Denver voters will consider allowing the city to take out nearly $1 billion in debt in the November election to pay for about 60 major capital improvement projects across the city.
The massive “Vibrant Denver” general obligation bond package, spearheaded by Mayor Mike Johnston, will appear as five questions — Ballot Issues 2A through 2E — with each one dedicated to a different category of spending. They cover transportation, city facilities, parks, housing, and health and human services.
If one question fails to win over voters, the others can still pass, allowing voters to decide which kinds of projects they want to approve.
About half of the $950 million in bond dollars would go toward transportation, which consists of improvements to the city’s streets and bridges and to traffic safety.
The Denver City Council approved the list of projects in August, six months after Johnston announced the package, which is the first since a 2021 bond package that mostly won voter approval. Since February, city officials have solicited resident input and bond committees have narrowed down the lists.
What would 2A through 2E do, and what’s a bond?
If voters approve the package, the projects financed by the bonds are intended to start immediately and take six years to complete.
They’d be funded by a general obligation bond, which is a way for a city to take out debt to finance more capital improvements than it could typically afford at one time. The city sells bonds to investors, then uses those proceeds to build out voter-approved projects. The city repays the bondholders over time, plus interest, using property taxes.
If approved, the Vibrant Denver package wouldn’t require any increase in taxes. That’s because the city already is using property tax dollars to pay off earlier bonds’ debt. As those bonds are paid back, it frees up tax dollars collected by the city to be used for other purposes.
If voters reject all or part of the bond, Johnston has said, property taxes wouldn’t immediately go down. Instead, they would be used to pay down earlier debt obligations more quickly.
In that scenario, the city would likely return to voters with a new set of bond proposals, he said.
Denver voters have passed almost all bond packages in recent years. In 2021, voters rejected one bond ballot measure from a package proposed by then-Mayor Michael Hancock, which would have helped build a 10,000-seat arena for the National Western Center campus. They passed the other measures in that package, totaling about $260 million.
Can the city afford new debt in a budget crisis?
Some voters may wonder how Denver, which is in the midst of a major budget crisis, can afford to take on so much debt.
City officials say the reason is that the budget difficulties are isolated to the city’s general fund, which is separate from what’s used to pay bondholders back. Since they were approved by voters for a specific purpose, property taxes dedicated to debt payments can’t be used for city operations.
Ratings agencies have graded the city as having the highest bond score, meaning they believe the city is able to pay its bondholders back.
What projects would the new bond pay for?
Here’s a breakdown of each ballot item and the types of projects they would cover.
Ballot Issue 2A: About $441 million of the bond would go toward 14 transportation and mobility projects. Here are some of the most costly ones:
$89 million for improvements to the West Eighth Avenue viaduct. This is the most expensive project in the entire package. It has also received scrutiny because it’s next door to the Burnham Yard site where the Denver Broncos plan to build their next stadium. $50 million for repairs and improvements on the West Sixth Avenue viaduct, which is also near the future stadium site. $75 million for the construction of a new underpass and an extension of Bettie Cram Drive at the National Western Center. $55.3 million for multimodal improvements on West 38th Avenue.Ballot Issue 2B: About $175 million would go to 21 parks and recreation projects. Some of the biggest projects include:
$70 million for the buildout of Park Hill Park, which is set to open to the public for limited use this month. $20 million to acquire a site for a southeast recreation center and skate park. $15 million to rebuild the outdoor pool at the Aztlan Recreation Center, 4435 Navajo St.Ballot Issue 2C: This measure would dedicate $30 million to a family health clinic and a children’s advocacy center.
Ballot Issue 2D: About $244 million would be earmarked for 18 proposed improvements of city facilities, including libraries, community centers and the Denver Animal Shelter. That includes:
$75 million for the construction of a new combined facility for sheriff, fire and police training. $35.1 million for an expansion and accessibility improvement for the backstage area of Red Rocks Amphitheatre. $20 million for the design and construction of a new American Indian Cultural Embassy. $20 million for Boettcher Concert Hall improvements.Related Articles
As Denver voters consider Vibrant Denver bond, past approved projects show “it’s not over until they’re built” Park Hill Golf Course could get $70 million to become one of Denver’s largest parks if bond package passes Denver’s $950 million bond package approved for November ballotBallot Issue 2E: Another $60 million would fund housing affordability initiatives, including $45 million for investments in new affordable housing and efforts to prevent the displacement of lower-income people as neighborhoods see new development.
More details on all of the projects, along with a map of their locations, are available on the city’s website.
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