C.R.S. § 31-12-110

(1) Upon the completion of the hearing, the governing body of the annexing municipality, by resolution, shall set forth its findings of fact and its conclusion based thereon with reference to the following matters: (a) Whether or not the requirements of the applicable provisions of section 30 of article II of the state constitution and sections 31-12-104 and 31-12-105 have been met; (b) Whether or not an election is required under section 30 (1)(a) of article II of the state constitution and section 31-12-107 (2). (2) The governing body shall also determine whether or not additional terms and conditions are to be imposed. (3) A finding that the area proposed for annexation does not comply with the applicable provisions of section 30 of article II of the state constitution or sections 31-12-104 and 31-12-105 shall terminate the annexation proceeding.