Spotlight On: City Ballot Issue 2D
Boulder City Ballot Issue 2D asks if the current Housing Excise Tax of $0.49 per square foot be removed from all residential development and instead applied to only non-residential development - and also be increased to between $3.00 and 7.00 per sq. ft. based on building category (i.e. commercial office space, retail, institutional, etc.) Read the details>>>
The Boulder Chamber opposes this tax switch that places the burden of funding the city's Affordable Housing Program on a specific segment of the community - a program ostensibly with a community-wide benefit. While the commercial sector could be doing more to carry its own weight, the Board is concerned this measure could alienate partners in development and prompt them to build (and upgrade property) elsewhere entirely.
Consider as an example, a $7.00 per sq. ft. tax on a typical $200 per sq. ft. project is 2 - 3% of the total project budget - that is too much of an increase (and this is on top of other development fee and tax increases already this year). As the Affordable Housing Program is currently being reviewed as part of a 24-month process this tax change should be deferred until questions as to how the affordable housing program will spend the money are answered.
We strongly urge you to vote no on Boulder City Ballot Issue 2D. |
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