Aspen to ask voters about funding for Lumberyard affordable housing project

Cushing Terrell/Courtesy image
Aspen City Council has approved placing a ballot question on the Nov. 4 election to ask Aspen voters to authorize the issuance of up to $70 million in municipal revenue bonds to fund the Lumberyard affordable housing project.
This decision would not increase taxes for city of Aspen residents, according to a press release. Council’s decision follows its July 14 approval of an agreement with Gorman & Co. to begin construction of approximately 300 rental units on 11.3 acres across from the Aspen airport in the location of the former lumberyard.
If the full $70 million in debt is issued, annual debt service is projected to account for approximately 15% to 18% of the city’s annual housing fund revenues, according to the release.
“This approach preserves City Council’s ability to pursue future affordable housing projects, while still advancing the Lumberyard project,” the release states. “Staff projects that the housing fund balance will grow at a pace that could allow the debt to be retired earlier than the full 30-year term, reducing overall interest costs.”
If voters approve the funding in November, the city and Gorman & Co. could implement the full Lumberyard project as envisioned and begin construction in 2026. Tentative annual budgets to complete the project are feasible under current housing fund performance, the press release confirms, starting with $110 million in 2026 from the city’s housing fund.
If the measure is not approved, the city would need to reevaluate how to allocate available funds toward a phased implementation plan, “likely extending the project timeline significantly.”
The November ballot measure will appear in compliance with state law requirements for public debt authorization, giving voters a clear and transparent choice regarding the future of Aspen’s affordable housing.
For more information about the Lumberyard affordable housing project, visit aspencommunityvoice.com/lumberyard.
Aspen to ask voters about funding for Lumberyard affordable housing project
Aspen City Council has approved placing a ballot question on the Nov. 4 election to ask Aspen voters to authorize the issuance of up to $70 million in municipal revenue bonds to fund the Lumberyard affordable housing project.