|City To Lose $900,000
On Home State Bank Building Sale
|Loveland City Manager justifies a
sales price for the former Home State
Bank property at 80% less than what
Loveland paid in 2007
November 22, 2011
Larimer County Commissioner
"You bought the property for $1.1 million
and are selling it for $200,000?"
Loveland City Manager
"There have been some adverse market
Listen to the tape
(discussion begins at 50 minutes into the meeting and
quote above appears at end of discussion)
County / City Discussion
During the November 22, meeting with the Larimer
County Commissioners, City Manager Bill Cahill
agreed the city would look to "TIFing" future sales
taxes of the city to reduce the impact of the
reduced property taxes caused by increasing
boundaries of the Lincoln Place URA.
Cahill estimated the county will give-up
approximately $50,000 a year until 2027 should the
city expand the Urban Renewal Authority (URA).
Contrary to what was promised to Larimer County,
the Loveland City Council is being asked to
consider only property taxes for the expanded
URA in the information packet being presented to
council. Staff is not recommending any "sales tax"
TIF as presented to Larimer County.
What Wasn't Presented:
County officials appear to mistakenly believe the
term of the Lincoln Place URA (20 years) would
continue diverting funds for the full term of the URA.
School Superintendent Ron Cabrera, based on his
memorandum to Loveland, also appears to
misunderstand the impact of the debt being satisfied.
Cabrera's memo to the city supports the diversion
of an estimated $100,000 per year from district
revenue until 2027 ($1.5 million). Cabrera reports
his belief the school will not any lose revenue in his