Colorado Springs Urban Renewal Authority falls short again on Nevada Avenue bond payment
“The Colorado Springs Urban Renewal Authority fell short last month on a bond payment for its North Nevada Avenue redevelopment project, but the financial stumble and an earlier default aren’t stopping the corridor’s makeover, urban renewal officials say.
The authority, which oversees City Council-approved redevelopment projects, was scheduled to pay $2.7 million in principal and interest Dec. 1 on a $47.1 million bond issue that funded traffic, drainage and other improvements along Nevada, between Garden of the Gods Road and Interstate 25. However, the authority fell $380,000 short on the principal portion of the payment, urban renewal officials say.
The authority was in default two years ago on the Nevada Avenue project when it fell $50,000 short on a payment on a separate, $7.5 million bond issue. No payments have been made on it since.”
Laden, Rich. The Gazette 10 January 2014.