Title
Ordinance No. 22-11 Amending Ordinance No. 21-112 (2022 Appropriation Ordinance) for a Supplemental Appropriation to the Gift Trust Fund in the Amount of $2,000,000 Related to an Executive Agreement with Colorado Springs Utilities for the Affordable Housing Fee Offset Program Administered by the City
Presenter:
Chris Wheeler, Budget Manager
Charae McDaniel, Chief Financial Officer
Steve Posey, Community Development Manager
Peter Wysocki, Director, Planning & Community Development
Body
Summary:
On November 17, 2021, the City of Colorado Springs and Colorado Springs Utilities entered into an Executive Agreement in support of the City's Multi-Family Affordable and Attainable Housing Fee Offset Program. Per the terms of the agreement, Colorado Springs Utilities agrees to provide $2,000,000 annually to the City of Colorado Springs in order to offset portions of utility fees and infrastructure expenses incurred by qualifying affordable and attainable housing developments. The Community Development Division in the Planning and Community Development Department agrees to act as the administrator of the program.
Funds provided by Colorado Springs Utilities will only be used to offset utility infrastructure, including development charges, system extension and improvement costs, energy efficiency, or sustainability costs. Applications for the fee offset program will be accepted while funding is available. Funds will be provided on a first-come, first-served basis. Regardless of the number of applications reviewed and preliminarily approved, funds will only be made available on an annual basis up to, but not exceeding, the amount budgeted for the program. Even if eligible, project applications received after the annual budget limitation has been met will not be eligible for a fee offset, nor will eligible projects be reimbursed or refunded in subsequent calendar years from future budgeted amounts.
The program does not constitute a fee reduction or waiver. Ea...
Click here for full text