History
The following is a brief history of the Granby Ranch Metro District:
| May 2003 |
Granby Town Council approves the proposed service plan for the District as proposed by the Developer.
Granby Town Council also approves the proposed service plan for the Headwaters Metropolitan District (HMD) as proposed by the Developer. The service boundaries of HMD is comprised of only 5 acres of land.
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| November 2003 |
Four individuals related to the Land Developer vote in the general County election unanimously (1) approving the creation of the District, (2) authorizing the District to levy up to $2,875,000 per year to fund the District's operations and (3) authorizing the District to borrow up to $160 million in debt.
Grand County Court approves the creation of the District and the creation of HMD.
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| November 2004 |
Five individuals related to the Land Developer vote in the general County election unanimously approving to increased the District's borrowing authority from $160 million to $208 million.
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| May 2005 |
The District enters into an intergovernmental agreement with HMD allowing HMD to assess a one-time $10,000 Amenity Fee on each residential dwelling unit constructed within the District. The Amenity Fees are to be used solely for the purpose of financing the acquisition, leasing, construction and replacement of “Amenities” to be acquired by HMD including a gold course, ski area, river park and related improvements, trails and other recreational improvements and facilities. Payment of the Amenity Fee grants each residential dwelling unit “priority access” to such Amenities, discounted recreation facility use fees and a limited number of free passes to recreational facilities.
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| June 2006 |
Granby Town Council approves the District's revised service plan allowing the maximum 50-mill debt levy limit to be adjusted annually to offset any changes implemented by the State of Colorado affecting the ratio of assessed value of real property to the taxable value of real property.
The District enters into an intergovernmental funding agreement with SolVista Metro District where the District paid $1,212,693 to SolVista and SolVista agreed to remit to the District all property tax revenue SolVista collects under a 25-mill property tax levy for the years 2007 through 2026.
The District adopted an Amended and Restated Joint Resolution with HMD establishing Capital Facility Fees on all property within the boundaries of the District. The Capital Facility Fee was established at $6,255 per home lot and the Fee is payable to the District at the time a building permit is issued on each undeveloped Lot. 720 home lots within the District became subject to this Fee.
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| July 2006 |
The District issues $14,725,000 in bond debt on the public financial markets at an interest rate of 6.75%. Capital Facility Fees are pledged to the repayment of the Series 2006 Bonds.
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| May 2016 |
The majority of directors serving on the District's board are property owners and/or residents of the District with no personal or professional relationships to the Developer (i.e. such directors do not have conflicts of interest regarding their service on the Board).
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| November 2016 |
Granby Town Council approves the District's second amended service plan. The second amendment recognizes (1) the District's intergovernmental agreement with HMD will be terminated and (2) the District will provide all of its own operation and maintenance functions, including debt issuance and repayment and (3) the District will enter into an agreement with HMD regarding the funding of road maintenance and snow removal for the roads located within the District.
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| May 2018 |
The District issues $11.97 million in bond debt on the public financial markets to refund the District's outstanding bond debt issued in 2006. The transaction reduces the interest rate paid on the District's outstanding debt from 6.75% to a range of 4.875% to 5.50%. Capital Facility Fees are NOT pledged to the repayment of the Series 2018 Bonds.
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| August 2020 |
GP Granby Holdings, LLC forecloses on the prior developer of the ski resort, Granby Realty Holdings (GRH) – a company in which HMD directors were either principals, consultants, or employees—and assumed ownership of and privatized the ski resort facilities (and all revenue generated from such facilities). Prior to the foreclosure, GRH was developing the ski resort facilities using public funds received from HMD (which received over $6 million in funds from the $10,000 lot amenity fees charged to property owners outside HMD's service boundaries).
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| February 2021 |
The District files a complaint against Headwaters Metropolitan District (“HMD”), GP Granby Holdings (now Gray Jay Ventures, LLC (“Gray Jay”)), Redwood Capital Finance Co. LLC (“Redwood), and Granby Prentice, LLC (the “Defendants”). This case concerns the purported termination of the Second Amended and Restated Lease Purchase Agreement (“LPA”).
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