Hearing on Up to $42 Million in Bonds for East Colorado Housing Project Pulled From Council Agenda

A public hearing on up to $42 million in tax-exempt bonds for a rental housing project at 2000 E. Colorado Blvd. was pulled from Tuesday’s Pasadena City Council agenda, with no reason given publicly and no new date set.

Early in the meeting, Mayor Victor Gordo confirmed that the item, a Tax Equity and Fiscal Responsibility Act hearing, would not be heard. It was later announced that the hearing was canceled and “will be re-noticed.” No explanation was offered.

The council had been asked to approve a plan of finance under which the California Municipal Finance Authority, not the city, would issue up to $42 million in exempt facility bonds for the benefit of 2K Colorado, LP.

Two speakers addressed the project during public comment.

Erica Foy asked why financing would be approved before the Design Commission completes its review. She described a 78-foot building where the usual height limit is 39 feet, significantly reduced open space and only 64 parking spaces for 144 apartments.

Foy asked whether the property would qualify for a property tax exemption and how much revenue the city would forgo. She asked whether the city should keep a running total of the potential property tax revenue it gives up.

She tied the question to the additional tax for city fire stations that residents are being asked to consider.

“I think many of us have reached our limit on being asked for more money,” Foy said.

PA Brown described the project as 143 rental units of 100% affordable housing along East Colorado Boulevard, a part of the city that he said needs more multifamily housing. He said it could bring more students to the schools that would serve the building, which he said are significantly under capacity, and urged the city to fast-track such projects.

The council’s Housing, Homelessness and Planning Committee meets at 5 p.m. Wednesday in the City Council Chamber at Pasadena City Hall.

The council took no action on the bond item Tuesday.