Council Rejects Mayor's Deal for Downtown Auto Repair Site
Denver City Council has rejected Mayor Mike Johnston's bid to buy a shuttered auto repair shop at the edge of downtown.
We're being asked to buy downtown property in a depressed real estate market where nearly everything is for sale and no one is buying.
The council voted 7-4 to reject a proposed purchase agreement for the former Goodyear property at 1460-1480 Tremont Place, with the city set to pay $2.5 million for the 0.29-acre site.
The plan was to build income-restricted housing at the site through a ground lease deal with a developer.
However, council members expressed concern over the use of contingency funds for the purchase.
Author's summary: Council rejects mayor's $2.5 million deal.
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