DENVER-
Calling it “Colorado’s GI Bill,” two lawmakers said Tuesday they want the state to sell its lottery operation to a private company for up to $2.6 billion and use some of the proceeds for veterans, college scholarships and open space.
Under a draft proposal released Tuesday, the state would sell the lottery for an estimated $2.2 billion to $2.6 billion up front plus a share of future growth.
The backers, Sens. Chris Romer, D-Denver, and Josh Penry, R-Fruita, said the deal would be similar to a lotto winners choosing an immediate—but smaller—lump sum instead of yearly payments.
Voters would have the final say on the plan.
Based on a sale price of $2.2 billion, the proposal, would set aside $330 million for college scholarships, $330 million for open space and $40 million for the state veterans trust fund.
The remaining $1.5 billion would be invested to provide continuous funding to four programs that benefit from lottery proceeds now: local governments, schools, state parks and Great Outdoors Colorado, which funds wildlife, parks, rivers, trails and open space programs.
Local governments and Great Outdoors Colorado got the most money from last year’s proceeds at $48 million each. Under the proposal, they would get an estimated $37 million a year each.
Romer said the state needs to do more to help veterans of the wars in Iraq and Afghanistan, including giving them college scholarships, as well as help more high school students graduate from college.
“This is the equivalent of Colorado’s GI Bill,” he said.
Penry said higher education is usually neglected in the state’s budget. He said the proposal was a way to change that without asking taxpayers to pay more.
Romer said he hopes to introduce the bill in the next few days. It needs the support of two-thirds of lawmakers in order to appear on November’s ballot. If that fails, Romer said, veterans and open space groups are interested in trying to collect signatures to get it on the ballot this fall or in 2008.
Penry said the state would continue to regulate the lottery.
