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
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Frank Stites, Mayor
ATTEST:
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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
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