Friday, April 20, 2012

Commerce City's Dog Track Update...

On August 3, 2011, the Commerce City Urban Renewal Authority purchased the Mile High Greyhound Park with a loan from the City of Commerce City. The site will eventually be the home of the Commerce City Southern Boys and Girls Club along with other possible retail/residential.
Boys and Girls Club Update
A formal agreement has been prepared under the direction of the City Attorney and forwarded to the BGC for review and execution. As of the date of this communication, staff is still negotiating some of the final items in the contract, but a formal resolution is expected soon. Staff will continue to update City Council at future project updates.  

Budget Details
The URA has been operating under a budget of $4 million for the redevelopment of the property. This includes land acquisition, property management, and preliminary planning expenditures. Approximately $3.5 million has been paid to date with a high level summary outlined below.  

Category Expenditure  
Property Purchase $3,328,233.80 
Security $38,050.23 
Outreach $5,813.47 
Maintenance $13,521.21 
Utilities $12,730.71 
Outside Expertise $97,232.33 
NAIOP Sponsorship $40,000.00  
Total $3,535,581.75

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