Commerce City settled on a master plan Monday night for the multi-million dollar redevelopment of the former Mile High Greyhound Park, which was .
The city and its urban renewal authority — which purchased the 65-acre site in 2011 — agreed to several cost-splitting terms with its master developer, , in order to begin work on the mostly vacant 65-acre park at 6200 Dahlia St. by next year.
“Redevelopment of this site will support the long-term economic vitality of the city by reconnecting neighborhoods, creating a sense of place and generating economic development opportunities,” Mayor Sean Ford said in a news release. “We’re excited to get dirt moving next year.”
The land sale proceeds will be split equally between REGen and the Commerce City Urban Renewal Authority, with the urban renewal authority being the landowner until sales are finalized.
Land sale proceeds will be used as seed money for development costs. oThe project has such as , retail space, office space and possibly a community college or job-training company.
At full build-out, the redevelopment could potentially support 1,454 permanent employees, generating $65.4 million in income on an annual basis.
“Our common objective is to build a high quality mixed-use, mixed-income project that will mend the rift in the fabric of Commerce City that has existed since the Greyhound Park ceased operations,” Rick Wells, president of REGen, said in a statement. “I am excited to take the next step in the redevelopment and complete the planning, rezoning, financing processes that ultimately will lead to construction on this critical project.”
Other terms of the agreement, which city officials say took 20 months of negotiations, include the allotment of 90 percent of received tax increment finance revenue paid to the developer, with the other 10 percent to the urban renewal authority until development costs are paid off. Commerce City will pay for a regional drainage facility on the site, as well.
Urban renewal authorities in Colorado use tax increment financing to fund redevelopment projects targeted at improving blighted areas. When improvements are made to the area, the value of the property goes up, and sales and property taxes are higher. Under the TIF plan, the “increment” of the increased tax collections goes to the developer, not the tax districts such as schools, governmnent and first-responder agenices.
With all Commerce City tax-increment financing projects, the South Adams County Fire District will receive a payment in lieu of tax equal to the amount that would have been generated by the property tax levy, the ciy said.
Last fall, at 6201 Holly St. as the site’s first development. Utility work for the rest of the master project will begin next year.
The Mile High Greyhound Park dog track and racing club was built in 1946; dog racing ended in 2008.
Public hearings to approve the zoning are expected later this year, and the project’s final development plan should be complete by the end of 2016.
Megan Mitchell: 303-909-8463, mmitchell@denverpost.com or @Mmitchelldp
