FOR IMMEDIATE RELEASE: February 15, 2000	CONTACTS: Tom Gleason (SDC) 303-393-7700 Andrew Hudson (CCD) 303-640-2722 John LeHigh (Forest City) 303-382-1800 Bruce Alexander (DURA) 303-534-3872
STAPLETON PURCHASE AGREEMENT FINALIZED
Denver--- Mayor Wellington E. Webb announced today the Stapleton Development Corporation (SDC) has finalized a purchase agreement with Forest City Enterprises that will transform Denver’s former airport into one of the nation’s largest, mixed-use urban communities, offering a diverse range of housing prices, jobs, and open space. Under the terms of the final agreement, Forest City will pay $79.4 million for 2,935 acres, (which is the amount of remaining land that has not already been sold or set aside for the 1,116 acres of regional open space) plus a “systems development fee” of $15,000 for each acre purchased, resulting in a total payment of $123.4 million. The purchase price was set by a FAA-approved appraisal process conducted by Peter Bowes and Company. Forest City will be responsible for all in-tract infrastructure and the creation of additional acreage of neighborhood parks. The developer will also advance the front-end financing for regional infrastructure with repayment through “tax increment financing” (TIF) overseen by the Denver Urban Renewal Authority (DURA). “Accelerating the redevelopment of Stapleton is my number one priority for the coming year,” Mayor Webb said. “Today’s announcement is a major milestone in our city’s commitment to build a ‘city within our city’ that will set the standard for smart growth in Colorado and the United States.” “This agreement ensures that the citizens of Denver will share in the full benefit of one of the greatest opportunities to achieve quality and growth available to any city in the United States,” added John Moye, chairman of the SDC Board. “As the premier developer of mixed-use urban communities, Forest City will be shaping one of the next great neighborhoods, not only in Denver, but the entire nation.” Forest City was selected by SDC to be its development partner in November of 1998. Now that the complex issues involving both parties’ due diligence have been addressed, Forest City President Greg Vilkin said the company is eager to get started with its first development at Stapleton. “We can’t wait to become part of the wonderful diversity in the Stapleton neighborhood as we build the pedestrian-scale community that reflects the best traditions of Denver,” Mr. Vilkin said. “Forest City applauds the vision our fellow citizens expressed in The Stapleton Plan, and today we’ve made our commitment to help them make the most of the unprecedented opportunity to enhance the quality of life in our city now, and for many generations to come.” “DURA is proud to be a member of the Stapleton team,” added Bruce Alexander, executive director of the Denver Urban Renewal Authority. “We’ve worked hard for more than a year to fashion a financing plan that represents both a good business transaction and a good deal for the citizens of Denver.” Mr. Alexander added that TIF is an appropriate financing mechanism to support the redevelopment of Stapleton because it allows revenues generated on site to pay for needed infrastructure and other city facilities, while also allowing a portion to be returned to the City to help provide services. Forest City’s initial development at Stapleton will involve two hundred seventy five acres south of the former terminal complex that will have 1100 homes and 900 apartment units, with the first housing available for occupancy in late 2001. That first phase will also include a fifteen-acre town center with neighborhood scale retail that will serve both new and existing neighborhoods. Ultimately, Forest City’s plans call for 12,000 homes and apartments, as well as the development of more than 13 million square feet of new commercial space that will be complemented by regional and neighborhood parks and open space. Already, Stapleton is home to nearly forty companies employing a total of almost five thousand employees. The highly successful Stapleton Business Center continues to add new buildings and tenants at an impressive rate, and the former airport is also the site of The Stapleton Transfer Station, the second busiest RTD facility in the region. The Odyssey School, a charter school of the Denver Public Schools, opened in temporary facilities in August of 1999. Two miles of the Sand Creek Regional Greenway are now available for hiking and biking, and the nearby Bluff Lake Natural Area is attracting wildlife observers from sunrise to sunset. Demolition is proceeding smoothly. Nearly one hundred acres of runways and tarmac at Stapleton have been removed and the concrete reprocessed for resale. More than two hundred thousand tons of asphalt from parking lots and the commuter runway have been harvested and transported north to the Rocky Mountain Arsenal National Wildlife Area where it is to be used to create road base. Demolition of the former terminal complex (with the exception of the FAA control tower, which is to be preserved) is scheduled for completion in late spring or early summer of this year.