A Summary of the C-470/Alameda Loan
(Blue hyperlinks contain documents)
In April 2007, the Jefferson County Board of County Commissioners approved rezoning the land surrounding C-470 and Rooney Road near Dinosaur Ridge from Agriculture to Commercial (the interchange wouldn’t be constructed until 2008). During this time, the developer (Three Dino’s LLC) was negotiating the purchase of the property surrounding the future interchange. In 2007, the Green Tree Metropolitan (Metro) District was formed. During this time, the board of Green Tree was made up of the Three Dino’s Partners. In October 2007, Green Tree Metro District received close to 20 million dollars in loans to construct the C-470 Alameda Interchange (6 million from the Jefferson County taxpayer, 3 million from the City of Lakewood taxpayer, and 10.5 million from the developer of Solterra- Brookfield).
In Colorado, Metro Districts are commonly used to finance development infrastructure. In the case of Green Tree, it received close to 20 million dollars in loans and promised to issue bond debt to pay off these loans. Except- Green Tree never issued bonds as promised. Jefferson County deferred repayment of the loan several times, the City of Lakewood took no action, and in 2018 Brookfield filed a lawsuit to compel Green Tree (i.e Three Dino’s) to repay the loan. The City of Lakewood and Jefferson County were brought in as parties to the lawsuit because Green Tree owes them money too.
That brings us to the proposed settlement agreement to this lawsuit, which was recently made available to the public. The settlement agreement suggests the developer will repay the loans they received from the taxpayers to construction the C-470/Alameda Interchange. There will be no repayment by the developer.
The settlement is proposing a new and additional 17.5 mill rate on the property tax for future residents in Rooney Valley. What the proposed settlement agreement does is promise to tax future residents and use this future tax money to "pay back" current residents ‑ using new tax revenue to pay back old tax revenue. There is no "pay back" there is only new taxes. The developer will retain all the profit created by the taxpayer loans – the developer will retain all the profit in the increased value of the land generated by the construction of the C‑470/Alameda Interchange. Under the proposed settlement agreement, the obligation to repay the loans expires in 45 years. So, if no repayment is made in 45 years, the loan is "forgiven".
The City of Lakewood will be voting on this proposed settlement on March 25th at 7:00 PM. (Address): 480 South Allison Parkway (Lakewood Government Center)
The Jefferson County Board of County Commissioners will be voting on this proposed settlement on March 26th at 8:00 AM (Address): 100 Jefferson County Administration and Courts Building to Board of County Commissioners
Please plan on attending one or both of these meetings and take a moment to register your opposition and urge our elected officials to VOTE NO on the proposed settlement by sending an e-mail. Please click here for example language and e-mail addresses.