Title
A Resolution to approve an economic development agreement between the city of Colorado Springs and Colorado Interstate Gas Company, LLC and New Colorado Square, LLC
Body
From:
Bob Cope, City for Champions Manager, Economic Vitality
Summary:
Colorado Interstate Gas Company, El Paso Corporation and its various subsidiaries and affiliate entities have had a significant presence in Colorado Springs since 1928. In October of 2011, Kinder Morgan Inc., (KMI) and El Paso Corporation (EP) announced a definitive agreement whereby KMI would acquire all of the outstanding shares of EP. As a result of the announcement KMI formed merger-transition teams and began an analysis to determine the optimum location(s) for their combined operations. Kinder Morgan employs approximately 400 employees in downtown Colorado Springs.
The retention of Kinder Morgan in Colorado Springs became a top economic vitality priority for the Executive Branch as well as the local economic development community. The Executive Branch initiated discussions with KMI to assist with the analysis of multiple options for locating facilities for their combined operations. The Executive Branch worked with Kinder Morgan to address key issues central to their decision making process. KMI has committed to remaining in downtown Colorado based in part upon having certain key issues successfully addressed and upon good faith negotiations to address other key issues in an Economic Development Agreement (EDA).
The Kinder Morgan Economic Development Agreement is consistent with the City Council Strategic Plan for Economic Growth; (1) Enhance Colorado Springs' Business Friendly Reputation, and (2) Facilitate Economic Growth. The Kinder Morgan EDA is consistent with community job retention efforts (supports an existing employer). The Kinder Morgan EDA is consistent with community efforts to attract and retain high quality primary jobs.
Previous Council Action:
N/A
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