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 OneVeLa 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: URAP-24-0002 and 24-609
Presenter:
Jariah Walker, CSURA Executive Director
Body
Summary:
This is a resolution of a tax sharing agreement between the Colorado Springs Urban Renewal Authority and the City of Colorado Springs promoting public improvements and for retention of tax increment.
If the new proposed OneVela plan is approved, the Southwest Downtown URA must be modified to exclude the OneVela site. If 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 If the Plan is not approved or final action postponed, then the tax sharing agreement must be either withdrawn or postponed.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 Southwest Downtown URA in 2001.
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:
URA 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 OneVela Urban Renewal Plan has been reviewed by the Planning Commission on October 9, 2024. The Planning Commission ruled that the proposed plan was found to be consistent with the City's Comprehensive Plan.
The Colorado Springs Urban Renewal Authority Board approved the conditions survey and the Urban Renewal Plan on June 24, 2024.
Stakeholder Process:
Pursuant to CRS ? 31-25-107, a notice mus...
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