Background
History
The Copper Ridge Metropolitan District (CRMD) is the project owner and formed, in part, to fund construction of the I-25 & Powers Boulevard interchange project. The project is financed with CRMD bonds that will be repaid using property tax increments and a portion of the sales tax revenue generated within the Polaris Pointe development.
CRMD has managed the design, hired consultants and secured administrative clearances for the project. The construction contract is also managed by the CRMD.
The project will be constructed on land owned by the United States Air Force Academy (USAFA) and the State of Colorado. The Colorado Department of Transportation (CDOT) has an existing easement for I-25, which includes the area where the new interchange is located.
The completed improvements will become part of the interstate and state highway systems. CDOT will take ownership of the completed project and will be responsible for maintenance and operation.
Funding
Polaris Pointe, previously known as Copper Ridge, was approved as a Colorado Springs Urban Renewal Authority (CSURA) redevelopment project in 2010. The CSURA provides developers a mechanism to collect incremental property taxes and sales tax revenue generated on the property to finance a project.
The current project, which will construct the new interchange and connection from I-25 to Voyager Parkway, is financed with bonds that will be repaid with incremental property taxes and sales tax revenue collected from Polaris Pointe retail.
Agency Coordination
Several entities, namely the City of Colorado Springs, the Colorado Department of Transportation, the Colorado Springs Urban Renewal Authority and the United States Air Force Academy, helped advance the project.