The Denver City Council gave key approval Monday night to plans setting the stage for a $47.9 million tax-based city subsidy for redevelopment of the former University of Colorado Health Sciences Center.
Continuum Partners plans a $419 million project with apartments, for-sale housing, office space and retail on the 26-acre property at East Ninth Avenue and Colorado Boulevard. Previous developers’ plans have faltered amid difficult market conditions and neighborhood opposition, but Continuum has attracted wide support.
The subsidy will come in the form of a tax-increment financing (TIF) plan in which the Denver Urban Renewal Authority issues bonds to be repaid by sales and property taxes generated by the development.
The council approved a trio of related proposals 11-0, with member Jeanne Faatz, a frequent critic of TIF subsidies, applauding this one.
Jon Murray: 303-954-1405, jmurray@denverpost.com or
