DENVER — The City and County of Denver has announced it will pursue issuance of the remaining $274 million in voter-approved revenue bonds to support construction of the National Western Center campus and the Colorado Convention Center expansion projects.
Denver officials said in a release the investment 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.
> Above video: Construction of the National Western Center in 2020.
"As we transition from rescue to recovery, we are making this investment at a critical point for our city," said Denver Mayor Michael B. Hancock. "These investments create good-paying jobs and economic opportunities for thousands of residents and businesses that have been burdened by the COVID-19 pandemic."
In 2015, Denver voters passed measure 2C, which authorized city funding for construction of phases 1 and 2 of the National Western Center campus and for upgrades and expansion of the Colorado Convention Center.
The upcoming 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.
"Infrastructure investments work to recharge our local economy, as we know well from the Great Recession, and we will deploy these same tools here combined with an equity lens to support our economic and financial recovery," said Hancock.
The City of Denver said that as more people are vaccinated, the city’s tourism revenues are expected to begin rebounding later in 2021.
"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," said a release from the city.
The issue is scheduled to appear before the Denver Finance and Governance Committee on Tuesday, Feb. 23.
PHOTOS: CSU Spur campus at National Western Center
The expansion of the Colorado Convention Center will include a new 80,000-square-foot multipurpose room, renovated lobby and outdoor rooftop terrace. The city said the expansion should allow for an estimated 25 additional events each year.
Construction on the National Western Center began in 2019, four years after Denver City Council adopted the master plan and Denver residents voted to fund construction. The project is scheduled for completion by 2024, according to the National Western Center website.
Organizers opted to postpone the 115th National Western Stock Show by one year and will resume the event in January 2022 due to the COVID-19 pandemic. The 2022 show will run from Jan. 8 to Jan. 23, 2022.
The 16-day event, Colorado's largest agricultural event, typically includes nearly 900 booths and draws about 700,000 people annually. The event carries a $100-million economic impact.
9NEWS is a corporate partner of the National Western Stock Show.
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