URA Period: 2023 - 2048
Developer Contact
Location:
The Project Garnet Urban Renewal Area is located in the City of Colorado Springs in El Paso County. The Plan Area is comprised of one parcel on approximately 88 acres of land plus adjacent right-of-way (ROW). The location of the Plan Area is south of Rockrimmon Boulevard (addressed as 301 South Rockrimmon Boulevard).
Plan Goals:
The establishment of the plan will support the redevelopment of the former manufacturing site which was previously owned and operated by Hewlett Packard. The plan is intended to stimulate private sector development in the plan area with a combination of private investment and Authority financing through Tax Increment Financing (TIF) that would not be otherwise financially feasible without the participation of the Colorado Springs Urban Renewal Authority (CSURA). The adoption of the Project Garnet Urban Renewal Plan allows the CSURA, among other powers, to enact property tax and sales tax necessary to eliminate and prevent the spread of blighted conditions in the area for a full 25-year period.
Entegris, a global supplier of electronic materials that support the semiconductor and other high-tech industries, intends to develop the property as a manufacturing facility and manufacturing center of excellence on the 88 acres of commercial land. The project would have an estimated $631 million capital investment and employ 597 workers in its first phase and could grow to more than $1 billion and 1,000 employees in a second phase. The jobs created will pay an average wage of $69,096 and include technicians, chemist, engineers, as well as manufacturing and warehouse operations. It would also create around 4,000 construction jobs during the development stage. The center could have a nearly 2.5 billion local economic impact over the next five years.
Current Status:
The Colorado Springs Urban Renewal Authority adopted the plan at its January 25, 2023 meeting. The City Council held a public hearing on February 14, 2023, and approved the plan designating the Project Garnet Urban Renewal Plan by Resolution No. 14-23. A tax sharing agreement (Cooperation Agreement) was also approved by City Council. Entegris broke ground on June 7, 2023 and is expected to finish in 2025.
Developer Contact
Location:
The Project Garnet Urban Renewal Area is located in the City of Colorado Springs in El Paso County. The Plan Area is comprised of one parcel on approximately 88 acres of land plus adjacent right-of-way (ROW). The location of the Plan Area is south of Rockrimmon Boulevard (addressed as 301 South Rockrimmon Boulevard).
Plan Goals:
The establishment of the plan will support the redevelopment of the former manufacturing site which was previously owned and operated by Hewlett Packard. The plan is intended to stimulate private sector development in the plan area with a combination of private investment and Authority financing through Tax Increment Financing (TIF) that would not be otherwise financially feasible without the participation of the Colorado Springs Urban Renewal Authority (CSURA). The adoption of the Project Garnet Urban Renewal Plan allows the CSURA, among other powers, to enact property tax and sales tax necessary to eliminate and prevent the spread of blighted conditions in the area for a full 25-year period.
Entegris, a global supplier of electronic materials that support the semiconductor and other high-tech industries, intends to develop the property as a manufacturing facility and manufacturing center of excellence on the 88 acres of commercial land. The project would have an estimated $631 million capital investment and employ 597 workers in its first phase and could grow to more than $1 billion and 1,000 employees in a second phase. The jobs created will pay an average wage of $69,096 and include technicians, chemist, engineers, as well as manufacturing and warehouse operations. It would also create around 4,000 construction jobs during the development stage. The center could have a nearly 2.5 billion local economic impact over the next five years.
Current Status:
The Colorado Springs Urban Renewal Authority adopted the plan at its January 25, 2023 meeting. The City Council held a public hearing on February 14, 2023, and approved the plan designating the Project Garnet Urban Renewal Plan by Resolution No. 14-23. A tax sharing agreement (Cooperation Agreement) was also approved by City Council. Entegris broke ground on June 7, 2023 and is expected to finish in 2025.
Colorado Springs Urban Renewal Authority
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Phone: 719-385-5714
Mailing Address: PO Box 1575, MC 628 Colorado Springs CO 80901-1575 Street Address: 30 South Nevada Avenue Suite 604 Colorado Springs CO 80903 |
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