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Financial Documents

The Centerra Metro District’s budget is in good standing to help fund current and future projects.

Budget Amendment 

A Budget Amendment (BA) is the mechanism used to revise the working budget to reflect changes that occur throughout the fiscal year. Once the working budget is completed, it can only be changed by Budget Amendment. Budget amendments are occasionally necessary and should be filed with the Division of Local Government (DLG) when adopted by a local government.

CMD No. 1 - 2023 - Budget Amendment.pdfCMD No. 1 - 2022 - Budget Amendment.pdfCMD No. 2 - 2022 - Budget Amendment.pdf
Master Finance Agreement (MFA) 

The funding plan for the Metro District is governed by a formal agreement between:

  • City of Loveland: The governing local municipality.
  • Loveland Urban Renewal Authority (LURA): A separate agency formed by the City to support urban revitalization.
  • Centerra Metro District: A special district, a quasi-governmental entity created to make public improvements, spur economic growth and create jobs.
  • Centerra Public Improvement Collection Corporation (PIC): A separate, non-profit corporation created for the sole purpose of collecting and disbursing the Public Improvement Fee (PIF) in accordance with the terms of the MFA to support economic development and public infrastructure projects.
  • The Developer: McWhinney is a real estate development, investment and management firm that creates value and opportunity for its customers, associates, investors and partners.
  • Pinnacle Consulting Group: A third-party management firm and outside counsel that guides the metro district board.

These parties are guided by the vision of the MFA. In addition to outlining funding sources, the MFA also describes the types of public improvements to be built with collected revenue.

Revenue Sources 
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Centerra Metro District Property Taxes

Properties within the Centerra Metro District pay property taxes directly to the District. 47.600 mills and the levy resources are used for public improvements that benefit property owners and the neighborhood.

Each area of the Metro District has its own mill levy cap, protecting homeowners from over taxation.

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Tax Increment Financing (TIF)

Urban renewal authorities establish plan areas around targeted redevelopment from which future tax revenues are diverted to finance infrastructure improvements and/or development.

TIF is collected on properties within the Loveland Urban Renewal Authority Area (LURA) boundaries and then allocated to the Centerra Metro District for funding public improvements.

Public Improvement Fees (PIF)

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PIFs are fees collected by retailers on sales transactions—much like a sales tax—used to fund public improvements associated with the surrounding area.

The Centerra Metro District receives PIFs from sale transactions at The Promenade Shops, Centerra Marketplace, and the Centerra Motorplex to contribute to the cost of the infrastructure enhancements, including those made on I-25, US 34, and Centerra Parkway.

As part of the MFA, the City of Loveland agreed to provide a 1.25% sales tax credit on retail transactions at The Promenade Shops, some Centerra Marketplace shops, and the Centerra Motorplex. This was intended to offset the additional costs associated with the PIF in place for those three retail centers only. According to the MFA, PIF revenue must first be used to pay the Metro District's debt. If the District does not need to make debt payments, PIF revenue is allocated to the Public Improvement Corporation, which then funds local improvements.


It’s common practice for local government entities to borrow money when building major public improvements. This allows for swift construction, cost savings, and spreads out capital expenditures over time. Such is the case with the public investment of Centerra Metro District. To fund large projects, like improvements to I-25, US 34, and the construction of both Kendall Parkway and Centerra Parkway, where large upfront investment is needed, debt financing is used.

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Use of Proceeds

Bonds issued, net of refundings

(12%) Repaid

All Existing Bonds Mature by 2048

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Current Borrowings

Proceeds include bonds, premium, and other income totaling $259,026,698.

The District uses its property taxes, TIF and PIF to pay operational and capital costs including debt service.

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