A bill for an ordinance approving a proposed First Amendment to Intergovernmental Agreement for Stadium Site Project between the City and County of Denver and Broadway Station Metropolitan District No. 1, Amends the 2025 Intergovernmental Agreement for Stadium Site Project (2025 IGA) between the City and County of Denver and the Broadway Station Metropolitan District No. 1, in Council District 7. Amends the 2025 Intergovernmental Agreement for Stadium Site Project (2025 IGA) between the City and County of Denver and the Broadway Station Metropolitan District No. 1, in Council District 7 (FINAN-202578484/FINAN-202578484-01). The last regularly scheduled Council meeting within the 30-day review period is on 1-5-2026. The Committee approved filing this item at its meeting on 12-10-2025.

This ordinance approves the First Amendment to the 2025 Intergovernmental Agreement (IGA) for the Stadium Site Project at the former Gates Rubber Factory site (I-25 & Broadway, Council District 7) with the Broadway Station Metropolitan District No. 1. The amendment clarifies and updates the City's financial commitments and responsibilities for the mixed-use development, which includes a potential professional women's soccer (NWSL) stadium.

Key Provisions:

• Total City Contribution: The City's public investment is capped at $70 million. This includes $50 million for land acquisition and on-site public infrastructure, and up to an additional $20 million for off-site public infrastructure.
• North Pedestrian Bridge: The City will provide separate funding for a North Pedestrian Bridge connecting the site to the RTD Broadway Station. This funding will not reduce the $20 million allocated for other off-site improvements and may come from State/federal grants or Regional Mill Levy revenue.
• TIF Revenue Sharing: Any available Tax Increment Financing (TIF) revenues from the redevelopment, after existing district obligations, will be shared 90% with the redeveloper and 10% with the City to offset public infrastructure costs.
• Project Scope: Public improvements include roads, bridges, walkways, public accessibility, parking, lighting, traffic/safety controls, utilities, security, fire protection, community space, and park/recreation improvements (e.g., Vanderbilt Park).
• Funding Source: The $50 million for on-site improvements comes from Denver’s Capital Improvement Program (CIP), specifically from ~$65 million in interest earned on the Elevate Bond Program. The $20 million for off-site improvements is subject to future appropriation.
• Timeline: Property sale is expected to close in 2025, with on-site work beginning Q1 2026. The Santa Fe Yards project is projected to open in 2028.
• Community Benefits Agreement (CBA): A CBA was reached on December 4, 2025, with West East Neighbors United (WENU), addressing social equity, transportation, infrastructure, culture, environment, business, and labor.

This amendment facilitates the redevelopment of the long-vacant Gates Rubber Factory site into a mixed-use area, potentially including a professional women's soccer stadium, and will bring significant public infrastructure improvements. The City's $70 million investment (plus North Bridge funding) comes from existing capital funds and bond interest, not new taxes. Residents will benefit from enhanced public access, new community spaces, and economic stimulus, with a Community Benefits Agreement in place to address neighborhood concerns.

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