Event Center Redevelopment

Page last updated Feb. 1, 2024

UPDATES

The Broomfield Urban Renewal Authority (BURA) directed staff to pursue the solicitation of a contractor for the demolition of the event center. Learn more in the agenda memo from the Dec. 5, 2023 City County meeting.

BACKGROUND

The Event Center will go dark on Nov. 30, 2023, with the unanimous vote of the Broomfield Urban Renewal Authority (BURA) Board of Directors on May 23, 2023, to terminate the operator agreement with Peak Entertainment. Learn more about the operator agreement termination on the fact sheet.

The Broomfield Event Center, at one point the 1STBANK Center, owned by the BURA, opened in Nov. 2006 as a multi-purpose entertainment and sports arena. Broomfield Sports and Entertainment, LLC was the original operating manager of the Event Center from 2006-2009. Peak Entertainment, LLC has served as the facility’s operating manager from 2009-2023.

EventCenter_Operator Agreement Termination_Number of Concerts per Year GraphWhile the Event Center has hosted minor league hockey and basketball, ice shows, concerts and other community events, it continues to suffer from underutilization. It has never approached the estimated annual events for which it was constructed.

The original construction cost was financed by the issuance of $59.8M in bonds to be generated from within the Wadsworth Interchange Urban Renewal Area, but only since 2020 has the Wadsworth Interchange URA generated the necessary revenue to cover the Event Center bond payment. BURA has an outstanding balance on the Event Center bond of $34.2 million in principal, and by the time BURA pays off the bond, BURA will have paid approximately $135 million.

Over the last five years, the City and County of Broomfield has investigated additional uses for the facility, including hosting collegiate and minor league sports, converting it into a convention or exhibition center or using it as a retail or restaurant hall with indoor play space. None of the financial models associated with those options have proven viable. Staff is in the process of evaluating additional options that include razing the building for redevelopment and the sale of the property.

Event Center FAQs