Title
Southwest Downtown Update
Presenter:
Kara Skinner, Chief Financial Officer
Body
Summary:
This presentation is to provide Council an overview and update relating to the redevelopment activities associated with Southwest Downtown (SWDT) including:
? the United States Olympic Museum and Hall of Fame (USOM)
? a planned streetscape improvement project planned for Vermijo and Sierra Madre
? a planned pedestrian bridge to America the Beautiful Park
? a proposed parking facilities planned for SWDT
? a proposed Colorado Sports and Event Center (CSEC), and
? a proposed land exchange in support of multimodal transportation improvements and the Southwest Downtown Urban Renewal Plan
Previous Council Action:
N/A
Background:
The Southwest Downtown Urban Renewal Plan was approved by the Colorado Springs City Council in 2001. On November 26, 2006, City Council adopted a Statement of Intent (SOI) in support of the SWDT URA. On August 26, 2008, City Council adopted a new (SOI) in support of the SWDT URA which replaced the previous SOI. The 2008 SOI provides, among other provisions, for the funding of a SWDT parking structure and the transfer of certain City-owned real property to the CSURA in support of the Urban Renewal Plan. Due to general economic and market conditions since 2001, redevelopment activities anticipated by the SWDT Urban Renewal Plan have not occurred.
On December 16, 2013, the Colorado Economic Development Commission (EDC) approved the City's application in accordance with the Regional Tourism Act (RTA) for the City for Champions (C4C) project which includes four unique and extraordinary tourism project elements including the USOM and a proposed (CSEC) to be located in SWDT. The EDC's approval resulted in a projected $120.5 million in State Sales Tax Increment Financing (SSTIF) of which a significant amount is to be dedicated to the USOM and CSEC. The RTA SSTIF combined with improving economic and market conditions have served ...
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