At the Nov. 18 meeting, Austin Taylor, CRA project manager, outlined a proposed disposition of a 2.33-acre CRA parcel in the Depot District (roughly between 600 West, Dancy Drive, 100 South and 50 South) and recommended releasing a land-sale RFP by the end of the year.

Taylor said the parcel appears in decades of planning documents — including the Depot District project-area plan and the more recent Rio Grande District plan — and that staff’s RFP preferences would require ground-floor artist space, favor family-size and for-sale residential units, and indicate a preference for vertical farming where feasible.

"The reason why we're proposing to sell this is because the Rio Grande District project needs significant funding for the infrastructure," Taylor said, explaining that an outright sale would provide the one-time cash infusion necessary for streets, pipes and shared parking garages.

Board members raised concerns that an outright sale could reduce the city's leverage to require affordable or local-serving retail and could incentivize self-storage or parking garage uses that do not provide community benefit. "When we sell it to a developer, the lease rates go up," said Board member Duggan, noting a risk that high rents would exclude local businesses and residents.

Staff replied that the CRA can include deed restrictions or development agreements that specify required uses and that such restrictions would reduce the sale price. They also described standard protections: recording a development agreement that remains on title until a certificate of completion is issued, and, in many cases, a right of reversion or right to repurchase if the developer fails to build required elements.

Staff emphasized uncertainty about market responses (for example, whether developers would propose multifamily residential or partial self-storage) and said testing the market through an RFP would provide better information about likely proposals. No formal action was taken; staff sought board input on the proposal and the balance between maximizing sale proceeds for infrastructure and preserving long-term public benefits.

Staff said the RFP timeline anticipates proposals submitted in early 2026, with selection and negotiation targeted for the second quarter of 2026. The board asked staff to explore deed restrictions, potential ground-lease alternatives, and how development agreements and enforcement will be structured to preserve community benefits if a sale proceeds.

No sale or lease was approved during the meeting; staff will return with further details as the RFP is drafted.