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Turnberry metro‑district bond issuance raised at council; city manager seeking formal complaint
Summary
Representatives of Turnberry metro districts told council that BNC Metro District 3 issued $3.5 million in junior‑lien bonds that may exceed its borrowing cap; the city manager requested a formal written complaint and staff will review whether the issuance violated the district's service plan.
During public comment, Jessica Reynolds, district manager for BNC 1 and BNC 2 metro districts, told Commerce City Council that BNC Metro District 3 issued $3,500,000 in junior‑lien bonds on April 22, 2025 despite a remaining borrowing capacity of $2,300,000 in its service plan. That would place the district $1,200,000 over its approved borrowing limit, she said.
Reynolds said BNC 3 initially refused to release bond offering documents and only produced them after a public open‑records request; she said the district waited until April 25 — the maximum allowed three‑day response period — to provide the documents publicly. She also said the bonds are owned by Cattellus and that BNC 3’s directors are employees of Cattellus, including the company's CEO.
Reynolds asked the council to consider enforcing borrowing limits set in city‑approved metro‑district service plans. She said BNC 1 and BNC 2 had asked the city manager to initiate a complaint; City Manager Rogers confirmed at the meeting that staff had requested a formal complaint be submitted and said the city will review any materials provided.
City Manager Rogers told the council that the first step is receipt of a written complaint with evidence. "It is our process that we receive that we request a complaint to be put in writing so to ensure that we have the appropriate documentation," Rogers said later during administrative business. Once the city receives the formal complaint, staff — including the city attorney — will review whether the issuance constitutes a material modification or violation of the service plan and advise council on next steps and remedies. The time required depends on the complexity and supporting documentation of the complaint, Rogers said.
Councilmembers asked for clear timelines and an understanding of what rights residents have; the city attorney said legal remedies under state law may also exist, but recommended residents consult counsel while staff conducts the city's administrative review.
Reynolds told council that three homeowners from Turnberry 3 are poised to serve on the BNC 3 board as of the next day’s election, and that BNC 1 and BNC 2 were urging the city to consider enforcement of service‑plan borrowing limits to protect homeowners’ interests.
City staff said they will provide a written timeline after receiving the complaint and will notify council when review is complete.
