Economy

Funding:

The I-70 East project is projected to cost $1.7 billion dollars to build. This project will demolish the aging I-70 east viaduct, which is the raised portion of the highway, and reconstruct the highway in a similar, but larger, space, from I-25 to Tower Road.; The project will also add lanes to the highway to increase capacity, and construct a four acre cover over the highway near Swansea Elementary. Annual maintenance costs will be $11.3 million dollars per year, in 2016 dollars. Funding for Phase One of the project will come from four sources:

  • The Colorado Bridge Enterprise Safety Surcharge: $850 Million

  • Two Surface Treatment Programs of the Denver Regional Council of Governments (DRCOG): the Surface Treatment Program-Metro and the Surface Treatment Program-Congestion Mitigation/Air Quality (CMAQ): $50 Million

  • Colorado Senate Bill 09-228 Transfers (State of Colorado funds): $180 Million

  • The City of Denver: $37 Million.

There is also a related cost, of $173 million, for a ‘two basin drainage project’ to alleviate drainage and flooding issues in North Denver. CDOT contributed $54 million to the City of Denver, to help fund the project. Project opponents question why the drainage project was not included in the environmental impact statement, if it is related to the project.

As the largest project that CDOT has ever taken on, critics question the huge cost of the highway amidst an already existing transportation funding gap. Others, including state legislators, have questioned the use of a public private partnership (or, a P3) for the management and maintenance of the highway. This arrangement will lead to the private entity providing funding for the project up front, and CDOT will pay for the project over ....

Outcomes:

CDOT predicts the project will lead to social and economic improvements to the Denver region, because residents will be able to to move around the Denver region better. However, there are negative economic impacts at the neighborhood level, including the destruction of 56 homes and 18 businesses to make way for the highway. CDOT will assist residents who must be relocated with financial help and through relocation services. The economic futures of the relocated residents will change considerably as their neighborhood changes: in 2012, there were no available rental homes available in Elyria and Swansea or surrounding neighborhoods, showing that dislocated residents will likely need to move. 13 businesses and one nonprofit will need to be relocated from Elyria and Swansea, 3 from Northeast Park Hill, and 1 from Stapleton. The relocation of these businesses may result in the loss of jobs, services, or local spending in neighborhood, depending on if the businesses are able to locate in the neighborhood or not.

The housing demolitions will have an important impact on affordable housing: due to the housing demolitions, the neighborhood will lose 56 affordable housing options. The Urban Land Conservancy has asked CDOT to pay for replacing the affordable housing lost in the neighborhood: estimating that $14.5 million would be required to ensure that affordable options remain in the neighborhood. CDOT has allocated $2 million to support affordable housing in the neighborhood, but clearly this would only cover a tiny portion of the amount of affordable housing lost.

Beyond demolitions, the highway expansion will dramatically affect housing prices in the rest of the neighborhood. The economic value of the homes that are not torn down will be impacted: many houses will now be located significantly closer to the highway than they were before, closer to the noise and air pollution that highways create. Some homes will be newly located next to a highway. These effects are not studied in the Final Environmental Impact Statement’s Chapter on Relocations and Displacements. Instead, CDOT anticipates that the neighborhood will be positively impacted by the installation of the highway cover and public community space, due to its improvements to neighborhood cohesion.

Finally, the five-year construction period will have significant impacts on the economic vitality of this neighborhood. The neighborhood will be divided by a huge construction zone, which will limit connectivity and access to public services.

Funding:

The I-70 East project is projected to cost $1.7 billion dollars to build. This project will demolish the aging I-70 east viaduct, which is the raised portion of the highway, and reconstruct the highway in a similar, but larger, space, from I-25 to Tower Road.; The project will also add lanes to the highway to increase capacity, and construct a four acre cover over the highway near Swansea Elementary. Annual maintenance costs will be $11.3 million dollars per year, in 2016 dollars. Funding for Phase One of the project will come from four sources:

  • The Colorado Bridge Enterprise Safety Surcharge: $850 Million

  • Two Surface Treatment Programs of the Denver Regional Council of Governments (DRCOG): the Surface Treatment Program-Metro and the Surface Treatment Program-Congestion Mitigation/Air Quality (CMAQ): $50 Million

  • Colorado Senate Bill 09-228 Transfers (State of Colorado funds): $180 Million

  • The City of Denver: $37 Million.

There is also a related cost, of $173 million, for a ‘two basin drainage project’ to alleviate drainage and flooding issues in North Denver. CDOT contributed $54 million to the City of Denver, to help fund the project. Project opponents question why the drainage project was not included in the environmental impact statement, if it is related to the project.

As the largest project that CDOT has ever taken on, critics question the huge cost of the highway amidst an already existing transportation funding gap. Others, including state legislators, have questioned the use of a public private partnership (or, a P3) for the management and maintenance of the highway. This arrangement will lead to the private entity providing funding for the project up front, and CDOT will pay for the project over ....

Outcomes:

CDOT predicts the project will lead to social and economic improvements to the Denver region, because residents will be able to to move around the Denver region better. However, there are negative economic impacts at the neighborhood level, including the destruction of 56 homes and 18 businesses to make way for the highway. CDOT will assist residents who must be relocated with financial help and through relocation services. The economic futures of the relocated residents will change considerably as their neighborhood changes: in 2012, there were no available rental homes available in Elyria and Swansea or surrounding neighborhoods, showing that dislocated residents will likely need to move. 13 businesses and one nonprofit will need to be relocated from Elyria and Swansea, 3 from Northeast Park Hill, and 1 from Stapleton. The relocation of these businesses may result in the loss of jobs, services, or local spending in neighborhood, depending on if the businesses are able to locate in the neighborhood or not.

The housing demolitions will have an important impact on affordable housing: due to the housing demolitions, the neighborhood will lose 56 affordable housing options. The Urban Land Conservancy has asked CDOT to pay for replacing the affordable housing lost in the neighborhood: estimating that $14.5 million would be required to ensure that affordable options remain in the neighborhood. CDOT has allocated $2 million to support affordable housing in the neighborhood, but clearly this would only cover a tiny portion of the amount of affordable housing lost.

Beyond demolitions, the highway expansion will dramatically affect housing prices in the rest of the neighborhood. The economic value of the homes that are not torn down will be impacted: many houses will now be located significantly closer to the highway than they were before, closer to the noise and air pollution that highways create. Some homes will be newly located next to a highway. These effects are not studied in the Final Environmental Impact Statement’s Chapter on Relocations and Displacements. Instead, CDOT anticipates that the neighborhood will be positively impacted by the installation of the highway cover and public community space, due to its improvements to neighborhood cohesion.

Finally, the five-year construction period will have significant impacts on the economic vitality of this neighborhood. The neighborhood will be divided by a huge construction zone, which will limit connectivity and access to public services.


Funding:

The NWC is a three phase project with the first two phases costing $1.1 billion. It will be funded through state and Denver city taxes as well as private contributions. $121.5 million comes from the State of Colorado via the Regional Tourism Act, $250 million from the State for the CSU Center, $16.2 million from CSU for equipping the equestrian center, $473m from Denver taxes via Denver’s visitors tax on hotel rooms and car rentals, $50m from NWSS, and $197m of funding has not been determined. In addition, the project is a partnership with Denver Museum of Nature and Science and History Colorado to host events and exhibits as well as Visit Denver who will help promote the campus as a national tourist destination. Finally, the purpose of this public investment is to spur private development and private-public partnerships (P3) within Denver and the National Western campus. The city’s strategy to attract private development is to show a visionary plan, public sector commitment, and public investment.

Outcomes:

The benefits of investing nearly one billion dollars in NWC has both local and global impacts. On a global level, the area may become the "Silicon Valley of Agriculture" through the CSU investment in ag-science and agribusiness. For the city, the area serves as the northern gateway into the city and is a historic, unique, and exciting part of the city. The NWSS has been there ever since it began in 1906 and this project will keep it in Denver for another 100 years. This also is Hancock's attempt to fulfill his promises of investing in every neighborhood especially those that have not prospered coming out of the Great Recession. For the neighborhoods of Globeville, Elyria, and Swansea it means public investment in infrastructure, reconnecting the neighborhoods to the city, job opportunities and workforce development opportunities from the economic drivers. Specifically, incubator spaces are creating new industry in the area and NWC offers a place to sell goods.

Funding:

The NWC is a three phase project with the first two phases costing $1.1 billion. It will be funded through state and Denver city taxes as well as private contributions. $121.5 million comes from the State of Colorado via the Regional Tourism Act, $250 million from the State for the CSU Center, $16.2 million from CSU for equipping the equestrian center, $473m from Denver taxes via Denver’s visitors tax on hotel rooms and car rentals, $50m from NWSS, and $197m of funding has not been determined. In addition, the project is a partnership with Denver Museum of Nature and Science and History Colorado to host events and exhibits as well as Visit Denver who will help promote the campus as a national tourist destination. Finally, the purpose of this public investment is to spur private development and private-public partnerships (P3) within Denver and the National Western campus. The city’s strategy to attract private development is to show a visionary plan, public sector commitment, and public investment.

Outcomes:

The benefits of investing nearly one billion dollars in NWC has both local and global impacts. On a global level, the area may become the "Silicon Valley of Agriculture" through the CSU investment in ag-science and agribusiness. For the city, the area serves as the northern gateway into the city and is a historic, unique, and exciting part of the city. The NWSS has been there ever since it began in 1906 and this project will keep it in Denver for another 100 years. This also is Hancock's attempt to fulfill his promises of investing in every neighborhood especially those that have not prospered coming out of the Great Recession. For the neighborhoods of Globeville, Elyria, and Swansea it means public investment in infrastructure, reconnecting the neighborhoods to the city, job opportunities and workforce development opportunities from the economic drivers. Specifically, incubator spaces are creating new industry in the area and NWC offers a place to sell goods.


Funding:

Projects that have been proposed to rebuild Globeville include, enhancing 45th Avenue as a main street,  improving Washington Street, developing the 41st and Fox Station,  maintaining stable industrial and employment areas and redeveloping the ASARCO Site. At this time, very few of the proposed projects have a detailed dollar amount related to them; however, all changes that take place in the neighborhood of Globeville will have an effect (positive and or negative) on the economy. Potential funding opportunities include tax base support through the city’s annual budget, bonds, and tax revenues from new development, grants from public and private individuals, and the creation of special districts.

Outcomes:

There have been many proposed changes and plans to help make the neighborhood of Globeville a healthier place for people to live and to protect the charm of the neighborhood. The anticipated changes in the Globeville neighborhood can have a significant economic impact on the community. The planned outcomes for the neighborhood of Globeville include, showcasing the uniqueness and history of Globeville, development of a land use plan that balances the needs of residents and business and industry, development of an effective storm drainage and water quality system, development of a park system, improvement of access to jobs, housing, neighborhood services, and education, and a balanced transportation and street network. The hope is that the planned outcomes will lead to a safer and healthier neighborhood and economic success for the current residents of Globeville.

Funding:

Projects that have been proposed to rebuild Globeville include, enhancing 45th Avenue as a main street,  improving Washington Street, developing the 41st and Fox Station,  maintaining stable industrial and employment areas and redeveloping the ASARCO Site. At this time, very few of the proposed projects have a detailed dollar amount related to them; however, all changes that take place in the neighborhood of Globeville will have an effect (positive and or negative) on the economy. Potential funding opportunities include tax base support through the city’s annual budget, bonds, and tax revenues from new development, grants from public and private individuals, and the creation of special districts.

Outcomes:

There have been many proposed changes and plans to help make the neighborhood of Globeville a healthier place for people to live and to protect the charm of the neighborhood. The anticipated changes in the Globeville neighborhood can have a significant economic impact on the community. The planned outcomes for the neighborhood of Globeville include, showcasing the uniqueness and history of Globeville, development of a land use plan that balances the needs of residents and business and industry, development of an effective storm drainage and water quality system, development of a park system, improvement of access to jobs, housing, neighborhood services, and education, and a balanced transportation and street network. The hope is that the planned outcomes will lead to a safer and healthier neighborhood and economic success for the current residents of Globeville.


Funding:

Projects that have been proposed to rebuild Elyria and Swansea include, updating residential areas (specifically on 47th Avenue and York Street), focusing on industrial areas (connect 52nd avenue), moving forward with the I-70 reconstruction project, development of new light rail stations (40th and Colorado and 38th and Blake), and the development of the Denver Public Schools site directly across Brighton Boulevard. At this time, very few of the proposed projects have a detailed dollar amount related to them; however, all changes that take place in the neighborhoods of Elyria and Swansea will have an effect (positive and or negative) on the economy. Potential funding opportunities include tax base support through the city’s annual budget, bonds, and tax revenues from new development, grants from public and private individuals, and the creation of special districts.

Outcomes:

There have been many proposed changes and plans to help make the neighborhoods of Elyria and Swansea healthier places for people to live and to protect the charm of the neighborhoods. The anticipated changes in the neighborhoods of Elyria and Swansea can have a significant economic impact on the communities. The planned outcomes for the neighborhoods of Elyria and Swansea include, showcasing the uniqueness and history of Elyria and Swansea, development of a land use plan that balances the needs of residents and business and industry, development of an effective and manageable storm drainage and water quality system, development of a park system, improvement of access to jobs, housing, neighborhood services, and education, and a balanced transportation and street network. The hope is that the planned outcomes will lead to safer and healthier neighborhoods and economic success for the current residents of Elyria and Swansea.

Funding:

Projects that have been proposed to rebuild Elyria and Swansea include, updating residential areas (specifically on 47th Avenue and York Street), focusing on industrial areas (connect 52nd avenue), moving forward with the I-70 reconstruction project, development of new light rail stations (40th and Colorado and 38th and Blake), and the development of the Denver Public Schools site directly across Brighton Boulevard. At this time, very few of the proposed projects have a detailed dollar amount related to them; however, all changes that take place in the neighborhoods of Elyria and Swansea will have an effect (positive and or negative) on the economy. Potential funding opportunities include tax base support through the city’s annual budget, bonds, and tax revenues from new development, grants from public and private individuals, and the creation of special districts.

Outcomes:

There have been many proposed changes and plans to help make the neighborhoods of Elyria and Swansea healthier places for people to live and to protect the charm of the neighborhoods. The anticipated changes in the neighborhoods of Elyria and Swansea can have a significant economic impact on the communities. The planned outcomes for the neighborhoods of Elyria and Swansea include, showcasing the uniqueness and history of Elyria and Swansea, development of a land use plan that balances the needs of residents and business and industry, development of an effective and manageable storm drainage and water quality system, development of a park system, improvement of access to jobs, housing, neighborhood services, and education, and a balanced transportation and street network. The hope is that the planned outcomes will lead to safer and healthier neighborhoods and economic success for the current residents of Elyria and Swansea.


Funding:

As of 2015, the City of Denver committed over $44 million to support infrastructure improvements in the RiNo area, preparing it to become the “northern gateway” into the City. The City’s investment will provide funding for RiNo Park, improvements to Brighton Boulevard, two walking bridges, and planning for other side-street improvements. To add to the City’s funding, the nonprofit RiNo Art District supported the creation of a General Improvement District (GID) and Business Improvement District (BID) in the RiNo area. The GID and BID raise money for other new projects and services for the area from added taxes put on residents and businesses within their borders.  The BID will pay for marketing and business support to promote the Art District, and the GID will pay for structures such as lights, trees, irrigation on Brighton Boulevard, and South Platte riverfront improvements and roads. 

Outcomes:

RiNo is being talked about as Denver’s “trendy” and “up-and-coming” North Denver neighborhood, and the real estate market, both commercial and residential, is exploding. Rental rates and the cost of for-sale properties aren’t expected to go down anytime soon. Many private developers, such as Zeppelin Development, and investors are moving into the neighborhood to refurbish old industrial buildings, and construct new ones, for commercial and residential spaces, leading to higher values. Property and home prices have seen yearly double-digit increases. Commercial property has gone up from about $6 per square foot to $100 per square foot in the last 15 years. Although RiNo’s special districts and the strong real estate market have created new business and residential opportunities for those who can afford them, the added tax burden of these new districts and rising real estate costs are no longer affordable for many smaller businesses and long-time residents.

Funding:

As of 2015, the City of Denver committed over $44 million to support infrastructure improvements in the RiNo area, preparing it to become the “northern gateway” into the City. The City’s investment will provide funding for RiNo Park, improvements to Brighton Boulevard, two walking bridges, and planning for other side-street improvements. To add to the City’s funding, the nonprofit RiNo Art District supported the creation of a General Improvement District (GID) and Business Improvement District (BID) in the RiNo area. The GID and BID raise money for other new projects and services for the area from added taxes put on residents and businesses within their borders.  The BID will pay for marketing and business support to promote the Art District, and the GID will pay for structures such as lights, trees, irrigation on Brighton Boulevard, and South Platte riverfront improvements and roads.

Outcomes:

RiNo is being talked about as Denver’s “trendy” and “up-and-coming” North Denver neighborhood, and the real estate market, both commercial and residential, is exploding. Rental rates and the cost of for-sale properties aren’t expected to go down anytime soon. Many private developers, such as Zeppelin Development, and investors are moving into the neighborhood to refurbish old industrial buildings, and construct new ones, for commercial and residential spaces, leading to higher values. Property and home prices have seen yearly double-digit increases. Commercial property has gone up from about $6 per square foot to $100 per square foot in the last 15 years. Although RiNo’s special districts and the strong real estate market have created new business and residential opportunities for those who can afford them, the added tax burden of these new districts and rising real estate costs are no longer affordable for many smaller businesses and long-time residents.


Funding:

The Brighton Boulevard Redevelopment Project was conceived by the city of Denver in 2014. The project outlines improvements to the street including sidewalks, bike paths, drainage, street lighting and landscaping. The goal for these improvements is to make Brighton Boulevard an attractive street that will draw people and businesses. The City and County of Denver has dedicated $26 million for roadway construction and the newly formed RiNo General Improvement District will provide an additional $3M for things like sidewalk accent lighting, trees, landscaping and pavings. Construction will begin in early 2016 and be completed in 2017. Small and disadvantaged businesses registered with the city of Denver will be awarded a portion of the $26 million funding, for street improvements.  Some new buildings along Brighton Boulevard are funded in part by Tax Increment Financing (TIF).

Outcomes:

Included in the improvements are 2.6 miles of cycling track, 2.6 miles of sidewalk, 1.3 miles of concrete roadway, 300+ LED pedestrian lights, 50+ street lights, 6 traffic signals, 80+ parking spaces, 400+ trees, 28,000 sq. ft. of water quality treatment, 100+ benches, 30+ wayfinding signs, 30+ bike racks, 30+ trash receptacles. The city of Denver benefits from increased tax revenue from both property tax and sales tax on goods sold. Residential developers benefit by charging rents in large, densely populated buildings, while retail businesses will face a street with new pedestrian traffic. Values of properties facing Brighton Boulevard will increase from the street improvements, and homeowners’ property values will likely increase due to the demand to live in the area. Of course, these value increases come with the consequence of increased rent for those currently in the area, meaning those who cannot afford the new prices will be forced to relocate.

Funding:

The Brighton Boulevard Redevelopment Project was conceived by the city of Denver in 2014. The project outlines improvements to the street including sidewalks, bike paths, drainage, street lighting and landscaping. The goal for these improvements is to make Brighton Boulevard an attractive street that will draw people and businesses. The City and County of Denver has dedicated $26 million for roadway construction and the newly formed RiNo General Improvement District will provide an additional $3M for things like sidewalk accent lighting, trees, landscaping and pavings. Construction will begin in early 2016 and be completed in 2017. Small and disadvantaged businesses registered with the city of Denver will be awarded a portion of the $26 million funding, for street improvements.  Some new buildings along Brighton Boulevard are funded in part by Tax Increment Financing (TIF).

Outcomes:

Included in the improvements are 2.6 miles of cycling track, 2.6 miles of sidewalk, 1.3 miles of concrete roadway, 300+ LED pedestrian lights, 50+ street lights, 6 traffic signals, 80+ parking spaces, 400+ trees, 28,000 sq. ft. of water quality treatment, 100+ benches, 30+ wayfinding signs, 30+ bike racks, 30+ trash receptacles. The city of Denver benefits from increased tax revenue from both property tax and sales tax on goods sold. Residential developers benefit by charging rents in large, densely populated buildings, while retail businesses will face a street with new pedestrian traffic. Values of properties facing Brighton Boulevard will increase from the street improvements, and homeowners’ property values will likely increase due to the demand to live in the area. Of course, these value increases come with the consequence of increased rent for those currently in the area, meaning those who cannot afford the new prices will be forced to relocate.


Funding:

No funding was specifically outlined in the River North Greenway Plan. However, the South Platte Corridor Study does include estimates for the Alternative 1 Plan of the River North Catalytic Site, the area between 38th Street and Denargo Street along the river (on the west) and to Union Pacific railway (on the east). These estimates total over $80,500,000 for planning, design, and construction of the larger residential and commercial projects in this area but also include building the parks, courtyards, stormwater management, and pedestrian walkways along the river corridor at the intersection of Arkin’s Court and 35th Street (as mentioned in the River North Greenway Plan). Funding estimates include support from private investors as well as funds from State and Federal grants, City Staff resources, and EPA assessment grants.

Outcomes:

It’s estimated that over $73 million in investment in the River North Catalytic site could create over 200 construction jobs and 180 permanent jobs.The City also anticipates seeing increased funds raised from taxes from residents spending in the redeveloped area.

Funding:

No funding was specifically outlined in the River North Greenway Plan. However, the South Platte Corridor Study does include estimates for the Alternative 1 Plan of the River North Catalytic Site, the area between 38th Street and Denargo Street along the river (on the west) and to Union Pacific railway (on the east). These estimates total over $80,500,000 for planning, design, and construction of the larger residential and commercial projects in this area but also include building the parks, courtyards, stormwater management, and pedestrian walkways along the river corridor at the intersection of Arkin’s Court and 35th Street (as mentioned in the River North Greenway Plan). Funding estimates include support from private investors as well as funds from State and Federal grants, City Staff resources, and EPA assessment grants.

Outcomes:

It’s estimated that over $73 million in investment in the River North Catalytic site could create over 200 construction jobs and 180 permanent jobs.The City also anticipates seeing increased funds raised from taxes from residents spending in the redeveloped area.