Colorado Springs, other cities work on financing projects
“The three cities that won state sales tax incentives for quasi-public projects since lawmakers created the Regional Tourism Act in 2009 are still working on financing so construction can get underway.
The Regional Tourism Act is set to expire next year, and the city of Denver is expected to be among the final applicants seeking state funds. Denver officials say they would use the money to renovate the National Western Stock Show facilities.
Under the law, the state’s Economic Development Commission can award a portion of future state sales tax revenue to projects that are “unique in nature” and “anticipated to contribute significantly to economic development and tourism in the state.”
Aurora was awarded an estimated $81.5 million over 30 years in 2012 for the Gaylord Rockies hotel and conference center.
Pueblo received money in 2012 to expand its downtown convention center and create a training center for professional bull riders.
Colorado Springs landed $120.5 million in 2013 for the City for Champions project that includes a visitor center at the Air Force Academy, a University of Colorado at Colorado Springs sports medicine complex, a downtown Olympic museum and an adjacent sports arena.
All three projects that have been granted RTA dollars have five years from the date the money was awarded to break ground.”
Schrader, Megan. The Gazette 10 August 2014.