City of Colorado Springs
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File #: 20-028    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 1/7/2020 In control: City Council
On agenda: 2/11/2020 Final action: 2/11/2020
Title: A Resolution Approving a Cooperation Agreement for Redevelopment of Portions of Southwest Downtown, Colorado Springs, Colorado Presenter: Bob Cope, Economic Development Officer
Attachments: 1. Resolution Approving Cooperation Agreement SWDT 01.22.pdf, 2. City Draft Cooperation Agreement - 1-22-20-version-clean, 3. City Draft Cooperation Agreement - 1-22-20-version-redline, 4. City Draft Cooperation Agreement - 2-04-20-Revised-Clean, 5. City Draft Cooperation Agreement - 2-04-20-Revised-Redline, 6. Urban Renewal Plan Museum Park (final - updated), 7. Exhibit - Museum + Park URA Boundary, 8. 20055695_1_SW Downtown Project Concept Plan, 9. Exhibit D - Authority Redevelopment Pledge Agreement 1.23.pdf, 10. 20055691_1_EXISTING UTILITY ADVANCED RELOCATION EXHIBIT - CIMARRON NORTH.._, 11. SWD Infrastructure -Exhibit F

Title
A Resolution Approving a Cooperation Agreement for Redevelopment of Portions of Southwest Downtown, Colorado Springs, Colorado

Presenter:
Bob Cope, Economic Development Officer

Body
Summary:
The proposed Cooperation Agreement sets forth a framework and an expression of intent by the parties to accomplish the successful redevelopment of portions of Southwest Downtown (the Project), for the mutual benefit of the parties and in furtherance of the Museum and Park Urban Renewal Plan. The parties to the agreement are the City of Colorado Springs, Colorado Springs Utilities, Southwest Downtown Business Improvement District, Colorado Springs Urban Renewal Authority and Nor'Wood Limited, Inc. as the Master Developer.

Background:
The Cooperation Agreement is an acknowledgement that the parties share a broad vision for the redevelopment of Southwest Downtown, and that there are significant mutual benefits to the parties associated with the successful execution of the Project

The redevelopment of Southwest Downtown in accordance with the Museum and Park Urban Renewal Plan is estimated to be a 20-year project, to be accomplished in phases. Each phase will require investment in private improvements by the private sector parties, and investment in public improvements (infrastructure) by the public sector parties. Due to the projected 20-year build out schedule, it is anticipated that many of the individuals affiliated with the parties to this agreement and directly engaged in the execution of the initial phases of the project will no longer be affiliated with the parties during the execution of later phases of the project. In addition to providing a framework for redevelopment and an expression of intent by the parties, the Cooperation Agreement will provide an historical record for reference by future individuals affiliated with the parties relating to the execution of future phases of the project.

The Cooperation Agreement provides a general descr...

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