Cañon City Development News

Canyon City Council Approves New Royal Gorge Bridge Lease Agreement

The Canyon City Council approved a new 25-year lease agreement with two optional 10-year extensions for the operation of the Royal Gorge Bridge. The process for renewing the contract began in the summer of 2023, with the city deciding to put the operation out for competitive bid after over 60 years with the same operator. An amusement consultant was engaged in 2024 to help draft the RFP, and in 2025, the RFP was issued. CMBBH was selected through this competitive process and negotiations have been ongoing since late 2025. The new lease includes updated provisions for inflation, a commitment of $3 million in capital improvements over the first 10 years, an increase in the city's sinking fund contribution, and adjusted percentage rents for admissions and merchandise. Special event admissions will be charged at 10% with city pre-approval. The agreement also makes the sinking fund available for modernization efforts, such as cable replacement. Community engagement is encouraged through two free community days per year, discounted local season passes, school program pricing, continued support for community events, and an annual employee giveback day. Marketing and advertising requirements remain at 6%, with flexibility in spending. Intellectual property will revert to the city at the end of the lease. The owners of the operator group are signing a personal guarantee. Exhibit H addresses deferred maintenance from the former operator. The resolution approving the lease agreement was passed unanimously by the council members present. Council Member Tony recused himself due to a conflict of interest.