Colorado Springs makes its case for economic development aid
“here was song and dance, booing and cheering, criticism and support Wednesday as City for Champions, a $250 million Colorado Springs development, was pitched to the Economic Development Commission.
The commission will decide later this month whether to award the proposal $125.1 million in economic development incentives to facilitate the construction of an Olympic museum, a sporting events arena, a sports medicine clinic and an Air Force Academy visitors center.
The proposal is seeking funding through the Regional Tourism Act – a relatively new law that gives large-scale and unique projects a percentage of the sales tax generated by a regional tourism zone during the next 30 years.
It’s up to the Economic Development Commission – a board of nine appointed members – to determine if City for Champions qualifies under the Regional Tourism Act, and if so, what percentage of sales tax revenue coming from the region should the project receive.”
Schrader, Megan. The Gazette 4 December 2013.