The Denver City Council has approved a series of measures that will enable the owners of the Denver Summit FC professional women’s soccer team to build a 14,500-seat stadium at the site of the old Gates Rubber Factory.
According to coverage from Denverite.com, the city will release $50 million for the purchase and improvement of the land and another $20 million for improvements to the surrounding neighborhood. In the event the team should relocate from the city, the city will retain ownership of the land.
The $70 million budgeted for the project came from moving several projects out of the capital improvement fund. Those projects will be funded by interest dollars collected from a 2017 bond package. The city projected that onsite work could exceed initial estimates, but the team’s ownership will have to pay for any work that exceeds the $50 million allocated by the city for land usage.
Last week, the team signed a legally binding document with several neighborhoods adjacent to the planned stadium’s site that involves the launch of a community investment fund and an art fund partnership with local schools and community groups.
“This is a monumental day for South Broadway, for women’s soccer and for women’s sports, and for Denver as a whole,” said Mayor Mike Johnston, in a statement.
However, the council was not unanimous in supporting this endeavor.
“We’re letting them build this private stadium on land that will be owned by a public entity, which means they will not have to pay property taxes ever on that land,” said Councilmember Sarah Parady, who added city funds would be better spent on affordable housing and social services.
This is America. H1bs will love it. Americans will take the tax hike.