Thursday, August 20, 2009

Ground Broken for New Colorado History Museum

The Centennial state will soon have a new history museum.

About a hundred people gathered at 12th Avenue and Broadway in Denver Wednesday for the groundbreaking ceremony for the new Colorado History Museum.

The new museum replaces the facility located adjacent to the state's Judicial Building west of the Capitol.

Construction of the $111 million replacement facility is being financed by certificates of participation. Build America Bonds issued by the federal government will reimburse Colorado for 35 percent of the interest paid by the state on the project.

The result of that federal assistance, made possible by the American Recovery and Reinvestment Act enacted into law in February, will be that investors in the certificates of participation receive full return on their investment while the state's taxpayers pay an effective interest rate of only 4.24 percent.

State treasurer Cary Kennedy says that the federal help will save Colorado $77 million on the project.

The new museum, which will be about 190,000 square feet in size, is scheduled to open in 2011.

The new judicial complex, which is expected to cost about $250 million, is to open in 2013.