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RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COMMERCE CITY, COLORADO, MAKING CERTAIN LEGISLATIVE FINDINGS AND APPROVING THE MILE HIGH GREYHOUND PARK URBAN RENEWAL PLAN IN CASE # SAP-006-18 / URP-002-12-16-18
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Summary and Background Information:
Site Background
For more than 60 years, the former Mile High Greyhound Park was a vibrant entertainment destination, drawing thousands of people from across Colorado. An economic engine for the City, the park employed hundreds of residents and sales tax revenues were reinvested in community projects. When greyhound racing ended in 2008, visitors and activity in the historic heart of the City slowed.
The Commerce City Urban Renewal Authority (CCURA) purchased the property in August 2011, intent on redeveloping the empty and blighted site as an economic engine for a new generation. Demolition of existing structures was completed in 2013 to prepare the property for development. The Suncor Boys & Girls Club opened in 2015 on 2.5 acres of land donated by the Authority to anchor the southeast corner of the redevelopment.
It is envisioned that the CCURA and a partnering developer, ReGen, LLC, will create a TIF (tax increment financing) to help finance any redevelopment activity for this site. Because of certain legal restrictions regarding TIF financing, it was determined that in order to secure the financing for the maximum period permitted by statute, the best course of action would be to create a new urban renewal plan for the area. That plan is what is currently presented for approval before City Council.
Urban Renewal Plan Requirements
An urban renewal plan is necessary to outline necessary projects and funding strategies for specific properties contained within an urban renewal area.
Colorado’s Urban Renewal Requirements were updated with HB 15-1348 in 2015.
As part of those requirements, agreements are now required with all taxing entities. The CCURA completed these agreements as follows: ...
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