It was hoped to become an economic driver for the growing town. The 6,500 seat 1stBank Center in Broomfield was to host dozens of concerts, ball games and rodeos, becoming a focal point of the community. But The 1stBank Center in Broomfield never lived up to the hype. It will close later this year and be demolished.

The arena never made a profit, after its grand opening in 2006. The center was built for $45 million and financed by issuing nearly $60 million in bonds. The city council said there’s still more than $34 million owed on the event center’s bond. After the building is torn down, the town will put the 22 acres up for sale.