We fund and campaign hard on issues that matter to the CRE industry. Our leadership is committed to digging into the ballot items, even if you don’t want to. Your ballots arrive soon. Be ready.
DMCAR Supports Denver 2A-E; Yes to $450M for 88 Projects
DMCAR leadership supports a Yes vote on 2A-E, the $450M bond proposal aimed at funding 88 projects across Denver. Payments on the bond will not be made through increased taxes. Projects include converting the historic National Western Arena into a Public Market and building a newly constructed National Wester Arena to host concerts, sporting events and EXPOs. Additional projects include the much-anticipated 5280 Urban Trail, 300 miles of sidewalks and 300 rooms to support Denver’s unhoused population. It is projected to create $1B in economic activity and 7,000 new jobs.
DMCAR Opposes Denver 304; No to Sales Tax Cap
DMCAR is a No vote on 304, a citizen’s initiated proposal that would move Denver’s sales tax from 4.81 percent to 4.5 percent and attempt to lock it in place. This would ratchet down the City budget each year, and potentially cause cuts to some of DMCAR’s legacy projects such as Denver Preschool and homeless housing. Future ballot proposals could be written to include a release from the cap, creating a budget that honors our most current concepts for funding and slowly diminishing legacy.
DMCAR Opposes Denver 2F; No to Removing Affordable Housing Option
DMCAR is a No vote on 2F, a proposal to repeal the now successful Group Living Ordinance. While the Group Living Ordinance needed work, DMCAR and like-organization partners supported changes such as limits on cars parked on the street, limits to care facilities and no allowance for correctional facilities or single room rentals. The Ordinances works well today. Repeal would cause the coalition to begin again with a new imperfect proposal.
DMCAR Supports Colorado Ballot Proposition 120
Today’s ballot item Proposition 120 aims to stabilize and lower assessment rates, for both residential and commercial property classifications. Commercial will decrease from 29% to 26.4% and residential will move from 7.1% to 6.5%. It is an estimated 9% decrease in property tax for both residential and commercial. This is the first time in nearly 40 years that commercial real estate has had an opportunity to reduce property taxes. While the proposal will reduce what the state would have collected in property taxes without the proposal, it is important to note that the state will collect more property taxes this cycle than it ever has before and that many commercial real estate owners will pay their biggest property tax bills to date. This revenue proposal is more stable for Colorado than the previous Gallagher Amendment; Proposition 120 maintains both the commercial and residential rates, whereas with Gallagher, the residential rate ratcheted down at each cycle.