HomeMy WebLinkAboutresolution.council.148-25RESOLUTION IT 148
(Series of 2025)
A RESOLUTION OF THT CITY COUNCIL OF THE CITY OF ASPEN,
COLORADO, IN SUPPORT OF CITY OF ASPEN LOCAL BALLOT
MEASURE 2B9 AUTHORIZING AN INCREASE IN DEBT NOT TO
EXCEED $70,000,000 FOR THE PURPOSE OF FINANCING THE
LUMBERYARD AFFORDABLE HOUSING DEVELOPMENT THAT WILL
APPEAR ON THE NOVEMBER 2025 GENERAL ELECTION BALLOT
WHEREAS, the City of Aspen Municipal Ballot Measure 2B: Debt for Lumberyard
Affordable Housing Project, will be on the November 4, 2025 Coordinated Election
ballot submitting to the registered electors of the City of Aspen, a question to approve an
increase in City of Aspen debt by an amount not to exceed $70,000,000 with a total
repayment costs not to exceed $152,550,000 for the purpose of financing the
Lumberyard Affordable Housing Developments such debt to be issued in the form of
municipal revenue bonds or other multiple financial obligations, with such terms, and
bearing such interest at a rate thereafter approved by Council, payable from the City's
affordable housing fund or any other available revenue of the city, without any increase
in taxes, and to collect, retain, and spend all revenue and interest from these bonds as a
voter approved change to the city's revenue limit under Colorado law, allowing the city
to use these funds to pay for the project or any refunding thereof; and
WHEREAS, if approved, City of Aspen ballot issue 2B will allow the City to deliver
the Lumberyard Affordable Housing Project that will provide large scale affordable housing
in a timely manner without raising taxes; and
WHEREAS, if approved, City of Aspen ballot issue 2B supports City Council's
goal of completing the Lumberyard Affordable Housing Project; and
WHEREAS, the Lumberyard Affordable Housing Project (the "Project") is a 227- unit
multi -phase affordable housing complex development planned with one-, two-, and three -
bedroom units serving a broad range of local working household incomes to be built on City
owned property; and
WHEREAS, the costs associated with developing new affordable housing tend to
escalate substantially over time, and the use of debt financing enables the City to initiate
construction sooner, secure financing at a known interest rate, and provide needed housing
for the local workforce more expeditiously than would be possible under a long-term,
phased construction approach, and
WHEREAS, the City's existing funding sources for the Project are not adequate to
construct the full project without debt financing, and without said financing, the project
would need to proceed in multiple long-term construction phases: and
WHEREAS, the Project responds to the community's need for housing that is
affordable, accessible;, attainable and available; and offers alternative housing options to what
is available on the free market; and
WHEREAS, City of Aspen ballot issue 2B further achieves the City of Aspen's
vision to act upon its Affordable Housing Strategic Plan to ensure Aspen is a healthy,
safe, vibrant and sustainable community by creating new affordable housing
opportunities for individuals, families, seniors, and workforce; and
WHEREAS, the gap between free-market housing costs and what local working
households can afford in the City of Aspen and Pitkin County continues to worsen,
resulting in a compounding housing affordability crisis now leaving nearly all
community -serving working individuals and families priced out of local free-market
ownership and rental opportunities; and
WHEREAS, City Council supports the financing of the Project with issuance of
municipal revenue bonds or other multiple fiscal year financial obligations and finds this
option to be in the public's best interest and will ensure timely delivery of much needed
affordable housing as compared to long-term construction phasing that may occur if the City
cannot utilize debt.
NOW THEREFORE, BE IT RESOLVED that the City Council of the City of Aspen
declares its support for City of Aspen ballot issue 2B: Debt for Lumberyard Affordable
Housing Project, which will, without raising taxes, authorize an increase in City of
Aspen debt by an amount not to exceed a)70,000,000 for the purpose of financing the
Lumberyard Affordable Housing Project, and for the reasons set forth in this Resolution
urges a YES vote on City of Aspen ballot issue 2B at the election to be held November 4,
2025.
RESOLVED, APPROVED, AND ADOPTED FINALLY by the City Council of the
City of Aspen on the 28th day of October 2025,
I, Nicole Henning, duly appointed and acting City Clerk do certify that the foregoing is a true
and accurate copy of that resolution adopted by the City Council of the Ci of Aspen,
Colorado, at a meeting held on the day hereingboveed. (�\ j
Nicole Henning, City Cl�rk