The Adams County Board of Commissioners is pleased to announce that on Thursday, Sept. 30, 2010, Adams County, Denver and the Denver Urban Renewal Authority signed an agreement to cleanup and redevelop the former Asarco property located in an area known as Globeville at the northwest corner of E. 51st Ave. and Washington St. Eighty percent of the 77-acre property is in Adams County.Since 2004, the county has been working to get the site cleaned up and back on the market. Because of the environmental and financing issues, it has been a challenging project. During the 2008 legislative session, Adams County led a successful effort to change state law to allow participation in an Urban Renewal Authority. Senator Lois Tochtrop and Senator Mary Hodge sponsored the bill. With the passage of SB08-158, the door is now open for Adams County to create an urban renewal authority with Denver. Through tax increment financing, there is now a mechanism to pay for the necessary environmental cleanup.
"Thanks to the partnership and collaborative efforts of Adams County, the city and county of Denver, the Denver Urban Renewal Authority and Brownfield Partners, the property will be transformed," said Commissioner Alice J. Nichol. "This blighted area will become a hub of economic activity and vitality."
Adams County is pledging up to a $10 million HUD Section 108 loan to help finance the redevelopment of the property. When the site is fully remediated, Adams County will take a leading role to ensure the new development benefits Adams County residents.
