History
The following is a brief history of the Grove at High Point neighborhood:
| January 2005 |
The Developer creates the Colorado International Center Metropolitan District No. 3 |
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| May 2005 |
The High Point Master Association, Inc. is incorporated and assumes responsibility for enforcing the CC&Rs and providing architectural review services to the neighborhood. All homeowners become shareholders in/owners of the Association. The CC&Rs provide the land developer with the power to appoint all directors to the Association's board.
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| December 2005 |
City of Aurora approves the High Point at DIA subdivision development plan - a 561-home neighborhood.
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| December 2005 |
The Master Declaration for High Point (i.e. CC&Rs) is filed and 256 home lots are annexed into the covenant-controlled community. (The remaining 402 single family home lots are annexed into the covenant-controlled community over the next 16 years as new homes are built.)
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| February 2006 |
The District issues bonds totaling $8,875,000 and transfers the net proceeds to the High Point at DIA Metro District for the purpose of funding the build-out of the neighborhood's streets, sidewalks, park, utility lines, perimeter fencing, open space landscaping and storm water drainage infrastructure.
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| [Date] |
The first single family home is sold by the builder.
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| April 2018 |
On April 25, 2018 (13 days prior to an election that replaced all directors on the District’s board – all of whom served as directors on the AHPDMD board, three of whom were owners/managers of ACM and one who reported other conflicts of interest serving as a director – with five independent, homeowner directors), the District issued $2,540,000 Subordinate Limited tax general Obligation Bonds (Subordinate Bonds) and $750,000 Junior Lien Limited Tax General Obligation Bonds, (Junior Lien Bonds). The net proceeds from the sale of the Subordinate and Junior Lien Bonds were transferred to AHPDMD under a 2005 Facilities Funding, Construction and Operations Agreement with AHPDMD where the District agreed to reimburse AHPDMD for costs AHPDMD incurred related to installing public infrastructure within the District.
Per the 2018 Financial Forecast included with the Junior Lien Bond Offering document, the Junior Lien Bonds are projected to be repaid in full by 2038. Interest payments per the 2018 Financial Forecast totaled $5,080,131, which equates to an annual net effective interest rate of 32.3%.
Pursuant to a reimbursement agreement dated April 12, 2018 between AHPDMD and Almond Palm, LLC – an entity created on April 03, 2018 and owned by one or more of the District’s directors – AHPDMD transferred the net proceeds of the Subordinate and Junior Lien Bonds received from the District to Almond Palm, LLC. Almond Palm, LLC was dissolved on August 26, 2019 – approximately 17 months after it was created.
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| May 2018 |
Five homeowners are elected to the District's board. This is the first time independent directors are serving on the District's board.
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| April 2021 |
The District terminates all service agreements with AHPDMD and AHPDMD turns over ownership of the park and all public open spaces within the Grover at High Point to the District.
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| December 2021 |
The last of the 658 single family homes is constructed and sold.
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