Regional Administrator Rick Garcia Remarks
at Grand Opening of FREIGHT
02/15/2011

Fact Sheet:

The 2/15/11 grand opening event is for: FREIGHT ----the third phase of TAXI.

FREIGHT is a repurposed 30,000 sf freight terminal.

Background:

Taxi 1 is 26,000 sf; former Yellow Cab headquarters & dispatch center (offices and limited residences)

TAXI 2 is a new mixed-use 100,000 sf bldg. (Judy Montero's office was included).

FREIGHT, is fully leased, office occupancy began in Dec 2010.
The total 160,000 sf of buildings, on the 20-acre brownfield mixed-use redevelopment on the South Platte site, are 95% leased, including a 7,000 single tenant, being renovated for a new company.

Address:
3507 Ringsby Court
Denver, Colo.

Total Funding:

TAXI Building II -- $450,000 Skyline loan (indirectly HUD funds), 12-13-16
TAXI Building III -- $8 million ($6M HUD 108 loan, $2M Brownfield BEDI grant)
FREIGHT -- $450,000 Revolving Loan Fund Community Development Block Grant (CDBG), 5-28-10

Loans to TAXI Development businesses - OED has made small business financing loans CDBG, to a total of seven businesses housed at TAXI. Total amount loaned = $1.16 million

FUNDING as described by Karen Clark - Community Planning and Development (CPD):

Section 108 - $6,000,000 estimated 200 FTE jobs
BEDI - $2,000,000
TAXI Freight CDBG-R (ARRA) $100,000 to create 15 jobs
CDBG $350,000 to create 35 jobs
Open Air Academy CDBG-R American Recovery and Reinvestment Act (ARRA) $490,000 will create 21 jobs

Remarks

• Thank you for that warm welcome.
   
• I am very pleased to be with you Mayor Vidal, City Councilwoman Judy Montero and our partners at the Denver Office of Economic Development.
   
• I am just remembering years ago...---this property was a Brownsfield site; using HUD funding, you have cleaned the site and now, you have created these remarkable beautiful office buildings and residences on the 20 acres.
   
• This Grand Opening of Freight that demonstrates the important use of Community Planning and Development funding, the Brownsfield Economic Development grant and the Section 108 loan is so timely and vital at this moment in time. Just yesterday, HUD's FY 2012 budget was proposed yesterday by Secretary Donovan. CDBG funding is proposed to be limited. Showing the community and the State of Colorado your use of the same funding, is important to help educate how wisely used taxpayer funding improves the community, provides better, safer offices and residences.
   
• In these challenging economic times, this development exhibits how Community Planning and Development funding of nearly $9 million is a catalyst for jobs to clean up the property and to build this business, industrial complex and residences.
   
• FREIGHT is a model for America as a new mixed-use redevelopment on the South Platte site.
   
• FREIGHT demonstrates how Community Development Block Grant funding can be used to revitalize a distressed area and bring jobs to the community.
   
• You, Mayor Vidal, Council Woman Montero, the entire Denver Office of Economic Development staff and Zeppelin Development are commended for using your creativity and responsible-use of tax payers funding to strategically build offices and residences.
   
• Congratulations on job well down. Your work certainly will be included as a key best practice in our Project HUD Story program.

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