In 2015, Mayor Hancock urged voters to save the Stock Show by supporting a $778 million bond to be backed by tourism taxes. The mayor emphasized to voters that the 270-acre tourism/ entertainment project should be paid back from tourism taxes, not property taxes. But now the mayor is back at the watering trough asking voters to allow the city to use property taxes, and the city’s full faith and credit, to back general obligation bonds supporting the same NWC project.

Denver voters should reject the controversial bond measure — 2E — that will authorize the city to borrow $190 million to pay for a new 10,000 seat arena and a public market at the National Western Center (NWC) complex.

Beyond the fact that voters already paid for National Western in 2015, there are countless reasons voters should reject 2E:

• We don’t need another new venue: A new 5,000-seat venue at the National Western Center — the Hutchison Family Stockyard Event Center — will debut during the 2022 Stock Show. The NWC is still figuring out how to utilize this new venue.

• The projects are financially unsound: Two studies (2014 and 2019) commissioned by the city cast doubt on both the need and financial viability of a 10,000-seat arena given the inventory of stadiums and arenas in the region.

• It’s too risky: Tourism revenues are down and unlikely to rebound for some time. Why would the city risk its general revenues (and our property taxes) for a new venue dependent on tourism?

• There is no rush. The city has until 2027 to figure out funding for the remainder of the project and can take the time to figure out other financing.

• There are no benefits for local community: The new arena and the public market don’t deliver benefits to the local community that has grown increasing weary of, and wary of, the mayor’s promises that the mega project will rejuvenate the stock show and their neighborhoods. The market will house high-end restaurants and does not address the food desert crisis. The community needs grocery staples and fresh produce, not fancy restaurant food and specialty markets.

* Voters don’t have the facts: The city just issued the last bundle of the 2015 revenue bonds in April 2021, and there is no accounting available for the public to see how much has been spent and how much remains.

• The new venue is not among voters’ priorities: More than 40% of respondents in surveys gathered by the city regarding how to direct bond dollars indicated housing and reducing homelessness were their top priorities.

Residents led by No On the Arena Bond committee urge readers to vote NO on 2E.

The issue is not about whether or not we have a stock show, but about undertaking development in Denver in a financially responsible and socially just way. Vote no on 2E to require the city to reassess its development plan and use recovery funds to address Denver’s most pressing needs.

Tourism revenues are down and unlikely to rebound for some time. Why would the city risk its general revenues (and our property taxes) for a new venue dependent on tourism?