Title
Ordinance No. 15-46 creating a new Article 12 (Economic Development Agreements) of Chapter 2 (Business Licensing, Liquor Regulation and Taxation) of the Code of the City of Colorado Springs 2001, as amended, authorizing economic development agreements with businesses performing commercial aeronautical activities within the commercial aeronautical zone.
Body
From:
Dan Gallagher, Director of Aviation, Airport
Summary:
In 2004, City Council established guidelines for economic development agreements ("EDA") with businesses and prospective employers seeking to relocate to or expand within the City. Upon negotiation of tax incentives to be provided to such businesses and employers, City staff presents the proposed agreements to City Council for authorization to execute the agreements. In 2014, City Council established a commercial aeronautical zone ("CAZ") and sales and use tax exemption for certain commercial aeronautical activities within the CAZ, which has generated an unprecedented increase in commercial aeronautical businesses and employers that are considering relocating to or expanding within the CAZ.
The current EDA process can take months to complete, which may result in businesses delaying commitments to relocate to or expand within the City, reducing investments in the City, or discontinuing discussions with the City altogether.
The proposed ordinance authorizes the negotiation and execution of EDAs with businesses performing commercial aeronautical activities located off-Airport within the CAZ as set forth in the proposed ordinance. This process will assist in streamlining the EDA process within the CAZ, stimulate economic development in Colorado Springs, and help make the City more business friendly.
Previous Council Action:
City Council previously approved Resolution No. 203-04 on September 28, 2004.
Background:
In September 2004, City Council passed Resolution No. 203-04, which authorized business perso...
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