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Drake & College - A new Urban Renewal Plan area at Drake & College Avenue is currently being contemplated by the URA Board. In spite of this area's prominence, the URA Board has found the area to suffer from Bight as defined by Colorado Urban Renewal Law. Subsequent to Blight findings, the area falls short of Community objectives as specified by City Plan (Fort Collins Comprehensive Plan), the Midtown Plan (a subarea plan for the Midtown area), and the Midtown in Motion Plan (Midtown transportation plan). Note: These and other plans are available at https://www.fcgov.com/planning/documents.

Adoption of an Urban Renewal Plan in this area would allow the URA to utilize the incremental taxes derived from within the plan to remediate blight, fund enhanced development outcomes, and promote area improvements that are consistent with community goals and objectives. Redevelopment priorities of the area may include:

  • College and Drake intersection Improvements
  • Traffic safety improvements
  • Sidewalk & landscaping enhancements
  • Storm water improvements
  • Parking Enhancements
  • Improved multi-use trail & Bus Stop improvements on Drake near MAX.

Follow the URA Board process and discussions under the Meeting Agendas tab

Projects proposed at Drake and College are seeking TIF funding to offset the high redevelopment costs of the area, such as clearing of vacant structures, improving area drainage, traffic intersection improvements and improved pedestrian, bike and vehicular safety. TIF funds in this area can be used to enhance the public components of the project and accelerate development in the surrounding area.

Tax Increment Financing (TIF) is the mechanism whereby newly generated taxes (property and/or sales taxes), which result from new development, are utilized to finance improvements that support the revitalization of the Urban Renewal Plan Area.

TIF is used to fill the gap between the total cost of the redevelopment project and the level of the private financing it can support. Under this financing tool, the level of property tax and/or sales tax collected before redevelopment is used as a base and the new tax revenues expected are estimated. The difference between the base and the increase in taxes collected as a result of the redevelopment project is the tax increment. TIF may be allocated to the URA for up to 25-years. Both the sales and property tax are eligible to be allocated.

Click HERE to learn more about TIF

  • Stimulate and leverage redevelopment to remedy findings of "blight" as defined by Urban Renewal Law
  • Aide in area rehabilitation that is compatible and complimentary to community goals and objectives for the plan area
  • Implement the Fort Collins Comprehensive Plan and its related elements
  • Effectively utilize undeveloped and underdeveloped land
  • Ultimately contribute to increased revenues for all taxing entities

Under HB15-1348 there are several steps that each area and expanded board must follow before an area can receive funding. For Drake and College these steps generally include:

1. Existing Conditions Study. See URA Board Approval for an Existing Conditions Study Res. NO. 87

2. Neighborhood input & Involvement. See Fort Collins URA Open House 10/10/18 Notification letter.

3. Plan review & TIF impacts. Check our Meeting Agenda page for recent updates.

4. County Impact Report

5. Tax Entity Negotiations

6. Recommendation by City of Fort Collins Planning & Zoning.

7. Recommendation by City Council

8. Final decision by Fort Collins city council

9. Urban Renewal Authority Board adoption of plan area

 

Each of these steps may take several months to complete as they are formulated, reviewed and ultimately approved by the URA Board.

To learn more about the process watch: Colorado Municipal League-URAs in Colorado

Click Here to see a map of the proposed urban renewal plan area at Drake and College.