BROOMFIELD, Colo. — City and county attorney reported on Feb. 11 that the City and County of Broomfield will complete the first land transfer for the Broomfield Town Square project this week.

The transfer covers Lot 2 at the corner of Main Street and First Avenue and is being completed to start formation of a business improvement district (BID) connected to the development. City attorney Rogers said the deed has been signed by the mayor and the BID will come to council for first reading on Feb. 25 and second reading on March 25, along with consideration of an Urban Renewal Authority. The land-transfer step is one component of financing mechanisms outlined in the February 2019 development agreement, Rogers said.

Why it matters: Staff and the developer previously identified a suite of financing tools for the Town Square project, including a BID, an urban renewal authority and an existing metro district. Council was told the current transfer is procedural and part of the previously disclosed financing pathway; no additional council action is required for the transfer itself.

What council heard

- Rogers: “This week, Broomfield will complete the first land transfer related to the Broomfield Town Square project. This transfer is for Lot 2. It’s on the corner of Main And First Avenue and is being completed at this time to start the process for the formation of what’s called a business improvement district.”

- Timing: the BID and Urban Renewal Authority are scheduled for first and second readings on Feb. 25 and March 25, respectively.

Next steps: The developer will work with staff on the formal BID and urban renewal ordinance packages scheduled for upcoming council meetings. Council will have the opportunity to review and vote on the BID and Urban Renewal Authority when those items return for first and second readings.

Ending: City staff said there is nothing further required for council action on the completed deed; council will see the developer and staff on Feb. 25 to consider the formal financing ordinances.