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DURA’s first two-county urban renewal area, facilitating environmental remediation and site improvements to ready the 77-acre former ASARCO Globe Plant for development of an industrial-business park totaling approximately one million square feet.

Approval Date

2011

Developer

EFG-Brownfield Partners

Total Project Cost

$21.9 million

DURA Participation

Up to $10 million in developer reimbursement through TIF as collateral for a Section 108 HUD loan

Tax Increment Source

Property and sales taxes

Term

Earlier of developer reimbursement or the year 2036

Project Impacts

  • Three years of environmental remediation at a site that was vacant and blighted after years of refinery activity
  • A drag on the economy and surrounding property, the site is in the process of becoming a revenue-driving industrial park

The history of the Globe Plant site pre-dates the State of Colorado. During the Colorado gold rush of the 1860’s, prospectors rushed to the then Kansas Territory and began mining gold and silver from the South Platte River, to Pikes Peak and beyond. This population influx eventually led to the creation of the Colorado Territory, and ultimately the establishment of the State of Colorado. Part of the growth in mining activity was the development of refineries in the Denver area to separate the various ores and produce gold and silver.

Established in 1886 as the Holden Smelter to produce gold and silver, the site of the Globe Plant was purchased by the American Smelting and Refining Company (ASARCO) in 1901. Over the years, gold and silver refining subsided and the facility was adapted for a variety of other smelting and refining activities. As the primary employer for the area, the neighborhood that formed around the Globe Plant became known as Globeville.

While the refinery activities on the site were the economic backbone of the region, they were also the source of ongoing environmental contamination. In 1983 the Colorado Department of Health and Environment (CDPHE) sued ASARCO for damages, and a Consent Decree was signed on July 15, 1993 between the State of Colorado and ASARCO, Inc. The site was proposed for, but not listed on, the Superfund National Priorities List in 1993; however the cleanup of the site has remained under the control of CDPHE.