X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-The city and county of Denver plans to use certificates of participation, or COPS, to fund the $16-million purchase of the Rocky Mountain News building at 400 W. Colfax Ave. for a new criminal justice center that will include a jail and courtrooms. COPS involves selling a property and leasing it back.

The city uses COPS fairly frequently. For example, it sold and leased back a fire station to pay for a new structured parking garage at the Denver Zoo and has used COPS to fund improvements at Red Rocks Amphitheater and a parking garage for the Denver Art Museum.

But in the case of the new jail, it will actually sell the justice center and lease it back. This would be the first time the city would sell the same building it plans to finance.

Mayor Wellington Webb wants to acquire the News building, which is across the street from the Denver Police headquarters and a block form the city and county building, but let the next administration finance and construct the $115-million justice center.

Webb, who can’t run again because of term limits, leaves office in July.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.