Commerce City’s (Colorado) Urban Renewal Authority and City Council concluded 20 months of negotiations Monday night, approving a master development agreement with REGen, LLC for the former Mile High Greyhound Park site.
The agreement marks a new milestone for the redevelopment project, which will begin the zoning and land-use process, and urban renewal planning consistent with new state legislation.
“Redevelopment of this site will support the long-term economic vitality of the city by reconnecting neighborhoods, creating a sense of place and generating economic development opportunities,” said Mayor Sean Ford.
“Our common objective is to build a high quality mixed-use, mixed-income project that will mend the rift in the fabric of Commerce City that has existed since the Greyhound Park ceased operations,” Rick Wells, president of REGen, said in a statement. “I am excited to take the next step in the redevelopment and complete the planning, rezoning, financing processes that ultimately will lead to construction on this critical project.”
Urban renewal authorities in Colorado use tax increment financing to fund redevelopment projects targeted at improving blighted areas. When improvements are made to the area, the value of the property goes up, and sales and property taxes are higher. Under the TIF plan, the “increment” of the increased tax collections goes to the developer, not the tax districts such as schools, governmnent and first-responder agenices.