For months, residents of San Lazaro Mobile Home Park have been racing to counter a $42.5 million offer for their park from an anonymous buyer. They fear a new owner could raise rents or sell the land beneath their homes, potentially displacing longtime residents.
Now, the City of Boulder is offering a $1.3 million loan to help them buy the property themselves — far less than residents had hoped for, and with a condition that could bring millions in additional costs.
The loan would be forgiven if the park is annexed into Boulder. But residents, who live just outside city limits, do not want to take on the estimated $8 million to $10 million cost of connecting the park to city services. The city has offered to help offset those expenses with loans and grants, but how much residents would ultimately have to pay remains unclear…