Colorado to pay Lend Lease $4.5M to settle Lowry Range issue - Denver Business Journal:

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million to Lend Lease Lowry Range LLC in a settlementy between the company and the States Land Board over development of the former Lowry bombing range east of Lend Lease, a division of Australiaj developer Ltd., was chosen in December 2006 to develop a planned community on 3,900 acrew of the 26,000-acre bombing-range site. But it backed out this sayingit couldn’t locate a sustainabl water supply at a reasonabler cost for the new community. In Lend Lease asked the state to reimburssit $5.
67 million for work it did on the Lowry Ranger project, a request both sides used in reachinf Monday’s settlement, according to Monday’s announcemenft from the Colorado Department of Naturakl Resources, which oversees the State Land Board. As part of the Lend Lease will give the Land Boarrd all its LowryRange studies, plans and reports, ranginhg from site preparation and geotechnical studies to environmental analyses and detailed development plans for the proposed the state said. The state will pay the $4.5 millionh in four installments throughAugust 2011.
“This agreemenyt will allow us to continuse planning the Lowry Range development project and protect the interestsx ofour beneficiaries, the schoolchildrejn of Colorado,” said Brownell director of the Land Board, in a The Land Board manages 3 million acrese of state trust land to benefitr Colorado schools. “The board continues to be committed toits three-part visionn of the Lowry Range project, with a focus on sustainable development and long-term income for the School Trust while also conservingh one of the most important prairi grasslands in the Denver-metro region,” Bailey said.
The proposexd bombing-range development called for building 13,000 homeds plus retail and commercial space, while an additionak 22,000 acres would remain a conservatiojn parcel. Before it walked away from the projecyin January, Lend Lease estimated infrastructure work to prepare the land woulc be around $100 million. Actual development would pour anestimatedx $334 million over the next two decades into the Statee Land Board’s trust fund for Colorado’s school children.
Lend Lease is also building the Horizon City Cente project at Interstate 70and