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Staff recommends considering opt-in to Prop 1-2-3 Cycle 2; staff estimates a 275-unit obligation
Summary
Planning staff reviewed Prop 1-2-3 Cycle 2 options and estimated Broomfield's Cycle 2 obligation at 275 units; staff warned financing gaps and formula changes increase delivery risk but recommended pursuing an opt-in and exploring waiver options with DOLA.
Planning Manager Brandon Rowe summarized Broomfield's Prop 1-2-3 Cycle 1 performance and the choice before council on whether to opt into Cycle 2 (2027'29). He said Broomfield permitted 331 eligible income-aligned units during Cycle 1 against a minimum commitment of 166 units and that the state's new obligation formula, which uses a three-year average of local building permits and a DOLA job-growth factor, yields an estimated Cycle 2 obligation of "275 units." (Brandon Rowe).
Rowe cautioned that many later-stage pipeline projects lack secured financing, which creates risk that Broomfield may not deliver permitted units even if projects are ready. Staff recommended two formal steps before the end of the calendar year to opt in: adopt a resolution committing to Cycle 2 by Nov. 1 and adopt an ordinance establishing an expedited review process by Dec. 31. Council members expressed support for pursuing the opt-in while continuing to pursue waivers and relief if financing shortfalls occur.
