Federal, State and City Stimulus Projects: Update
Denver has announced new, locally developed economic stimulus measures and updated the community on the progress of previously announced strategies to accelerate infrastructure projects, create jobs, increase spending and attract federal stimulus funding to the region.
Funding for local infrastructure bond projects – including those of the City’s Better Denver Program, Denver Public Schools, Denver Water and RTD (FasTracks) – along with federal stimulus awards to Denver and its regional partners, will inject at least $4.5 billion into the area economy over the next three years, creating thousands of design, construction and operations jobs as well as employment in related businesses and industries. These funds and projects are in addition to normal commercial and residential construction activity in the metro area, which, on average, totals nearly $4.25 billion annually, according to data provided by the Denver Metro Chamber of Commerce.
Better Denver Infrastructure Bond Projects
The $550 million dollar Better Denver Bond Program is a comprehensive effort to invest in the refurbishment and new construction of many city facilities that touch the lives of Denver residents. In 2007, Denver’s citizens passed the ballot initiatives that established this program and its bond financing; to make Denver better for everyone. Through this program, we will improve, preserve, renovate, and build new roads, libraries, parks, recreation centers, hospitals, public safety facilities, cultural facilities and more. Denver has completed 58 of the 283 infrastructure projects. Construction has begun on another 63 projects, 96 are under design and another 24 projects are in the planning phase. Officials plan to complete the Better Denver projects in 4 years, well ahead of the 10-year timetable typical of most public bond projects. The Bond Program has about 30 different consultants and contractors who have been part of the effort so far. In addition, there are also many other sub-consultants, subcontractors and suppliers involved in the program work. Click here to view a status report on completed bond projects.
Federal Stimulus Funding
Denver has already been awarded $45.5 million in federal stimulus funding and is well positioned to bring in additional funds as they become available through the American Recovery and Reinvestment Act. Recently awarded funds will go toward the Central Park Boulevard interchange in Stapleton, enhancements to the City’s bike-share program, airport improvements, energy-efficiency improvements and public safety and workforce training efforts, among others. Partner agencies – including Denver Housing Authority, Denver Public Schools, RTD/Denver Union Station and State agencies and programs – have been awarded an additional $410 million for metro-area projects.
Local Economic Stimulus Plan
Denver has created a business and industry-led Economic Stimulus Task Force. Some strategies developed by the Task Force have already been incorporated into recently announced programs including:
- “Fork the Recession; Feed the Recovery!” – A statewide promotion by the Colorado Restaurant Association and its partners to encourage the public to help stimulate the economy by patronizing restaurants. The campaign will run through May and includes special deals at many restaurants.
- VISIT DENVER Tourism Stimulus Program - Designed to entice leisure travelers to Denver from throughout the Rocky Mountain region with more than 100 discount packages for theatre, symphony and opera tickets, sporting events, museums, theme parks, restaurants, shopping, art galleries, music festivals and more, all at the “mile high” price of $52.80.
- Loaned Executive Program – Also known as Civic Connections for Displaced Executives, this program was developed by displaced local real estate developer Bill Ryan and the Downtown Denver Partnership to link the expertise of high-level executives who are searching for jobs with community projects that need expert assistance. To date, 40 people have assisted with 8 projects benefiting groups ranging from the Scientific and Cultural Facilities District (SCFD) and Junior Achievement to the Colorado Restaurant Association and the City’s Bicycle Advisory Committee.