The Loveland City Council convened on December 3, 2024, to discuss several key agenda items, with a significant focus on the financing scheme for the Hip Streets project. The meeting began with a review of the proposed leaseback deal, which has raised concerns among council members and citizens alike.

A council member expressed reservations about the financing structure, clarifying that the arrangement involves a bank association purchasing a 35-year lease on public works buildings and subsequently renting them back to the city at a substantial profit. This method of financing was described as unusual and potentially the most expensive way to borrow money. The council member emphasized that this arrangement constitutes a city financial obligation, as it is backed by city property, which is located away from downtown.

The discussion highlighted Ordinance 6745, which categorizes this financing as a city debt and asserts that it is in the city's best interest to proceed with the Hip Streets project. However, the council member raised a critical question regarding the necessity of voter approval for such a long-term financial commitment, as required by the state constitution. The assertion was made that the city is misrepresenting the nature of the obligation, framing it as a one-year commitment rather than a 35-year debt.

The council member characterized the financing scheme as irrational, unethical, and dishonest, arguing that it undermines the legal rights of Loveland voters to have a say in significant long-term financial decisions. They urged the council to remove the item from the consent agenda and to pursue borrowing methods that comply with state constitutional requirements and treat taxpayers fairly.

Following this discussion, the meeting continued with attempts to connect with other participants, including Danielle Hastings and Mark Pugh, though it appeared that neither was present for the discussion.

In conclusion, the meeting underscored significant concerns regarding the financing of the Hip Streets project, with calls for transparency and adherence to legal obligations regarding voter approval for city debt. The council's next steps will be closely watched by residents as they navigate these financial decisions.