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Broomfield completes first land transfer for Town Square project; BID and URA hearings set
Summary
City attorney said the first land transfer for the Broomfield Town Square — Lot 2 at Main and First — will complete this week to start formation of a business improvement district; council will consider the BID and Urban Renewal Authority on Feb. 25 and March 25.
BROOMFIELD, Colo. — City and County Attorney Rogers told the Broomfield City Council on Feb. 11 that the city will complete the first land transfer this week related to the Broomfield Town Square project.
Rogers said the transfer concerns Lot 2 at the corner of Main and First Avenue and is being completed now to begin the process of forming a business improvement district (BID). The BID will come to council for first reading on Feb. 25 and second reading on March 25, alongside an ordinance to establish an Urban Renewal Authority, Rogers said.
Rogers reminded council that the BID, the Urban Renewal Authority and an existing metro district are financing mechanisms included in the Feb. 2019 agreement with the developer. City records show the mayor has already signed the deed for the Lot 2 transfer and staff will return to council with the developer on Feb. 25.
Why it matters: The land transfer and upcoming hearings are steps in the larger Town Square redevelopment process, using multiple financing tools that were part of earlier agreements. The BID and URA hearings will provide council and the public formal opportunities to review financing tools and project plans.
Next steps: The BID and URA ordinances return to council on Feb. 25 (first reading) and March 25 (second reading). Staff said there is nothing for council to do on the Lot 2 transfer itself because the deed has been executed; the public hearings on the financing mechanisms will be the next formal council actions.
Ending note: Rogers said staff will bring the developer to council on Feb. 25 to proceed with the next steps of the Town Square project.
