Week of December 29, 2022
FREE
DOUGLAS COUNTY, COLORADO
A publication of
CastleRockNewsPress.net
VOLUME 20 | ISSUE 37
Small drop unlikely to reverse skyrocketing home prices Sellers, buyers play waiting game BY ELLIS ARNOLD EARNOLD@COLORADOCOMMUNITYMEDIA.COM
Districts opts in
Danielle and Stephan Storinsky “saw the writing on the wall.” It foretold how the housing market might change. So, earlier this year, the married couple sold their Arvada townhome. They timed it just right. They capitalized before concerns about inflation took center stage. They sold their home when the metro area was gripped by historically high housing prices. They bought their townhome about five years ago for $285,000. They sold for $521,000. “That part’s pretty nice because now we have a decent amount of money to put down on something,” Stephan Storinsky said. But now, on the other side of cashing in, they find themselves playing a waiting game. Even with the tidy A sign calls attention to a home for sale Dec. 5 in southeast Denver.
SEE PRICES, P4
PHOTO BY ELLIS ARNOLD
Castle Rock metro districts almost $1B in debt Residents paying the tab BY MCKENNA HARFORD MHARFORD@COLORADOCOMMUNITYMEDIA.COM
Residents in Castle Rock’s various metro districts are on the hook for almost $1 billion in debt taken on to build public infrastructure. At the Dec. 20 town council meet-
Douglas County schools to offer free lunches in 2023-24
ing, Pete Manger, assistant director of finance for the town, presented a summary on the 37 active metro districts in Castle Rock, which have a combined debt of $943 million as of 2021. Metro districts are a special taxing entity that can issue bonds to fund infrastructure, such as roads and water and sewer lines. The districts then tax property owners to pay off
Dream Big Dreams...
the debt. Manger said the metro districts added around $58 million to their debt between 2020 and 2021. He also noted that 48% of the $943 million debt is accrued interest. Last year, Castle Rock’s metro districts collected around $32 million in property taxes, compared to the
Students at Douglas County schools will all be able to access free lunches starting next school year thanks to a new voter-approved statewide program. At the Dec. 13 meeting of the Douglas County Board of Education, Superintendent Erin Kane confirmed the district will opt in to the free lunch program and is currently working out the logistics to feeding more students. Colorado voters approved Proposition FF in November, which limits income tax rebates for people making over $300,000 per year and estimates raising $100 million in funding yearly. Douglas County voters did not approve the measure, but school districts can opt in or out of free lunch regardless of how their county voted. “The benefits of the program are amazing,” Kane said. “Of course, it will make sure that our families will be able to have their kids get hot lunch if they want and be able to save more money. It will ensure that our students who already get free lunch will be able to avoid the stigma of being the only students who get free lunch.” Citing data on the number of students who took advantage of the free lunches during the pandemic, Kane said the district expects to see demand for lunch double next year. Currently, 9% of district
SEE DEBT, P8
Special CD Rate
SEE LUNCHES, P2
4.62% APY
Special CD Rates ** Term * Term Or 2.74% APY 2.33% 16APYMonth 27 Month
* 10 Month
120 S. Wilcox, Castle Rock | (303) 660-4001
120 S. Wilcox, Castle Rock ♦ (303) 660-4001
*Annual Percentage Yield (APY) and interest rate of Certificate of Deposit (CD) may change after account opening. Fees could reduce earnings on the CD. A penalty may be imposed for early withdrawal. *The CD is automatically renewed into a Standard 9 month CD with current rate at renewal. *The Annual Percentage Yield is current as of December 19, 2022.
Annual Percentage Yield (APY) and interest rate for Certificate of Deposit (CD) may change after account opening. Fees could reduce earnings on the CD. A penalty may be imposed for early withdrawal. *To open the CD, $1,000 minimum opening deposit is required. The CD is automatically renewed into a Standard 12 month CD with current rate at renewal. **To open the CD, $1,000 minimum opening deposit is required. The CD is automatically renewed into a Standard 24 month CD with current rate at renewal. The Annual Percentage Yield is current as of 11/22/018.
Term