El Paso County reviews Moreno and Cascade TIF request; no vote today, formal vote set for Nov. 18

El Paso County commissioners convened a work session to review a tax increment financing (TIF) request for the Moreno and Cascade Avenue development, a two-phase downtown Colorado Springs project that would include a 181-room Catbird-branded hotel and a later residential component modeled at 77 to 115 multifamily units. County staff emphasized this was an informational meeting; no decisions were made and a formal vote is scheduled for Nov. 18.

County financial staff said the overall TIF request across affected jurisdictions totals about $28.4 million to $29.2 million over 25 years, which is roughly $16.4 million to $16.9 million when converted to net present value (NPV). "Giving $6,000,000 over 25 years is not the same thing as giving $6,000,000 today," said Nikki Simmons, El Paso County chief financial officer, explaining why the board should consider both the nominal totals and the discounted NPV figures.

Why the session matters: the request would capture 100% of the county's property tax increment within the proposed URA boundary and 75% of the county's 1% general sales tax (El Paso County's total sales tax is 1.23%, of which 0.23% is a dedicated public-safety tax that the county does not allow to be included). Simmons told the board the county's share of the request equates…