Denver moves forward with preliminary funding plans for NWSL stadium
The measure now heads to the full City Council
Denver is closer to getting a new women’s soccer stadium downtown than it was a couple of weeks ago, as members of the Platte River Committee voted unanimously on Wednesday to move forward with a bill to approve an intergovernmental agreement between the city and the Broadway Station Metropolitan District.
The bill now moves out of committee and is expected for final reading before the full City Council on May 12.
Game changers for the proposed agreement included removing language within the IGA that stated the city was responsible for future costs of the North Pedestrian Bridge, and removing language about the details of the tax increment financing distribution method called “waterfall.”
Committee members expressed more comfort with the city’s proposed plan, crediting extended discussions between the parties and an in-person tour of the property located near I-25 and Broadway.
The vote affirms Denver’s commitment to this project; however, no money will change hands until after a community process, a City Council vote on rezoning, and a budget appropriation ordinance, officials said.
Backers of the project also committed to developing a community benefits plan.
Under terms of the agreement between the city and the Broadway Station Metropolitan District, the city would provide as much as $70 million to acquire land for the stadium, connect adjacent neighborhoods and make public improvements to the bike, pedestrian and park infrastructure.
The ownership group, led by IMA Financial Group CEO Robert Cohen, would pay up to $200 million for the construction of the stadium, which is still in the design phase.
To help sell the stadium project, backers pointed to an economic impact study released last week by city economists, which projects that the 14,500-seat stadium and entertainment district could generate up to $2.2 billion in economic output over a 30-year period and create more than 1,000 new jobs.
“If Council approves this project and we move forward with it, then we’ll have the second purpose-built stadium for professional women’s soccer in the world,” said Jeff Dolan, chief strategy officer to Mayor Mike Johnson.
