Title
A resolution approving a Cooperation Agreement between the City of Colorado Springs and the Colorado Spring Urban Renewal Authority authorizing the Colorado Springs Urban Renewal Authority to use annual sales tax increments generated within Museum and Park Urban Renewal Area for a period of up to 25 years for qualifying public improvements.
Presenter:
Peter Wysocki, Director Planning and Community Development
Jariah Walker, CSURA Executive Director
Bob Cope, Economic Development Officer
Body
Summary:
There are three items proposed for Council review and action:
1. A resolution to remove 81.7 acres from the Southwest Urban Renewal Area (adopted by Council in 2001) in order to facilitate the establishment of the a new Museum and Park Urban Renewal Area and Plan. This action does not eliminate the Southwest Urban Renewal Plan/Area.
2. A resolution to establish the Museum and Park Area and Plan. The proposed urban renewal area consists of 81.7 acres and is generally located around the US Olympic Museum and Hall of Fame, stretching from America the Beautiful Park to Cascade, and Cimarron to Cucharras. Currently, the area is part of the existing Southwest Downtown Urban Renewal Area and Plan. If approved, this will be a separate Plan from the Southwest Urban Renewal Area, and become its "own" area and plan with a new 25-year URA clock. The project itself is an urban, mixed-use redevelopment - including lodging, multi-family residential, retail, and restaurants. Significant public improvements are part of the redevelopment - including parking garage, completely redesigned and re-envisioned streetscapes and utility upgrades.
3. 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 Museum and Park Urban Renewal Area and Plan. If it is approved, the Council may then consider the tax sharing agreement. ...
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