners, agents, close family members or designees of the primary company developing all land within the District. Consequently, all such directors had conflicts of interest regarding their public service on the District's board. In February 2021, two resident, taxpaying homeowners were appointed to fill two vacancies on the District's board created by the resignations of Scott Green and Samantha Gale. This was the first time in the 21-year history of the District that independent directors began serving on the District's board.
District residents initiated a recall election in December 2020 to remove the remaining three conflicted directors on the District's board - Director David Garton, Director John Hill and Director Anna Marie Ray. After collecting over 800 petition signatures from voters within the District approving the recall election, District Court ordered the District to hold an election on June 29, 2021 regarding whether to recall each of these three directors. All three directors were recalled from office with over 70% of voters approving removal from office.
The resulting three vacancies on the Board were filled by homeowners who reside within the District - none of whom report conflicts of interest regarding their service on the Board.
Subsequent to June 2021, the District's board has been comprised solely of independent directors.
District Revenue Sources
In order to fund the repayment of its bond debt, the District generates revenue from the following sources:
Property Taxes: Each year, the District assesses property taxes on the homeowners living within the District. Property tax assessments is the District's primary source of revenue and currently comprises approximately 93% of the District's total annual revenue. To fund the general operations of the District, the District may collect up to $500,000 annually. This limit can be raised only if additional voter approval is obtained.
To fund the District's annual debt repayments, the District may adjust the debt portion of the mill levy rate each year to generate an amount sufficient to fund the annual principle and interest payments due on the bonds.
State Tax Subsidies: Each year, the District receives a "specific ownership tax" subsidy from the State of Colorado. The State funds this subsidy from its collection of annual vehicle registration fee taxes paid by owners of Colorado-registered vehicles. The subsidy is paid out in the form of a matching contribution to the District and is calculated as a percentage of the total property taxes assessed by the District. The State establishes the rate each year for matching contributions. For the past few years, this subsidy has comprised approximately 5% of the District's total annual revenue.
Storage Lot Fees: The District owns certain land within the District totaling 2.4 acres and has converted this land into a recreational vehicle (RV) storage lot. The RV storage lot contains 50 separate storage spaces. For 2023, the rental rate for storage spaces is $40/month per storage space and renters may enter into contracts to lock in the rental rate for up to 12 months.
Interest Income: State laws restrict the types of funds in which the District may invest its cash. The District's investment income is an insignificant source of revenue to the District due to the low interest rates offered on investment funds available to metropolitan district.
District Contractors
Click here to lean more about the District's contractors.
Bond Debt
Click here to learn more about the District's bond debt.