ELEVATE DENVER BOND PROGRAM 2020 ANNUAL REPORT denvergov.org/ElevateDenver 3 LETTER FROM THE MAYOR 4 PROGRAM SUMMARY 6 GENERAL OBLIGATION BONDS AND ISSUANCES 9 FINANCIAL PROGRESS 10 COMMUNITY ENGAGEMENT TABLE OF AND COMMUNICATIONS 12 BUSINESS EQUITY, INCLUSION CONTENTS AND WORKFORCE DEVELOPMENT 16 TRANSPORTATION AND MOBILITY 22 CULTURAL FACILITIES 28 DENVER HEALTH 30 PUBLIC SAFETY 32 LIBRARIES 36 PARKS AND RECREATION 44 PUBLIC FACILITIES VISION MISSION Elevating Denver toward a vibrant tomorrow that’s rich Achieve the Vision by delivering projects consistent with with environmental, economic, and community vitality. community expectations utilizing engaging, transparent, sustainable, and cost-effective approaches. GOALS Goal 1: Deliver valuable and high-quality projects Goal 4: Instill effective project delivery and program equitably across the city that are consistent management practices that can be replicated for the with community expectations. benefit of future city projects and programs. Goal 2: Complete projects within the established budget Goal 5: Proactively identify opportunities for small business and anticipated schedule, while helping to achieve enterprise and minority-/woman-owned business enterprise reduced long-term operating and maintenance costs. participation, as well as for workforce development. ​​ Goal 3: Use effective design and construction practices to Goal 6: Actively, consistently, and accurately communicate produce projects that improve quality of life by enhancing the status of the program to stakeholder groups and the environmental, economic, and social sustainability. Denver community. 3 LETTER FROM THE MAYOR 4 PROGRAM SUMMARY LETTER FROM THE MAYOR 6 GENERAL OBLIGATION BONDS AND ISSUANCES The $937 million infrastructure package was approved 9 FINANCIAL PROGRESS by voters in 2017 but became more important as the pandemic threatened not only the health of our community, but the health of our economy. As industry 10 COMMUNITY ENGAGEMENT slowed, the unemployment rate rose, reaching a high AND COMMUNICATIONS of 13% in the spring. The private sector halted work and more than 70% of Colorado jurisdictions deferred 12 BUSINESS EQUITY, INCLUSION or canceled projects. But Denver was different. We had AND WORKFORCE DEVELOPMENT Mayor Michael B. Hancock at a youth the bond program at the ready so instead of delaying, community event in Montbello. we drove forward, accelerating Elevate Denver to infuse 16 TRANSPORTATION AND MOBILITY the economy when it needed it most. The fourth bond issuance was originally intended to be $70 million but 22 CULTURAL FACILITIES increased to $170 million to put more dollars into the community, faster. With shovel-ready projects, a robust small business community, and a skilled workforce, 28 DENVER HEALTH Those who visit the Wellington E. Webb Municipal Building will find the words of a poem inscribed on Elevate Denver’s fourth issuance is forecasted to the atrium walls: “You didn’t know you came to make create or support more than 1,800 jobs and produce 30 PUBLIC SAFETY a city.” The poet, Denver resident Thomas Hornsby a $3.8 billion impact on the regional economy. Ferril, described early settlers in the 1850s and their 32 LIBRARIES struggles to build the city we know today, now filled It wasn’t lucky that Denver had local stimulus projects with roads and bridges, businesses and buses. at our fingertips. It was preparation. It was a city that, 36 PARKS AND RECREATION three years ago, understood the value of infrastructure It’s been more than 160 years since Denver’s early investments, not just for the concrete it would pour and air ducts it would build, but for the people those 44 PUBLIC FACILITIES days, and none of us view ourselves as settlers, but we were thrown into unknown circumstances projects would serve, employ and protect. Because in 2020 when the COVID-19 pandemic threatened of that foresight, thousands of workers and small our city. Those busy roads, businesses and buses businesses are building critical infrastructure for the emptied. The words of that poem spoke out to next 160 years. These residents make our city with a vacant building as offices closed. This was hammers and steel, but bond programs are just unfamiliar territory, but residents navigated the as important tools, and we all help build Denver by challenging terrain, and together we found ways supporting those investments. forward. Restaurants donated food to frontline workers. Neighbors connected through encouraging The world tumbled into unknown terrain in 2020. messages chalked onto sidewalks, and recreation Amidst the chaos, Denver turned to what we do centers hosted community testing and food banks. know. We know infrastructure works to revitalize the economy — we saw it after the Great Recession Infrastructure, which those settlers laid the foundation with the Better Denver Bond Program. We know for so many decades ago, is the thread throughout our community matters more than anything, so we put rescue and recovery efforts. The Elevate Denver Bond peoples’ health and livelihoods first. We know there Program paves the roads frontline workers travel and is no quick solution, but the actions we take now will pours those sidewalks that promoted hope. The bond position us for a sustainable and equitable recovery. program constructs a new medical facility for Denver We know we will move forward, and the resiliency Health to aide our fight against the virus and upgrades displayed this year proves we will emerge from the fire and police stations for first responders. It renovates pandemic a stronger, elevated Denver. library branches and improves recreation centers offering community resources. Michael B. Hancock Mayor 2020 ANNUAL REPORT | LETTER FROM THE MAYOR 3 PROGRAM SUMMARY Elevate Denver is a 10-year, $937 million general obligation bond program approved by voters in 2017 to enhance the City and County of Denver by providing critical improvements to the city’s infrastructure — our roads, sidewalks, parks, recreation centers, libraries, cultural facilities and safety facilities, including other public-owned buildings. Through the completion of nearly 500 projects, Elevate Denver is critical to preserving and improving the things that define Denver and make it a city that works for everyone — both now and into the future. These diverse projects are located throughout the city, improving infrastructure in all of Denver’s unique neighborhoods. 10-YEAR, NEARLY $937 MILLION 500 ELEVATE DENVER BOND PROGRAM PROJECTS LIBRARIES $69M TRANSPORTATION & MOBILITY $431M PARKS & CULTURAL RECREATION FACILITIES $152M $117M PUBLIC FACILITIES $16M DENVER HEALTH PUBLIC SAFETY $75M $77M 2020 ANNUAL REPORT | PROGRAM SUMMARY 4 TRANSPORTATION PUBLIC SAFETY Prioritizing the well-being of Denver residents AND MOBILITY and our first responders by improving police Accelerating Denver’s connectivity, mobility and fire stations. and safety by upgrading streets, bridges, sidewalks and the bicycle network. LIBRARIES Modernizing the Denver Central Library CULTURAL FACILITIES and 10 other library branches to better Restoring iconic buildings and making critical connect people with information, ideas improvements to institutions that have educated and educational experiences. and entertained Denver residents for more than a century, including: • Denver Zoo PARKS AND • Denver Museum of Nature & Science • Denver Art Museum RECREATION • Denver Botanic Gardens Revitalizing recreation centers and parks to • Denver Center for the Performing Arts bring health and wellness to neighborhoods • Red Rocks Amphitheatre across the city. • Buell Theatre PUBLIC FACILITIES DENVER HEALTH Enhancing the efficiency and accessibility Building a new Outpatient Medical Center to of city buildings and services. increase patient capacity and meet health care needs of Denver residents. 2020 ANNUAL REPORT | PROGRAM SUMMARY 5 GENERAL OBLIGATION BONDS AND ISSUANCES A general obligation bond is a financial tool used by governments to fund public improvements. Funds are secured by a pledge to use legally available resources, such as property tax revenues, to repay bond holders over the life of the bonds. In other words, a city is loaned funds, usually raised by financial institutions, to pay for capital projects it wouldn’t be able to afford otherwise. Those funds, including interest, are paid back over time. In Denver, general obligation bonds typically are sold in a competitive sale to ensure the lowest interest rate. The bonds are tax exempt because Denver is a government entity. Denver holds a AAA GO bond credit rating (the highest rating possible), a direct result of the City’s strong fiscal management practices. The City’s strong economy, strong financial performance and healthy reserve levels also factored into the AAA rating. HISTORY OF GENERAL OBLIGATION BONDS IN DENVER General obligation bond packages need to be approved by voters, and Denver residents have a strong history supporting these kinds of programs. Before Elevate Denver, there was the Better Denver Bond Program passed by voters in 2007. That nearly $550 million program funded more than 380 projects to address critical maintenance issues as well as the growing impact of increased use and wear of facilities brought on by the city’s increasing population. The Better Denver Bond Program also served as a powerful economic stimulus and job creator during the recovery from the Great Recession. General obligation bonds will likely remain an important funding tool for infrastructure projects in