Oct 16, 2019
DENVER – Yesterday, the Elevate Denver Bond Program gained approval from City Council’s Finance and Governance committee to authorize $117.2 million of voter-approved funds for projects citywide. Pending market conditions and council approval on November 4, the bonds are expected to close by late-November.
Voters ushered in the city’s largest general obligation bond program to date during the 2017 elections, dedicating more than $937 million toward infrastructure improvements over 10 years. Including the proposed third debt issuance, Elevate Denver has authorized roughly 40 percent of voter-approved funds so far.
“Elevate Denver is a nearly $1 billion investment in what matters –our places, programs and people,” Mayor Michael B. Hancock said. “These new investments will help ensure our city is a city that works for everyone, whether you’re a library patron, a transit or bicycle commuter, a rec. center user, or a public safety official.”
The third debt issuance is slated to fund over 100 projects and benefit Denver’s neighborhoods. Of the $117.2 million, nearly $49.7 million is directed toward transportation and mobility projects to enhance connectivity and safety across the city, and $28 million will fund projects relating to parks and recreation, ensuring all communities have access to opportunities for health and wellness. Denver Public Libraries will see an influx of $19.2 million to improve Denver Central Library and branch libraries. Finally, the third issuance will dedicate $10.4 million to public safety and $9.9 million to public facility projects.
Since the first debt issuance in June 2018, Elevate Denver has made significant progress as projects advance though development and design and into construction. Many projects moved rapidly through design, like high-comfort bike lanes and fire station renovations. Dozens of teams went into the community to gather public input to guide the development of swimming pools and playgrounds, multimodal improvements and more.
So far, 2019 has been a year of milestones: the first sidewalk of the program was constructed, the 47th and York Bike Pedestrian Bridge broke ground in the spring, and First Creek Park opened to the community this summer.
The second debt issuance in May 2019 allowed cultural facilities and Denver Health to utilize their remaining voter-approved funds. Denver Botanic Gardens, the Denver Art Museum, Denver Zoo, and Denver Health’s Outpatient Medical Center all expect to open their new facilities in 2020. Meanwhile, the Denver Museum of Nature and Science aims to complete renovations this coming year, and Denver Arts & Venues continues to advance a handful of projects.
For more information, visit the Elevate Denver website.