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 Tejon and Costilla 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: CPC MP 18-00123
Presenter:
Peter Wysocki, Director Planning and Community Development
Jariah Walker, CSURA Executive Director
Bob Cope, Economic Development Officer
Body
Summary:
There are two items proposed for Council review and action:
1. A resolution to establish the Tejon and Costilla Urban Renewal Area and Plan. The area consists of 4 lots at the southwest corner of Tejon and Costilla (in Downtown Colorado Springs) and consists of approximately 1.5 acres. The proposed project consists of a 256-room hotel, including complementary restaurants, parking garage and streetscape improvements; and,
2. A tax sharing agreement between the City and the Colorado Springs and Urban Renewal Authority for funding qualifying public improvements built by the project.
The Council must first vote on the Tejon and Costilla Urban Renewal Area and Plan. If it is approved, the 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 If the Plan is not approved or final action postponed, then the tax sharing agreement must be either withdrawn or postponed.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:
There has been no previous City Council action on these properties related to formation of an urban renewal area.
These items were introduced to Council at the November 13, 2018 City Council Work Session.
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:
City staff and project team will present the deta...
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