X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-When Mayor Wellington Webb unveiled the 2003 city budget, one item he highlighted was the new municipal office building that will be named after him. The building will open this fall and be fully operational next year.

The elimination of office lease costs offsets a significant amount of the purchase and operation of this building, Webb says. “However, there are net new costs related to this facility,” he notes.

The 2003 budget includes $4 million in maintenance and security costs, $500,000 in increased utility costs, and $1.2 million in lease payments. The lease payments are scheduled to increase by approximately $5 million per year for the next two years.

The capital projects budget includes $5.1 million to renovate the Minoru Yasui building, which will be used to consolidate all probation offices that are currently in leased space throughout the city, Webb says. In addition, there are minor renovations scheduled for the City and County Building to spaces vacated by agencies moving into the new office building. The vacant space will be used to increase the number of courts and provide additional space for the city council.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.