RIBBON CUTTING CEREMONY HELD FOR THE OPENING OF CANDELAS PARKWAY

Arvada, Colorado – May 3, 2010 – A ribbon cutting ceremony was held to celebrate the opening of Candelas Parkway. The event took place at the intersection of Candelas Parkway and Indiana Street in northwestern Arvada.

Candelas Boulevard is a new 2.6 mile major arterial street that is the key east-west transportation facility within the Candelas development. Candelas Parkway links Indiana Street and SH 72. Candelas is a 1,500 acre mixed-use development located along two interchanges of the planned Jefferson Parkway. Jefferson Parkway is planned to connect the Northwest Parkway with C-470.

The master development plan for Candelas was approved by the Arvada City Council in 2008 and provides for approximately 6.9 million square feet of retail, commercial and medical facilities, 350,000 square feet of industrial employment facilities, 1,456 single family residential homes and 3,185 attached and multi-family residential homes. A ground breaking for the first phase of residential area planned for later this summer.

Despite cold blowing winds, over 50 people and numerous organizations were in attendance at the ribbon cutting ceremony, including Arvada Mayor Bob Frie, members of the Arvada City Council; City Manager Craig Kocian and members of the Arvada City Staff; the Arvada Economic Development Association; the Arvada Urban Renewal Authority; Jefferson County; Jefferson Economic Council; the Arvada Chamber of Commerce, members of the City of Westminster City Council, Jefferson County Commissioner, Faye Friffin and Assessor Jim Eversman, many local business representatives and citizens.

Mr. Gregg Bradbury of the Candelas development team noted that in addition to the opening of Candelas Parkway, over 14 miles of potable water lines, an 820,000 gallon underground potable water tank, 7 miles of sanitary sewer and key regional storm water drainage improvements have also been constructed. These major public improvements were funded by a $40 million bond issue that was issued by the metropolitan district that serves Candelas.

After the ribbon cutting ceremony, Mr. Charles McKay, also a member of the Candelas development team, addressed the crowd: “The opening of Candelas Parkway and the completion of all the related major public improvements is a positive step forward in bringing jobs and enhanced sales tax revenue to the City of Arvada. On behalf of the entire Candelas development team, I want to thank the Arvada Chamber of Commerce for hosting this event, plus the City of Arvada, Jefferson County and the area business community for all the support and hard work to make the Candelas development truly open for business.”