Loveland, Colorado Mayor Jacki Marsh is rarely persuaded to support a metropolitan district, but last month, she backed the financing plan for a commercial development at Schmer Farm, calling it “reasonable.” The $12 million plan will fund public improvements, including roadwork and a sewer lift station, to bring a long-awaited King Soopers grocery store to east Loveland.
The metro district vote followed the final approval of two ordinances annexing and rezoning the 122-acre Schmer Farm site at U.S. 34 and I-25. Developer Evergreen plans to transform 30 acres into 185,000 square feet of retail space, including the King Soopers and a gas station. Initial approvals were granted on February 18th, but a dispute over future road improvement costs threatened the project. By the time of the vote, the issue was resolved, and the council voted unanimously to proceed.
The metro district, designated strictly for commercial development, will fund $11.9 million in infrastructure improvements. To repay the debt, the district will levy a 60-mill tax on commercial properties and implement a unique public improvement fee (PIF): 1% on goods and 3% on services such as haircuts and fitness studios.
City Chief Financial Officer Brian Waldes confirmed that the proposal meets city policies and was deemed financially sound by an independent review. The council, with only minor questions, voted unanimously in favor, allowing Evergreen to hold a May election to authorize debt issuance and select a five-member board.
If all goes as planned, the King Soopers is expected to open in 2027, with the rest of the development following in 2028.
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