|McWhinney's Centerra Fights Promenade Partner
Poag & McEwen In Court
Local Media Missed Story Behind Property Foreclosure and Value Dispute
|Centerra's Property Tax Kickback
On January 20, 2004 the Loveland City Council passed a
resolution placing 1,300 acres of commercial property in
McWhinney's 3,000 acre Centerra development area into
Loveland's Urban Renewal Authority thus diverting future
property taxes for 25 years back to McWhinney's Metro
Called the US 34/Crossroads Corridor Renewal Plan it didn't
receive as much media attention as the diversion of future
sales taxes dollars that was also passed that night as part of
the Master Financing Agreement (MFA) between Loveland
and McWhinney. Click here to read LovelandPolitics story on
the sales taxes.
As a result, the Larimer County Treasurer now sends
Centerra a kickback each year of approximately 98.8%
of all property taxes collected in Centerra's "Renewal Plan
area" which includes the Promenade Shops which ironically
really is a distressed property now in 2010 due to
McWhinney's risky financing schemes.
McWhinney's Centerra Metro Districts' property tax kickback
includes property taxes collected from property owners using
the following Mills;
Thomspon RJ-2 School District (Mill Levy of 41.295)
Larimer County (Mill Levy of 22.435)
City of Loveland (Mill Levy of 9.564)
Thompson Valley Health Services (Mill Levy of 2.093)
Larimer County Pest Control (Mill Levy of .142
N. Col. Water Conservation Dist. (Mill Levy of 1)
Property tax owed is calculated by multiplying the
property's assessed value* against the Mill Levy and than
dividing by 1,000.
(Assessed Value x Mill Levy / 1,000)
By the numbers:
Assessed Value of Centerra Properties Inside The Urban
$93, 889,441 (100%)
Maximum Assessed Value Taxes Can Be Kept On By Local
Result: Centerra Metro District gets an annual kickback from
the Larimer County Treasurer of 98.8% of the property taxes
collected from property owners inside the renewal area.
* Assessed value means the amount of value taxed. In Larimer
County it is 29% of the actual value for vacant land and
commercial properties but 7.96% for residential.
|Click on the image above to see how much of the
property taxes collected in Centerra's Urban Renewal
Authority area are sent back to the Metro District via
the Urban Renewal Authority instead of funding local
agencies and governments.