Golden Runs Into Roadblocks With MillerCoors Property Acquisition

GOLDEN, CO — The City of Golden has run into some hurdles with its acquisition of the MillerCoors building in Goosetown. City council approved the purchase of the building in April for $12.25 million.

Since then, officials have been conducting evaluations and inspections for the 160,000-square-foot building, which is anticipated to become Golden city government's new home. Officials also hope it will house a new a civic and cultural center for the community, which would include the Golden History Museum.

City council approved Ordinance 2112 in June, which authorized the city to use Certificates of Participation not to exceed $24 million to fund the acquisition and renovation costs.

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In early July, the city received final inspection reports from its consultants that revealed issues with the planned transaction. First, to clear the title for transfer of the property, the city needs to resolve permanent easements currently held by Coors on the property, which, if left unresolved, would limit the city’s future use of the property, officials said in a public statement Friday. The city has not specified the nature of the easements.

The city also received an inspection report from its consultant team that indicated a number of maintenance and design issues with the existing office building that would increase the overall cost to renovate the building for use as a future civic and cultural center, officials said. The city said the improvements and renovations would exceed the $24 million approved by city council in June.

"As such, the City would launch an extensive community engagement effort to gather input from the community on determining the size and scope of the project, whether renovating the existing building or building a new structure is more appropriate, how much the community is comfortable in spending on this project, and what sources of revenue might be necessary to pay for the costs of the project," the city's public statement read.

Officials said the city has until Aug. 9 to resolve the issues, or the purchase agreement will expire.

Public feedback on the acquisition is being accepted at www.guidinggolden.com.