OLD COLORADO CITY – Some residents and business owners in Old Colorado City are proposing a property tax increase to be used to beautify the neighborhood.
Many Old Colorado City residents and business owners spoke in favor of the proposal during Tuesday’s Colorado Springs City Council meeting. The plan calls for the creation of a Downtown Development Authority in Old Colorado City, which would be funded in part by increasing property taxes on property owners along West Colorado Avenue.
Centro, Inc. and OCC Partnership
The tax would apply to owners of residential and commercial properties along West Colorado Avenue from I-25 to the Colorado Springs-Manitou Springs border. Jamie Giellis, president of Centro Incorporated, a consulting firm hired by the Old Colorado City Partnership, said the $5 million increase would generate about $280,000 annually for the area.
Giellis said the average residential property owner would pay about $136 annually under the proposed tax and the average commercial property owner would pay about $686.
Business owners in Old Colorado City expressed concerns about dilapidated buildings, inadequate street lighting, an increase in homelessness and theft, wear and tear on sidewalks and streets, and overall safety.
“This is probably the worst thing you’ve ever seen from a group of people directly advocating for an increase in their taxes because we see the meaning behind it. We see the purpose,” said Adam Stepan, owner of Dice Guys on Colorado Avenue.
The City of Colorado Springs created its own Downtown Development Authority (DDA) in 2016, which implemented a 5-mil tax levy within the district and another mechanism called Tax Increment Financing (TIF) to generate increased property tax revenue. The OCC Downtown Development Authority would also utilize the TIF mechanism for additional funding.
The Colorado Springs City Council voted 7-1 to put the proposal to a second vote. If the proposal passes on a second vote, it must be approved by voters on the November ballot.
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