Lakewood and Jefferson County officials have reached an agreement to build an interchange on C-470 at Alameda Parkway that will open the Rooney Valley to development.
The long-planned interchange is scheduled to be ready by June 1, 2008, opening the door to developing up to 28 million square feet of commercial space.
The Rooney Valley – bounded by C-470, Morrison Road and Green Mountain – contains about 2,000 acres.
On Monday, the Lakewood City Council unanimously authorized City Manager Mike Rock to sign an intergovernmental agreement that sets the city’s share of the interchange cost at $2 million in 2007, and another $1 million in 2008.
Next week, Jefferson County is expected to approve the agreement that calls for the county to pay $4 million in 2007 and $2 million in 2008.
The $9 million total is projected to be enough, but if more money is needed, the agreement states the county and city will go to “other public or private entities in the vicinity of the interchange.”
The county also will update an environmental assessment completed in 1996 and complete design work, the agreement states.
Discussion about the interchange was renewed about two months ago when Lakewood approved a 1,400- unit housing project, which will bring water and other utilities to the area.
County officials said they are interested in making transportation improvements to spur area economic development.
Staff writer Ann Schrader can be reached at 303-278-3217 or aschrader@denverpost.com.
