Denver City Council approves tax-incremented financing for old CU hospital land at 9th and Colorado
“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.”
Sabian, Lesley. Channel 7 News 23 July 2013.