DENVER (AP) -- A scathing federal audit blasts Denver's Stapleton airport redevelopment deal, saying that the Federal Aviation Administration gave up $71 million in revenue by selling off land at the old Stapleton International Airport at less than half its value.
The audit was performed by an inspector general of the Department of Transportation and released to the public on Thursday. The audit says the FAA failed to properly oversee Denver city officials as they sold off parcels after Denver International Airport replaced Stapleton in 1995.
FAA officials disagreed with all the audit's conclusions, especially the assertion that the land was undervalued. An FAA spokesman agreed the Stapleton land value has risen since the 1999 deal, but insisted the deal was good based on appraisals at the time.
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