| LovelandPolitics.com |
| McWhinney Living High With Metro District Dollars Closes >$1 Million House Deal / Keeps Yacht In Mexico |
Loveland - April 21, 2009
McWhinney raised and spent nearly all of the $100,000,000 public funds in public debt the City of Loveland taxpayers will
now be paying back over the next 25 years. Chad McWhinney has stated that he only got $80,000,000 of the money for the
Centerra Metro District and now needs the $12 million set aside for the I-25 and U.S. 34 Interchange. In 2004 the Metro
District sold bonds and again in 2008 for a grand total of $113,000,000.
Giving Chad McWhinney access to those funds could be like giving an alcoholic another drink. Despite complaints by
McWhinney that money is tight and "everyone" is suffering in the current economy, he is not.
Chad McWhinney Purchases an Estate Listed For Over $4,000,000
According to Larimer County records, Chad McWhinney's trust just purchased a multi-million dollar house from Doug Erion
which recorded on April 7, 2009. Listed as the most expensive house on Lake Loveland located at 1545 Lake Drive,
Larimer County recorded the consideration provided by McWhinney is only $1,079,806.
The surprise of professional real estate brokers is the property was listed for $4,500,000 until February 1, 2009 with John
Ceden of The Group at Centerra. It is described by the agent as "Santa Barbara style estate home on East side of
Lake Loveland. Almost '300 of shoreline. Amazing views of Long's Peak & Never Summer
Range....Tennis/B-ball court, indoor lap pool, steam room, hot tub, heated dog run....2nd house for
family/caretaker...." One real estate broker who deals in residential real estate believes the property's actual value is higher.
LovelandPolitics.com has been told by a confidential sources that stock was also traded in the transaction which represented
a higher purchase price closer to what the property was listed for by The Group. That information could not be verified and
has not been confirmed by LovelandPolitics. While the transaction raised questions, we have no verifiable evidence these
allegations are true. Larimer County records should reflect the total consideration provided (including other instruments of
value) so the appropriate property and sales taxes are paid.
Chad McWhinney Maintains a Yacht In Mexico
According to two separate sources, Chad McWhinney maintains a 92 ft. luxury Yacht he shuttles between Cabo San Lucas
and Puerta Vallarta, Mexico. The Yacht is named "Chiron" and was the topic of conversation during the "Admin Minutes" of
the Larimer County Board of Commissioner's April 21, 2009 meeting. One developer cited the luxury Yacht as evidence the
McWhinney organization has profited from its relationship with Loveland and the excuse of hard times is insufficient to
provide McWhinney with a "bail-out" using more taxpayer dollars. A number of associates and competitors to McWhinney
have offered a theory that the $12 million is really necessary for McWhinney to get a "bail-out" for a bad company cash flow
situation. They objected to Loveland "bailing-out" McWhinney (the company) when a key partner (Chad McWhinney)
continues to spend millions of dollars on himself.
Chad McWhinney has told Loveland's City Council the Metro District is deeply in debt to his company by more than
$16,000,000. According to a former employee of McWhinney, that debt doesn't represent money provided to the Centerra
Metro District but instead already installed infrastructure in projects that McWhinney expects the Metro District to
"reimburse." According to the source, McWhinney believes that some portion of his previous developments qualify as "public
improvements" under the Metro District and therefore money should be paid to him directly from the $12,000,000 set aside
for the I-25 and U.S. 34 interchange.
According to John Duval, Loveland City Attorney, the money for the I-25 and U.S. 34 interchange cannot be taken by
McWhinney for other purposes unless Loveland's City Council amends its agreement with McWhinney. This is the reason
for McWhinney's now 5th amendment request to their agreement with the City of Loveland.
McWhinney raised and spent nearly all of the $100,000,000 public funds in public debt the City of Loveland taxpayers will
now be paying back over the next 25 years. Chad McWhinney has stated that he only got $80,000,000 of the money for the
Centerra Metro District and now needs the $12 million set aside for the I-25 and U.S. 34 Interchange. In 2004 the Metro
District sold bonds and again in 2008 for a grand total of $113,000,000.
Giving Chad McWhinney access to those funds could be like giving an alcoholic another drink. Despite complaints by
McWhinney that money is tight and "everyone" is suffering in the current economy, he is not.
Chad McWhinney Purchases an Estate Listed For Over $4,000,000
According to Larimer County records, Chad McWhinney's trust just purchased a multi-million dollar house from Doug Erion
which recorded on April 7, 2009. Listed as the most expensive house on Lake Loveland located at 1545 Lake Drive,
Larimer County recorded the consideration provided by McWhinney is only $1,079,806.
The surprise of professional real estate brokers is the property was listed for $4,500,000 until February 1, 2009 with John
Ceden of The Group at Centerra. It is described by the agent as "Santa Barbara style estate home on East side of
Lake Loveland. Almost '300 of shoreline. Amazing views of Long's Peak & Never Summer
Range....Tennis/B-ball court, indoor lap pool, steam room, hot tub, heated dog run....2nd house for
family/caretaker...." One real estate broker who deals in residential real estate believes the property's actual value is higher.
LovelandPolitics.com has been told by a confidential sources that stock was also traded in the transaction which represented
a higher purchase price closer to what the property was listed for by The Group. That information could not be verified and
has not been confirmed by LovelandPolitics. While the transaction raised questions, we have no verifiable evidence these
allegations are true. Larimer County records should reflect the total consideration provided (including other instruments of
value) so the appropriate property and sales taxes are paid.
Chad McWhinney Maintains a Yacht In Mexico
According to two separate sources, Chad McWhinney maintains a 92 ft. luxury Yacht he shuttles between Cabo San Lucas
and Puerta Vallarta, Mexico. The Yacht is named "Chiron" and was the topic of conversation during the "Admin Minutes" of
the Larimer County Board of Commissioner's April 21, 2009 meeting. One developer cited the luxury Yacht as evidence the
McWhinney organization has profited from its relationship with Loveland and the excuse of hard times is insufficient to
provide McWhinney with a "bail-out" using more taxpayer dollars. A number of associates and competitors to McWhinney
have offered a theory that the $12 million is really necessary for McWhinney to get a "bail-out" for a bad company cash flow
situation. They objected to Loveland "bailing-out" McWhinney (the company) when a key partner (Chad McWhinney)
continues to spend millions of dollars on himself.
Chad McWhinney has told Loveland's City Council the Metro District is deeply in debt to his company by more than
$16,000,000. According to a former employee of McWhinney, that debt doesn't represent money provided to the Centerra
Metro District but instead already installed infrastructure in projects that McWhinney expects the Metro District to
"reimburse." According to the source, McWhinney believes that some portion of his previous developments qualify as "public
improvements" under the Metro District and therefore money should be paid to him directly from the $12,000,000 set aside
for the I-25 and U.S. 34 interchange.
According to John Duval, Loveland City Attorney, the money for the I-25 and U.S. 34 interchange cannot be taken by
McWhinney for other purposes unless Loveland's City Council amends its agreement with McWhinney. This is the reason
for McWhinney's now 5th amendment request to their agreement with the City of Loveland.
