| LovelandPolitics.com |
| McWhinney Living High With Metro District Dollars Closes >$1 Million House Deal / Keeps Yacht In Mexico |
Loveland - April 21, 2009
McWhinney raised and spent nearly all of the $100,000,000 public funds in public debt the City of Loveland
taxpayers will now be paying back over the next 25 years. Chad McWhinney has stated that he only got
$80,000,000 of the money for the Centerra Metro District and now needs the $12 million set aside for the
I-25 and U.S. 34 Interchange. In 2004 the Metro District sold bonds and again in 2008 for a grand total of
$113,000,000.
Giving Chad McWhinney access to those funds could be like giving an alcoholic another drink. Despite
complaints by McWhinney that money is tight and "everyone" is suffering in the current economy, he is not.
Chad McWhinney Purchases an Estate Listed For Over $4,000,000
According to Larimer County records, Chad McWhinney's trust just purchased a multi-million dollar house
from Doug Erion which recorded on April 7, 2009. Listed as the most expensive house on Lake Loveland
located at 1545 Lake Drive, Larimer County recorded the consideration provided by McWhinney is only
$1,079,806.
The surprise of professional real estate brokers is the property was listed for $4,500,000 until February 1,
2009 with John Ceden of The Group at Centerra. It is described by the agent as "Santa Barbara style estate
home on East side of Lake Loveland. Almost '300 of shoreline. Amazing views of Long's Peak & Never
Summer Range....Tennis/B-ball court, indoor lap pool, steam room, hot tub, heated dog run....2nd house
for family/caretaker...." One real estate broker who deals in residential real estate believes the property's
actual value is higher.
LovelandPolitics.com has been told by a confidential source that stock was also traded in the transaction
which represented a higher purchase price closer to what the property was listed for by The Group. That
information could not be verified and has not been confirmed by LovelandPolitics. While the transaction
raised questions, we have no verifiable evidence these allegations are true. Larimer County records should
reflect the total consideration provided (including other instruments of value) so the appropriate property
and sales taxes are paid.
Chad McWhinney Maintains a Yacht In Mexico
According to two separate sources, Chad McWhinney maintains a 92 ft. luxury Yacht he shuttles between
Cabo San Lucas and Puerta Vallarta, Mexico. The Yacht is named "Chiron" and was the topic of conversation
during the "Admin Minutes" of the Larimer County Board of Commissioner's April 21, 2009 meeting. One
developer cited the luxury Yacht as evidence the McWhinney organization has profited from its relationship
with Loveland and the excuse of hard times is insufficient to provide McWhinney with a "bail-out" using
more taxpayer dollars. A number of associates and competitors to McWhinney have offered a theory that
the $12 million is really necessary for McWhinney to get a "bail-out" for a bad company cash flow situation.
They objected to Loveland "bailing-out" McWhinney (the company) when a key partner (Chad McWhinney)
continues to spend millions of dollars on himself.
Chad McWhinney has told Loveland's City Council the Metro District is deeply in debt to his company by
more than $16,000,000. According to a former employee of McWhinney, that debt doesn't represent money
provided to the Centerra Metro District but instead already installed infrastructure in projects that
McWhinney expects the Metro District to "reimburse." According to the source, McWhinney believes that
some portion of his previous developments qualify as "public improvements" under the Metro District and
therefore money should be paid to him directly from the $12,000,000 set aside for the I-25 and U.S. 34
interchange.
According to John Duval, Loveland City Attorney, the money for the I-25 and U.S. 34 interchange cannot be
taken by McWhinney for other purposes unless Loveland's City Council amends its agreement with
McWhinney. This is the reason for McWhinney's now 5th amendment request to their agreement with the
City of Loveland.
McWhinney raised and spent nearly all of the $100,000,000 public funds in public debt the City of Loveland
taxpayers will now be paying back over the next 25 years. Chad McWhinney has stated that he only got
$80,000,000 of the money for the Centerra Metro District and now needs the $12 million set aside for the
I-25 and U.S. 34 Interchange. In 2004 the Metro District sold bonds and again in 2008 for a grand total of
$113,000,000.
Giving Chad McWhinney access to those funds could be like giving an alcoholic another drink. Despite
complaints by McWhinney that money is tight and "everyone" is suffering in the current economy, he is not.
Chad McWhinney Purchases an Estate Listed For Over $4,000,000
According to Larimer County records, Chad McWhinney's trust just purchased a multi-million dollar house
from Doug Erion which recorded on April 7, 2009. Listed as the most expensive house on Lake Loveland
located at 1545 Lake Drive, Larimer County recorded the consideration provided by McWhinney is only
$1,079,806.
The surprise of professional real estate brokers is the property was listed for $4,500,000 until February 1,
2009 with John Ceden of The Group at Centerra. It is described by the agent as "Santa Barbara style estate
home on East side of Lake Loveland. Almost '300 of shoreline. Amazing views of Long's Peak & Never
Summer Range....Tennis/B-ball court, indoor lap pool, steam room, hot tub, heated dog run....2nd house
for family/caretaker...." One real estate broker who deals in residential real estate believes the property's
actual value is higher.
LovelandPolitics.com has been told by a confidential source that stock was also traded in the transaction
which represented a higher purchase price closer to what the property was listed for by The Group. That
information could not be verified and has not been confirmed by LovelandPolitics. While the transaction
raised questions, we have no verifiable evidence these allegations are true. Larimer County records should
reflect the total consideration provided (including other instruments of value) so the appropriate property
and sales taxes are paid.
Chad McWhinney Maintains a Yacht In Mexico
According to two separate sources, Chad McWhinney maintains a 92 ft. luxury Yacht he shuttles between
Cabo San Lucas and Puerta Vallarta, Mexico. The Yacht is named "Chiron" and was the topic of conversation
during the "Admin Minutes" of the Larimer County Board of Commissioner's April 21, 2009 meeting. One
developer cited the luxury Yacht as evidence the McWhinney organization has profited from its relationship
with Loveland and the excuse of hard times is insufficient to provide McWhinney with a "bail-out" using
more taxpayer dollars. A number of associates and competitors to McWhinney have offered a theory that
the $12 million is really necessary for McWhinney to get a "bail-out" for a bad company cash flow situation.
They objected to Loveland "bailing-out" McWhinney (the company) when a key partner (Chad McWhinney)
continues to spend millions of dollars on himself.
Chad McWhinney has told Loveland's City Council the Metro District is deeply in debt to his company by
more than $16,000,000. According to a former employee of McWhinney, that debt doesn't represent money
provided to the Centerra Metro District but instead already installed infrastructure in projects that
McWhinney expects the Metro District to "reimburse." According to the source, McWhinney believes that
some portion of his previous developments qualify as "public improvements" under the Metro District and
therefore money should be paid to him directly from the $12,000,000 set aside for the I-25 and U.S. 34
interchange.
According to John Duval, Loveland City Attorney, the money for the I-25 and U.S. 34 interchange cannot be
taken by McWhinney for other purposes unless Loveland's City Council amends its agreement with
McWhinney. This is the reason for McWhinney's now 5th amendment request to their agreement with the
City of Loveland.
