Metro Bond Taxes in The Meadows of Castle Rock CO is approximately 1/3 of the total property tax amount to all property owners in that sub division. Since the 1980’s residents have been paying the maximum tax rate allowed to be collected by law by the government to pay off for this project. Taxpayers have paid $400m between 1989 & 2024 for a $57m project. The bond holder, Castle Rock Bonds LLC, is expecting another $600m before they are willing to discharge the debt. $20m in metro bond property tax in The Meadows in 2024 was paid to the bond holders.
Let those statistics sink in. A $57m development expense in the 1980's to develop The Meadows was originally designed to be paid off between 2006 & 2019. It was reorganized in 1993 to be paid off between 2019 & 2029. However, the documents filed are structured to tax all property owners until 2090 - $1b over 100 years in taxes and will NEVER be paid off under the current structure in our lifetime. And no one has ever challenged this or looked into this in situation detail to find out why.
To this day, the original land developer from the 1980’s still controls the taxes being collected and being paid to themselves by controlling the metro boards. The developer has controlling influence of the metro boards, which disperses the funds. But it can be changed. And it can be changed this year.
For over 5 years I have been trying to find the answer to this simple question. Why will it cost $1,000,000,000 in property taxes in The Meadows to pay for a $57m expense that was originally planned to be paid off in 2006?
Here's the quick answer: The developer (Castle Rock Development Company) has a close relationship with the bond holder (Castle Rock Bonds LLC). The metro boards have been controlled by both since the 1980's and they continue to control the tax revenue payable to the bondholders. i.e., the cash i.e., themselves. Since the beginning of the 1980's, the metro boards in The Meadows have been controlled by the developer and the bond holder via the metro board. One in the same.
Here are the documents. They are organized, scanned, and easily understood. They are posted for everyone to read.
CLICK HERE To Read The Meadows Metro District Documents
10/1/93 Agreement (30-40 year bonds) was changed to 100+ year bonds in the 12/1/93 legal filings.
To quickly understand what happened over the last 35 years, you only need to read 3 documents:
a) The 11/26/1991 "Service Plan". This the original agreement between the developer, bond holder and Castle Rock, which states everything should be paid in full between 2006 & 2019.
b) The 10/1/1993 "Service Plan" agreement which changes the terms to 30-40 year bonds and adds an additional $19m in compounding debt in less than 2 years.
c) The 12/1/1993 legal filings modify the debt service to 100+ years and contradicting the 10/1/1993 Service Plan.
The bonds filed on 12/1/1993 are NOT the agreed upon terms with the Town of Castle Rock. The developer registered legal filings contradict the 10/1/1993 Service Plan Agreement.
For more info or if you want to get involved, please contact Jim Garcia.
Thank you,
Jim Garcia
720-385-4497
Jimgarcia100@gmail.com
2023 - #1 Agent in Castle Rock (Total Transactions)
2023, 2022 - Top .5% of all Agents in Colorado
2023, 2022 - Top 1.5% of All Agents & Teams Nationwide
2023, 2022 - Voted as one of the “Best Real Estate Agents in Colorado"
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Master Certified Negotiation Expert in Real Estate
Jim Garcia Overview:
Jim Garcia and his family have lived in The Meadows since 2006. After 25+ years as a CEO/COO of various companies, mergers & acquisitions, and residential construction, Jim is a specialist and top Real Estate Agent in Castle Rock Douglas County Colorado & Homes For Sale, who also specializes in The Meadows Castle Rock CO Homes for sale & Real Estate . Jim is among the Top 1.5% of All Agents & Teams Nationwide and top .5% of all agents in Colorado. Having resided in the area for several years, Jim also specializes in Lone Tree CO Homes For Sale and Real Estate possesses valuable insights into potential challenges that may arise during transactions. A local agent is crucial for both residential home Buyers and Sellers. For instance, with understanding Castle Rock CO Homes For Sale and Real Estate the significant variations in taxes & HOA fees, weighing the pros and cons of different subdivisions, evaluating schools, growth areas, and more are essential. Brokers unfamiliar with the area might not grasp the nuances of the local market.
Jim serves Douglas and Elbert Counties in Colorado. Elbert CO Homes For Sale and Real Estate has some of the most beautiful country views in Colorado. Elizabeth Colorado Real Estate & Homes For Sale is just as beautiful in central to Elbert County.
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