Developers seek 18‑month extension for Broomfield Town Square; staff flags a roughly $22M financing gap

BROOMFIELD — Developers of the Broomfield Town Square project asked the City and County Council for an 18‑month extension to the three‑year site development plan, arguing lenders and bond buyers need certainty after a January clarification that halted momentum. City staff presented a due‑diligence review that identified notable gaps in the developer’s financial materials.

Manager Hoffman framed the question as whether the developer has shown sufficient progress, financial clarity and alignment with community expectations to justify more time. Staff noted the original redevelopment and reimbursement agreement (November 2019) committed city land and tax‑increment support and that the site development plan (SDP) approved September 12, 2023, started the statutory 36‑month clock and expected building permits to be issued within that window.

What staff found: Jeff Romine, the city’s economist, told council that staff’s review of developer bond runs and revised financing scenarios identified about a $22 million shortfall. That amount came from two items: (1) an apparent six‑year extension beyond the originally documented TIF term that added roughly $14 million of revenue in the developer’s bond runs without documented council approvals, and (2) a mill‑levy discrepancy that created an approximately $8 million…