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 City Gate 2.0 Urban Renewal project and to approve the amount of annual sales tax increment revenue allocated, pursuant to Colorado Revised Statute Section 31-25-107(9)(a)(II)
Related File:
Presenter:
Jariah Walker, CSURA Executive Director
Body
Summary:
A tax sharing agreement between the City and the Colorado Springs Urban Renewal Authority for funding qualifying public improvements built by the project.
The Council must terminate the existing City Gate URA Plan if the City Gate 2.0 Urban Renewal Area and Plan is approved. If it is 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 If the Plan is not approved or final action postponed, then the tax sharing agreement must be either withdrawn or postponed.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 City Gate URA in 2007.
These items are being introduced to Council at the February 13, 2023 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 Session. As background information, please refer to the attached materials.
Board/Commission Recommendation:
Pursuant the CRS ? 31-25-107, the City Gate 2.0 Urban Renewal Plan was reviewed by the Planning Commission on November 9, 2022. The Planning Commission found that the City Gate 2.0 Urban Renewal Plan is consistent with the City's Comprehensive Plan.
The Colorado Springs Urban Renewal Authority Board approved both the conditions survey and the Urban Renewal Plan on September 22, 2021.
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