Denver Post: City asked to assume backing of Union Station redevelopment loan with general fund dollars
Jan. 13, 2010 | 7:52 am
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The Denver Post reports that Denver officials are considering assuming a “moral obligation” of up to $8 million a year from its general fund to back up about $300 million in federal loans for redevelopment of Denver’s Union Station area.
The backing would be needed if tax receipts from the redevelopment fail to cover debt payments.
Denver finance chief Claude Pumilia told members of the Denver City Council’s FasTracks committee that the action is needed quickly to keep the $480 million project on schedule.
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