Ballot Measure 2B: Denver Housing and Sheltering System Bonds

 

SHALL THE CITY AND COUNTY OF DENVER DEBT BE INCREASED $38,600,000, WITH A MAXIMUM REPAYMENT COST OF $66,476,000, 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 HOUSING AND SHELTERING SYSTEM, WHICH MAY INCLUDE BUT ARE NOT LIMITED TO:

• ESTABLISHING AND/OR IMPROVING SHELTERS AND FACILITIES TO PROVIDE SERVICES TO PEOPLE EXPERIENCING HOMELESSNESS BY PURCHASING BUILDINGS, CONVERTING BUILDINGS AND/OR CONSTRUCTING FACILITIES;

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 $8,945,000 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 help get the city back to work. 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 of economic impact and 7,500 jobs and will save taxpayer money by repairing and improving Denver’s infrastructure before it breaks.

Measure 2B will help address the homelessness crisis in Denver. Measure 2B will:

• Fund the purchase of the 48th Avenue shelter, which will keep the space operational for 24/7 shelter.

• Dedicate funds for the purchase, conversion or construction of up to 300 motel rooms in Denver to function as shelters.

• Fund needed improvements to shelters that are currently operational, which will address gaps in the current shelter system during emergency conditions.

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 tax rates.

Summary of Comments AGAINST

2B asks for more bonds approved for the Denver Housing and Sheltering System. This issue deserves a NO vote. We have already put forth huge sums of money for this issue without improvement. Homelessness and homeless camps are worse than they have ever been, in spite of the campaign to “end homelessness in Denver” more than a decade or two ago. That campaign backfired by more homeless people moving to Denver to take advantage of the programs here. A recent report from a public policy group here in Denver reports that between $42,000 to $104,000 is spent each year PER PERSON experiencing homelessness. Ballot issue 2B is asking for $38.6 million more of your money in property tax increases to be spent on homelessness. Where is the improvement with the money that has already been spent? Don’t drive up your property tax bill even higher! Vote NO on ballot issue 2B.