Chad McWhinney, a prominent figure in Loveland, Colorado, has been the subject of scrutiny due to his financial dealings and lifestyle, particularly concerning his luxury yacht and the use of public funds. This article delves into the details of McWhinney's yacht, its connection to public debt, and the controversies surrounding his financial activities.
The Yacht "Chiron"
According to multiple sources, Chad McWhinney owns a 92-foot luxury yacht named "Chiron," which he frequently uses in Cabo San Lucas and Puerto Vallarta, Mexico. The yacht's existence became a topic of discussion during a Larimer County Board of Commissioner's meeting on April 21, 2009.
Details on Chad McWhinney's mega yacht:
- The mega yacht is named Chiron and was custom built in Tacoma Washington in 2001 by the Nordlund Boat Company.
- The ship is registered to the innocuous sounding "Chiron Leasing LLC" but the registration goes to McWhinney's headquarters in Loveland 2725 ROCKY MOUNTAIN AVENUE STE 200 Loveland, CO 80538 UNITED STATES.
- Loveland, Colorado is listed as the "hailing port" but LovelandPolitics could find no evidence that sales or personal property taxes were ever paid in Loveland or Larimer County for the mega yacht.
- Sporting the hull number NDL10574E101 the boat has been seen in famous ports throughout the world.
- Chad McWhinney seldom travels on the Yacht but instead travels by air to wherever the boat is docked.
- A full time crew and staff operate the yacht for McWhinney both in and out of port.
- The massive yacht has a capacity of 190 gross tons.
Controversy Surrounding Public Funds
One developer cited the luxury Yacht as evidence the McWhinney organization has profited from its relationship with Loveland and the excuse of hard times is insufficient to provide McWhinney with a "bail-out" using more taxpayer dollars. A number of associates and competitors to McWhinney have offered a theory that the $12 million is really necessary for McWhinney to get a "bail-out" for a bad company cash flow situation. They objected to Loveland "bailing-out" McWhinney (the company) when a key partner (Chad McWhinney) continues to spend millions of dollars on himself.
McWhinney raised and spent nearly all of the $100,000,000 public funds in public debt the City of Loveland taxpayers will now be paying back over the next 25 years. Giving Chad McWhinney access to those funds could be like giving an alcoholic another drink. Despite complaints by McWhinney that money is tight and "everyone" is suffering in the current economy, he is not.
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Chad McWhinney has told Loveland's City Council the Metro District is deeply in debt to his company by more than $16,000,000. This is the reason for McWhinney's now 5th amendment request to their agreement with the City of Loveland.
LovelandPolitics has been the only source of critical news coverage regarding $115 Million in public bond debt the McWhinneys have created leveraging future City of Loveland taxes on behalf of McWhinney's Centerra Metro Districts. Now backed by a troubled Spanish bank, the City of Loveland continues allowing Centerra to build upon its own financial house of cards of even more public debt while McWhinney continues to profit. Privatizing profits in their many developments while socializing the infrastructure costs along with the longer term debt repayment through a Metro District has made the McWhinney brothers very wealthy.
While most local media were writing puff stories about brothers Troy and Chad McWhinney success, only LovelandPolitics was reporting first their bankruptcy of Promenade Shops, growing public bond debt, failure of Grand Station, taxpayer funded trolley request, lawsuit with a former partner and attempts to renege on obligations to the City of Loveland to improve the I-25/Highway 34 interchange.
Real Estate Purchase and Other Controversies
According to Larimer County records, Chad McWhinney's trust purchased a multi-million dollar house from Doug Erion, recorded on April 7, 2009. Listed as the most expensive house on Lake Loveland located at 1545 Lake Drive, Larimer County recorded the consideration provided by McWhinney is only $1,079,806. One real estate broker who deals in residential real estate believes the property's actual value is higher.
Here's a summary of other McWhinney-related controversies:
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- 2010 Dec. Troy McWhinney Misleads Loveland Council on Aspen Knolls
- 2009 Dec. McWhinney Flouts Loveland Campaign Finance Laws
- 2009 Nov. Promenade Shops At Centerra go into FORECLOSURE.
- 2009 Oct. McWhinney asks council to allow only "safety" improvements to I-25 & US 34 Interchange
- 2009 July McWhinney short on funds to contribute $300,000 to Crossroads interchange despite promises to the Loveland City Council they had money to fund commitments.
- 2009 June McWhinney seeks temporary CEF (Capital Expansion Fees) holiday to build already government subsidized 300 unit multi-family apartments in Loveland.
- 2009 May $300,000 cash gift of taxpayer dollars awarded to Agrium for leasing in Centerra by council
- 2009 April McWhinney request to move $12 million out of I/25 & US34 improvement fund is withdrawn before council hears the matter.
While Loveland's City Council wrestled with budget cuts that led to lay-offs in the Police and Fire Departments, Chad McWhinney's mega yacht named the Chiron was heading North along the Pacific Coast of California. Just two weeks before the party Chad McWhinney asked Loveland's City Council for a 61% reduction in certain development fees intended to support the necessary costs of expanding emergency services in town. None of the laid-off Loveland city workers were invited to the party.
Political Connections
Now docked in Newport Harbor the 92.5 ft. mega yacht hosted former Congressman and SEC (Securities and Exchange Commission) Chairman Christopher Cox along with other prominent Republicans for a fund raiser for the National Conservative Campaign Fund.
The Irony:
The National Conservative Campaign Fund is a Political Action Committee (PAC) dedicated to helping conservative candidates running for congress. These candidates espouse limited government, less taxes and more private competition.
McWhinney's empire is largely financed through creative public financing schemes that shift the cost of development from the private sector and onto the public sector (taxpayers) through metro districts, urban renewal TIF (tax increment financing) property taxes and other models. Chad McWhinney refers to being a "partner" with government and instead increases the number of legal government entities with every new urban renewal authority or metro district he creates for new developments.
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Especially ironic is that McWhinney has funded various efforts in Northern Colorado to repeal tax limits and impose new regressive taxes upon hard working residents to cover transportation projects his company committed to complete.
| Year | Event | Description |
|---|---|---|
| 2009 | Yacht Party with Christopher Cox | Chad McWhinney hosted a fundraiser on his yacht for the National Conservative Campaign Fund, attended by former Congressman Christopher Cox. |
| 2009 | Fee Reduction Request | Just two weeks before the yacht party, McWhinney requested a 61% reduction in development fees from Loveland's City Council. |
| 2004 & 2008 | Metro District Bonds | The Metro District sold bonds totaling $113,000,000. |
Finerman's Fine Print: Digging into hyperscaler debt
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