City of Colorado Springs - File #: 15-00696

• File #: 15-00696
• Version: 1
• Name: South Nevada URA
• Type: Resolution
• Status: Mayor's Office
• File created: 11/4/2015
• In control: City Council
• On agenda: 12/8/2015
• Final action: 12/8/2015
• Title: 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 South Nevada Urban Renewal Project and to Approve the Amount of Annual Sales Tax Increment Revenue Allocated Pursuant to Colorado Revised Statute ? 31-25-107(9)(a)(II)
• Indexes: URA

Date	Ver.	Action By	Action	Result
12/8/2015	1	City Council	denied	Fail
12/8/2015	1	City Council	approved	Pass
12/8/2015	1	City Council	adopted	Pass
11/23/2015	1	Council Work Session	referred

Title
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 South Nevada Urban Renewal Project and to Approve the Amount of Annual Sales Tax Increment Revenue Allocated Pursuant to Colorado Revised Statute ? 31-25-107(9)(a)(II)
Body
From:
Bob Cope, Economic Development Manager
Jim Rees, Executive Director, CSURA

Summary:
The Colorado Springs Urban Renewal Authority (CSURA) has evaluated the development proforma provided by the project developer and has determined that the sales tax increments generated from the project in excess of the annual base amount are required in order to fund the qualified public improvements. CSURA will be requesting that City Council approve a resolution authorizing the City to enter into the Cooperation Agreement that will cover the period from November 24, 2015 through November 23, 2040 (25 year TIF period) during the December 8, 2015 Regular City Council meeting. The Cooperation Agreement is currently under review by the City Administration, CSURA, The Equity Group, LLC, Harder Diesslin Development Group and Ivywild Development 1, LLC.

Previous Council Action:
City Council received a presentation on the South Nevada Avenue Area Urban Renewal Plan during the City Council Work Session on November 9, 2015, and will consider the adoption of the Urban Renewal Plan on November 24, 2015.

Background:
The South Nevada Avenue Area Urban Renewal Plan will be considered for approval by the Colorado Springs City Council on November 24, 2015. The plan included the use of property tax increments in the plan of finance for the project. The inclusion of sales tax increments, while anticipated in the plan, will not be authorized at the time of plan approval. CSURA has analyzed the plan of finance provided by the project developers in order to determine ...