The Colorado Economic Development Commission unanimously voted Friday to give those behind the new Air Force Academy Visitor Center more time to issue bonds to investors.
The new Air Force Academy Visitor Center and adjacent campus is at long last getting back on track, about 20 months after the coronavirus derailed the bond sales for the
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Initially delayed due to the bond market crisis as the pandemic took root a year ago, financing for the Air Force Academy Visitor Center project is now queuing up.
Blue & Silver Development Partners is likely to win approval from City Council in February to increase the amount to be issued by the projectâs Business Improvement District by $10 million â to $90 million. That money will fund infrastructure for the Visitor Center, such as drainage, utilities installation, landscaping and architecture and engineering for the 57-acre site.
The increase stems largely from escalating costs since the project was penciled out in 2019.
In addition, Louisiana-based nonprofit agency Provident Group-USAFA Properties LLC plans to issue up to $225 million in bonds to fund construction of a nearly 400-room hotel at the project site, at the Academyâs north entrance at Interstate 25.