Denver had agreed to spend $1 million over the next year to develop a five- to 20-year plan for redeveloping Stapleton Airport after the Denver International Airport opens late this year.
The city awarded the contract to the nonprofit Stapleton Redevelopment Foundation, a group started by business leaders and former city officials.
Foundation director Tom Gougeon, a former city employee and airport aide to U.S. Transportation Secretary and former Denver Mayor Federico Pena, said the 4,700-acre site will be developed as a mixed-use industrial, retail, and residential project complete with park and recreation space.
About $100 million of Stapleton debt is to be defeased with money from the Denver International financings.
Income from development and other fees at Stapleton will go to pay off the $100 million.
Gougeon said the project will probably need new municipal financings, but no financing plan is yet in the works.
Initial plans call for $3.5 million in revenue from Stapleton by 1995. Some facilities will stay there, such as United Airlines' flight training center.
Gougeon also said Stapleton's concrete can be sold for use in highway construction and future runways for Denver International.
The Stapleton Redevelopment Oversight Board will oversee planning and development efforts. The foundation will also work closely with city planners, Gougeon said.
Denver International is scheduled to begin operations a week before Christmas.