City of Colorado Springs - File #: 15-00729

• File #: 15-00729
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/17/2015
• 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 Gold Hill Mesa Commercial Area 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)

Date	Ver.	Action By	Action	Result
12/8/2015	1	City Council	adopted	Pass
12/8/2015	1	City Council	denied	Fail
12/8/2015	1	City Council	denied	Fail
12/8/2015	1	City Council	approved	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 Gold Hill Mesa Commercial Area 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 June 23, 2015 through June 22, 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 and Golden Cycle Investments, LLC (the Developer)

Previous Council Action:
City Council adopted the Gold Hill Mesa Commercial Area Urban Renewal Plan on June 23, 2015 through Resolution #69-15

Background:
The Gold Hill Mesa Commercial Area Urban Renewal Plan was approved by the Colorado Springs City Council on June 23, 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, was not authorized at the time of plan approval. City Council stipulated that CSURA negotiate with the project developer as to the appropriate amount required to make the project economically viable and provide Council with a sales tax sharing agreement for consideration. The Cooperation Agreement id...