Title
AN ORDINANCE AMENDING THE 2024 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO, BY RE-APPROPRIATING REMAINING METROPOLITAN FOOTBALL STADIUM DISTRICT FUNDING BALANCES IN THE AMOUNT OF $24,398.28 FOR CONTINUED USE ON YOUTH ACTIVITIES AND AUTHORIZING THE EXPENDITURE THEREOF
Body
Summary and Background Information:
The Metropolitan Football Stadium District (MFSD) Act and Article 33 of the Lease and Management Agreement between the MFSD and PDB Sports LTD, Bronco's ownership, entitles the MFSD to a one time “Sharing Amount” of $41,037,951 in connection with the sale of the franchise. The City’s portion of the one-time “Sharing Amount” is $613,461.97 and was received from the MFSD in October 2022. Provisions in the Act and the subsequent Lease and Management Agreement require the funds be used for “youth activity programs.”
In July 2023, City Council approved Ordinance 2511, which amended the 2023 Budget to appropriate $595,461.97 worth of this revenue to be used for the youth activities summarized below, with the remaining balance to be appropriated in future years for youth conference activities in partnership with the City’s Youth Commission.
· Two capital improvement projects (an outdoor ninja course and an interactive light wall)
· Parks, Recreation & Golf managed efforts (horse trekking and services learning programs and First Tee/Junior Golf equipment)
· Funding allocations to recognized youth sports associations
· Funding allocations to the two school districts that serve Commerce City students for athletic, music, and theater programs
· Youth Programming Grants for organizations providing music, art, and stem programming for youth in Commerce City
· Youth conference activities (for three years - originally planned for 2023, 2024, and 2025, however, now scheduled for 2024, 2025, and 2026)
In September 2023, city staff provided a summary of how funds were being distributed to benefit Youth Activities Programs in Commerce City to the MFSD. All funds mus...
Click here for full text