Aurora offers up to $25M in tax breaks to Colfax hotel developer

The project will generate $25 million in economic impact in the city and create 290 jobs, according to city documents.

By SARA CASTELLANOS, Staff Writer

AURORA | A hotel and conference center near the University of Colorado Anschutz Medical campus may receive up to $25 million in tax breaks over 25 years Aurora City Council members voted unanimously Monday night.

The project, which will be developed by Corporex Colorado, costs about $90 million, and will include a Hyatt hotel with 245 rooms, 30,000 square feet of conference center space and a parking garage with 500 spaces.

The construction boom on the Fitzsimons campus continues as city officials announce plans for a new hotel in the area.  (Marla R. Keown/Aurora Sentinel)
The construction boom on the Fitzsimons campus continues as city officials announce plans for a new hotel in the area. (Marla R. Keown/Aurora Sentinel)

The public financing package is in the form of incremental tax rebates generated by the hotel and will be about $25 million over 25 years. The tax revenues rebated to the developer will be used for the construction of the conference center and parking garage, which the city will own.

The project will generate $25 million in economic impact in the city and create 290 jobs, according to city documents.

Councilwoman Renie Peterson said the project will be an asset to the city.

“I feel this is going to bring a lot of medical conferences here and spark growth in the economy,” she said.

Councilwoman Molly Markert agreed.

“This is what’s going to tip us into being a real city,” she said.

The Corporex project will be built along East Colfax Avenue across from the Anschutz Medical Campus and right next another planned hotel and conference center project.

Waveland Ventures announced in late March plans to build a six-story hotel and conference center as part of a $160 million mixed-use urban development project called Block 21. The six-story hotel will include 200 guest rooms and suites, a restaurant and bar, swimming pool, fitness center and 30,000 square-feet of meeting and exhibition space. Officials from the Aurora Economic Development Council said the city has not negotiated tax incentives for that project.

  • Lon Howell

    “This is what’s going to tip us into being a real city” Councilwoman Molly Markert. “Really? I thought what makes a real city is the people who live in it and the local businesses, not $25 million in corporate welfare given to an out of state entity. ( Corporate Colorado is actually headquartered in Kentucky)

  • das codger

    And now the rest of the story: Waveland Ventures announces they will not build in Aurora because the market will not support two convention sites.

    Do I have this correct, in the private sector companies lower pricers or increase services to get your business but Aurora’s City council, when faced with two competing convention projects, decides to give maiximum incentives to one company before they will even talk to the second company.

    Our government making a choice because they knew one company longer? Our Government making the choice because they can? We may never know because the details are protected by executive session.

  • Jon_Amendall

    So how do I get in on this? Does it have to be a hotelier like Gaylord or Corporex? If I want to open a Holiday Inn, can I get a kickback, too? What about a musical instrument store (Aurora has only two), how about an ice rink (we have none), or chimney sweep service (why not)? What’s the job creation and revenue generation cutoff to get benefits from Aurora Council? How do I play Ms. Peterson’s feelings to my benefit, too? How else can we make Aurora a real city, Ms. Markert, or is it only by bribing hotel companies with tax graft?

  • Sherry

    They are ignoring the rest of Aurora, while they build-up that site until it can’t fit any more!!

  • Frank25

    4 comments and all took same tack. Aurora will not be putting money into these hotels. Two companies build, go into operation, and get to keep part of the taxes taken in on sales. One builds a convention center and parking facility, WHICH THE CITY OWNS. Other company has announced intentions to build, but have not entered into negotiating phase. Not only did posters not read the full statement, but I will advance my thanks they are not on the city leadership.

  • Wise Owl

    25 million would have bought the city another golf course..Heather Ridge…instead I am special districted into a 40% increase on my property tax. Ya we need a convention center, the stock show and rec rocks in our backyard…I have never know a city govt to wast as much as Aurora.

FindIt!