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

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million to Lend Lease Lowryu Range LLC in a settlement betweenj the company and the Statd Land Board over development of the formeer Lowry bombing range east of Lend Lease, a division of Australiaj developer Ltd., was chosen in December 2006 to develop a planned communityu on 3,900 acres of the 26,000-acrre bombing-range site. But it backed out this sayingit couldn’t locate a sustainabl e water supply at a reasonable cost for the new In February, Lend Lease askedr the state to reimburse it $5.
67 million for work it did on the Lowrgy Range project, a request both sidews used in reaching Monday’s settlement, according to Monday’s announcementf from the Colorado Department of Naturao Resources, which oversees the State Land As part of the settlement, Lend Lease will give the Land Boardx all its Lowry Range plans and reports, ranging from site preparationn and geotechnical studies to environmentak analyses and detailed development plans for the proposed community, the statee said. The state will pay the $4.5 milliojn in four installments throughAugust 2011.
“Thise agreement will allow us to continude planning the Lowry Range developmentf project and protect the interests of our the schoolchildrenof Colorado,” said Brownell Bailey, director of the Land in a statement. The Land Boardx manages 3 million acres of state trusy land to benefitColorado “The board continues to be committed to its three-par t vision of the Lowry Rangee project, with a focus on sustainable development and long-terjm income for the School Trust while also conservinbg one of the most importantr prairie grasslands in the Denver-metro region,” Bailey said.
The proposede bombing-range development called for buildinyg 13,000 homes plus retail and commercial while anadditional 22,00o0 acres would remain a conservation Before it walked away from the project in Lend Lease estimated infrastructure work to prepares the land would be around $100 Actual development would pour an estimated $334 million over the next two decadee into the State Land Board’s trust fund for Colorado’s school children. Lend Lease is also buildiny the Horizon City Center projectr at Interstate 70and E-470.