Denver committee advances proposal for up to $500 million in airport borrowing
The committee approved the measure for filing, not final City Council approval; the proposed note would be repaid from airport revenues and refinanced with long-term bonds next year.
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Denver City Council’s Transportation and Infrastructure Committee approved for filing on Nov. 4 a measure that would authorize up to $500 million in short-term borrowing for Denver International Airport projects. The committee minutes identify it as Council Bill 26-1633 and say the note would provide cash flow for projects in the airport’s 2023–2027 capital plan.
The action advances a Finance Department request for a variable-rate Airport System Tax-Exempt Bond Anticipation Note, Series 2026A. Planned projects include the Great Hall completion phase, baggage-handling modernization and concourse upgrades. The department describes the borrowing as cash-flow financing for work already in the capital plan, rather than additional long-term borrowing.
The proposed rate would reset monthly at 79% of the one-month Secured Overnight Financing Rate, plus 40 basis points. Denver expects to repay the note next year with long-term fixed-rate bonds; that refinancing would require separate City Council approval.
Repayment would come solely from airport revenues through a subordinate pledge of Airport System net revenues, with no backing from the city’s taxing power or full faith and credit. Truist Commercial Equity Inc. was selected through a competitive process to purchase the note directly, the Finance Department request says.
The committee’s action is not final City Council approval. The Legistar matter page lists the bill as “Approved for Filing,” with no final Council action recorded.