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.
Residents can take control of the metro boards this year by getting on the metro board and removing the developer from this position.
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.
I am asking for your help as a resident and property owner in The Meadows of Castle Rock CO to stop this tax. There are 7 Metro Districts in The Meadows. All 7 Districts have 5 board seats. In May there will be an election for the property owners to remove the developer & bondholder from controlling our tax revenue, be elected onto the metro boards seats, and finally STOP this tax.
Get involved and stop this tax. District 4 is very important. It is “The Master District” controlling the cash.
Douglas County will continue to collect these taxes for another 60+ years unless you get involved.
The Meadows Documents have been very difficult to obtain. This year (2024), I filed and paid for a Colorado Open Records Act (CORA) request with the Town of Castle Rock to obtain every document in their possession with this matter. The documents were limited and file not complete. The Colorado Department of Local affairs (DOLA) website has some documents, but that source is very limited as well. That site is limited to the required legal filings, financial reports, and not much of anything else. After numerous requests, the law firm representing the metro boards, developer, and bond holder (Yes, one law firm represents all parties and has represented all parties since the original filings in the 1980s) was very helpful and sent many documents including the Service Plans, bonds, trust filings, and agreements.
I have read thousands of pages, printed hundreds of pages, organized them chronologically, and am posting the documents for everyone to review. I provided these same documents to the Town of Castle Rock in December 2024, which they admit they had not previously seen or reviewed.
The Facts that have been hidden for 35+ years
- November 1991 the Town Agreed to 4 bonds totaling $70m to be paid off between 15 and 30 years. This expense was originally negotiated to be fully paid off between 2006 and 2019. On the current trajectory, it might be paid off by 2090.
- Early 1993, the developer and bond holder requested to renegotiate the bond terms with Castle Rock, siting a lack of tax revenue. Since the financial records from the developer (or any other source) are not available until the beginning of 2010, it is not possible to determine is this statement is correct or not.
- October 1993 – The Bond Holder, Developer, and The Town of Castle Agreed on a new repayment plan due to the (supposed) lack of revenue. District 1 – $10m bonds fully discharging in 2029. District 2-7 – $75m bonds, interest stops accruing in 2019.
- December 1993 – Liens were filed, in contrast to the October 1993 final agreed upon Service Plan with Castle Rock. District 1 – $31m bonds interest accruing through 2029, District 2-7 – $39m bonds interest accruing through 2029. All bonds must be paid in full to be discharged plus $19m in accrued interest.
- Of the $89m liens filed in December 1993 ($70m bonds + $19m in accrued interest), no principal or the continuing compounding 1980’s interest has been paid down. As of 12/31/2023, $70m in bonds remain in full on the financials with $364m owed in accrued and compounding interest.
- The Meadows Property owners paid in excess of $20m in metro taxes to the bold holders in 2024. After paying approximately $400m between 1989 and 2024, the bond holders are seeking an additional $600m in tax revenue.
Your help is needed!
Get involved!
Get on a Metro Board, and take control of your Taxes!
There are 5 board seats for each of the 7 districts, and a person can have more than one board seat in different districts. i.e., If you live in one district and own a rental property in another district, you can have a seat in both districts. The only district which is filled with residents and not the developer is District 1. With a combined majority of the boards, the residents can pull together as a community and fix this problem. In order to apply for a position in 2025, property owners must apply before the end of January 2025. Elections and appointments will be in May.
Send an email to Jim Garcia jimgarcia100@gmail.com
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District 1 – One Opening
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District 2- Five Openings
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District 3- Three Openings
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District 4 – Four Openings
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District 5 – Four Openings
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District 6 – Three Openings
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District 7 – Three Openings
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Contact the Town of Castle Rock and put pressure on them to take action to protect the property owners of The Meadows.
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- Section 32-1-103(12) C.R.S., The “net effective interest rate,” shall not exceed 140%. – November 1991 Consolidated Service Plan, Page 6
- Section 13-80-108(3) C.R.S., Statute of limitations with fraud are limited to 3 years from the date the fraud was discovered. Documents relating to this matter were acquired in 2024
- Castle Rock needs to get involved and help the community they serve. That’s their job! I have provided them the same documents in the link above
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For more info or if you want to get involved, please contact Jim Garcia.
Thank you,
Jim Garcia
720-385-4497
Jimgarcia100@gmail.com
December 24, 2024
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
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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 top Real Estate Agent in Castle Rock Colorado, who also specializes in homes for sale in The Meadows. Jim is among the Top 1.5% of All Agents & Teams Nationwide. Having resided in the area for several years, he 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, understanding 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 has been a licensed Real Estate Agent since March 2007. With over 25+ years of experience as a senior business executive and 250 online 5 star reviews, Jim brings his expertise in construction, contract negotiations, intricate real estate deals, fix & flips/holds, 1031 exchanges, short sales, foreclosures, and investment properties to help his clients achieve their best results on the Buyer and Sell side. If you are interested in Castle Rock real estate, Bell Mountain Ranch real estate, Keene Ranch real estate or other in Douglas and Elbert Counties, Jim can help.
Jim is a real estate expert known for his local market knowledge and personalized approach. Clients value his dedication, attention to detail, and community involvement. With Jim, clients receive tailored strategies and support, even after close.
You can view a more detailed professional resume online at About Jim Garcia, and see what clients say about him and read his 250+ 5-Star Reviews.