Title
A Resolution Approving the Credit Public Improvement Fee Agreement Between the City of Colorado Springs, Scheels All Sports, Inc., and Interquest North Business Improvement District.
Presenter:
Bob Cope, Economic Development Officer
Body
Summary:
Scheels All Sports, Inc., was founded in 1902. It is an employee-owned, privately held company, with 27 locations and 6,000 employees. It is headquartered in Fargo, ND. Scheels operates unique and extraordinary sporting goods stores in select markets in the U.S. Scheels is proposing to locate a new 220,000 square foot store in Colorado Springs. The company projects that it will invest $84 million in land, building, furniture, fixtures and equipment. Scheels projects that it will create approximately 400 direct jobs at the new store facility.
The Executive Branch is recommending that the City approve a mechanism commonly known as a Credit PIF as an inducement to Scheels to invest in a new store facility and associated public improvements in Colorado Springs.
The Credit PIF Ordinance will be of general applicability to allow temporary reduction (up to 25 years) of the 2% general municipal sales tax to a rate of not less than 1% of the sales price, upon taxable sales, in designated geographic areas approved by Council, where a corresponding public improvement fee has been imposed meeting the requirements of the Ordinance. The Ordinance sets the criteria for granting the temporary reduction, which is to be implemented through a Credit PIF Agreement between an employer or developer, a governmental district and the City.
Previous Council Action:
N/A
Background:
Scheels is proposing to construct a new 220,000 square foot store in Colorado Springs, located in the Interquest Marketplace near the northeast corner of Interquest and I-25. The company projects that it will invest $84 million in land, building, furniture, fixtures and equipment. Scheels projects that it will create approximately 400 di...
Click here for full text