Title
Ordinance No. 19-13 Creating a New Part 13 (Temporary Sales Tax Credit in Designated Geographic Areas With Public Improvement Fees) of Article 7 (Sales and Use Tax) of Chapter 2 (Business Licensing, Liquor Regulation and Taxation) of the Code of the City Of Colorado Springs, 2001, as Amended, Providing for the Temporary Reduction of City Sales Tax Within Certain Designated Geographic Areas for the Purpose of Funding Public Improvements and Supporting Economic Development Through Public Improvement Fees.
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 Ordinance before City Council 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.
Upon approval of this Ordinance by Council, it is int...
Click here for full text