The Denver City Council approved a $23 million Development Project Funding Agreement between the City and County of Denver and the Denver Downtown Development Authority (DDDA). The funding, sourced from proceeds of a loan to the DDDA, is designated for the acquisition of two surface parking lots located at 1505 and 1518 Glenarm Place, currently owned by Brookfield Properties entities. This acquisition is part of a broader strategy to foster redevelopment opportunities in conjunction with the adjacent Denver Pavilions. The purchase also includes two-thirds of the revenue sharing rights from the Denver Pavilions parking garage. The agreement aims to facilitate future redevelopment, reassign parking garage revenues to the future owner of the Pavilions to increase its value, and allow the DDDA and the City to explore a discounted parking strategy to attract more visitors to the 16th Street Mall area. The DDDA will become the fee owner of both parking lots.