Proceeds will fund District 60 Dutch Clark Stadium Renovations, Pueblo County Medal of Honor Blvd. extension (formerly known as Joe Martinez), and Pueblo West High School improvements.
The Pueblo Urban Renewal Authority (PURA) announced today that Tax Increment Financing (TIF) revenue from its St. Charles district will fund $17 million in capital projects for local taxing bodies. Pueblo City Schools District 60, Pueblo County School District 70, and Pueblo County will receive funds according to the taxes levied within the St. Charles project area’s geographical boundary.
Pueblo School District 60 dedicated its revenue to a $5.2 million renovation project at the iconic Dutch Clark Stadium, Pueblo School District 70 pledged its revenue to a $4.3 million project at Pueblo West High School, and Pueblo County will commit its funds to offset costs of the $40 million Medal of Honor Blvd. extension.
Jerry M. Pacheco, PURA Executive Director said, “We are now to a point where we are realizing the financial benefits of investments made years ago. Through this catalyst project, PURA is now able to share back revenue to our local taxing partners that will finance important regional projects.”
Through a multi-faceted incentive package, Vestas Towers America, Inc. located its manufacturing operations in Pueblo and has since become one of the largest tower manufacturers in the world. PURA established the St. Charles TIF district specifically to invest in public improvements that would facilitate the development of this $240 million project.
PURA funded over $21 million in infrastructure that would service the 600,000 sq. ft. wind turbine manufacturing plant. As of December 31, 2022, the infrastructure improvements are installed, and financial obligations have been met. Upon fulfillment of this financial commitment, the excess in TIF will finance these significant community projects.
Former Chairman of the PURA Commission, Dave Abeyta said, “TIF is a powerful financing mechanism for the City of Pueblo. Successful urban renewal project areas have the ability to generate funding that might not occur but for the project. Intergovernmental cooperation is critical and gets a lot done.”