WOW - great article. A wake up call for those in new developments to run for Metro District boards so that developers do not retain control of your future. Please keep us posted on what happens to the Meadows. Thank you!
You explained Metro Districts very well. I was flummoxed in Elbert County by the expenditures made by Wildpointe and what the residents had to pay for living there.
Castle Rock Bonds was an LLC that the developer set up to collect to tax revenue for themselves. In 2007 they sold 70% of the Bonds to Colorado Bond Shares, a Wall St. mutual fund. In 2019, Colorado Bond Shares purchased the remaining 30% of The Meadows Bonds from Castle Rock Bonds. For 35+ years, no one has seriously looked into this matter. As the person who has been digging deep into this situation for 5+ years and has recently brought light to this situation, I (and Boards 2,3,5,6,7 as of 2025) am still requesting documents to more fully understand what happened back in the later 1980's & early 1990's. We continue to be blocked from receiving specifically requested documents. Between May-October 2025 the property owners finally took control of 6 of the 7 districts for the first time ever, from a developer and development that began in 1985. However the developer still controls "The Master District" #4 which controls a bulk of the tax revenue. I am President of Meadows Metropolitan Board #1 which has control of their own tax revenue (to a certain extent). Our board has allocated existing operating revenue from exiting property tax income to fund our investigation. So it is at no cost to anyone. All legal and accounting work is being paid by previously paid property taxes. We have hired a custom legal team, which specials in Colorado Bonds, to review the legal documents in order to provide us with an overview. All 6 districts are now working as one team to understand the framework that is in place. We anticipate having answers by the end of the summer 2026. TO BE CLEAR - Our taxes will never go up, and there will never be any special assessment. Our rate is fixed by law. BUT on the current course, this tax will never go away. You can read all of my articles and updates for The Meadows Metro Bond Taxes on the blog page of my website. jimgarciahomes.com/jim-garcia-real-estate-agent/blog/
Thanks Jim, great work in an uphill battle against state government and developers. Similar situation in Fox Hill another Douglas Community just on a smaller scale.
How is this not criminal fraud? It seems like there should be some legal recourse for those of us who have been paying into this for years. Thank you Jim Garcia for all your work on this.
Fixing this corrupt system falls to the Legislature. Democrats control both chambers and the Governors Office...yet, new legislation fails in committees. At the same time, most legislators, Dem and GOP, accept campaign donations from developers and real estate. Sterling Ranch has at least 7 metros. controlled by the Smethills family...it's no secret they will harvest the margins.
Wow! Thanks to Jim Garcia for being the dog with a bone trying to get to the responsible parties. What a mess! Another reason for citizens to pay attention to their local governments.
Great article. I thought it was much clearer than the CBS explanation that I read months ago. Seems like some fishy stuff went on in Dec '93. This debt seems to be structured like student loans. I cannot fathom why a portion of the principal has not been paid after all these years.
Who is Castle Rock Bonds, LLC? This veil should be pierced and the bond holders identified.
WOW - great article. A wake up call for those in new developments to run for Metro District boards so that developers do not retain control of your future. Please keep us posted on what happens to the Meadows. Thank you!
You explained Metro Districts very well. I was flummoxed in Elbert County by the expenditures made by Wildpointe and what the residents had to pay for living there.
I wonder if you can answer who was on the Castle Rock city council during these years. Who was mayor of Castle Rock?
I can ask the google but thought it might come from you.
And who currently colludes with developers on Douglas County's board of Commssioners?
Maybe we should talk about the Sterling Ranch metro district next?
Castle Rock Bonds was an LLC that the developer set up to collect to tax revenue for themselves. In 2007 they sold 70% of the Bonds to Colorado Bond Shares, a Wall St. mutual fund. In 2019, Colorado Bond Shares purchased the remaining 30% of The Meadows Bonds from Castle Rock Bonds. For 35+ years, no one has seriously looked into this matter. As the person who has been digging deep into this situation for 5+ years and has recently brought light to this situation, I (and Boards 2,3,5,6,7 as of 2025) am still requesting documents to more fully understand what happened back in the later 1980's & early 1990's. We continue to be blocked from receiving specifically requested documents. Between May-October 2025 the property owners finally took control of 6 of the 7 districts for the first time ever, from a developer and development that began in 1985. However the developer still controls "The Master District" #4 which controls a bulk of the tax revenue. I am President of Meadows Metropolitan Board #1 which has control of their own tax revenue (to a certain extent). Our board has allocated existing operating revenue from exiting property tax income to fund our investigation. So it is at no cost to anyone. All legal and accounting work is being paid by previously paid property taxes. We have hired a custom legal team, which specials in Colorado Bonds, to review the legal documents in order to provide us with an overview. All 6 districts are now working as one team to understand the framework that is in place. We anticipate having answers by the end of the summer 2026. TO BE CLEAR - Our taxes will never go up, and there will never be any special assessment. Our rate is fixed by law. BUT on the current course, this tax will never go away. You can read all of my articles and updates for The Meadows Metro Bond Taxes on the blog page of my website. jimgarciahomes.com/jim-garcia-real-estate-agent/blog/
Thanks Jim, great work in an uphill battle against state government and developers. Similar situation in Fox Hill another Douglas Community just on a smaller scale.
I'll say it again: well-researched and reported.
How is this not criminal fraud? It seems like there should be some legal recourse for those of us who have been paying into this for years. Thank you Jim Garcia for all your work on this.
Fixing this corrupt system falls to the Legislature. Democrats control both chambers and the Governors Office...yet, new legislation fails in committees. At the same time, most legislators, Dem and GOP, accept campaign donations from developers and real estate. Sterling Ranch has at least 7 metros. controlled by the Smethills family...it's no secret they will harvest the margins.
Wow! Thanks to Jim Garcia for being the dog with a bone trying to get to the responsible parties. What a mess! Another reason for citizens to pay attention to their local governments.
Great article. I thought it was much clearer than the CBS explanation that I read months ago. Seems like some fishy stuff went on in Dec '93. This debt seems to be structured like student loans. I cannot fathom why a portion of the principal has not been paid after all these years.