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HomeMy WebLinkAboutResolution-1986-1009 RESOLuTION NO. 1009 SERIES OF 1986 TITLE: A RESOLUTION SUPPORTING THE METROPOLITAN CONVENTION CENTER. WHEREAS, a new three hundred thousand square foot exhibition space convention center is a major economic development; and WHEREAS, two hundrea thousand new visitors will spend nearly two hundred million dollars attending conventions; and WHEREAS, the area has been designated in an area bounded by Broaaway, Cherokee, 13th Avenue and 11th Avenue; and WHEREAS, the City of Denver has provided a method of financing a moaern, competitive facility; and WH~REAS, the Denver Regional Council of Governments' Convention Center Metropolitan Financing Task Force, after numerous public meetings and discussions, recommended statewide financial assistance for an appropriate portion of the center, specifically for the land for the center, by way of an appropriation from the Colorado General Assembly; and WHEREAS, the Council of Local Governments resolved that the State of Colorado enact legislation ana funding commensurate with benefits that will be realized by the entire metropolitan area and the State of Colorado. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO: SECTION 1. That the City of Wheat Ridge supports the recommendation of the D.R.C.O.G. Convention Center Task Force. S~CTION 2. That the Wheat Ridge City Council requests the Colorado General Assembly, and specifically the Representatives and Senators representing Wheat Ridge to provide the necessary assistance to acquire the land for the proposed convention center. DONE AND RESULVED this 24th day of November, 1986. '--F, " /. f-r;-l ------~~~~~~~~---------- Frank Stites, Mayor ATTEST: . , I "I ,! , ~; 1 ___ " I / ~ I I ','~ t "',-_ '- /_~ L L.-j'.'t--;:_.- wandaSa~g , -~cItr';'crerif------ THE PROGRAM, LAYOUT AND EXPANSION 1l/l2/86 . 300,000 SQ. FT. EXHIBITION SPACE 3 Contiguous Halls - Same Level . set-up - tear-down - session . one hall clear span - general session . column spacing 90 ft. . 65,000 SQ. FT. MEETING ROOMS 40 - 44 Rooms . 35,000 SQ. FT. BALLROOM Divisible (3 Configurations) Conference Room/Banquet Hall . 824,500 SQ. FT. GROSS SPACE . FOCAL POINT 13th AVENUE & BROADWAY . TRUCK DOCKS BELOW GRADE - ENTRY CHEROKEE ~ dOCKS Ramp Access to Each Hall Floor . FINISHED ENTRY TWO SIDES PHASE I THREE SIDES PHASE II . PLANNED EXPANSION TO 600,000 SQ. FT. EXHIBITION SPACE COST AND FINANCING PLAN The final building cost figures are being negotiated and will be in a fixed price contract by 12/86. Two appraisals of 76 parcels comprising the 6 block land area will be complete by 11/30/86. The cost figure shown is based on preliminary results. The bond maturity could range from 15 - 25 years, depending on market conditions at the time of issue. The total bond issue could exceed $75 million to cover issuance costs and reserves. . COST ESTIMATE Building (824,000 sq. ft.) FF & E Land (6 Blocks) $69.8 Million 5.2 Million 35.0 Million . FINANCING PLAN Tax Exempt Bond State Contribution (For Land) $75.0 Million 35.0 Million . BOND REPAYMENT BY DENVER PRIMARILY FROM USERS Annual Revenue 3% Lodger's Tax $4.0 Mil. - ENACTED 1% Car Rental I.I-Mil. - ENACTED 1/2% Prepared Food/Bev 3.5 Mil. $8.6 Mil. /yr. No part of Bond Repayment from Denver's general fund . OPERATING COSTS Denver Responsibility Estimated Operating Cost of $1.5 - 2.0 million (Currigan Presently Operates at a $1.2 million Cost Annually) 11/12/86 11/12/86 ANNUAL DIRECT ECONOMIC BENEFITS Denver and Colorado figures taken from Gladstone Economic Impact study (1985); All Denver data average of first ten years; Direct impacts only (no multiplier); 1989 is first year. . DIRECT ECONOMIC BENEFITS Gladstone Projections For Denver New Orleans 1985 Atlanta 1984 Maior Conventions 20 28 N.A. Convention Visitors - Delegates, Exhibitors 166,996 292,700 423,180 - Spouses, Children 115,288 202,583 291,994 - Total 282,224 Total Spending 175 Mil. 495,283 286 Mil. 715,174 405 Mil Hotel Room Nights 580,785 1,107,764 1,601,576 Meals Purchased 1.5 Mil. 2 .9 Mil. 4.2 Mil. Airline Tickets Purchased 204,612 359,080 518,501 Taxi Trips (One Way) 305,390 576,040 832,819 New Jobs (Center, Hotels, Restaurants, Retail; No Constr.) 1,945 3,328 4,763 . DIRECT TAX BENEFIT - DENVER Delegates, Exhib. $7.2 Mil. 10.4 14.7 Spouses, Child, Additional Trav. 1.6 2.7 3.9 Total 8.8 13.1 18.6 . DIRECT TAX BENEFITS - STATE Delegates, Exhib. $5.8 Mil. 6.2 8.7 Spouses, Child. Additional Trav. 1.4 2.3 3.4 Total 7.2 8.5 12.1 9 ~ ~ ~ ~ ?8 01 g ZJ ~ ~ ~ o 11~ 7:1~ ~ E n1 013 b-d ~ ~~ cT-r MlJ~ hc;1> r:):::J , J.. I I I I I I .. __.11 --I - ___1 --, I I , I I I , I I ~ )0> VI<-I V1 -1m::!: ~ ~ Z 0 00,. X Z-l~ 00- _ CXlC~--3~~ ~ >[;;VI i:-~;:r m n O-::J" VII?' '" ::t Z ...::J ::J "" , ~ ~ I ___ . _~: . . 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