Mr. Miller’s September 28th letter to the Joint Audit Committee does not accurately characterize the financial planning set forth in the City for Champions RTA application. The sources of financing included in the preliminary financial plan matrix in the application were reasonable and appropriate for the planning stage of a project of this nature. The application never proposed or intended that the Regional Tourism Zone become an Urban Renewal Area. What was suggested was the concept of applying funds equivalent to a portion of the net new sales tax revenue generated directly by City for Champions project elements to finance a portion of the cost of the Colorado Sports and Event Center project. This new revenue would not exist without the C4C projects. If it was determined that this funding promoted the best interests of the community, this funding could be accomplished and structured in a number of alternative ways, which would be discussed and evaluated as the project was further developed. Thus, use of the term “TIF” was intended only in this general sense, and not as defined under the Urban Renewal law or other statutes.
In any event, a privately funded feasibility study will be undertaken during 2016 with respect to the Colorado Sports and Event Center. The study will evaluate and make more detailed recommendations concerning the Colorado Sports and Event Center venue including such key elements as ownership and operating entities, a business plan and a plan of finance.