A resolution that would gradually release $800 million over 35 years to provide financial support for the National Western Equestrian Center project was approved by the Denver City Council by a 9-4 vote Monday night.

Council members had previously delayed approving the project support agreement to allow for more community conversations between National Western representatives, city officials and residents.

The city’s approval of the agreement marks the final asset required to complete the initial phases of the 2015 voter-approved master plan and opens the door to further development in the Triangle.

“There is no more cherished tradition in Denver than the Stock Show,” said Denver Mayor Mike Johnston in a statement. “Today, we are further committing to carrying that feeling throughout the rest of the year with events, entertainment, and a renewed dedication to putting people to work and improving the lives of neighbors through sustained – and lasting – trust and partnership.”

Historical challenges with the proposed measure have centered around a community investment fund created to support residents of nearby Globeville, Elyria and Swansea impacted or displaced by the project.

Leery residents say they want a more transparent and more predictable funding mechanism, rather than waiting on annual payments, which some fear could change should the project encounter problems. Residents have proposed that the city pay a $16 million lump sum upfront into the CIF to ensure funds are available as the years go by.

City finance officials say that’s not possible because the taxpayer-approved 2C funds on the table are restricted funds specifically identified for projects at the convention center and the National Western Complex.

Sarah Lake, who led the “No on the Arena” bond effort four years ago, when voters rejected using taxpayer dollars to build a new National Western arena, said supporters of the community investment fund are prepared to file an injunction to halt the disbursement of the funds should the city approve the agreement.

“I strongly urge you to consider the will of the voters and the will of the community members to find a win-win solution where this development can move forward, where we can continue to invest in National Western but to do so in a way that is inclusive of the community and maximizes the benefits for those that are going to be most impacted by these developments.”

“Our goal has always been to build more than just buildings — we’re building a place that brings people together for the best 16 days in January and beyond,” said Wes Allison, President and CEO of the National Western Stock Show. “The new Equestrian Center will provide year-round opportunities to attract not only equine enthusiasts but also some of the nation’s most prestigious horse shows to Denver. It will solidify Denver’s reputation as a premier destination with state-of-the-art facilities designed to serve the industry and community for generations to come.”

The 4,500-seat horse-centric center, along with its 160-room full-service hotel, a parking garage and income-restricted workforce housing, will create jobs and could contribute hundreds of thousands of dollars to the CIF through a 1% hotel room fee and a “round-up” which would allow National Western retail customers to “round up” their purchases at the center.

Construction on the equestrian center project is slated to begin in fall 2025, with community engagement continuing throughout the full campus build-out.