| |
Year Ended
December 31 |
Principal |
Interest |
Total
Payment Due |
| |
2020 |
$ 250,000
|
$ 244,106 |
$ 494,106
|
| |
2021 |
255,000 |
241,800 |
496,800
|
| |
2022 |
265,000 |
231,600
|
496,600
|
| |
2023 |
275,000
|
221,000 |
496,000
|
| |
2024 |
285,000 |
210,000 |
495,000
|
| |
2025 |
300,000 |
198,600 |
498,600 |
| |
2026 |
310,000
|
186,600 |
496,600 |
| |
2027 |
325,000 |
174,200 |
499,200
|
| |
2028 |
335,000 |
161,200 |
496,200 |
| |
2029 |
350,000
|
147,800
|
497,800 |
| |
2030 |
365,000 |
133,800 |
498,800 |
| |
2031 |
375,000 |
119,200 |
494,200 |
| |
2032 |
390,000 |
104,200 |
494,200 |
| |
2033 |
410,000 |
88,600 |
498,600 |
| |
2034 |
425,000 |
72,200 |
497,200 |
| |
2035 |
440,000 |
55,200 |
495,200 |
| |
2036 |
460,000 |
37,600 |
497,600 |
| |
2037 |
480,000 |
19,200 |
499,200 |
| |
|
$ 6,295,000 |
$ 2,646,906 |
$ 8,941,906 |
Developer Advances
On December 11, 2002, the District and Gateway American Properties, LLC (the Developer) entered into an Advance and Reimbursement Agreement (the Reimbursement Agreement) pursuant to which the District acknowledged the advancement of funds from the Developer to the District to fund the District’s operations and capital projects. The District agreed to reimburse the Developer for such amounts, subject to annual appropriation by the District in its sole discretion. The Reimbursement Agreement is not a multiple-fiscal year obligation for the purposes of Article X, Section 20 of the Colorado Constitution. The contingent obligation bears simple interest at 7% per annum. The Reimbursement Agreement shall continue until fully performed or terminated by mutual agreement of the District and the Developer.
As of December 31, 2019, Developer advances totaled approximately $286,100 and accrued, unpaid interest totaled $591,400.
|