Press Release (City of Colorado Springs)
On Tuesday, April 24, Colorado Springs City Council voted to adopt the revised annexation agreement for Banning Lewis Ranch. The revised agreement brings requirements in line with City Code, aligns the agreement with other development practices across the city and is expected to encourage development in the city, changing the trend of development leapfrogging the area and occurring in the County. Banning Lewis Ranch is expected to welcome 62,000 residents over the next 30 years and generate $49M in net revenue for the City. Further, the projected growth is projected to add $41 Billion to the city’s economy over the same period.
“Our city has made tremendous progress in the last couple of years, and as we anticipate continued growth, the revised Banning Lewis Ranch Annexation Agreement allows us to capitalize on that growth and recognize the enormous economic benefit it offers to our city,” said Mayor John Suthers. “The property has sat vacant for much too long, and that vacancy has cost us in terms of revenue and jobs. Now that the inequities in the agreement have been corrected, we expect to see both commercial and residential development, an improvement in our housing inventory and less urban sprawl due to the influx of developable land within the city limits. The agreement is the product of years of review, and the result is an intelligent blueprint for responsible and sustainable growth in the northeast quadrant of our city.”
The below data comes from the TischlerBise Economic and Fiscal Impact Analysis.
· Development under the revised agreement is expected to generate at least $49 million over and above the cost of developing and servicing the area over the next 30 years. Further, the Colorado Springs economy is projected to grow by an estimated $41 billion and generate 35,000 new jobs over that time. It would also bring in $434 Million in additional net revenue to Colorado Springs Utilities.
· The proposed amended agreement allows land use and zoning to be as flexible as possible. We don’t know what the market conditions will dictate in the future. There is no proposal to re-master plan the ranch with this agreement. It will allow for smaller development plans to come forward, and to be adaptable as the ranch develops over the next three to five decades.
· The agreement is subject to the Park Land Dedication Ordinance, and presents opportunities for new parks, trails and open space.
For more information on the revised Annexation Agreement, visit the BLR page on the City’s website.