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Arapahoe County signals approval for Oxford Vista land-bank plan and awards $1.2M in private activity bonds to Progress Park bundle
Summary
County housing staff proposed purchasing 7.5 acres for the Oxford Vista campus extension (potentially up to ~432 units over multiple phases) and recommended allocating $1.2 million in private activity bonds to the Progress Park bundle; commissioners gave consensus 'thumbs up' to move both items forward to the consent process.
Arapahoe County housing staff asked the Board to advance two housing actions: (1) allocate a $1.2 million tranche of private activity bonds (PABs) to the Progress Park bundle and authorize South Metro Housing Options to administer the bonds for Grovewood Community Development; and (2) pursue a county land-banking purchase of 7.5 acres adjoining the Oxford Vista campus as the first step in a multi-phase affordable housing expansion.
Staff said the $1.2 million in PABs would be applied to a bundle that includes Fox Apartments, Lauralee Apartments and Regal Apartments and recommended the board move the allocation to the consent agenda. On the Oxford Vista proposal, staff described a large-scale concept for up to approximately 432 units across six buildings (phase 1 would develop roughly 140+ units on the upper portion of the site). The project would be rental housing with the county baseline recognizing 80% AMI eligibility and staff saying most units would likely target about 60–65% AMI; staff had not yet finalized a breakdown across deeper AMI bands (30/40/50%).
Staff noted necessary next steps would include environmental assessments, appraisals and feasibility work. They said the county could apply for land-banking funds (Prop 1 23) if its application is approved and flagged that the state requires ground-breaking within a defined window for some land-banking grants.
Commissioners indicated unanimous support to advance both items: staff reported “five thumbs up” to move the Oxford Vista Extension Project forward for more due diligence and to allocate $500,000 for predevelopment activities in addition to the conceptual approval of the land-bank approach. Commissioners also approved moving the PAB allocation to the consent agenda. Staff emphasized that any purchase price would be subject to appraisal; they will not pay above appraised value.
Next steps: staff will proceed with predevelopment studies, pursue applicable land-banking grant applications, return with appraisals and a procurement path for the housing authority or developer role, and place the PAB allocation on the consent agenda for formal approval.
