Friday, June 16, 2006
Proposed tax cut could affect North Nevada retail
It's still uncertain whether tax-cut measures proposed by El Paso County Commissioner Douglas Bruce will make it to the November ballot.
Colorado Springs is appealing a court ruling that clears the way for the measures to go on the ballot, but is preparing to put the measures before voters, anyway.
In the meantime, members of the Colorado Springs Urban Renewal Authority are keeping a close watch. Bruce is seeking to phase out the city's property tax, and cut its sales tax rate. A sales tax rate reduction -- to 1.75 percent from 2 percent -- would potentially cut the amount of tax revenue to be generated at a proposed Costco- and Lowes-anchored retail center that will be a major component of the North Nevada Avenue redevelopment project.
The corridor, between Austin Bluffs Parkway and Interstate 25, was declared an urban renewal site in late 2004. Fewer sales tax dollars could mean less money to make improvements along North Nevada, which Costco and other retailers will be counting on as they plan to locate in the shopping center. Urban Renewal Authority officials said this week they're wondering what effect the measures -- if passed -- will have.