Colorado Code
Article 15 - Metropolitan Football Stadium District Act
§ 32-15-126. Sale of Real and Personal Property of District

Upon completion of the renovation of Mile High stadium or the construction of a new stadium pursuant to the provisions of this article, the board shall make a good faith effort to sell the real and personal property of the district, including the stadium, to any qualified buyer subject to the leasehold interest and other contract rights of the franchise. The board shall establish criteria to determine qualified buyers. The board shall not accept any offer from any qualified buyer for such real and personal property of the district for an amount less than the total amount of outstanding obligations of the district or the amount of sales tax revenues used by the board to acquire a site for the stadium and to construct the stadium, whichever is greater. Notwithstanding any other provision of this section to the contrary, the district shall not be required to sell the real and personal property of the district if such sale would adversely affect the federal tax exempt status of the interest on the special obligation bonds issued by the district pursuant to this article.
Source: L. 96: Entire article added, p. 1074, § 1, effective May 23. L. 97: Entire section amended, p. 1496, § 7, effective June 3. L. 98: Entire section amended, p. 510, § 15, effective April 22.

Structure Colorado Code