Colorado Springs downtown authority approves preliminary $9.92 million budget
The 2027 proposal projects $5.07 million in revenue and includes $6.25 million for tax-increment financing and $3.51 million for programs.
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The Colorado Springs Downtown Development Authority board approved a preliminary 2027 budget projecting $5.07 million in revenue and $9.92 million in spending. Its proposed work includes tax-increment financing agreements, downtown parks, housing incentives and transportation planning.
The budget letter and worksheet record the approval at a Sept. 15 public hearing. The budget is not final; the authority plans to revise and submit it after El Paso County certifies property valuations in November.
The worksheet lists $4.86 million in beginning funds and projects $5.07 million in revenue. Its largest proposed spending categories are $6.25 million for tax-increment financing, or TIF, and $3.51 million for programs. TIF uses increases in property-tax revenue within a district to support eligible improvements and development activities.
The authority’s proposed 2027 scope of work includes maintaining existing TIF agreements and assistance programs, addressing long-term vacant properties, and reviewing grants and incentives. It also calls for exploring incentives for a full-service grocery store, supporting activity at the Peak Three Theater, refining housing incentives, and work related to Acacia Park, downtown events, wayfinding, streets and bike facilities. The authority plans to advocate for a transit center and Front Range Passenger Rail. The scope names these priorities but does not assign specific amounts to each one.
The annual budget is separate from City Council’s May 26 adoption of the Elevate Downtown Plan as the authority’s Plan of Development. The proposed budget and scope outline anticipated work for 2027 under that broader plan.