Mill Street Community Benefits All members asked Colorado Springs City Council at its regular meeting on Feb. 24 to delay a vote on the Moreno and Cascade Urban Renewal Plan until the project developer signed an agreement to preserve housing affordability and prevent displacement of current residents. However, the council passed the resolution 7-2.
Councilors Dave Donelson and Kimberly Gold voted in opposition. Councilors Tom Bailey, Lynette Crow-Iverson, Nancy Henjum, David Leinweber, Roland Rainey Jr., Brian Risley and Brandy Williams voted to approve.
Urban renewal plans are a tool cities use to redevelop blighted areas to promote job growth and housing options and add missing amenities. As a Colorado Springs Urban Renewal Authority (CSURA) project, this development will use tax increment financing (TIF), which captures anticipated future property and/or sales tax revenues to offset current costs of development. This lowers cost and risk for the developer – in this case, Norwood Development Group…