This is Representative Bockenfeld explaining how we residents are just stupid and should have known better before buying into a metro district.
Never mind that you know more about financing the cost of a used car than buying a home in a metro district.
Never mind that you were never told when you bought your home you weren’t paying for your share of all the infrastructure and pipes in the ground.
Like finding out a couple years after buying a car you still need to pay for the engine and the car dealer has already set up all the financing for you without any input from you.
Never mind
- that you didn’t learn until you after got the tax bill
- when the developer issued bond debt
- which you knew nothing about
- that you have to pay for infrastructure separate from the house
- years later
- with huge interest and
- profit to the developer.
Never mind that you were never told that the developer “voted” to eliminate your right to ever vote on the increased taxes and bond debt.
Never mind that you were never told there was an outstanding debt authority hanging over your head of $4.9 billion “voted” on by the developer.
Never mind that you were never told that the developer entered into an agreement with himself that he, not you, would decide:
- how much he was owed with zero opportunity to find out what the money was spent on
- how much taxes to impose on you
- how much interest you will pay
- how soon you get to start paying down the principle
- never to tell you what happened to the money you paid for the developed lot that you thought (and actually did) pay for the infrastructure.
Never mind that all the critical documents are kept in different hard to find places and the really important documents like the agreements the developer entered into with himself to have you pay him all your tax revenue have to be obtained through the Colorado Open Records Act. (CORA)
Never mind that the developers are only just now (after being forced to by recent legislation we helped pass) reluctantly telling you that you can serve on the board as soon as you own property in the district.
And lawyers are calling resident to talk them out of running because it will cost too much to have an election – when developers want to compete against residents to be on the board. Developers who don’t live there and will never pay taxes.
Nope, it’s all your fault. Shame on you. You’re too stupid to deserve our pity or attention says industry, not resident, Representative Bockenfeld.
Time to be heard. SB23-110 Oppose with amendment to eliminate Section 4 that permits developers to own their own bond. And amend to add a real disclosure. A sample here:
Details on legislation and how to be heard
https://www.change.org/p/colorado-state-legislature-colorado-metro-district-reform/u/31370986