The King High School District has a $30 million surplus and is planning to sell its $100 million football stadium to help build a new high school in the area.
The school board announced the plans Monday, a day after the school board approved $5 million in tax-exempt bonds to help finance construction.
The school district has already spent more than $300 million on stadium upgrades and upgrades to the high school over the past two years, including a $10 million renovation in 2018 that brought in nearly $8 million in state grants.
King officials hope to complete the project this fall, with the first season of football games set for 2021.
But the project has also drawn controversy because of its proximity to the King River.
King is one of several high schools in the county that have recently been put on the chopping block.
In June, the school district announced that it had agreed to sell the stadium and the surrounding tract for $50 million to a group led by a prominent businessman who is trying to build a resort and casino in the region.
King High School is the largest in the city and has been in its current location for more than a century.
In the 1980s, the district built a school for nearly a dozen students who were the first African-American students in the district.
The district has struggled financially for decades.
In 2014, the city of Denver purchased the land for $8.8 million.