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Pueblo County approves Dillon Drive TIF agreement, OKs marijuana excise scholarship distribution
Summary
The Pueblo County Board of County Commissioners approved a property tax increment financing agreement for the Dillon Drive Urban Renewal Project and a funding-assistance agreement to distribute marijuana excise tax scholarship funds for fall 2025 and spring 2026. The TIF carries estimated revenue and pending floodplain review.
The Pueblo County Board of County Commissioners on Sept. 25 approved a property tax increment financing (TIF) agreement for the Dillon Drive Urban Renewal Project and a separate agreement to distribute marijuana excise tax scholarship funds for the 2025 fall and 2026 spring semesters.
During a presentation, a project representative described assumptions underlying the Dillon Drive proposal: an estimated 25-year TIF of about $18,000,000, a developer reimbursement rate of 75% and roughly 104,000 square feet of new building with construction estimated at more than $30,000,000. The presenter said the project team has submitted a no-rise certificate for floodplain concerns and was awaiting a pending low-mar determination from the Fountain Creek Watershed. "The estimate for the TIF is 18,000,000, with a reimbursement of 75% to our developers," the project representative said.
The proposal would allocate 25% of remaining TIF receipts for demonstration projects such as infill housing and administrative fees under the Pueblo County Urban Renewal Authority. The county's projected share over 25 years was presented as about $2,600,000. The presenter also said intergovernmental agreements with other taxing entities were in place "as of last week" except for the county's formal signoff; the city plans a public hearing on Oct. 14.
Commissioners asked about sales-tax commitments; the presenter said no sales-tax support was being requested for the urban renewal area and that the financing relies on property-tax increment only. After discussion, a commissioner moved and a second was made; the board voted by voice and approved the agreement.
On a related agenda item, the board approved a funding-assistance agreement to distribute marijuana excise tax scholarship funds targeting Pueblo Community College for the coming academic terms. Commissioners noted PCC would return some prior-year overages to the fund. That motion also passed by voice vote.
Officials emphasized continued coordination with city review and with watershed and floodplain reviewers before major construction work begins. The county did not record roll-call vote totals in the transcript; actions were carried by voice vote and announced as approved.
