Half a Billion Dollars Without a Vote
Douglas County residents are being asked to accept a massive public investment in the proposed Zebulon Sports Complex, but without the transparency and accountability that such a decision demands.
At a special 5:00 PM meeting this Tuesday, March 31, the County Commissioners are preparing to take a major step forward—not just on the project itself, but on how it will be financed. According to the County, the meeting will include multiple approvals tied to development and financing, and public comment will be allowed, with just two minutes per speaker.
That financing plan relies on something called Certificates of Participation.
Let’s be clear about what that means:
Certificates of Participation, or COPs, are a way for governments to take on long-term debt without going to voters for approval. Instead of issuing a traditional bond, the County enters into a lease-purchase agreement and sells shares in that agreement to investors. Those investors are then repaid over time using public funds.
In plain terms, it’s still taxpayer-backed debt, but structured to avoid a public vote. And how much debt are we talking about? About $513 Million.
In Colorado, that distinction matters. Under the Taxpayer's Bill of Rights (TABOR), voters are supposed to have a say before governments take on significant long-term debt. Certificates of Participation exist in a gray area—technically legal, but often used specifically to sidestep that requirement. Now, I have feelings about TABOR in this day and age, but it is the law in Colorado.
All of this raises a fundamental question: If this project is worth the investment, why not make the case directly to the voters?
At the same time, the public still does not have clear answers to some very basic questions:
What is the total taxpayer exposure?
What will this cost residents over time?
What happens if the projected economic benefits don’t materialize?
Instead, we’re being asked to rely on optimistic economic projections. County-backed materials cite potential economic impact in the billions and job creation estimates, but those projections are inherently uncertain and depend on best-case scenarios.
Meanwhile, reporting on the project has already highlighted concerns from some policymakers and community members about cost, risk, and whether the deal ultimately benefits taxpayers.
And yet, despite the scale of what is being proposed and a total project footprint being discussed in the range of half a billion dollars, the County is moving forward with a financing structure that avoids a direct public vote.
That’s not transparency. That’s not accountability. And it’s not how you build public trust.
I support investing in parks, recreation, open spaces, and economic development. But those investments must be grounded in reality and respect the taxpayers who are being asked to fund them.
If Douglas County is going to take on this level of financial obligation, then the people of this county deserve:
A full and transparent accounting of the total cost
A clear understanding of the long-term risks
And the opportunity to vote on it
Because this isn’t just about a sports complex. It’s about whether major financial decisions in Douglas County are made with the people or around them.
Half a billion dollars in public risk should never be decided on the basis of procedural loopholes and optimistic projections. It should be decided by the people who are being asked to pay for it.
I invite you to join me at the public meeting this Tuesday, March 31, at 5 pm in the Hearing Room at Philip S. Miller Building, 100 Third St. in Castle Rock.
