Purchased by the Commerce City Urban Renewal Authority (CCURA) in 2011, the site is officially designated an urban renewal area, which allows tax increment financing (TIF) to be used as a funding source for the redevelopment of the 65-acre site. The CCURA and city council recently adopted an updated Master Developer Agreement for the site to help move the redevelopment process forward.
Master Developer Agreement
City Council and the URA board approved a modified Master Developer Agreement (MDA) for the project in July 2019. The updated agreement makes Delwest the new master developer for the site. Highlights of the amended MDA and other associated agreements include:
- $9.5 million Purchase & Sale Agreement for Delwest to buy all residential land on the property (approximately 40 of the 65 acres) by Spring 2020
- Deadline for infrastructure construction to break ground by Summer 2020
- A 5-year period for Delwest to exclusively market commercial areas of the site and receive half the proceeds from all commercial land sales
- CCURA commitment to start construction on $2.5 million expansion of the regional drainage pond within 18 months of the sale of the residential land
- CCURA to keep all tax revenues obtained over the 25-year TIF period to repay the city’s investment in the project
With Delwest signing on as the new master developer, REGen, LLC (the original master developer from the 2016 agreement) is now transitioning to become an owner’s representative. REGen will assist the CCURA and city staff with the development process until infrastructure construction is complete.
New agreements adopted by the CCURA board and city council on June 20, 2019 include:
- Modified Master Developer Agreement
- Memorandum of Agreement
- Purchase & Sale Agreement
- Bill of Sale and General Assignment
- Owner’s Rep Agreement
Jenna Lowery, Management Analyst
REGen, LLC - Owner's Representative:
Rick Wells, Principal
Urban Renewal Plan
The Mile High Greyhound Park Urban Renewal Plan is designed to help provide important services, attract private investment, utilize underdeveloped land and leverage public investment and funding options to provide necessary public infrastructure. As required by law, the plan includes agreements with other agencies who collect taxes from the property (Adams 14 School District, Adams County and the South Adams County Fire District) in order to allow the use of TIF to fund infrastructure construction on the site. The plan was approved by the CCURA board in the city council in June 2018.
Planned Unit Development (PUD) zoning unique to the Mile High Greyhound Park site was approved in January 2017 to guide development on the site. The proposed zoning plan was presented to residents at a public meeting in September 2016 at Central Elementary. Learn more about PUD zoning.
BackgroundFor more than 60 years, the former Mile High Greyhound Park was a vibrant entertainment destination, drawing thousands of people from across Colorado. An economic engine for the city, the park employed hundreds of residents and sales tax revenues were reinvested in community projects. When greyhound racing ended in 2008, visitors and activity in the historic heart of Commerce City slowed.
The Commerce City Urban Renewal Authority purchased the property in August 2011, intent on redeveloping the site as an economic engine for a new generation. Demolition of existing structures was completed in 2013 to prepare the property for development. The Suncor Boys & Girls Club opened in 2015 on 2.5 acres of land donated by the CCURA to anchor the southeast corner of the redevelopment.
Project VisionThe community-supported vision for the site is a diverse mixed-use development that at full build out could create 1,454 permanent employees, generating $65.4 million in income on an annual basis.
- Create a flexible, master framework plan
- Create a mixed-use and multi-use neighborhood
- Provide a variety of retail and commercial development options
- Create a community destination and sense of place
- Provide space for the Boys & Girls Club and other service organizations
- Hold a portion of the property for an institutional anchor while pursing development on the remainder of the property.
- Suncor Boys & Girls Club
- Original Master Development Agreement (2016)
- Master Redevelopment Plan
- Greyhound Park Vision Book
- Conceptual Land Use Presentation (Nov. 2014)
- 2013 Greyhound Park Site Feasibility Presentation
- Greyhound Park Site Feasibility Study Part A
- Greyhound Park Site Feasibility Study Part B
- URA Dog Track Purchase press kit