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CITY OF DENVER GETS A "HELLUVA GOOD DEAL" WITH PEPSI CENTER
Published April 14, 1995
Details of the contract involving the new Pepsi Center and the city of Denver show that the city should gain compared with what it would have earned off McNichols Sports Arena and the smaller Denver Coliseum. The new $132M Pepsi Center will be built and paid for by the Nuggets owner Comsat Video Enterprises and its partner, the Anschutz Corp, while the Nuggets will also manage McNichols and the Coliseum. Based on the agreement, the Nuggets guarantee an annual $2M payment to the city, with an annual 3% inflation adjustment. Under those figures, the city would "come away" with $95M over the 30-year contract, significantly more than the $66M the city "projected it would have earned off McNichols and the Coliseum." Denver City Councilwoman Cathy Reynolds, who helped on the contract, called it a "helluva good deal." As part of the deal, Comsat and Anschutz will pay for all infrastructure improvements, including traffic signals, turn lanes, and environmental cleanup costs at the new arena site (Christopher Lopez, DENVER POST, 4/13).