🗳️ Denver Election Guide 2021: Click here for links to information about election initiatives in Denver and Colorado, candidates for school boards, and general voting questions.
Mayor Michael Hancock’s administration wants voters to approve $ 450 million in bonds to pay for numerous projects across the city. This amount will be divided into five questions on your voting slip.
This is the act by which it is specifically asked to take out loans to pay for park and recreation projects and improvements. It calls for $ 54.1 million to be borrowed.
You will see the following language on the voting slip:
The aim is to increase Denver city and county debt by $ 54,070,000 with a maximum repayment amount of $ 93,118,000 without anticipating an increase in the current city tax rate for general debt servicing based on the projected appraisal of the city , will the proceeds be used? for repairs and improvements to Denver’s parks and recreation systems, including, but not limited to:
- Development and construction of two new parks in Northeast Denver and South Denver; and
- Improvements in parks, including replacement of playground and recreational equipment, replacement and restoration of sports fields and fields; and
- Critical infrastructure improvements, including the renovation and construction of toilets and the rebuilding of the swimming pool in Mestizo-Curtis Park;
By issuing and paying generally binding bonds, promissory notes, loan agreements or other multi-year financial liabilities, which are included in a manner determined by the city and with conditions that do not deviate therefrom (use of the proceeds to be publicly reported by the city annually); and is intended to increase city ad valorem property tax with no rate cap but not more than $ 10,000,000 annually in amounts sufficient to cover the principal, premium, if any, and interest on those financial obligations to pay or reserve for the same; and the city is empowered to enter into financial commitments to repay or refinance the financial commitments approved in this matter, provided that such repayment of the financial commitments in connection with other outstanding financial commitments approved in this matter does not exceed the maximum permitted principal amounts or repayment costs on this matter ?
How would it work?
They vote on whether the city should issue general bonds. So if you vote yes to 2D, you’re allowing the city to borrow money to pay for things like replacing playgrounds in community parks; Replacement of sports fields and fields across the city; and improvements and constructions of toilet facilities across the city. It would also be worth building a new park in the University Hills neighborhood, renovating the boathouse on Sloan Lake and the pool at Mestizo-Curtis Pool.
These bonds are not associated with a tax hike; However, it is possible that the city could raise taxes in the future to repay these bonds. The loan amounts include money to pay for the project as well as so-called contingencies; So basically, additional money that a cushion offers in the event that the originally estimated amount is not enough.
Who is for and who is against?
Hancock and city CFO Brendan Hanlon are driving this bond package as part of the city’s general recovery from the pandemic. The city believes these projects will help create jobs and bring more money to the city by improving and maintaining these spaces.
The RISE Denver political body supports this and all other borrowing efforts. The Denver election papers show no current organized opposition group or campaign for this portion of the bond motion.