January 13, 2025, Lakewood City Council will vote in a new ordinance regulating metropolitan districts. The Denver Post has done deep investigations into metro districts, exposing them as mechanisms that bury taxpayers in debt with no accountability. Other cities are starting to pay attention and not allowing metro districts. Lakewood, on the other hand, is still supporting developer-sponsored metro districts. Staff has been bringing forward this ordinance since 2021 and backing down against resident pushback in Lakewood and across the state. Now the time has come. The new ordinance has language attempting to fix some existing problems with metro districts. However, a city ordinance cannot fix the problems that exist within state law. Lakewood is passing the ordinance now to enable the developers of The Bend to apply for metro district status, which is anticipated in February. Metro districts are critical for developers to make money from bonds without a vote from residents – because there are no residents to vote yet. Research shows this debt does not benefit residents. “…developers issue a small tranche of debt on the bond market with unfavorable terms (above-market interest) and then buy the debt themselves so future homeowners will end up paying the developer for decades through their property taxes for a completely unnecessary load of bad debt.” -Denver Post “Metro district financing is the opposite of affordable housing.” – Rooney Valley News Will Lakewood have a “safe” metro district ordinance? Not if state law prevails. They can only make baby improvements. “[metro...
