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El Paso County approves TIF deal to fund downtown Moreno and Cascade redevelopment
Summary
The county approved a tax-increment financing agreement for the Moreno and Cascade Urban Renewal Plan that assigns 100% of county property-tax increment and a phased sales-tax increment (effective 60%) to public improvements for a downtown hotel and a future housing phase; approval was unanimous (5-0).
The El Paso County Board of County Commissioners on Nov. 18 approved a tax-increment financing (TIF) agreement with the Colorado Springs Urban Renewal Authority for the Moreno and Cascade Urban Renewal Plan, authorizing an exhibit that phases a sales-tax increment while allocating 100% of the county's property-tax increment to the project.
County economic development director Crystal Latier introduced the request, saying the project covers about 1.69 acres in downtown Colorado Springs and will be built in two phases: a 181-key hotel as phase 1 and a later attainable-housing phase. Latier said the total development cost is currently estimated at about $88,000,000 and that the URA had followed a multi-step internal and public review process before bringing the formal request to the board.
Chief Financial Officer Nikki Simmons outlined the county’s fiscal analysis. Simmons said the combined county…
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