May 01, 2018
DENVER – Mayor Michael B. Hancock has readied the first investments into Denver’s neighborhoods as part of the 2017 General Obligation Bond (GO Bond), which was overwhelmingly approved by voters in November. From more bike lanes and improved roads and bridges to park enhancements and major construction of cultural facilities and Denver Health, the list of initial projects, amounting to $193 million, delivers on high priority projects that are ready to get going.
“We are making good on our commitment to deliver on the improvements Denver residents want in their city. These first projects will provide the foundation for the next several years of much-needed improvements in neighborhoods across Denver,” said Mayor Michael B. Hancock. “This is a balanced proposal and we are excited to get to work on making these critical investments in our city.”
The ordinance for the first debt issuance and proposed project list of the 2017 GO Bond will be presented to City Council’s Finance and Governance committee this afternoon. Pending Council approval, the first proposed project list and debt issuance will allow the city to begin implementing many of the projects that are ready to be constructed, as well as fund the design of more than 30 projects.
The proposed list can be found here.
“This first proposed debt issuance and project list is financially responsible because we are ensuring that every dollar of taxpayer money is stretched as far as possible and that we are leveraging bond funds with both partner investments and existing taxpayer dollars to increase our impact,” said Denver Chief Financial Officer Brendan Hanlon.
In addition to the $193 million for the 2017 GO Bond, the ordinance request to issue debt includes $77 million to refund the 2008 Justice System Bonds, saving $7 million through a lower interest rate. The city currently anticipates a second debt issuance next year, which will allow many of the projects that will be designed in 2018 to move quickly to construction.
Six resolution requests will also be brought to City Council later today for separate funding and assignment agreements with Denver Health and Hospital Authority and each of the cultural facility partners involved in the GO Bond. These agreements will allow these facilities to design and construct their bond projects, draw on bond funds quarterly, and participate in the city’s procurement, prevailing wage, art, and social ordinance requirements.
The city began the GO Bond process in 2016 by engaging the Denver community in a conversation about the improvements they want in their neighborhoods and throughout the city. With six public meetings, a map-based online tool, City Council engagement, and comment cards located at libraries and recreation centers across Denver, the city received more than 3,000 investment ideas. The stakeholder phase of the GO Bond process saw an additional 1,000+ emails from residents advocating for projects and each stakeholder committee meeting featured a public comment period.
Visit www.denvergov.org/2017GObond for more information about the bond process, projects and progress.