The El Paso County Board of Commissioners voted unanimously today to reject a partnership between the county and developer for the proposed Copper Ridge shopping center.
Under the agreement, a portion of sales tax revenue from the shopping center would pay for an extension of Powers Boulevard.
The road extension is crucial to plans to build the [...] [...]
El Paso County Commissioners will decide next month whether they should skirt state law and use sales tax revenue from the proposed Copper Ridge shopping center to pay for an extension of Powers Boulevard.
It’s a bad idea.
And while the discussion next month will be about the legality of it all, there’s an even greater ideal [...] [...]
by Jonathan Easley Published: January 7,2011
Tags: Copper Ridge
The fate of the proposed Copper Ridge shopping center in northern Colorado Springs will in part hinge on how El Paso County Commissioners interpret the state Constitution.
County Attorney Bill Louis is working with the developer, Northgate Properties owner Gary Erickson, on a proposal that would allocate future sales tax revenue from the shopping center to [...] [...]
The Colorado Springs City Council gave the Copper Ridge project a green light this spring but the proposed 2.8-milion square foot retail project faces what could be a big roadblock before the El Paso County Commission.
Developer Gary Erickson plans to ask the commissioners to grant a sales tax waiver for the project, mostly to help [...] [...]
The resumé of the real estate developer behind the 2.8-million-square-foot Copper Ridge retail project includes no shopping-center experience.
That’s why Northgate Properties CEO and President Gary Erickson sought out partners Kevin Hawkins and the Salt Lake City-based Woodbury Corp. Together they brought the depth of experience and capital-raising ability he was missing.
They’ll need it. The proposed [...] [...]
Now that the Colorado Springs City Council has signed off the Copper Ridge retail project, it faces a 2018 deadline to finish the Powers Boulevard extension. After that, the issue will become far more complicated.
That’s because when the city annexed the land for the Flying Horse community, the developer agreed to provide the state the [...] [...]
The proposed 2.4-million-square-foot Copper Ridge project won the City Council’s support amid one of the worst retail environments in Colorado Springs in more than a decade.
Vacancies at local shopping centers are at a 10-year high, rents are down and economists suggest the days of heavy consumer spending are behind us — forever.
Perhaps more troubling, Colorado [...] [...]
If the plans of the Copper Ridge project team are fully realized, the quiet area surrounding the upscale Flying Horse community could see the completion of a major thoroughfare and the beginnings of a regional mall within two or three years.
Rather than worrying about traffic, pollution, noise and safety, it appears that at least some [...] [...]
Under the Copper Ridge retail development deal, the Colorado Springs Urban Renewal Authority would have to issue up to $105 million in “special district” revenue bonds to finance the Powers Boulevard extension.
Special district bonds became popular during the recessionary 1980s, as cities and counties were increasingly unable to fund infrastructure projects.
These bonds are repaid by [...] [...]
2005: Gary Erickson buys a 320-acre parcel of land from Picolan Inc. for $38.3 million. A year later he meets Kevin Hawkins, a veteran retail developer, at an International Council of Shopping Center convention in Las Vegas and signs his first agreement to develop the property.
2007: The developers present the City [...] [...]
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