C.R.S.
Section 23-70-105.5
Public-private developments
- definitions
(1)
As used in this article, unless the context otherwise requires, “complementary facility” means a facility, located at or within the center, that may provide moneys for the center, provide occupational and educational opportunities consistent with the respective missions of the constituent institutions, or facilitate integration of the center with the adjacent Denver area. “Complementary facility” may include, but need not be limited to, an office, retail, restaurant, residential, or mixed-use facility.(2)
The Auraria board shall have the power and authority to develop, construct, hold, lease, and dispose of complementary facilities and to facilitate the development and construction of complementary facilities by entering into leases or other contractual arrangements with private persons or entities.(3)
The Auraria board shall have the same powers with respect to a complementary facility as it has with respect to auxiliary facilities under this article and under article 5 of this title.(4)
Without limiting the scope of any other power granted to the Auraria board in this article, the Auraria board shall have the power and authority to enter into one or more ground leases for portions of the center with private persons or entities, which lease shall require the lessee to develop a complementary facility upon the leased premises. The Auraria board shall not subordinate its interest in land subject to such a ground lease but may enter into attornment and nondisturbance agreements with any party providing financing to the lessee.(5)
Any moneys derived from a complementary facility shall be devoted first to payment of any debt service on bonds that are secured by the moneys and all expenses connected with the complementary facility and then to furthering the mission of the Auraria board and the center, including but not limited to applying the moneys pursuant to subsection (3) of this section. Moneys derived from a complementary facility shall be continuously appropriated to the Auraria board and shall remain in the control of the Auraria board and shall not be transferred or revert to the general fund of the state at the end of any fiscal year.
Source:
Section 23-70-105.5 — Public-private developments - definitions, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-23.pdf (accessed Oct. 20, 2023).
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