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Council approves lease and LOIs for 4.42‑acre Salt Flats affordable housing parcel; Brickwell moves to seek LIHTC financing
Summary
The council adopted an ordinance and two resolutions allowing a 99‑year lease of 4.42 acres in the Salt Flats for an affordable housing project, and authorized letters of intent for a land contribution and potential joint venture while Brickwell pursues Low‑Income Housing Tax Credit financing.
Grand Junction City Council on Aug. 20 adopted an ordinance and two companion resolutions approving a 99‑year lease for approximately 4.42 acres of city‑owned Salt Flats property and authorizing nonbinding letters of intent that would allow Brickwell LLC to pursue Low‑Income Housing Tax Credit (LIHTC) financing for an affordable housing project.
The ordinance (Ordinance 52-75) authorizes the city manager to sign a lease for roughly 4.42 acres at 45028 Road to Brickwell. Council adopted the ordinance on final passage by a unanimous 7–0 vote. Two resolutions followed by unanimous votes: one (Resolution 51-25) authorizes the city manager to sign a letter of intent to explore a joint‑venture relationship contingent on Brickwell’s LIHTC award; the other (Resolution 52-25) authorizes a letter of intent describing a proposed in‑kind land contribution valued at $2,520,000 and a purchase/sale pathway for roughly 4.42 acres, contingent on financing.
City staff and the…
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