A briefing on a proposed Tax Increment Finance (TIF) sharing agreement with the Wheat Ridge Urban Renewal Authority covered development scale, housing mix and incentive terms.

Adele Montoya and Chris (last name not specified in transcript) told commissioners the financial analysis showed an 85/15 split (85% to the Urban Renewal Authority / developer, 15% to Jefferson County) as the base agreement. The redevelopment site spans about 145 acres south of 30th Avenue and west of Wadsworth Boulevard with an anticipated 1,310 residential units and about 10,000 square feet of commercial space. The residential breakdown staff cited: ~11% single-family detached (approx. 144 units), ~21% townhomes (approx. 271 units), and ~68% multifamily (approx. 895 units).

Staff said the developer could be eligible for 100% of the incremental tax if it committed to deliver 10% of the total units as affordable housing at up to a specified AMI level or deliver senior housing; subsequent negotiations revised that language so senior housing would count toward the 10% but at least 50% of the qualifying units must be income-restricted. Commissioners discussed whether income limits for senior-restricted units should be 100% of area median income (AMI) or up to 120% AMI; commissioners favored the more flexible 120% AMI cap to help the “missing middle.”

Board direction and follow-up: The board gave staff direction to adopt the modified option (requirement that at least 50% of qualifying units be income-restricted and allow up to 120% AMI for qualifying units) and to proceed with finalizing the agreement for placement on the consent agenda for a future hearing. Staff said the URA and developer were agreeable to the revised terms and that staff would update the agenda memo to reflect the negotiated language.

Ending: Staff thanked county and city teams and planned to return with a corrected briefing/agenda item for hearing and final action.