A wide variety of new housing, transportation, and parks projects may soon see work in Denver owing to a vote by the city council green lighting the bonds for those projects.
The approved general obligation bonds represent the funding mechanism for the Elevate Denver program, a $937 million general improvement proposal passed by Denver voters in the fall of 2017.
The Elevate Denver bond package was a series of individual bond questions pertaining to specific transportation, cultural facility, library, and parks projects, all of which were passed by well over 65% of the voters.
The bond issuance now approved by the city council will see $161 million going for transportation and mobility projects, and just over $39 million for parks construction and upgrade projects.
A smaller $29.4 million is slated for facility work within the city’s vast library system.
Altogether, some 50 individual projects are slated to be funded through the bond issuance.
As approved by the council, the bonds are backed by Denver’s credit worthiness and are paid back over a period stretching into the decades via property tax revenue.
By Garry Boulard
