Developers outline power, water and EB-5 financing plans for Colorado Air and Space Port

Representatives of AltitudeX presented an update to the Adams County Board of Commissioners on plans to develop the Colorado Air and Space Port (CASP), focusing on three infrastructure priorities — on-site power, a regional water supply and a prospect to use the federal EB-5 immigrant-investor program to subsidize early capital needs. The presentation covered early tenants, development acreage, workforce and timelines and closed with a request that the county begin an RFP process to identify EB-5 service providers.

The presentation was led by John Reitman of AltitudeX, with infrastructure lead Rob Reeves and Charles Duncan briefing commissioners on technical and financing elements. “If we can accomplish speed to power and water,” Reitman said, “that could be a real edge for this acreage.”

AltitudeX said site advantages include long runways and proximity to Denver International Airport, plus early commitments such as the University of Denver and interest from aerospace firms including Boom Supersonic. The developers described a phased, behind-the-meter microgrid intended to provide initial capacity while utility upgrades from Xcel Energy come online. Rob Reeves said a microgrid concept combining natural-gas generators, fuel cells and later solar could reach roughly 100 megawatts in an early phase and a line of sight to 500 megawatts over a longer period. He added the team has a letter of intent for natural gas supply and a supplier LOI for fuel cell equipment and is starting air-permitting with the Colorado Department of Public Health and Environment.

AltitudeX told commissioners it identified roughly 1,300 developable acres on the CASP site (up from an earlier estimate near 960) and 400 acres categorized as off-airport that could host non-aeronautical uses such as data centers if power and water are solved. Reitman said aviation-focused tenants such as maintenance, repair and overhaul (MRO) facilities, wind-tunnel testing, aviation training and intermodal rail-adjacent freight uses are priorities because they can better fit local airspace constraints.

On water, AltitudeX and its partners described a three-phase reservoir project already under development that can deliver about 11,000 acre-feet of water once complete. That water project includes conveyance and potential centralized treatment facilities to produce economies of scale and, the developers said, could be sized to serve CASP and some broader Adams County needs. Reeves noted well drilling is an option but the reservoir-plus-conveyance option is a more durable solution.

Charles Duncan outlined EB-5 as a possible capital source for infrastructure such as the water project, calling it “a long-standing federal program” that attracts foreign investors seeking U.S. permanent residency in exchange for low-cost capital for job-creating projects. Duncan said EB-5 allocations are competitive and that the team believes infrastructure projects tied to CASP would be attractive to investors. “We need to get an application in, in September,” he told commissioners, noting program windows and an August/September federal schedule for EB-5 allocations.

John Russell, identified on the call as a federal lobbyist with Dentons, clarified that the so-called “gold card” proposal being discussed nationally is not codified in law and said EB-5 remains the extant program. “The gold card is still a theory, and this the EB-5, in fact, is, very, very, very real,” Russell said.

Commissioners asked about regional coordination, notably whether Denver International Airport, adjacent landowners and Aurora Water had been consulted. Commissioners emphasized avoiding silos and preserving developable acreage suited specifically to aerospace uses rather than allowing data centers to occupy on-airport land. Several commissioners said they prefer Adams County-controlled water and worried about political or regulatory dependence on Aurora. AltitudeX said its water plan was intended to give the county more control and that the reservoir project could be structured to share capacity with municipalities.

On the EB-5 ask, AltitudeX requested a county-backed RFP to identify EB-5 service firms and begin an application process; county staff described a probable 3–5 week procurement window and recommended running the RFP concurrently with county due diligence to preserve the September opportunity. Commissioners expressed strong interest but asked county staff to return with legal and cost analyses and to coordinate further with the county’s legislative and procurement teams before any commitment. Several commissioners also asked for additional written assurances and documentation about EB-5 risks and national security vetting.

Developers and county staff emphasized that the power and water solutions are phased multi-year projects (developers described a 2–3 year Phase 1 for initial generation and a 10+ year vision for full buildout) and that some elements would require multiple funding sources. AltitudeX reiterated interest from early tenants, the need for workforce development to support MROs and training operations, and plans for additional deep dives on workforce development and other topics.

The discussion ended with commissioners broadly agreeable to a concurrent RFP-and-due-diligence approach, but with a request that staff return in roughly five weeks with additional analysis and a recommended EB-5 services vendor if procurement validates that option. No formal vote or commitment to funding by the county was taken during the session.

Provenance: This article summarizes remarks and exchanges beginning with the AltitudeX presentation at the start of the transcript and concluding when the presentation closed and commissioners moved to other agenda items.