Fight the debt trap.
Open the books.
The Meadows is carrying more than $433 million in metro district bond debt tied to infrastructure financed decades ago. Residents deserve to know exactly where their money is going, how long they will be paying and what can actually be done to change course.
Debt should go down when taxpayers pay it.
Metro districts are separate governments from the Town of Castle Rock. Town Council cannot simply erase their debt. But that does not mean Castle Rock should stand on the sidelines.
At the end of 2023, the Town reported $433,747,518 in outstanding debt across Meadows Metropolitan Districts 1 through 7.
The original bond principal was approximately $70 million. Decades later, that principal remained outstanding while accumulated interest had grown to roughly $364 million.
The structure matters. The bonds carry a 7.999% interest rate, and interest that cannot be paid from available revenue also accrues interest. The debt-service mill levy is capped at 35 mills.
Transparency first. Then find the exit.
I will not pretend Town Council can wave a wand and cancel a decades-old bond agreement. I will use every tool the Town actually has to demand accountability and pursue a better path.
Put the debt in plain English.
Meadows residents should not need an accounting degree to understand what they owe. I want a simple annual Town report showing the beginning debt balance, taxes collected, payments made, interest added, ending balance and projected payoff date.
Commission an independent debt-exit analysis.
I would ask Town finance staff, independent public-finance experts and bond counsel to examine the existing agreements and identify every lawful option for reducing the long-term burden. That should include whether a negotiated restructuring, settlement, refinancing or other solution is realistically available.
If the answer is that an option is legally impossible, residents deserve to see that conclusion and the reason why.
Use every oversight tool the Town has.
Castle Rock already receives annual metro district reports and conducts reviews of district compliance. I would use those processes aggressively to examine the Meadows service plan, financial plan, debt obligations, material modifications and long-term ability to repay the debt.
Make metro district government easy to see.
Every Castle Rock resident should be able to quickly find their metro district, mill levy, board members, board terms, election dates, meeting information, annual budget, audit and outstanding debt from one Town transparency page.
Put residents in the driver's seat.
Town Council does not appoint Meadows Metro District directors. Those are separate elected boards. But the Town can make those elections and governing structures far more visible and can support policies for future districts that create a clear transition from developer control to resident control.
Never approve another structure like this.
New and amended metro district service plans should include strong taxpayer protections: meaningful debt caps, clear mill levy limits, firm debt discharge dates, independent financial analysis, transparent resident representation and safeguards against decades of unpaid interest compounding on itself.
$70 million became $433 million.
This did not happen overnight. The underlying financing goes back decades.
Meadows Metropolitan Districts 1 through 7 were organized in 1985. The districts issued approximately $70 million in general obligation bonds in 1989 to finance roads and other infrastructure.
The consolidated service plan was amended and restated in 1993. The debt structure ultimately limited payments to revenue generated by a 35-mill debt-service levy and certain other revenues.
Under the bond terms described by the Town, unpaid interest is charged interest at 7.999% annually. The Town's report says interest will stop accruing on June 1, 2029, but the limited mill levy continues until the bonds and accumulated interest are paid.
Original principal.
Approximately $70 million in bonds financed infrastructure for the development.
Outstanding at the end of 2023.
Castle Rock reported an exact outstanding balance of $433,747,518, including accrued interest.
Interest rate.
Interest that is due but cannot be paid from available revenue also accrues interest under the bond structure.
Be aggressive without making promises we cannot keep.
The Meadows Metro Districts are independent taxing governments. Honesty about that distinction matters.
Demand transparency and scrutiny.
Council can direct Town staff to closely review metro district filings, financial information, service-plan compliance and proposed future debt transactions that come before the Town.
Put experts on the problem.
Council can ask for independent financial and legal analysis of the existing debt and publicly identify whatever realistic options exist for reducing the long-term burden.
Simply erase the bonds.
Town Council cannot unilaterally cancel a contract between an independent metro district and its bondholders, appoint the district's elected directors or simply order its tax levy to disappear.
Don't take my word for it.
The size and structure of this debt are documented in the Town's own financial review and independent reporting.
These are the reports behind the numbers discussed on this page.
2023 Metropolitan District Report
The Town's review explains the Meadows bond structure, interest rate, mill levy, outstanding balance and competing estimates for when the debt may finally be paid.
Read the Town reportThe largest neighborhood of this Colorado city is $434M in debt
CBS Colorado investigated the Meadows debt, its history, accumulated interest and residents' efforts to gain greater control and accountability.
Read the investigationWould we approve this deal today?
Does the debt actually decline?
If residents are paying millions of dollars every year while the balance keeps increasing, the financing structure deserves serious scrutiny.
Can residents see who controls the money?
Taxing authority should come with visible governance, accessible meetings, clear elections and understandable financial reporting.
Is there a real end date?
Future Castle Rock residents should never be handed a debt structure capable of burdening homeowners for generations without a clear and enforceable exit.
Residents deserve an exit strategy.
I cannot promise that Town Council can erase a contract it did not create. I can promise to put the numbers in public view, use every oversight tool available, pursue the best lawful path out of this mess and fight to make sure Castle Rock never approves another debt structure like it.
