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GlobeSt.com UPDATE: Council Poised for Final Action on $85M TIF Request

DENVER-Tonight, the city council is expected to vote on the second reading for a Cherokee Denver's request for a tax increment-financing district. The move would help cover costs for the public-private redevelopment of the Gates site.

By John Rebchook | Updated on February 03, 2006

DENVER-If all goes as planned, the city council tonight will take the last step needed for an $85-million tax increment-financing package for the redevelopment of the former Gates Co. manufacturing site. A vote on the second reading is on the agenda.

The owner of the land at Interstate 25 and Broadway, Cherokee Denver LLC has hired the contractor to complete $126 million in infrastructure work for the $1-billion-plus transit-oriented development–contingent upon city council’s approval of the TIF package. Cherokee is still cleaning up the Brownfield site, which eventually will have several million sf of commercial properties, including buildings as tall as 14 stories, retail, hotels and high-density residential.

At last week’s first reading, councilwoman Kathleen MacKenzie cast the only dissenting vote to the plan. In an interesting twist, the blighted site is in her district. Other council members appeared somewhat perplexed by her lone dissent. The plan and subsidy even received support from a grassroots and labor-connected group, the Campaign for Responsible Development, which in the past had been somewhat antagonistic and skeptical about the development.

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