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El Paso County approves tax-increment financing for Odyssey at North Weber
Summary
The Board of County Commissioners voted 5-0 Sept. 2 to approve a property tax increment financing agreement with the Colorado Springs Urban Renewal Authority to support the 120-unit Odyssey at North Weber workforce housing project in central Colorado Springs.
The El Paso County Board of County Commissioners voted 5-0 on Sept. 2 to approve a property tax increment financing (TIF) agreement with the Colorado Springs Urban Renewal Authority for the Odyssey at North Weber, a proposed 120-unit multifamily development east of North Nevada in central Colorado Springs.
County staff described the project as workforce rental housing with one-, two- and three-bedroom units targeted at about 80 to 120 percent of area median income. Crystal Latir, executive director of economic development for El Paso County, said the site covers just over 4 acres and will include a cul‑de‑sac where Craigmoor Road now extends.
The county's chief financial officer, Nikki Simmons, said the developer's TIF model requests 100 percent of the county's property tax increment for up to 25 years because the project contains no retail component. Simmons told commissioners that the Colorado Springs Urban Renewal Authority estimated a county contribution of about $376,000 over 25 years; when recalculated using the county's full mill levy the exposure could rise to roughly $480,000. In present‑value terms that contribution was shown as about $282,000, and Simmons said the county would retain a base of approximately $41,000 in assessed value during the TIF period. She added staff expects the redeveloped parcel to generate roughly $20,000 in county property tax in the final year once the full value is on the rolls.
Nikki Simmons: "This request is purely property tax based. There is no sales tax request as there is not a retail component of the development." Jeriah Walker, executive director of the Colorado Springs Urban Renewal Authority, described the proposal as part of the broader Renew North Nevada planning effort and said the URA and developer had worked with consultants and taxing entities on the request. Developer Drew (Drey) Geiser said the project emphasizes "missing middle" rental housing and that the unit mix is heavier on three-bedroom units to serve families.
County staff estimated the project would bring roughly 286 new residents to central Colorado Springs and calculated an annual county service cost of about $97,000 for that population. Staff noted the project's proximity to an existing Handprints Early Education Center as a local childcare asset for future residents.
Commissioners said they had reviewed the project in a prior work session and asked no new technical questions during the hearing. One commissioner reiterated broader reservations about the state TIF law's effect on county taxing entities but nevertheless voted to approve, describing the project as a relatively small, property‑tax‑only request that supports housing.
The board approved the agreement 5-0. Commissioner Wysong, Commissioner Nelson, Commissioner Applegate, Vice Chair Williams and the Chair all voted aye.
The county's staff presentation and the URA and developer materials said the project has an approved city development plan, building plans under regional review and financing work underway with HUD.
