March 22, 2023-Centerra South Proposal-McWhinney community conversation event
Centerrasouth.com – Where the recording of the March 22nd meeting will be posted for review
April 10, 2023 – LURA Board meeting to discuss this proposal
April 18, 2023 – City Council meeting to vote on this proposal
McWhinney representatives stated the 3 reasons for this proposal:
- Create Jobs (8,500)
- Create new sales tax revenues ($200M)
- Transportation infrastructure (rapid bus transit)
Stated that Centerra South will be a “unique and special community” and a “next generation destination” with the ability for people who work in there to be able to recreate and shop without leaving.
Takaways from multiple people in attendance (all observations/opinions):
After the presentation I asked Chad McWhinney about the employees that will be working at the proposed Whole Foods and the other retailers and if they will be able to afford living there and shopping at Whole Foods. I explained that the average hourly wage is $15.17/hr., meaning $29,126.40/yr. at Whole Foods. He said that they may not be able to live in those specific multi family units, but that some lower income units are about 10 minutes away-“they could even walk.”
In response to their claim that downtown Loveland will benefit from this proposal, they were asked how so. They replied that this proposal will be good for Loveland and that will benefit all of Loveland.
A traffic study will be done at some point, but they are looking into a turning lane.
When asked about water usage for the project, they answered that the City of Loveland will determine how much water will be needed.
When asked why not develop existing sites that are sitting empty, they replied that they do not own the Outlets or the Promenade.
When asked about this property being considered, “blighted”, they responded that the 13 member URA Board determines this and that it fits because of the infrastructure needs to develop it.
They said that the McWhinney investment would be around ¾ of billion dollars. A third party consultant was hired by the McWhinneys do a cost/benefit analysis on the City’s requested tax dollars investment. The report reflects that it would be a 25 yr. agreement where the City will receive $4M/yr. net profit in taxes and after 25 years, it would receive 100%.
Many questions asked by the audience where answered vaguely and/or in a misleading or distracting way-lots of opinions vs. facts. A lot of, “what we have done for Loveland and what we think Loveland needs” comments in their presentation. Seemed reminiscent of how politicians put a spin on all of their answers – lots of doublespeak.
My questions:
1)Why would the Loveland City Council vote to approve investing in infrastructure for a new project when we have outdated/in ill repair infrastructure (water/sewer) in downtown Loveland?
2)What are the revenue projections for the McWhinneys from this project and when do they anticipate to recoup from their initial investment?
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