BROOMFIELD, Colo. — The 1stBank Center in Broomfield will close later this year after Broomfield officials unanimously voted on Tuesday night to end its agreement with the arena's operator Peak Entertainment.
The Broomfield Urban Renewal Authority’s Board of Directors voted to close the facility for good on Nov. 30. The city is likely going to tear down the 16-year-old event center and sell the land the arena sits on.
Another parcel of land that the city owns near the 1stBank Center, which is located off of the Wadsworth Parkway and US 36 interchange, would be included in the potential sale bringing the total footprint to 22 acres.
City council said the 6,500-seat event center never reached its full potential in hosting sporting events, concerts and other events since opening in late 2006.
The arena never made a profit, city council members said Tuesday night.
The center was built for $45 million and financed by issuing nearly $60 million in bonds. The city council said there's still more than $34 million owed on the event center's bond.
The arena, which is owned by the Broomfield Urban Renewal Authority (BURA), pulled millions of dollars from other urban renewal zones in Broomfield to cover the repayment of its bonds. The city said by the time BURA pays off the arena's bonds, it will have paid around $135 million total.
Other factors city council cited in their decision were the costs associated with having police and paramedics staff the events.
The city said it takes 15-26 officers to work concerts and events. EMTs have been called to respond to 738 medical calls at the center since 2016, city officials said.
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