The city would invest up to $70 million toward land acquisition and improvements connected to Denver’s professional women’s soccer stadium, according to a presentation by Mayor Mike Johnston’s administration that was posted online Wednesday.
In March, Johnston and the National Women’s Soccer League team ownership group announced the plans for the 14,500-seat stadium at the Santa Fe Yards on about 14 acres in Denver’s Baker neighborhood. But several City Council members, whose approval is needed for the purchase and rezoning of the land, have said they need details on the cost before they will commit to supporting the project.
The city’s dollars would go toward purchasing the land near Broadway and Interstate 25, necessary infrastructure updates, and improvements to bike and pedestrian access and parkland amenities around the site. The stadium site is west of the I-25/Broadway light-rail station. The city already owns a portion of the land — an undeveloped park called Vanderbilt Park East.
The city proposes to pay for the bulk of its investments in the project through its Capitol Improvement Program “by capitalizing on our positive interest performance from (the) Elevate Bond,” according to the presentation. Voters approved that 10-year, $937 million general obligation bond program in 2017 to support city and community projects.
The money has generated tens of millions of dollars in interest income — though that money would not be tapped directly for the stadium, instead being used to free up capital improvement dollars by shifting other projects to Elevate interest funding.
The city’s finance department was set to present the details of the proposal to the council’s South Platte River Committee Wednesday at 1:30 p.m. The committee won’t yet vote on whether to forward the proposal to the full council.
The city will be able to spend up to $50 million for the on-site development and up to $20 million for off-site improvements if the council approves the proposal, according to the presentation. The soccer team, which hasn’t been named yet, has agreed to build the stadium.
Property records indicate the total value of the land, where the former Gates Rubber Co. once sat, is about $24 million. But sale prices often fluctuate beyond valuations.
According to the presentation, “at least” $50 million would be tapped from the city’s capital improvement fund. That money would be freed up by shifting funding for several projects like the 16th Street Mall renovation — which was paid for both from the Elevate Denver Bond program and other sources — to draw from Elevate’s interest account.
The source of the remaining $20 million is still unclear.
The larger Gates redevelopment site, which covers more than 40 acres on both sides of the tracks, already had tax-increment financing approved to support public investment aiding redevelopment there. The TIF fund was set up to collect potentially tens of millions of dollars from the growth in property and sales taxes that’s attributable to redevelopment of the land in coming years.
Wednesday’s stadium presentation says city officials plan to work with the Denver Urban Renewal Authority “to explore whether there may be TIF (money) available after the existing and future infrastructure reimbursement obligations are repaid to cover some of the remaining $20 million in costs” for the stadium investments.
This is a developing story that will be updated.
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