Denver Herald Dispatch 0524

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May 24, 2018

DENVER

FLOWER POWER: Spring warmth has made new growth the buzz at Hudson Gardens P10

Since 1926

DENVER, COLORADO

A publication of

Idea of targeting pot tax for housing starts to gain ground Some councilmembers push plan to help expand affordable program BY ANDREW KENNEY AKENNEY@DENVERITE.COM

building owner already has about 360 people who have said they’re interested. “I think we’ll literally draw it out of a hat,” Arnold said. (He didn’t know what kind of hat they’d use, he said.) In order to buy one of the condos, buyers will have to prove that they make between 50 and 95 percent of the city’s area median income — a maximum of about $60,000 for a single person or $76,950 for a family of three. If you’re hoping to apply, you’ll need to submit a letter from a lender by June 15. So, you probably want to get moving.

City Councilwoman Kendra Black wants Denver to use much more of its marijuana money to get housing built, and she’s not alone. “The money is there — and, if for some reason people quit buying marijuana, we can revisit it then,” Black told her colleagues at a meeting on May 16. The city is already planning to use weed taxes to Black pay for a significant expansion of its affordable housing program. Mayor Michael Hancock wants to boost the marijuana sales tax from 3.5 percent to 5.5 percent, generating about $8 million per year. Black wants to go a step further. She wants to guarantee that another $7 million per year comes from weed dollars. That wouldn’t actually be an expansion of the mayor’s plan. Hancock proposed that $7 million would come from Denver’s general fund, and Black is simply making it more specific. So, this is somewhat a question of rearranging money. But spending blazers’ bucks would probably be a popular idea, Black recognized. “It’s a big political win. It is a community win,” she said. “Their market is growing. I think it’s fair.”

SEE CONDOS, P4

SEE HOUSING, P4

A rendering of The Coloradan building under construction near Union Station.

IMAGE COURTESY OF EAST WEST PARTNERS

Condos below market value draw attention Lottery will determine who gets chance to own units overlooking Union Station BY ANDREW KENNEY AKENNEY@DENVERITE.COM

The rarest kind of residence is about to hit the market in Denver: less-expensive condos around the newly redeveloped Union Station area. And you only have to win a lottery to buy one. The condos in question are on prime real estate as part of a new building, The Coloradan, overlooking the city’s main transit hub. There

are 33 of them in total, and they’re set aside for people making certain incomes. “Short and simple, I would say, it’s the right thing to do. When we set out to build The Coloradan, we viewed it as an inclusive community,” said Brad Arnold, the building’s vice president of sales and marketing. Demand is likely to be very high, so the building’s owner and management will hold “unbiased, random” lotteries on June 19 to determine who gets the first chance to buy the units. These kinds of lotteries can attract hundreds of even thousands of buyers. In San Francisco, an apartment building recently got 6,580 applications for just 95 apartments. The

THE BOTTOM LINE PERIODICAL

“Our package of bills will begin to close the barriers we face in addressing this public-health crisis.” Brittany Pettersen, state representative | P6 INSIDE

VOICES: PAGE 8 | LIFE: PAGE 10 | CALENDAR: PAGE 7 | SPORTS: PAGE 15 VOLUME 91 | ISSUE 29


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