Denver, CO
Agency releases claim on $5 million of $7.5 million owed for new Broncos stadium
When the Colorado Department of Transportation’s investment arm had the chance to buy the idle Burnham Yard from Union Pacific in early 2021 for $50 million, money was tight.
CDOT turned to the Colorado Office of Economic Development and International Trade for a $7.5 million loan, which, together with a $7.5 million down payment from the High Performance Transportation Enterprise or HPTE, allowed a $35 million commercial bank loan to move forward in May of that year.
The deal was touted as a once-in-a-generation opportunity that would allow Interstate 25 between Colfax and Santa Fe to be widened and straightened. The purchase could improve transit access, including serving as a potential hub for a Front Range Passenger Rail line.
Not only would frustrated commuters gain back the countless hours of time they were losing to a poor road design, but chances were good that CDOT could make money on flipping the land it didn’t need.
Definitely enough to repay OEDIT, Shoshana Lew, CDOT’s executive director at the time, reassured commissioners.
None of that is happening.
CDOT will sell the 58 acres of Burnham Yard to the Denver Broncos, who are looking to build a new stadium on the site, for $45.8 million, less than what it paid.
After a deeper dive, CDOT nixed its original plans for transit improvements and found the land was more contaminated than expected. It also realized that straightening out I-25 was going to cost billions of dollars it didn’t have.
But not all was lost. A $4 billion football stadium and entertainment district will go into the area, with transit upgrades to serve that new use.
And as for the $7.5 million loan that is owed to OEDIT, only $2.5 million will go back into the state’s Strategic Fund, which is used to recruit employers and fund economic development programs across the state.
The fund has about $3.8 million left.
“What we are asking for today is to convert $5 million of the $7.5 million overall loan into a grant to make the rest of the infrastructure commitments that we’ve made happen,” Lisa Kaufmann, strategic adviser to Gov. Jared Polis, told the Economic Development Commission on Thursday morning.
The money would help fund a relocation of the main rail line, improve road access from Interstate 25, and eliminate three at-grade rail crossings.
For the “modest investment” in public infrastructure, the state would get billions of dollars in private investment, Kaufmann said.
And if that weren’t enough to sway the commissioners, Kaufmann reminded them that the reason the Strategic Fund even had the dollars to lend out was that she had lobbied to get $40 million in American Rescue Plan Act funds in there.
That $1.9 trillion federal program included $350 billion to help state and local governments recover from the pandemic.
After going into an executive session, the commissioners approved the request.
Colorado lost jobs last year and is struggling to add residents, an area that the Strategic Fund helps address.
But the state also faces a $1.5 billion shortfall for the upcoming fiscal year, a gap more severe than what it faced in 2021 when it borrowed the $7.5 million from OEDIT.
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DENVER (KDVR) — Police are on the scene of a shooting on Thursday at the Montbello Recreation Center.
The Denver Police Department initially reported the shooting happened in the 15000 block of East 23rd Avenue.
Police said a juvenile was pronounced dead at the scene.
There is no suspect in custody at this time, but officers said they are gathering suspect information.
Anyone with information regarding the incident is asked to contact Metro Denver Crime Stoppers at 720-913-7867.
This is developing news. FOX31 will update.
DENVER (KDVR) — Morning sunshine helps to warm metro Denver highs on Thursday, but there could be some severe storms in the plains this afternoon.
Weather today: Plains storms
Denver will see mainly sunny skies Thursday morning, allowing for temperatures to climb into the upper 60s with some late clouds. Storms can fire up in the afternoon and push across the plains in the evening.
There is a slight risk for severe storms in the eastern plains, with chances for gusty winds, isolated large hail and the potential for a tornado. Keep an eye on the sky this afternoon.
Weather tonight: Extra clouds
Clouds from the afternoon will linger as the showers and storms push east on Thursday night. Overnight lows will end up in the lower 40s with a light wind.
Looking ahead: Warmer and drier weekend
Friday finishes off the workweek with mostly sunny skies, small storm chances and mild highs in the lower 40s. Saturday kicks off the holiday weekend with partly to mainly sunny skies with seasonal highs in the lower 70s.
Sunday is a little warmer as highs hit the 80-degree mark with mostly sunny skies. Memorial Day has a small chance for a late storm as highs reach the lower 80s and Denver sees partly cloudy skies.
Tuesday keeps temperatures in the lower 80s with a mix of sun and clouds and small storm chances. Wednesday also has small storm chances in the afternoon with extra clouds and mild highs near the 80-degree mark.
DENVER (KDVR) — More below normal temperatures and rain showers are in the Denver weather forecast ahead of Memorial Day weekend.
Rain showers will start to taper off just in time for puck drop of the Colorado Avalanche game, and temperatures will stay seasonally cool, in the 50s.
Denver weather tonight: Showers ending
Rain showers will wrap up Wednesday night, followed by clearing clouds. Low temperatures will fall to the upper 30s, which is about 5 degrees cooler than normal for this time of year.
Denver weather Thursday: Afternoon showers
Clouds will build back in on Thursday ahead of afternoon showers and thunderstorms. High temperatures will climb to the mid-60s, which is still nearly 10 degrees cooler than normal for this time of year
Looking ahead: Warmer Memorial Day Weekend
Friday will start with a few morning showers, with the better chance for a few showers and thunderstorms returning by the evening. Temperatures will be cooler, and only reach the lower 60s, which is about 10 degrees below normal.
Warmer weather moves in for Memorial Day weekend. Saturday, temperatures will be near seasonal and reach 70 degrees with plenty of sunshine. More sunshine in the forecast will help to boost highs toward 80 degrees on Sunday, then lower 80s are in the forecast on Monday, alongside a few afternoon showers and thunderstorms.
The chance for more showers is in the forecast Tuesday and Wednesday with temperatures slightly above normal, and climbing to the mid-70s.
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