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 True North Commons 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 two items proposed for Council review and action:
1. A resolution to establish the True North Commons Urban Renewal Plan. The area is located along the northern border of the City of Colorado Springs, within the United States Air Force Academy (USAFA). Its boundaries may generally be described as including land located north and south of Northgate Boulevard, near the northwest and southwest quadrants of Northgate Boulevard and Interstate 25 (I-25). It is comprised of two individual parcels totaling approximately 39 acres, and the adjacent Northgate Boulevard right-of-way. Once part of a larger tract totaling 11,265 acres, the subject properties were annexed into the city during the early part of 2019. At that time, they were also rezoned from El Paso County Residential Rural (RR-5), to the city's Planned Unit Development (PUD) classification. The project itself consists of a new Air Force Academy Visitor Center, Hotels, retail and restaurants. Significant public improvements are part of the development - including roadways, a pedestrian bridge and utility infrastructure.
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 True North Commons 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...
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