Pueblo Urban Renewal Authority asks city to consider using Main Street garage to satisfy $14.4M RTA loan

Pueblo Urban Renewal Authority (PURA) representatives told the City Council Executive Committee on Sept. 25 they are asking the city to consider accepting the Main Street parking garage as satisfaction of a $14.4 million loan PURA received to support RTA‑eligible projects, including expansion work at the convention center and other downtown investments.

Cherish Deague, speaking for PURA, said the state sales‑tax increment from the RTA grant “is eligible to pay for interest only on those loans. It is not eligible to pay the principal.” She said the original local contribution consisted of two parts — $2.2 million and $12.2 million, totaling $14.4 million — with the smaller amount treated as a non‑interest promissory match for HARP improvements and the larger amount bearing interest and secured by a deed of trust on the convention center building.

PURA staff said the Main Street garage was built with TIF, New Markets Tax Credits and other public financing, is now free and clear of those credits, and based on internal estimates and an older…