Title
Ordinance No. 15-45 amending Section 201 (Definitions) and adding a new Section 213 (Economic Development Agreements) of Part 2 (General Provisions) of Article 1 (Municipal Airport) of Chapter 14 (Municipal Enterprises) of the Code of the City of Colorado Springs 2001, as amended, authorizing economic development agreements with businesses performing commercial aeronautical activities at the Colorado Springs Municipal Airport.
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.
At present, there is no distinction in the existing EDA process for either on-Airport or off-Airport property development. However, there are fundamental differences between the former and the latter, thus warranting changes to the EDA process specifically suited for each type of property development.
In addition, 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.
Therefore, Airport staff is proposing changes to the EDA process particularly suited for on-Airport developments via an authorization to negotiate and execute EDAs as set forth in the proposed ordinance in...
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