Ballot Measure 2A: Denver Facilities System Bonds

 

SHALL THE CITY AND COUNTY OF DENVER DEBT BE INCREASED $104,040,000, WITH A MAXIMUM REPAYMENT COST OF $179,175,000, WITH NO EXPECTED INCREASE IN THE CITY’S CURRENT RATE OF TAXATION FOR GENERAL OBLIGATION DEBT SERVICE BASED ON THE CITY’S PROJECTED ASSESSED VALUE, THE PROCEEDS THEREOF TO BE USED FOR REPAIRS AND IMPROVEMENTS TO THE DENVER FACILITIES SYSTEM, WHICH MAY INCLUDE BUT ARE NOT LIMITED TO:

• CRITICAL INFRASTRUCTURE IMPROVEMENTS, AND OTHER FACILITY REPAIRS AT DENVER BOTANIC GARDENS, BONFILS THEATER COMPLEX, DENVER MUSEUM OF NATURE AND SCIENCE, AND DENVER ZOO; AND

• PRESERVATION AND RESTORATION OF THE MAY BONFILS STANTON THEATER AT THE HISTORIC LORETTO HEIGHTS CAMPUS FOR USE AS A PERFORMING AND CULTURAL ARTS VENUE; AND

• RENOVATION OF AN EXISTING CITY-OWNED FACILITY INTO A YOUTH EMPOWERMENT CENTER; AND

• CONSTRUCTION OF TWO NEW LIBRARIES AND UPGRADING EXISTING LIBRARIES TO INCLUDE CHILDREN’S LEARNING AREAS, COMMUNITY SPACES, AND TECHNOLOGY LABS; AND

• ACCESSIBILITY IMPROVEMENTS TO DENVER FACILITIES FOR PEOPLE WITH DISABILITIES;

BY THE ISSUANCE AND PAYMENT OF GENERAL OBLIGATION BONDS, NOTES, LOAN AGREEMENTS OR OTHER MULTIPLE FISCAL YEAR FINANCIAL OBLIGATIONS, WHICH SHALL BE ISSUED OR INCURRED IN SUCH MANNER AND CONTAINING SUCH TERMS NOT INCONSISTENT HEREWITH AS THE CITY MAY DETERMINE (THE EXPENDITURE OF THE PROCEEDS THEREOF TO BE PUBLICLY REPORTED BY THE CITY ON AN ANNUAL BASIS); AND SHALL CITY AD VALOREM PROPERTY TAXES BE INCREASED WITHOUT LIMITATION AS TO RATE BUT BY NOT MORE THAN A MAXIMUM AMOUNT OF $19,250,000 ANNUALLY IN AMOUNTS SUFFICIENT TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH FINANCIAL OBLIGATIONS OR TO CREATE A RESERVE FOR SAME; AND SHALL THE CITY BE AUTHORIZED TO ISSUE FINANCIAL OBLIGATIONS TO REFUND OR REFINANCE SUCH FINANCIAL OBLIGATIONS AUTHORIZED IN THIS QUESTION, PROVIDED THAT SUCH REFUNDING FINANCIAL OBLIGATIONS WHEN COMBINED WITH OTHER OUTSTANDING FINANCIAL OBLIGATIONS AUTHORIZED IN THIS QUESTION DO NOT EXCEED THE MAXIMUM PRINCIPAL LIMITS OR REPAYMENT COSTS AUTHORIZED BY THIS QUESTION?

Comments For and Against

Summary of Comments FOR

Denver 2A through 2E will deliver infrastructure improvements that power our economic recovery and help the people who need it the most. Vote yes on 2A through 2E to create good paying jobs, provide shelter for people experiencing homelessness, and invest in historically underserved neighborhoods.

And we can do all of this while keeping your tax rates the same.

Measures 2A through 2E will address critical issues facing Denver and strengthen the city’s economy and sustain it for years to come. The ballot measures will fund 88 specific projects that target the most pressing concerns of Denver residents in the neighborhoods that need it most, as identified through a public input process that engaged thousands of Denver residents. By funding these projects, 2A-2E will create more than $1 billion in economic impact and 7,500 jobs and will save taxpayer money by repairing and improving Denver’s infrastructure before it breaks.

Measure 2A specifically will address needed improvements to existing city facilities, while also constructing new facilities in historically underserved communities. Measure 2A will:

• Construct libraries in Globeville and Westwood, two historically underserved communities, and expand the Hampden Branch Library, which serves immigrant communities in Southeast Denver.

• Upgrade city buildings to meet accessibility standards prescribed in the American with Disabilities Act.

• Improve the Youth Empowerment Center building to provide more space and resources for youths and families in Denver ranging from vocational and educational support, entrepreneurial training, and recreation activities.

• Fund improvements at the Denver Zoo, Denver Botanic Gardens, Bonfils Theater Complex, and the Denver Museum of Nature and Sciences to enhance safety and accessibility for guests.

• Jumpstart the redevelopment of the Loretto Heights campus with the renovation of the May Bonfils Stanton Theater, which would provide Southwest Denver with a historical, cultural and performing arts venue. Measure 2A will also fund renovations to the Buell Theater at the Denver Performing Arts Complex which include restrooms, ADA improvements and upgrades to the backstage area for the first time since its opening in 1991.

Measures 2A-2E are a result of input from residents across Denver, reflecting the need to address critical issues, create a more equitable city and jumpstart the economy, all without raising taxes.

Summary of Comments AGAINST

Sticker-shock is coming our way in 2022 for the price of housing. Voting yes on 2A will further increase that cost.

Home sales over the last 24-months reached record levels and these jaw-dropping valuations drive up the property taxes.

In 2017 taxpayers approved “Elevate Denver” $937. million, nearly a BILLION, to pay for all the projects listed in 2A.

Additionally, voters were swayed to eliminate the Gallagher Amendment which limited residential property tax assessments. It is likely that many voters didn’t understand just how much this will increase property taxes, but that time is coming.

Those factors mean you will now see the price jump on your property tax bill or mortgage escrow if you “own” property. If you’re renting, you can likely expect a dramatic jump in your lease price.

Can Denver residents afford higher housing costs? Lower income workers are being forced to move out of Denver due to high prices and then ironically having to travel longer distances to work in Denver.

Continually driving up the cost of living in Denver is a key factor in gentrification.

Vote NO on 2A.

Do that for the young family down the street who is having a hard time paying the mortgage or rent.

Vote NO on 2A

Do it for the senior on fixed income who is having to choose between getting their wheelchair fixed or paying their rent.

Vote NO on 2A

Do it for the young adult who is drowning in college debt and not sure how to put food on the table.

Vote NO on 2A

Because housing is too expensive as it is and this measure will drive it higher.