Rooney Valley News

On September 17, 2019 the JeffCo Commissioners formally approved the revised settlement drafted by The Three Dinos and Brookfield (using the Solterra LLC name . . . Because I guess they don’t want people to know who they are).

Here is the memo from the JeffCo Manager, prepared by the County Attorney, the Resolution approving the settlement and the settlement.

Note that the Settlement agreement was not part of the packet for the commissioners so it does not appear they ever read it.

Settlement Documents Jeffco 9-17-2019

Here are the highlights:

1.  The original loan from the Jeffco taxpayers to the Three Dinos was $6 million with interest beginning in 2007 at 7%.
2. As of 2017, the amount owed, including the interest was $10.9 million.
3. Jeffco had given the Three Dinos until 2021 to pay, even though the Three Dinos had breached their agreement.
4. Since Brookfield sued in 2017 to recover their loan, Jeffco was included in the lawsuit so Jeffco was now also claiming repayment of the $10.9 million.
5. The Settlement “pledges” repayment of $10.9 million but as the memo to the Commissioners “clarifies”, only $6.9 million will actually be repaid.  Maybe.
6. The repayment of $6.9 million, instead of the $10.9 million, plus accruing interest, will be paid . . . Over 45 years.
7. No interest on the $6.9 will accrue for the next three years.
8. The money will be paid from property taxes of future residents to the Green Tree (Three Dinos Dinosaur Ridge Development area) Metro District.
9. It is an added 15 mill property tax levy – there is no levy now.
10. If the 15 mill levy generates less than $6.9 million for Jeffco (Brookfield will take 63.7% of whatever that 15 mills generates in dollars) over 45 years, then, too bad.  They only have to pay 15 mills for 45 years and the debt is extinguished even if it pays less than $6.9 million (plus interest which will be set by the “Municipal Market Data Index” plus 2% whatever that turns out to be).

So, again, Jeffco Commissioners Tighe, Szabo and Dalhlkemper voted to accept less than was owed, extended the repayment another 45 years and allow that the total amount may never be paid.

Of course the best part is that the developers who were enriched by the loan will pay absolutely nothing.  Nothing.  The taxpayer loan will be paid by future . . . Taxpayers.  It will not be repaid by the Three Dinos.

Subsidizing the developers with taxpayer dollars, again and again and again.

And the Commissioners never once considered negotiating for the repayment of the loan in land.  Land to buffer Dinosaur Ridge from the tsunami of development proposed by the Rooney Valley developer community.

Citizens asked several times to negotiate repayment of the loan in land and each time citizens were ignored, patronized and provided rationalizations based upon false information (ie the Three Dinos weren’t parties – they are; repayment in property taxes was the only alternative – it wasn’t).

And where is Lakewood in all of this.  They announced to the Court on 9-12-2019 that they would probably just walk away, dismiss their claim and do nothing.

Because that is what Adam Paul said from the beginning – there was no loan (of $3 million).  It was a giveaway, even though the same loan agreement was signed by Lakewood as was signed by Brookfield and Jeffco.

As presented in earlier blogs, it was a binding contract – a loan agreement – and Lakewood’s decision to just walk away represents another example of how Adam Paul doesn’t represent the citizens.

See: http://solterracommunity.org/index.php/2018/11/03/lakewood-staff-opposes-residents-request-to-obtain-repayment-of-taxpayer-loan-to-three-dinos/

Adam Paul is the chief lobbyists for the Rooney Valley Developers.  And if you want an example of a financial “agreement” Adam Paul style,  just consider the wealth of contributions from the Rooney Valley Developers, especially the contributions from the Three Dinos, to Adam Paul.  THAT is an financial agreement he is eager to “enforce”.

But repay the taxpayers – not so much.

Commissioners’ Tighe and Szabo’s seats are open in November next year.  That is a majority.  We need to identify some good candidates who will represent the citizens, who will fight to obtain fair repayment of taxpayer loans and who will stop this hemorrhaging of taxpayer subsidies to the Rooney Valley development community.

And Adam Paul’s seat is open . . . Now.

Now is time to vote Adam Paul back to private life where he can come out of the closet and flourish as a well paid lobbyist for the development community.

And now is not to early to plan to fill  a majority of the Jeffco seats next year.

John Henderson