A brand new Northern Colorado arena could soon replace the Budweiser Events Center.

A new master plan unanimously approved by Larimer County Commissioners on Monday (Dec. 16) includes the opportunity to build a new events center arena with a capacity around 10,000.

The facility would be constructed just southeast of the current Budweiser Events Center.

A new facility would increase capacity, improve security and allow the region to attract larger performers on a more regular basis. The Larimer County Planning Commission now has final say on the project.

"There's no question that there will be an economic impact (from the project)," said Laurie Kadrich, head of Larimer County's Community Planning, Resources and Infrastructure in an interview earlier this month.

"It will make more events possible. Attracting new events and larger events will be a big help to the community."

The Budweiser Events Center was built for $28 million in 2002 and currently fits more than 5,000 for hockey games and 7,000 for concerts.

Sellouts are common for the Colorado Eagles minor league hockey team — a Colorado Avalanche affiliate.

The Budweiser Events Center has also hosted performers like David Bowie, Motley Crue, Rod Stewart, Bill Cosby and Cirque Du Soliel but is often unable to consistently attract major acts because of its limited capacity.

“The Eagles have proven a consolidated Northern Colorado market is a very dynamic and vibrant thing,” said Colorado Eagles owner Martin Lind in an interview earlier this month.

"Concerts and entertainment can see the same success with the right venue."

Lind envisions the new arena as a centerpiece to the LoDo of NOCO development, which would also include youth sports facilities.

The majority of funding for a new arena would come from a sales tax extension in approved by Larimer County voters in 2017. The funding from that approval is scheduled to kick in 2020.

Kadrich said a private-public partnership would be required to complete funding for a new area.

If that private funding could not be secured, Larimer County could move to option B of its current master plan — which would allocate funding towards renovating the current Budweiser Events.

More From Power 102.9 NoCo - KARS-FM