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Council approves $885,000 commitment for Liberty Apartments to secure affordable units under Prop 1-2-3
Summary
The council approved a development agreement and supplemental funding commitment for Aspire Residential’s Liberty Apartments project at 2651 Stacy Drive, tying city payments to completion of 72 phase-one units and to state Prop 1-2-3 award conditions.
The Grand Junction City Council voted 7–0 on April 2 to approve a development agreement and city funding commitment for the Liberty Apartments, a 192-unit project proposed by Aspire Residential LLC at 2651 Stacy Drive.
City staff presented an agreement that commits roughly $885,531 in city support for phase one (72 units) of the Liberty Apartments project, subject to performance conditions in the agreement. Council adopted Ordinance No. 52 54 on final passage.
Why it matters: The city’s commitment is intended to leverage state affordable-housing programs (the transcript refers to state “Prop 1-2-3” equity or concessionary-debt programs) and secure long-term rent restrictions on a portion of the phase-one units. The development would count toward the city’s Prop 1-2-3 goals and, if financed as envisioned, increase available deed-restricted affordable housing in the city.
Agreement terms and…
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