2012 Budget - South Suburban Parks and Recreation
2012 Budget - South Suburban Parks and Recreation
2012 Budget - South Suburban Parks and Recreation
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<strong>South</strong> <strong>Suburban</strong> Park <strong>and</strong> <strong>Recreation</strong> District<br />
Profile of the District<br />
CHV appealed the portion of the order requiring reimbursement to the District <strong>and</strong> the<br />
District cross-appealed as to the validity of the exclusion <strong>and</strong> certain related issues. On<br />
March 22, 2007 the Court of Appeals rem<strong>and</strong>ed the case back to the trial court for<br />
clarification on the issue of reimbursement. The trial court upheld its original ruling<br />
requiring CHV to reimburse the District $9,660,838. CHV again appealed the portion of the<br />
order requiring reimbursement to the District. CHV also lost this appeal. CHV appealed to<br />
the Colorado Supreme Court, but that case was not accepted for review.<br />
CHV Payment Schedule<br />
Outst<strong>and</strong>ing Late Charge<br />
Principal Interest Balance Interest<br />
January 1, 2005 $ - $ - $ 9,660,838 $ -<br />
December 1, 2005 - 256,862 9,660,838 -<br />
December 1, 2006 511,346 431,839 9,149,492 -<br />
December 1, 2007 522,683 440,457 8,626,809 30,995<br />
December 1, 2008 596,011 288,653 8,030,798 30,331<br />
December 1, 2009 686,896 97,333 7,343,902 575<br />
December 1, 2010 708,017 59,486 6,635,885 -<br />
December 1, 2011 724,192 33,179 5,911,693 -<br />
$ 3,749,145 $ 1,607,809 $ 5,911,693 $ 61,901<br />
CHV Reserve (internal designation) (1) $ 5,418,855<br />
Less 2011 <strong>Budget</strong> Expenditures (2,195,280)<br />
Plus <strong>2012</strong> Payment Due 740,000<br />
Less <strong>2012</strong> <strong>Budget</strong> Expenditures (2,058,517)<br />
Estimated Reimbursement/Sale of Jamison 850,000<br />
Estimated <strong>2012</strong> CHV Reserve $ 2,755,058<br />
(1) Includes payments through 2011, plus late charge interest.<br />
Greenwood Village Commercial Properties Exclusion<br />
One January 31, 2007, the Arapahoe County District Court ruled to exclude a portion of the<br />
City of Greenwood Village commercial properties from the District that were within both<br />
Greenwood Village <strong>and</strong> District boundaries. This exclusion became effective January 1,<br />
2010. In 2010, the District was again notified by Greenwood Village of some additional<br />
commercial properties that are included within both boundaries. The properties will be<br />
excluded as of January 1, 2013, with an estimated loss of tax revenue of $300,000. This<br />
exclusion will not affect the District’s <strong>2012</strong> <strong>Budget</strong>.<br />
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