Vail Daily letter: Concerned about 1A
Vail, CO Colorado
After receiving my mail-in ballot the other day, I was surprised that your newspaper hasn’t done an in-depth article on Eagle County government’s desire to take on $10 million of debt for individual green projects. Essentially, it wants to become a bank, loan money to individuals at better than market rates and then attach their real estate with an additional property tax for repayment.
Although the cause is a noble one, I would question whether Eagle County is really set up to be a bank, evaluating the practicality of energy-producing and -conserving projects and then evaluating the individual’s ability to repay the loan.
Is this what bureaucrats do effectively?
Another factor to consider is that an additional property tax levy is legally senior to your mortgage. Does this then weaken the security of your mortgage in the eyes of the mortgage lender? With so many mortgage defaults occurring nationwide, does this add fuel to the fire?
Before I can vote “yes” on such a measure, it would be important to understand the next level of detail. As always, the devil is in the details. County government has been conspicuously silent on these details.
– Dave Mott, Wolcott