The Commerce City Urban Renewal Authority (URA) approved a consent for an early transfer of part of Tract F to the Commerce City Housing Authority, enabling the housing authority to accept an award of approximately $4.74 million from the Colorado Housing and Finance Authority (CHFA) to support construction of about 120–124 for‑sale, deed‑restricted homes in the Greyhound Park area.

Rita Connerly, counsel for Tract F LLC and Del West (the tract owner/developer), asked the URA to consent to an early transfer because a certificate of occupancy attached to Tract F LLC will not be issued until 2026 and CHFA required the housing authority to own the parcel before a November 19 award deadline. Connerly said the 2020 deed that transferred land to Tract F LLC restricted transfers to non‑affiliated entities until a certificate of occupancy was issued; the URA’s consent removes that timing restriction for the portion to be transferred to the housing authority.

Del West representatives and the housing authority told the URA the CHFA award would be used as part of a capital stack to bring roughly 120 for‑sale condominium units to the site targeted at buyers earning roughly 70–90% of area median income (AMI). Del West said the developer expects to price units in the approximately $299,000 to under $400,000 range if successful and to structure long‑term affordability through land‑use restrictions and resale formulas. Del West testified the award would be structured as a forgivable loan to the housing authority and would reduce the acquisition cost of the land to support lower sales prices.

The URA also considered a related amendment to a payment‑in‑lieu‑of‑taxes (PILOT) declaration for the parcel that would allow the housing authority to terminate the declaration under terms acceptable to the authority and permit the authority to receive payment‑in‑lieu revenue for a period so the authority still has funds to meet URA obligations. URA counsel and Del West presented a draft amendment and said copies had been placed in escrow.

Urban renewal commissioners asked several questions about who benefits, tax treatment, and how the project interacts with the URA’s TIF structure. Del West said the CHFA award and the project’s total development budget would be substantially larger than the land acquisition funds; estimates cited in the meeting placed total project costs in the tens of millions. Commissioners also discussed income limits: public documents cited by the developer placed a 70% AMI income threshold for a family of four at roughly $91,280, 80% at $104,320 and 90% at $117,360 (figures provided at the hearing).

After discussion the URA voted to approve the consent and related form documents; the motion passed with eight commissioners in favor and four opposed.

What this means: The housing authority will be able to accept the CHFA award and proceed with land acquisition and a development partnership with Del West. The URA will continue to negotiate the PILOT amendment that sets how payment‑in‑lieu revenues will flow to the authority while protecting URA obligations. The project is subject to future site‑specific development approvals and the housing authority’s final acceptance of the CHFA award and financing structure.

Votes at a glance: URA resolution authorizing early transfer of part of Tract F and related PILOT amendment — passed 8–4.