The act provides funding for early stage work required for front range passenger rail corridor development by:
- Requiring the state treasurer to transfer $1,900,000 from the general fund to the southwest chief rail line economic development, rural tourism, and infrastructure repair and maintenance fund (fund) on June 15, 2022. This will cause the transferred money to be paid to the front range passenger rail district (district) when the unencumbered balance of the fund is paid to the district, as required by current law as technically amended by the act, before the fund is repealed on July 1, 2022.
- Transferring $6,500,000 from the general fund to the state highway fund on July 1, 2022, for the purpose of funding specified environmental assessment work required in connection with the development of the Burnham Yard rail property; and
- Transferring $500,000 from the general fund to the unused state-owned real property fund on July 1, 2022.
The act also requires the executive director of the department of personnel to engage with governmental and affected community stakeholders to create a site plan to support transit-oriented development at the Burnham Yard rail property site and potential recommendations for how to suballocate parcels for various beneficial uses at the site. The executive director, in consultation with the governmental stakeholders, is also required to actively reach out to and listen to the opinions of affected community stakeholders and citizens regarding all stages of the development of the Burnham Yard rail property and identify any additional or already engaged stakeholders who may have an interest in developing the suballocated parcels for the best use. The site plan must consider various specified types of development opportunities and uses for the site, must promote the development and operation of quality public private partnership opportunities, must include a well-defined framework to facilitate collaboration between public and private entities in infrastructure development and operation, and must enable investment of public and private capital.
(Note: This summary applies to this bill as enacted.)