Colorado Real Estate Journal - March 18, 2015

Business development plan spurs 3,311 new jobs

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Mayor Michael B. Hancock announced that the city’s 2014 business development plan sparked a successful year for job growth, creating 3,311 new jobs, retaining 4,083 jobs, helping 119 firms expand and making more than $139 million in capital investments, according to the Office of Economic Development’s 2014 annual report.

The city also released aggregate numbers for job growth since OED launched its first annual JumpStart strategy in 2012. To date, the city has helped create 6,539 new jobs, retain 6,683 existing jobs, accrue $403.1 million in capital investment and produce, rehabilitate or create 1,478 affordable housing units.

“In partnership with our communities, there is an undeniable energy surging through Denver, and there’s no doubt that this city is open for business,” Hancock said. “Bold and intentional investments in the private sector have created a robust economy that is driving opportunity for residents and neighborhoods across the city.

Bold and intentional
investments in the
private sector have
created a robust
economy that is
driving opportunity
for residents and
neighborhoods
across the city.'

– Mayor Michael B. Hancock

“While unemployment is down to 4 percent, there are still thousands of people in Denver who want to work but can’t find a job. That is why my administration is determined to make sure the economic prosperity we’re seeing today extends to everyone, not just a few. That is why we will remain focused on partnering with the private sector to grow good jobs in Denver,” he added.

The annual report summarizes the tangible outcomes of the OED’s JumpStart 2014 strategic plan, including gains made in business retention, business recruitment, small business advocacy, lending projects, affordable housing, neighborhood development and workforce development.

Copies of the 2014 annual report, along with the 2013 and 2012 reports, are available online at www.denvergov.org/oed.

Updates…

-The city and county of Denver’s Office of Economic Development will report on the 2014 accomplishments of its Housing and Urban Development programs at a public meeting March 23 from 2:30 to 4 p.m. at the Wellington Webb Building, 201 W. Colfax Ave., Room 4.F.6.

The report, officially known as the Consolidated Annual Performance and Evaluation Report, provides details on the effectiveness of housing, economic development, public service and neighborhood facilities programs funded by the federal Community Development Block Grant, Home Investment Partnerships, Housing Opportunities for Persons with AIDS and Emergency Shelter Grant programs.

The draft CAPER document will be available for a 15-day public comment period, which started March 9, at www.denvergov.org/oed.

-The city and county of Denver recently submitted its application to the state for Regional Tourism Act funding, which is key to transforming the January stock show event and the old complex into a year-round National Western Center campus that will double the number of new visitors to more than 2.2 million while also doubling the economic impact of the site to an estimated $200 million a year.

The city’s application seeks $116.9 million in funding from the state program, which funds large-scale and unique regional tourism projects that significantly increase new visitors to the state. The RTA funds would go toward planning and implementation of an Equestrian Center, Stockyards/ Outdoor Events Pavilion and Livestock Center, all multiuse, year-round facilities that will position Denver to attract 100 new national and international events annually.

The National Western Center campus vision includes current partners such as the Western Stock Show Association, Colorado State University, the Denver Museum of Nature & Science, History Colorado and Visit Denver, with the potential for additional partnerships from the public and private sectors.

At full build-out, the new campus is expected to encompass 240 acres.

The estimated cost for the first two of three segments of the NWC campus project is $856 million.

The city will learn the outcome of the RTA application in late 2015.