The Fort Collins City Council approved the creation of a Midtown Urban Renewal Plan Area and a South Prospect TIF District in a unanimous vote at their September 6 meeting. A Midtown Urban Renewal Plan Area (URPA) will allow private developers to apply for public financing assistance for certain aspects of redevelopment projects through tax increment financing (TIF).
New Midtown Redevelopment Agreement Approved
A new mixed-use student housing development will be the first URA project in the South Prospect TIF district. The Commons will be built east of the Mason Corridor and south of Prospect, behind the Choice Center shopping center.
The URA will assist with $5 million in tax increment financing and pay for public improvements such as sewer, flood control, right of way acquisition, bicycle and pedestrian connections and streetscape enhancements facing College Avenue. The developer of The Commons is Capstone Cos., with headquarters in Alabama. Pre-construction activities begin this fall with construction substantially completed in the fall of 2013. The total project cost is estimated at $44 million. The project includes 220 student housing units (670 beds) and 8,000 sq.ft. of street level retail space.
Learn more about the Fort Collins Urban Renewal Authority at RenewFortCollins.com.