The Mariana Butte Deer Meadows Metro District defaulted on $2.5 million of public bonds issued to build the Dear Meadows addition to Mariana Butte. read our story
Only two houses were built in the subdivision. Both stand empty on the edge of Mariana Butte Golf Course. Both are fabulous custom homes with fantastic views of the golf course and mountains. The only problem are excessive property taxes you will need to pay if you choose to buy one. The Deer Meadows Metro District Mill Levy is 60 Mills which approximately doubles the property tax bill every year for each property. The rest of the 500 acre subdivision remains empty as potential buyers are kept away by the excessively high property tax and successive changes in ownership of the bankrupted project.
The developer over-estimated the value of the smaller lots claiming each was worth $250,000 to $300,000. Signature Homes built two spec houses in 2008 that remain vacant monuments to the failed taxing scheme for the project. Former Councilman Walt Skowron often reminded his colleagues that they should not only plan for prosperity but make decisions as if a downturn in the economy was also likely. In this case, they didn’t.