Title
A resolution approving a Cooperation Agreement between the Colorado Springs Urban Renewal Authority and the City of Colorado Springs to promote redevelopment and assist with financing of public improvements for the Bristow-Lowell Urban Renewal project pursuant to Colorado Revised Statute Section 31-25-107(9)(a)(II)
Related File:
Presenter:
Jariah Walker, CSURA Executive Director
Body
Summary:
There are two items proposed for Council review and action:
1. A resolution to establish the Bristow-Lowell urban renewal Area and Plan. The plan area includes six parcels which total approximately 5.75 acres plus adjacent public rights-of-way. The site is located east of S. Nevada Ave. along both sides of E. Las Animas St. and south of E. Fountain Blvd. Establishment of the proposed Urban Renewal District will support the redevelopment of the land through use of Tax Increment Financing (TIF).
3. A tax sharing agreement between the City and the Colorado Springs and Urban Renewal Authority for funding qualifying public improvements built by the project.
The Council must vote on the Bristow-Lowell Urban Renewal Area and Plan. If approved, then Council may then consider the tax sharing agreement. If the Plan is not approved or final action postponed, then the tax sharing agreement must be either withdrawn or postponed.
Previous Council Action:
City Council approved the original Lowell URA plan in 1988. That plan was not completed and ultimately terminated in 2013.
These items were brought to Council Budget Committee August 13, 2024, and are being introduced to Council at the October 7, 2024 City Council Work Session.
Background:
Please see that attached Planning Commission Staff report, conditions survey and the urban renewal plan for background information related to urban renewal and project details.
Financial Implications:
City staff and project team will present the details on the project, plan and impacts at the City Council Work ...
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