That amounts to $202 million in classroom, laboratory and other construction at the former Army hospital that is being transformed into the multi-billion new home of the University of Colorado at Denver and Health Sciences Center and a major biotech park, according to Wendy Mitchell, president of the Aurora Economic Development Council.

The construction green light means that the University of Colorado at Denver and Health Sciences Center will be on schedule to complete the move and vacate the property at Ninth Avenue and Colorado Boulevard in Denver in 2008, fulfilling its agreement with the General Assembly, the Colorado Commission on Higher Education and the redeveloper, Shea Properties.

"This is great news for Colorado," says Hank Brown, University of Colorado president and former US Senator. "Now construction can begin on the academic facilities that will provide the state and the university an unrivaled opportunity to create the most comprehensive academic health and medical center in the nation."

In 2003, the General Assembly passed and Gov. Bill Owens signed HB03-1256. The bill provided for the use of lease purchase agreements for the construction of seven educational buildings on the Fitzsimons campus as well as a new correctional facility for the Colorado Department of Corrections, in place of state capital construction funding.

Under HB03-1256, the state will make annual lease payments to a trustee-lessor, allowing the UCDHSC to occupy and use the facilities. The trustee will raise funds to build the facilities by issuing Certificates of Participation, or COPS, in the amount of $202 million, which give the holders the right to receive a portion of any annual lease payments. Throughout the next 25 years, the state will make annual payments of $15.1 million, beginning in fiscal year 2007. The passage of HB03-1256 was backed by the City of Aurora and a coalition of business organizations led by the Aurora Economic Development Council.

After the legislation was enacted in 2003, the Colorado Criminal Justice Reform Coalition filed a lawsuit in Denver District Court challenging its constitutionality. In January 2004, the Denver District Court ruled that HB03-1256 was constitutional and dismissed the lawsuit. CCJRC appealed that ruling to the Colorado Court of Appeals.

In April, the Colorado Court of Appeals upheld the constitutionality of HB03-1256. The CCJRC then requested that the Colorado Supreme Court review the decision of the Colorado Court of Appeals. The Supreme Court decision, declining to review the Court of Appeals' decision, ends the case.

The University of Colorado at Denver and Health Sciences Center is one of three campuses in the University of Colorado system. Located in Denver and Aurora, the center includes schools of medicine, nursing, pharmacy, and dentistry, a graduate school and a teaching hospital.