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Advanced Mobile Home Park residents form council and pursue resident ownership with Commerce City, Thistle Rock help
Summary
Residents of the Advanced Mobile Home Park have formed an official residents council and are working with the Colorado Poverty Law Project and Thistle Rock Residential to pursue a resident-owned community; Commerce City is engaged to explore subsidy or low'interest support to close a purchase financing gap on an $11 million asking price.
County staff updated commissioners on the Advanced Mobile Home Park sale and the residents' effort to pursue resident ownership with technical and subsidy support.
Staff said the residents have formed the Advanced Residents Council (ARC), adopted bylaws and retained Colorado Poverty Law Project (CPLP) as counsel. Park representatives and CPLP have been pursuing options after the park owner listed the property; staff said the owner had initially set a combined asking price across assets at $13 million and, in a separate sales structure, $11 million for Advanced alone.
County staff reported a recent conversation with Commerce City and Thistle Rock, a nonprofit partner that helps convert parks to resident ownership. All parties agreed purchasing the park outright at the full asking price is not currently feasible without subsidy. Commerce City is now working with neighborhood partners and Thistle Rock to explore a capital stack that could include a $3 million to $5 million subsidy or low'interest loan and resident equity, with Thistle Rock assisting as the prospective owner/operator. Staff said the resident group needs one additional signature from residents to reach the 80% participation threshold commonly required to form a resident'owned community.
Staff asked the board not to issue a formal rejection of the pending sale in order to allow the Nov. 20 deadline to expire and give the resident'led effort more time to pursue subsidies and finalize signatures. Staff said they would remain engaged, provide technical assistance and keep the board informed of developments.
Ending: Staff will continue outreach to residents, Commerce City and Thistle Rock and return with updates. Commissioners did not act on any financing commitments during the study session.
