All elements are projected by the Applicant to be completed by 2017, meeting the statute’s goal of economic development in the foreseeable future.
Projected creation of more than 3,000 construction jobs and almost 900 ongoing operations jobs represents a notable economic gain. 2.
The Project will lead to a “substantial increase in out of state tourism”.
C.R.S. § 24-46-304(3)(b).
Based on the work of the TPA, the Project is estimated to draw more than nine million net new visitors into Colorado over a thirty year period which represents a substantial increase in out of state tourism.
Based on the work of the TPA, a new visitor center at the Air Force Academy, (the element with the smallest net new draw of the various Project elements) can bring 20,000 new visitors into Colorado each year of stabilized operations. 3.
A significant portion of the sales tax generated within the zone can be attributed to non-residents of the zone.
C.R.S. § 24-46-304(3)(c).
The Olympic brand has a national and global appeal and should attract visitors from outside the zone. The Colorado Sports and Entertainment Complex plans to target and host events that do not currently take place in Colorado because they lack an appropriate venue. This new sports complex should attract participants, fans, officials and families from outside Colorado Springs into the zone.
The nine million new out of state visitors will contribute a significant portion of sales tax revenue from non-residents of the zone. 4.
Absent RTA funds the Project is not likely to be completed within the foreseeable future.
C.R.S. § 24-46-304(3)(d).
The State RTA support will accelerate and improve the chances of the Project moving forward in the foreseeable future. All four Project elements have identified some potential specific public, private and philanthropic sources of funds. Concerns/Weaknesses: 1.
None of the Project elements have a detailed funding plan, committed capital structure, or development pro-forma which demonstrates their viability with RTA funding and their lack of viability without funding. 2.
The lack of contractual commitments between the three Olympic-related Project elements and the USOC, CSOTC and the NGBs. 3.
Large differentials in the estimated amount of new visitors and the size of the net new state sales tax increment available for the Project between Colorado Spring’s application and TPA. 4.
The Air Force Academy Visitor Center as a stand-alone project may not satisfy the “substantial increase in out-of-State tourism” criteria. Many visitors come to the academy for its athletic, academic or specialized events. Visitors also come for sightseeing at the Cadet Chapel, Terrazzo, and other elements of the working campus including the cadets themselves. A new visitor’s center adjacent to Falcon Stadium may not by itself draw new visitors to Colorado. 5.
The UCCS Sports Medicine and Performance Center has a substantial possibility of being built in the foreseeable future without RTA funds particularly given the comments in the