Boulder City Council to vote Tuesday night on $40M purchase of BCH campus

BOULDER — The Boulder City Council will vote Tuesday night on whether to buy the 8.8-acre Boulder Community Health campus on Broadway for $40 million.

The special meeting is set for 6 p.m. in council chambers in the Municipal Building at 1777 Broadway.

Boulder Community Health has agreed in principle to sell its Broadway campus to the city of Boulder for $40 million, hospital spokesman Rich Sheehan has said. BCH’s board of directors is expected to vote Wednesday on the deal.

SPONSORED CONTENT

People Powered: Preparing Longmont Businesses for Economic Success

Longmont Chamber and FNBO present People Powered on April 24, 2024, aiming to inform business owners about workforce development, housing, and transportation issues.

The special meeting is to seek council approval of the agreement in principle and to authorize city manager Jane Brautigam to enter into final negotiations. The proposed purchase includes all properties of the Broadway campus and requires an initial earnest money deposit of $3 million, July 15. The deposit would be paid through the General Fund. The city intends to use of certificates of participation to finance the purchase; it would be repaid over a period of 30 years.  The payments are estimated to be between $2.5 million and $3.1 million per year.

According to the terms of the sales agreement, BCH will continue to occupy the Broadway campus and provide health-care services there through the end of 2017.

The city’s interest in the property is twofold, according to information included in the agenda packet for the meeting Tuesday.

First is for the site to be developed within the city’s goals and visions, preserving the neighborhood and manage carefully the growth associated with the property.

And second, the city leases space spread throughout the city for its employees. With the New Britain and Park Central buildings identified for removal in the Civic Area Master Plan due to flood hazards, the BCH Broadway campus provides an opportunity to build a government facility that can consolidate many city offices.

The BCH Broadway campus represents approximately 8.8 acres of land and more than 355,000 square feet of existing building space. It includes the hospital and associated grounds at 1100 Balsam; The Medical Pavilion at 1155 Alpine St.; The parking garage at 2655 Broadway; The Brenton Building at 1136 Alpine St.; The parking lot at 1125 North St.; and the parking lot at 1135 North St.