The Littleton City Council rejected a request to waive a special tax on the recent sale of the Alta Aspen Grove apartment complex, meaning the development’s new owners must pay $96,475 to the city.
The property, next to the Aspen Grove shopping center on South Santa Fe Drive, was sold last year to the APTCO Aspen Grove Limited Partnership group for $56.7 million. APTCO asked the council to waive a special tax that was placed on the apartments when the property was first rezoned from commercial to residential in 2007.
The special tax of 0.17 percent, called a real estate transfer assessment, was placed on the sale of units to compensate Littleton for the loss of retail space and the additional services it would provide to the property.
In the original language of the rezoning, Littleton included an exemption of the tax for the original owner, Quadrant Acquisitions, if it sold 50 percent or more of the property to another buyer. APTCO argued the exemption should apply to the current owners of the property along with any future owners.
Yet the City Council denied the request and didn’t move to change the language of the tax exemption to include the current or future owners.
A request for an interview with APTCO’s legal counsel was not returned by press time.
Contact Ramsey Scott at firstname.lastname@example.org or 303-933-2233, ext. 22, and follow him on Twitter @RamseyColumbine.