Fuqua to Evaluate Other Financial Options In Response to Opposition to TIF

FOR IMMEDIATE RELEASE

Contact:  Dominic DelPapa, 303-888-8556 or [email protected]

Denver, CO – September 21, 2012 – The developer of the site on the former University of Colorado Health Sciences Center campus announced today that he is evaluating financial restricting of the site.

The current General Development Plan approved by the Denver Planning Commission and the Colorado Boulevard Health District neighborhood organization has been presented to hundreds of neighbors at nearly a dozen public meetings over the last several months.  It provides for a new urban town center of green space, restored historical buildings and a diverse mix of large format stores and local retailers.  The plan has also spurred neighborhood concerns over the inclusion of a next generation Walmart store as one of the anchor retailers.

“We have a number of options available to reconfigure the financial structure and composition of the development plan,” said Jeff Fuqua, CEO of Fuqua Development.  “The current design plan gives the neighbors and the whole city of Denver a vibrant retail and community gathering space that will generate millions in sales tax revenues, and as such we want to build that plan.”

The options for restructuring include finding a more creative and innovative financial structure. Fuqua’s basic commitment to a vibrant, community-centered and financially viable development plan remains and the company fully intends to proceed with the development.

“From the beginning we have taken the input of neighbors and community leaders seriously and worked to build a development that the entire city can be proud of,” said Fuqua.  “Our commitment has been to build a new-urban development that is not only the best in metro Denver but among the best in the nation.  That is our plan moving forward and we welcome the opportunity to continue collaborating with City Council, Mayor Hancock and the community to make it happen.”

One thought on “Fuqua to Evaluate Other Financial Options In Response to Opposition to TIF

  1. I’ve sent my letter to Mayor Hanckock, we need EVERYONE to contact him:

    Hi Mayor Hancock,
    Now that you are aware that Councilwomen Susman and Robb are outspokenly against TIF and the current Walmart development, I write to ask you that you publicly oppose Fuqua’s development proposal.
    With all due respect, there is a lack of leadership from our Mayor when you support an unwanted tax-financed Walmart in our city. We want development, new tax revenues and we want new jobs. Walmart will just steal sales from nearby business and create low wage/no benefit jobs; nobody wants that, and councilwomen Susman and Robb have recognized these issues.
    I hope you follow councilwomen Susman’s and Robb’s leadership and publicly oppose TIF for Walmart, and oppose this developer.
    I also ask that you hold the developer accountable for fraudulently applying for the TIF. One of the conditions to receive TIF is that “but for” the TIF, the development can’t go forward. Fuqua announced that they will now move forward without TIF. This exposes two issues: the developer was lying when they applied for TIF, and secondly, you did not do you due diligence before publicly supporting TIF for this development. It turns out Fuqua never needed TIF to begin with.

    Please oppose Fuqua and show leadership in finding other viable alternatives for the site before it’s too late.
    Thousands of neighbors and residents of the city are taking note of your position, and we will vote accordingly.