A months-long fight over what Loveland taxpayers are allowed to see about Centerra’s finances is heading back to a courtroom.
A Loveland resident has filed a new lawsuit seeking to force the release of the final Ernst & Young audit of the Centerra North urban-renewal plan. The case extends a drawn-out dispute over access to a report that auditors say raised questions about procurement, bookkeeping, and related-party transactions tied to the massive development.
As reported by BizWest, the latest filing asks a judge to unseal the complete audit and order the City of Loveland to release it to the public. It is the newest volley from residents and watchdogs who have been pressing city leaders for full transparency on Centerra’s finances.
What The Audit Found
According to the Loveland Reporter-Herald, Ernst & Young’s roughly 55-page observation report described a pattern of unbid contracts, miscoded expenses, and transactions involving entities affiliated with the developer. Auditors concluded that this mix of practices weakened safeguards built into the project’s Master Financing Agreement. That picture of Centerra’s accounting and procurement helped spark louder calls for transparency and follow-up scrutiny of the urban-renewal plan.
City Response And LURA Actions
City staff told the Loveland Urban Renewal Authority that they had completed a line-by-line response to Ernst & Young’s recommendations and had briefed commissioners on how those changes would be put into practice. The LURA meeting packet and record show that commissioners approved a motion to issue a request for proposals for additional audit services to follow up on key findings, according to Loveland Urban Renewal Authority materials…