The City and County of Denver will pursue issuance of the $274 million in voter-approved revenue bonds to support construction of the National Western Center campus and the Colorado Convention Center Expansion projects. The investment in the two programs is expected to have an estimated $10 billion economic impact on the regional economy and will support nearly 7,200 jobs over the next three years.
Denver Mayor Michael Hancock
“As we transition from rescue to recovery, it is critical that we maintain strong investments in public infrastructure and projects approved by Denver voters. These investments create good-paying jobs and economic opportunities for thousands of residents and businesses that have been burdened by the COVID-19 pandemic,” said Mayor Michael B. Hancock.
After experiencing historic impacts from COVID-19, the city’s tourism revenues are expected to begin rebounding later this year as more people are vaccinated. Issuing the remaining bond funds this spring will take advantage of favorable market conditions, minimize market and financial risks, and ultimately lock in a low, fixed cost of funds for the programs.
The proposal to issue 2C revenue bonds is the next action the Hancock Administration is taking to rebuild the local economy. In October 2020, the city moved forward a plan to inject $170 million into the local economy to create jobs and stimulate economic activity in Denver and the region with the largest issuance of the Elevate Denver general obligation bonds for city-led projects to date, with nearly 75 percent directed toward construction and construction-related activities citywide.
The upcoming measure 2C revenue bond issuance will include $98 million for the Colorado Convention Center Expansion project and $175.8 million for continued construction of the National Western Center campus.