Civic Center Update - April 23, 2019

6 months ago

Read the April 23, 2019 council memo here.

Update summary - With the cost and revenue estimates and financial model, the development partners have been meeting with City staff on a regular basis. The meetings are now occurring on a semi-weekly basis. The meetings are to negotiate a development agreement for the Civic Center. These discussions include the formation of a new urban renewal district, and formation of a metropolitan district and likely a business improvement district, all of which are necessary to address the financial gap. Staff will be requesting in May, approval of a pre-development agreement with the development partners that will obligate Broomfield to provide $400,000 for additional civil engineering and design services. These additional services will allow for refinement of cost estimates, enhancing confidence for all parties on the financial risks involved.

A timeline for the overall project may be viewed here.

At the conclusion of the steps outlined in the MOU, it is expected that a development agreement will be drafted and considered by the parties with firm commitments for the project plan, financing plan, timeline, and final product in October of this year. Discussion on zoning strategies are also underway and preparation of zoning documents will commence shortly.