In January, the state announced a $6.8 million renovation of a home that was recently sold.
A second home was also added to the sale, which includes upgrades to plumbing, heating and air conditioning.
The home was built in 1963 and had been purchased for $5,000, according to the city of Boulder.
The city is working to recoup the investment, but the repair is expected to cost about $6 million.
The city’s spokesman, Brian Smith, said the home will be renovated to a higher standard than the previous homes.
“It is the same, it’s just upgraded, and that will be an added $2,000 to the bill,” Smith said.
“The original home has been in the market for many years and it’s not as good as it could have been.
I think that’s a credit to the owners of the home.”
The renovation will include a $2.6 million price tag and will include replacing the walls, floors, ceiling, windows, and doors.
Smith said the owners are paying for the renovation through a private loan and are expecting to pay off the loan within three years.
In 2016, the city purchased two houses for $2 million each, Smith said, adding that both homes are in the process of being sold.
“They are both sold, so we’re going to be taking a look at that property,” he said.
Smith said Boulder is still working to make the upgrades to the home as it has previously done to the other homes.
He said the upgrades are being done to ensure the safety of the people living there.
Boulder officials said the city has not made any major changes to the properties.