Buckhorn Valley Metropolitan District No 2

History & Statistics

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History

The following is a brief history of Buckhorn Valley Metro District No 2:

(For additional information regarding events related to the District's current litigation, please review the timeline posted on the "Lawsuit Status" page of this website.)

January 2000

Roark Partners, LP (through its sole general partner, David Garton, Jr) submits a proposed service plan to the Town of Gypsum to create two special districts - Buckhorn Valley Metropolitan District No 1 (BVMD1) and Buckhorn Valley Metropolitan District No 2 (the District).

The Town approves the service plan.

 

May 02, 2000 Six individuals who entered into land purchase transactions with Roark Partners, LP voted in a TABOR election unanimously approving (1) the District to issue up to $132.7 million in debt to fund the construction of public infrastructure and (2) five individuals (including David Garton, Jr.) to serve as directors on the BVMD1 board and the District's board.
May 15, 2000 District Court reviews and approves the formation of BVMD1 and the District.
July 2000 The District and BVMD1 (both boards were comprised of the same directors) ratify the District Facilities Construction and Service Agreement (DFCSA). This agreement is essentially an attempt to transfer the taxing authority of the District (whose board is subject to a growing base of independent voters due to new home construction) to BVMD1 (a district that will never be controlled by the voters and taxpayers of the District). The DFCSA also requires the District to remit its property tax revenue and proceeds from any debt issuances to BVMD1. 
December 2000 Roark Partners, LP sells the first six homes within the District.
March 2003 The District issues $2.5 million in bonds, the net proceeds of which are forwarded to BVMD1, the board of which is comprised of employees, owners and family members of Roark Partners, LLLP
February 2008 The District issues $8.5 million in bonds to Roark Partners, LLLP in exchange for cash. The net proceeds of the debt issuance is transferred to BVMD1, the board of which is comprised of employees, owners and family members of Roark Partners, LLLP.
May 2010 The District issues $7.37 million in bonds on the public markets and uses the net proceeds to: (1) repay $4 million in principal and accrued unpaid interest on the 2008 bonds held by Roark Partners, LLLP and (2) remit $2.7 million to BVMD1 to fund public infrastructure construction projects.
December 2013 BV Firewheel, LLC and BV Landco, LLC - in which Board member John Hill has a controlling interest - acquire all undeveloped land within the District.
December 2016 BVMD1 paid cash to Colorado Land Management, LLC (an entity controlled by John Hill) for consulting services it provided to the District and BVMD1. However, the amount paid is not disclosed to the public.
July 2017 BVMD1 is awarded $964,000 in grants from Trout Unlimited, Inc, Colorado Water Conservation Board and Town of Gypsum to repair and replace certain public improvements that divert water off of the Abrams Creek.
January 2018 David Garton personally acquires from Roark Partners, LLLP the 2008 bonds issued by the District.
December 2020 Homeowners within the District initiate a petition to recall all directors off of the District's board.
February 2021 Homeowners collect a sufficient number of petition signatures to require the District to initiate a recall election for all directors serving on the Board. 

Director Scott Green resigns from the District's Board.
June 2021 Voters within the District approve by a margin of over 70% to recall directors John Hill, David Garton and Anna Marie Ray from public office serving on the District's Board. 

FROM THIS DATE FORWARD, ALL DIRECTORS SERVING ON THE DISTRICT'S BOARD ARE INDEPENDENT AND DO NOT HAVE CONFLICTS OF INTEREST REGARDING THEIR PUBLIC SERVICE ON THE DISTRICT'S BOARD. 		 
November 2021 The District Board replaces its legal counsel - who also served as legal counsel for BVMD1. This is the first time the District Board will be advised by an attorney who did not also serve BVMD1. 

The District hires its own accounting and management firm - Wolfersberger, LLC - and no longer allows BVMD1 to manage or control the District's finances. 		 
November 2022 The District files a lawsuit against BVMD1 and the various individuals who served on the District board from May 2000 to February 2021.  

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