Denver Mayor Mike Johnston’s bond proposal could eventually cost the city’s taxpayers close to $2 billion, officials said Monday night.

The City Council received input from more than 100 residents at a public hearing on the proposed bond package and asked questions regarding Denver’s bond capacity and AAA bond rating.

Citing economic uncertainty, the city’s Department of Finance has recommended that the bond not exceed $950 million. But the total cost could exceed that amount — if the bond’s terms were extended beyond six years.

City officials said they are being cautious to maintain Denver’s AAA bond rating, which keeps the cost of borrowing money low.

When asked about the amount of interest the city would pay on the bond over time, city officials said that the total cost would be approximately $2 billion.

“Generally, our rule of thumb is anywhere between one and a half to two times the par amount is what we repay over time,” Denver Chief Financial Officer Nicole Doheny said.

More than 118 people signed up to speak during the one-hour allotted timeframe regarding the proposed project list, which includes 59 items dealing with transportation, parks, recreation, health and human services, city facilities, housing and shelter.

The City Council still needs to make a decision on the bond package, but they made amendments, which will be included when it comes back for a final vote.

Among the most talked about projects were repairs and improvements to the viaducts for 6th and 8th avenues, which carry a combined price tag of $140 million.

While repairs are needed for the aging structures, critics have said that parts of the projects seem like a backdoor “carrot” for the Broncos.

Some residents, noting the recent cyclists’ deaths, called for Johnston to reconsider infrastructure repairs along the viaducts.

“We shouldn’t pay for projects benefiting the mayor’s weekly conversations with sports owners while ignoring community-requested safety improvements that benefit everyone, pedestrians, cyclists, and drivers alike,” said District 3 resident Sam Schooler. “Please recommend the 13th and 14th Avenue safety projects and the Broadway bike lane instead of bridge repairs.”

Johnston released an updated project list reflecting the latest round of revisions just hours before Monday’s meeting, including an additional $15 million for an American Indian Cultural Embassy.

The additional funding for the center brings the cost to $20 million and raises the total bond package to $950 million, according to the new project list published Monday by the city.

Assuming the council agrees to put the roughly $1 billion bond measure on the ballot before Aug. 25, voters will decide on the measure in the Nov. 4 election.

Should Denver default on the bond — an unlikely scenario — it would be “really catastrophic” for the city in the markets, , Doheny said.

“It would likely be difficult for us to raise future bonds. It would likely increase our borrowing rate on those bonds, which would reduce the amount that we were able to borrow for things, and it would make us less able to respond to financial challenges and investment needs that we have,” she said.

As envisioned by the city, nearly half of the bond funding (46%) would be allocated to transportation and mobility projects, including streets, bridges, and improvements to enhance traffic and pedestrian safety.

About 25% of the funds would be allocated to improvements at city facilities, including libraries, community centers, and the animal shelter. Additionally, capital maintenance support would be provided for popular places, such as Red Rocks, the Botanic Gardens, the Denver Zoo Conservation Alliance, and the Denver Art Museum.

Improving and expanding parks and recreation infrastructure accounts for approximately 19% of the bond, and 7% would be used for ADA improvements to housing and shelter facilities as well as adding new affordable housing.

Another 3% would be used to expand a family health clinic and build a children’s center.

Johnston has a mixed record when it comes to pushing spending and borrowing measures at the ballot box.

Last year, voters approved a sales tax hike, estimated to generate $70 million annually, to support Denver Health.

They also approved a measure authorizing $570 million in city bonds, with a total repayment cost of up to $847 million. The Denver Downtown Development Authority will use this funding to finance public facilities and improvements, including public spaces, infrastructure and other developments.

Voters, however, rejected the mayor’s proposal to increase the sales tax by $100 million to fund housing projects.