Two Denver mayors, forty years apart. Similar budget woes. Same bold bets on the future.

The big picture: Mayor Mike Johnston is staring down a fiscal crisis — a $250 million budget shortfall, city staff layoffs and a skeptical public — while trying to pass the largest bond package in Denver history.

• To help sell it, he's turned to the one person who's been here before: the 78-year-old former Mayor Federico Peña.

State of play: Johnston handpicked Peña — the driving force behind Denver International Airport and the Convention Center — to co-lead the bond's steering committee.

• "Who most understands what it means to lead with courageous, big projects in a moment of economic uncertainty" other than Peña? Johnston told Axios Denver in a joint interview with the former mayor.
• "There is no one alive who has more profoundly shaped the constitution of modern-day Denver than Federico," Johnston added.

Why it matters: Johnston is pushing a $950 million infrastructure bond package just as his administration makes painful budget cuts — raising questions about whether the city can afford new investments while tightening its belt.

Yes, but: Peña, who went on to serve in the Clinton administration, argues the city can't afford not to. Tough economic times are when you double down on dreaming big.

• "I had people saying, 'Don't do anything. Let's wait for the recession to go away,'" Peña told Axios. "I said, 'No — we have to claw our way out of this with these investments.' [Johnston] is doing the same thing."

Flashback: In the 1980s, Peña's administration — in the teeth of a brutal recession and facing its own budget shortfall — pushed major public investments. He built the Convention Center, laid the groundwork for DIA and redeveloped what is now Lower Downtown and Riverfront Park.

• At the time, 600 acres of abandoned land generated just $40,000 a year in property taxes. Today, Johnston estimates that figure is exponentially higher, as the area has transformed into a massive economic engine — home to Union Station, Coors Field, Ball Arena and Elitch Gardens.
• Peña's own bond package jumpstarted that 600-acre transformation.

Between the lines: Even Peña admits he may have leaned too hard into long-term vision. In his memoir, he wrote projects like DIA and the Convention Center didn't immediately come to fruition or create jobs fast enough to meet public expectations.

• "Citizens expected quick change," he wrote — and he barely won re-election.

By the numbers: Johnston's bond proposal — on the ballot this November — promises 10,000 jobs and $2 billion in economic impact.

What's next: He'll spend the next two months selling the plan to voters, most of whom, recent polling shows, haven't heard of it.

The bottom line: Despite early doubts, Peña's vision to "Imagine a Great City" helped define Denver.

• Now, Johnston is pulling from Peña's playbook, asking Denverites to believe, once again, that big swings will pay off.

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From economic strain to sky-high ambition, the similarities between the Johnston and Peña administrations are striking.

💼 Same job, same vibe

• 🏛️ Ex-state legislators turned mayors
• 💡 Known as big-vision reformers
• 🗣️ Denver's only two bilingual mayors (Spanish and English)

📉 Economic headwinds

• 💸 Both faced major budget shortfalls — Peña inherited a $20 million deficit and a national recession, while Johnston is closing a $250 million gap amid global economic instability.
• ✂️ Both implemented furloughs and program cuts to stabilize city finances.
• 📉 Both faced clawbacks in federal funding.
• 🏙️ Both inherited struggling downtowns with roughly 30% office vacancy rates.

🏗️ High-stakes priorities

• ✈️ Peña backed now-iconic projects: DIA, the Convention Center, Cherry Creek Shopping Center and more.
• 🧱 Johnston is pitching a $950 million bond, a downtown comeback and a plan to end homelessness.

🏟️ Sports champions

• ⚾️ Peña helped land the Colorado Rockies and kickstart construction on Coors Field.
• ⚽️ Johnston helped secure a national women's soccer team and a stadium deal.

What they're saying: The two mayors recognize themselves in each other.

• Johnston's vision for the city "was very much like me," Peña told Axios Denver. "It reminded me of me when he ran."
• "I built the vision" for my administration "inspired by what Federico built," Johnston said.

👮‍♀️ After a heated debate, the Denver City Council last night approved police pay raises over the next three years — even as the city slashes hundreds of jobs to balance its budget. (Denverite)

💰 FirstBank, Colorado's largest privately owned bank, is being acquired by PNC in a deal worth $4.1 billion. (Denver Post 🔑)

🚫 DU will end its diversity, equity and inclusion initiatives under pressure from the Trump administration. (Denver Post 🔑)

🏍️ Motorcyclist deaths on Colorado roads in 2024 reached 165 — a new record. The state hopes a new campaign will help reduce the numbers. (Denver7)

🐺 Two years after Colorado began reintroducing wolves, 53% of voters approve of the initiative, which passed by less than a percentage point. (Colorado Sun)

🔎 Colorado investigators are retesting dozens of items in the nearly 30-year-old unsolved murder case of 6-year-old JonBenet Ramsey. Her father is now calling on President Trump to pressure local authorities to take a more proactive approach. (Fox News)

The City Council last month passed a proclamation to honor Federico Peña — Denver's 41st mayor and the first and only Hispanic to hold the job — for steering the city through economic turbulence and championing bold investments.

"Great feats are usually accomplished during difficult times, not during easy times. So I want to encourage all of you to dream big. … Never, ever give up. … If we did great things over 40 years ago, all of you can do greater things today."

He received a standing ovation in a packed council chamber.