History
The following is a brief history of the Potomac Farms neighborhood:
| August 2001 |
The Potomac Farms Filing No 1 subdivision (comprising 211 homes) is approved by Commerce City and the plat map is filed with the County Clerk & Recorder's Office. |
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| November 2001 |
The Potomac Farms Metropolitan District is created. The District is authorized to issue debt to finance the build-out of the roads, storm drains, utility infrastructure, open spaces, perimeter fence lines and street lights throughout the Potomac Farms subdivisions No. 1 and No. 2. |
| March 2002 |
The Declaration of Covenants, Conditions and Restrictions of Potomac Farms (i.e. CC&Rs) is executed and the lots in the neighborhood are annexed into and become subject to the CC&Rs.
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| May 2002 |
The Potomac Farms Filing No 2 subdivision (comprising 195 homes) is approved by Commerce City and the plat map is filed with the County Clerk & Recorder's Office.
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| June 2002 |
The District issues bonds totaling approximately $4.32 million to finance the build-out of the neighborhood's infrastructure.
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| July 2002 |
Adare Homes and Capital Pacific Homes begin building homes in Potomac Farms.
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| November 2002 |
The Potomac Farms Homeowners 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.
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| Sept. 2007 |
The District issues an additional $1.35 million in debt to pay certain Developer advances to the District.
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| 2008 |
The nation-wide housing market crash occurs and Adare Homes stops building homes within Potomac Farms. Approximately 182 lots are undeveloped.
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| June 2012 |
King Soopers opens its doors for business (located at the intersection of 104th Avenue and Chambers Road)
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| July 2013 to June 2015 |
Oakwood Homes purchases the remaining 182 undeveloped lots in Potomac Farms Filing No 2 and begins building and selling homes on each lot.
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| March 2016 |
Three homeowners run for election and win three seats on the District's board. This is the first time the District's board is controlled by Potomac Farms homeowners.
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| August 2016 |
Commerce City completes construction of Turnberry Park.
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| July 2016 |
404 homes are now built and sold within the Potomac Farms neighborhood. Two lots remain undeveloped - one Lot used as the parking lot for the Oakwood model homes (which are now used to sell homes in the Turnberry development) and one Lot owned by a private investor.
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| December 2016 |
At the annual HOA meeting, homeowners vote to approve the Board's proposal to transfer the HOA's responsibilities and covenant enforcement powers to the Potomac Farms Metropolitan District.
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| January 2017 |
The Association no longer assesses HOA dues and the District assumes responsibility to (1) maintain the common area landscaping, (2) provide covenant enforcement services and (3) provide architectural review services.
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| January 2021 |
On January 13, 2021, the District borrowed $7,032,000 from BBVA Bank for the purpose of refinancing its Series 2007 General Obligation Refunding and Improvement Bonds and Series 2007 Convertible Capital Appreciation Bonds. The Series 2021 Bank Loan is due December 1, 2040, with a fixed stated annual interest rate of 2.35%, paid semiannually on June 1 and December 1. Annual payments on the loan are fixed at approximately $446,700/year. |
General NEIGHBORHOOD Statistics
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Single-Family Homes |
|
High |
Low |
Average |
| Lot size |
0.31 acres |
0.13 acres |
0.1558 acres |
| Living space (Note A) |
4,068 sqft |
1,281 sqft |
2028 sqft |
| Garage size |
683 sqft |
369 sqft |
485 sqft |
| Basement size |
1,828 sqft |
350 sqft |
780 sqft |
| Bedrooms |
6 rooms |
2 rooms |
3.2 rooms |
| Bathrooms |
4.5 bathrooms |
2 bathrooms |
2.7 bathrooms |
| Other Data |
| # of homes with no basements |
32 |
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Note A -- Living space data excludes the garage and basement.