Commercial Land and Multifamily
I-25 and Highway 7
Northlands is comprised of approximately 132 acres. The first property was acquired in February 2005, while the second and third parcels (approximately 10.02 acres and 0.8 acres) closed December 13, 2006. Ownership and the City of Broomfield created a Tax Revenue Sharing Agreement that provides the Metro District with $50,900,000 in net proceeds for public improvements. This agreement has the ability to run in perpetuity, based on signed agreement. An important component of this agreement is the fact that the City capped the dollar amount and notthe maximum capacity of the development, providing flexibility to obtain the maximum amount of dollars, not being as dependant on the interest rate as we would be if the amount was determined by the capacity provided by the development.
Ownership completed a rezone of approximately 15 acres to multi-family within the overall development for approximately 350 units.