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DENVER—The presidents of three colleges are assailing the decision to yank $37.5 million in state funds for a new science building on the Auraria campus in downtown Denver.

The presidents oversee the three colleges on the campus: the University of Colorado-Denver; the Community College of Denver; and Metropolitan State College of Denver.

The Legislature’s decision to pull the funding could doom the $120 million facility, which was supposed to be completed next year. The project is $50 million short.

Legislators yanked the state money after new economic forecasts projected a nearly $700 million shortfall over the next five years.