DENVER - During Monday's Denver City Council meeting, members voted unanimously in favor of tax-incremented financing for the vacant lot at 9th and Colorado.
The University of Colorado hospital vacated the area in 2006. Since then, there have been proposals for large retailers like Walmart and King Soopers to be built on part of the 28.5 acres, but the neighbors have fought against the development.
Monday, the council approved CB13-0358, calling for an agreement with the Denver Urban Renewal Authority. Part of that plan authorizes the use of property taxes on 6.74 acres to help fund the purchase of the land from CU.
“Instead of the property tax going into the general fund for a certain period of time it will go back into the project,” said Councilwoman Jeanne Robb who represents District 10. “In this case, it's going to be used with the purchase of the land from CU, so CU will carry the cost of the development at a lower interest rate than a bank would.”
DURA estimated the TIF would generate $7.9 million over 25 years, which would cover nearly all of the land. Alliance Residential plans to build three units on that land, which will house 325 apartments east of Clermont Street.
“We figured out the financing mechanism to redevelop this property, which really in all honesty was the major stumbling block,” Robb said. “It’s a tough property to redevelop, so now that we have that figured out, it says to the development community, 'bring us your proposals…'"
University hospital spokesperson Jacque Montgomery told 7NEWS there are still 22 acres for sale. Montgomery said they’ve already generated interest from other developers but would not disclose any potential plans.
7NEWS contacted Alliance Residential to see when construction could start on the site. We'll update this story once they respond.