1997 – Denver pays $2 million for a conservation easement that strips all of the development rights from the 155 acre golf course. AS A RESULT, DENVER “OWNS” ALL OF THE DEVELOPMENT RIGHTS TO THE 155 ACRES!
1997 Relatives values Land for golf course alone $ 6 million
Value of development rights $ 2 million

2000 – TAXES Clayton submits a proposal to the City whereby the City would “technically” release the conservation easement, Clayton would convey fee simple title to the City but would retain control of the beneficial use of the property under an Agency Agreement while the terms of the conservation easement would nevertheless continue. BECAUSE THE CITY WOULD HOLD LEGAL TITLE TO THE PROPERTY, THE PROPERTY WOULD ONCE AGAIN BE TAX EXEMPT!

2017 – Contract between Clayton and Denver is proposed.

2017 Relative values Land for golf course alone $ 3.1 million
Value of development rights $ 21.3 million

(This is the “as-is” value of the land assuming that the conservation easement has been removed, which is $24.4 million, minus the $3.1 million = $21.3 million.)

IN 2017 DENVER STILL “OWNS” THE DEVELOPMENT RIGHTS FOR THE GOLF COURSE, WHICH ARE NOW WORTH $21 – $22 MILLION.

THE PROPOSED CONTRACT ALLOCATES NO VALUE TO DENVER’S DEVELOPMENT RIGHTS, AND INSTEAD SIMPLY GIVES AWAY THIS VALUABLE PROPERTY INTEREST OWNED BY THE TAXPAYERS OF DENVER.

The amount of value being given away is staggering – over $20 million!

The citizens of Denver are entitled to the increase in value of the development rights that have occurred between 1997 and 2017.

Denver taxpayers deserve to know why the Hancock administration is proposing to give away this valuable property right purchased by the City in an arms-length transaction 20 years ago.

And City Council needs to say “NO” to this blatant boondoggle!

Press image to see full appraisal

http://www.denverinc.org/wp-content/uploads/2017/09/2014-136-MU-Appraisal-Report-2015-07-24-PHCG.pdf