Amending the MFA (Master Financing Agreement) between McWhinney and the City of Loveland is a delicate task given the history of this controversial agreement. The MFA is the binding agreement where Loveland's City Council gave-up 25 years of sales and property tax revenue to the McWhinney controlled Metro District.
Now McWhinney is asking that the agreement be again amended to allow greater flexibility in designating new properties as part of the redevelopment Metro District or urban renewal authority while allowing them to drop others.
The rub is redevelopment agencies are intended to assist redevelopment of existing areas of town suffering from blight. Therefore, the City Council (according to State law) must first declare any newly acquired properties by McWhinney near the Outlet Malls, Co's BMW and along highway 34 as officially suffering from "blight" before they can be included in the metro district. Since these properties are likely to be first developed, it means the Council is giving away possibly millions of dollars in future revenue for the City of Loveland without really trying to solve existing blight. Blight is defined not only as the individual property but also the surrounding areas as well.-----The proposal that was briefed to Loveland’s City Council in secret will be presented to the Thompson School Board this Wednesday. McWhinney is hoping to get a letter of support from the School District.
Read the complete report with informative links - and feel free to post any comments here.