colorado springs rta summary

8/13/2019 Colorado Springs RTA Summary

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All elements are projected by the Applicant to be completed by 2017, meeting thestatutes goal of economic development in the foreseeable future.

Projected creation of more than 3,000 construction jobs and almost 900 ongoingoperations jobs represents a notable economic gain.

2. The Project will lead to a substantial increase in out of state tourism. SeeC.R.S. 24-46-304(3)(b). Based on the work of the TPA, the Project is estimated to draw more than nine million

net new visitors into Colorado over a thirty year period which represents a substantialincrease in out of state tourism.

Based on the work of the TPA, a new visitor center at the Air Force Academy, (theelement with the smallest net new draw of the various Project elements) can bring 20,000new visitors into Colorado each year of stabilized operations.

3. A significant portion of the sales tax generated within the zone can be attributed to non-residents of the zone. SeeC.R.S. 24-46-304(3)(c).

The Olympic brand has a national and global appeal and should attract visitors fromoutside the zone. The Colorado Sports and Entertainment Complex plans to target andhost events that do not currently take place in Colorado because they lack an appropriatevenue. This new sports complex should attract participants, fans, officials and familiesfrom outside Colorado Springs into the zone.

The nine million new out of state visitors will contribute a significant portion of sales taxrevenue from non-residents of the zone.

4. Absent RTA funds the Project is not likely to be completed within the foreseeable future.SeeC.R.S. 24-46-304(3)(d).

The State RTA support will accelerate and improve the chances of the Project movingforward in the foreseeable future. All four Project elements have identified some

potential specific public, private and philanthropic sources of funds.

Concerns/Weaknesses:1. None of the Project elements have a detailed funding plan, committed capital structure, or

development pro-forma which demonstrates their viability with RTA funding and their lackof viability without funding.

2. The lack of contractual commitments between the three Olympic-related Project elementsand the USOC, CSOTC and the NGBs.

3. Large differentials in the estimated amount of new visitors and the size of the net new statesales tax increment available for the Project between Colorado Springs application and TPA.

4. The Air Force Academy Visitor Center as a stand-alone project may not satisfy thesubstantial increase in out-of-State tourism criteria. Many visitors come to the academyfor its athletic, academic or specialized events. Visitors also come for sightseeing at theCadet Chapel, Terrazzo, and other elements of the working campus including the cadetsthemselves. A new visitors center adjacent to Falcon Stadium may not by itself draw newvisitors to Colorado.

5. The UCCS Sports Medicine and Performance Center has a substantial possibility of beingbuilt in the foreseeable future without RTA funds particularly given the comments in the


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November 8, 2013 letter from Brian D. Burnett, Senior Executive Vice chancellor forAdministration and Finance.

Our recommendation is tightly bound to ensuring that the percent of incremental state sales taxrevenue to be dedicated to the Project follows the RTA statute and avoids overestimating the net

new revenue generated by the Project. This includes guard rails as described below to ensurethat the states fiscal position is protected.

TAX INCREMENT: Below is a summary of Applicant and TPA analysis and recommendedtax increment financing calculations assuming all four Project elements are built. TPAsmethodology for the estimates of new out-of-state visitation and net new sales tax revenue areincluded as Appendix 2.

Tax Increment Assuming All Four Elements Approved & Built (rounded to nearest $M)

NOTNEW

Category of State Sales Tax Incremental Revenue State Sales Tax IncrementApplicant Third PartyAnalyst

Total Increment $921M $867M

Natural Growth $755M $755M

Cannibalization $46M $59M

NETNEW Total Net New $121M $53M

The United States Olympic Museum $68M $28M

Colorado Sports & Event Center $26M $15M

UCCS Sports Medicine & Performance Center $14M $9M

Air Force Academy Visitors Center $13M $0M

NET NEW AS % of TOTAL INCREMENT 13.08% 6.14%CANNIBALIZATION AS % OF TOTAL INCREMENT 4.93% 6.8%

Dollars are nominal or inflated. Applicant from Table 5-4 November 25 Summary. EPS from EPS Final Report Table 3.

OEDIT strongly recommends using the more conservative but analytically justifiable TPA taxincrement percent of 6.14 for the following reasons:

1) Adoption of the TPA recommended tax increment percent is more protective of theStates interest and consistent with prior Commission action.

2) The RTA statue only authorizes net new revenue likely created by the project andrelated development being dedicated to the Financing Entity and shall exclude any sales

tax revenue the state would likely have received without the project and development toprotect the fiscal position of the State.

3) Because of the tax increment mechanism in the RTA statute, the Financing Entity has thepotential to receive unjustified windfall gains from un-related third party developmentswhich increase the sales tax increment growth that occurs in the regional tourism zoneover the 30 year duration of financing term (at a rate beyond the 1.5% growth estimatesused by the TPA and Applicant models). This Project in particular has a very largeregional tourism zone which has substantial potential for unforeseeable third partydevelopment.


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4) When the Commission sets a state sales tax increment percent, the Financing Entity will

receive that percent for at least five years and potentially longer, even if the Applicantdoes not build any Project elements or create any new revenue.

5)

If the Commission approves a percent of state sales tax incremental revenue that leads toa dedication of funds to the Project that exceeds the net new tax revenue created by theProject, it will be reducing the states tax receipts and harming its fiscal position.

RECOMMENDATION: We recommend that you approve the City of Colorado Springsapplication in support of the City for Champions Project for the following four elementsproposed: U.S. Olympic Museum and Hall of Fame, Colorado Sports and Event Center, theUCCS Sports Medicine & Performance Centerand the U.S. Air Force Academy Visitor Center(also including the southwest downtown infrastructure improvements) subject to compliancewith all requirements in 24-46-301 through 24-46-310, C.R.S., and consideration of the

following terms and conditions. The final resolution is contingent upon finalizing all terms andconditions including those listed below and upon approval by the Commission within 120 daysunless expressly extended by the Commission:

I. Initial Terms and ConditionsA. Approved Local Government - Pursuant to C.R.S. 24-46-305(3)(a), the City of

Colorado Springs is the local government approved to undertake the RegionalTourism Project.

B. Regional Tourism Project - Pursuant to C.R.S. 24-46-304(3), the Regional TourismProject is defined as follows: The City of Colorado Springs via the Colorado SpringsUrban Renewal Authority shall partner with a non-profit corporation to build and runthe U.S. Olympic Museum and Hall of Fame, a Colorado Springs Stadium Authorityto build and operate the Colorado Sports and Event Center, the University ofColorado at Colorado Springs or affiliated non-profit entity to build and operate theSports Performance and Training Center and the U.S. Air Force Academy to buildand operate the visitors center. Each element of the Project must be of theapproximate cost and size described in the first table of this recommendation and withthe conditions and eligible improvements described in this recommendation.

C. Percentage of State Sales Tax Increment Revenue Dedicated - Pursuant to C.R.S. 24-46-305(3)(d), the percentage of the state sales tax increment revenue that will bededicated to the City of Colorado Spring for the Project shall be 6.14%.

D. Regional Tourism Authority - Pursuant to C.R.S. 24-46-305(3)(c), the creation of aRegional Tourism Authority has not been requested or authorized.

E. Regional Tourism Advisory Board. The City of Colorado Springs indicated in itsapplication that it will create a Regional Tourism Advisory Board which will make


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funding allocation decisions between approved RTA Project elements. This Boardshould be created and will operate subject to the conditions recommended below.

F. Stadium Authority The City of Colorado Springs indicated in its RTA applicationthat it will create a Stadium Authority to oversee the construction and operation of the

Colorado Sports and Event Center. Such a body shall be created by the city.

G. Financing Entity Designation - Pursuant to C.R.S. 24-46-303(6), the ColoradoSprings Urban Renewal Authority (CSURA) is designated to be the Financing Entity.

H. Financing Term - Pursuant to C.R.S. 24-46-303(7), the Financing Term isauthorized for 30 years from the effective date of the Commission award. Thefinancing period may be extended at the sole discretion of and with the expresspermission of the Commission but only for such period as the Commission findsnecessary to avert or resolve a default on outstanding bonds.

I.

Regional Tourism Zone Area - Pursuant to C.R.S. 24-46-305(3)(b), the RegionalTourism Zone Area shall be the Applicants proposed zone shown in Appendix 3 andtaken from of the original application submission.

J. Eligible Costs - Pursuant to C.R.S. 24-46-303(4), Eligible Costs are described in thestatute.

K. Before any use of RTA funds can begin on the Olympic Museum and Hall of Fame,the non-profit entity that will operate the Olympic Museum and Hall of Fame mustobtain a long-term (period to the satisfaction of the Commission) license or otheragreement from the USOC for the use of the Olympic name, trademarks, symbols andlogos and the exclusive right to operate the Official U.S. Olympic Museum and Hallof Fame within the United States. Additionally the non-profit entity that will operatethe Olympic Museum and Hall of fame must sign an agreement with the USOC andUSOTC for coordinating exhibits, events between the facilities, sharing memorabiliaand operating a shuttle service between the facilities for visitors. These agreementsmust be provided to OEDIT for Commission approval.

L. The Olympic Museum complex must contain the Olympic Hall of Fame and includethe Summer and Winter Olympics and Para-Olympics within its exhibits and the Hall.

M.Per the statements in the City for Champions application, the Olympic MuseumComplex must have an iconic design and architecture, with a World ClassFacility with State of the Art technology.

N. Before any use of RTA funds can be spent on the Colorado Sports and Event Center,the facility must sign and provide to OEDIT, letters of intent, memorandums ofunderstanding, contractual agreements or other similar documents to host at least 20Pre-Olympic and amateur sporting events such as Olympic Time Trials, Qualifiers,Playoffs and World Championship events that will draw participants from outside


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Colorado or other events and meetings associated with the Olympic Sports NationalGoverning Bodies for each of the first two years of Project operations. At least 10 ofthese events each year must be new to the State of Colorado meaning that they havenot been previously hosted in Colorado within 5 years prior to the opening of theCSEC.

O. Before any RTA funds can be spent on the UCCS Sports Medicine and PerformanceCenter, per information provided by the Applicant, its component clinics, institutes,and/or faculty members must sign letters of intent, memorandums of understanding,terms of service agreements or other similar documents with the CSOTC, USOC andat least 10 U.S. Olympic Sport National Governing Bodies to provide somecombination of specialized training, research, rehabilitation or related services toOlympic sports athletes and provide these documents to OEDIT for review andapproval.

P. Per information provided by the Applicant, the UCCS Sports Medicine andPerformance Center must be designed with clinical and other space to perform thefollowing services: Human Performance testing, Biomechanics, Medically-basedfitness, PT, ATC, Prosthetic development and integration, Orthopedics, Cardiology,Sports Psychology, Continuing Education, Research and Educational Offerings. TheProject architect and an executive official at UCCS must certify in writing to OEDITthat these elements have all been included in the facility design before constructionusing RTA funds can begin.

II. Additional Financial and Tax Terms and ConditionsA. Colorado Springs shall submit a list of businesses in the Regional Tourism Zone to

the Department of Revenue (DOR) on or before the date this award becomeseffective, and subsequently every month beginning with, and through, the term of theCommission Resolution, including but not limited to:

(1)The Colorado Business Account Number and site number;(2)company name;(3)trade name or d/b/a;(4)location address;(5)start date;(6)description of whether existing, new, or closed account;(7)

description of whether new location in the zone or moved out of the zone.(8)Other information required by DOR

B. Before any RTA funds can be used on any Project element or infrastructure, , per thegovernance structure discussed in the City for Champions Application, the City ofColorado Springs must create a Regional Tourism Advisory Board or Commissionthat includes representatives from the City, Community Members and Members fromeach of the approved partner Project elements. The Regional Tourism Advisory


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Board must sign intergovernmental or inter-organizational agreements delineating therelationships and decision-making authority between: Colorado Springs UrbanRenewal Authority and the partner entities for each of the Project elements: U.S.Olympic Museum and Hall of Fame Non Profit Corporation, Stadium Authority andUCCS or affiliated Non-Profitentity building and operating the Sports Medicine and

Performance Center and the U.S. Air Force Academy.

C. The State of Colorado accepts the Applicants contention that the three Olympic-ratedProjects (Olympic Museum and Hall of Fame, Colorado Sports and Event Center andUCCS Sports Medicine and Performance Center) have synergies with each other andthat the state has a strong interest in incentivizing the completion of all three Projectsto maximize the overall beneficial economic impact of the City for Championsprogram in Colorado. As such, the Regional Tourism Advisory Board must allocateminimum proportions of the RTA funds to these Project elements (MinimumElement Allocation Percents or MEAPs) in approximate proportion to 80% of theTPA analysts forecasted net new incremental revenue by Project element (allocations

rounded for simplicity the below adds up to 79%). The MEAPs shall be:o U.S. Olympic Museum and Hall of Fame: 42%o Colorado Sports & Event Complex: 23%o UCCS Sports Performance and Medicine Center: 14%o The remaining 21% can be allocated by the Regional Tourism Advisory Board

among all the elements including needed infrastructure improvements defined inthis order as eligible improvements.

These percentages may be modified by and at the sole discretion of the Commission.

D. As a condition precedent to paying or reimbursing any entity for any Eligible Costs,the Financing Entity shall obtain a certification from an independent engineerengaged by the Financing Entity for construction-related costs stating that suchconstruction-related costs are reasonable and comparable to similar projects andbased on competitive market pricing. The financing entity shall retain an independentCPA to certify that the soft costs of the Project including financing, consulting, legaland professional services including for the Project application preparation arereasonable and comparable to similar projects and based on competitive marketpricing. Such CPA must certify that all costs are Eligible Costs ("Certified Costs")based on copies of the invoices, bills, and requests for payment provided to theFinancing Entity and in accordance with this Resolution and the Act.

E. Eligible Improvements Description - Pursuant to C.R.S. 24-46-303(5), the specificauthorized eligible improvements are:All the following facilities except for the southwest downtown improvements mustbe includedas part of the finished Project.

1) OLYMPIC MUSEUM AND HALL OF FAMERequired Components:

Attraction Exhibit: 20,000 gross square feet* Retail: 5,000 gross square feet*


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Restaurant: 4,000 gross square feet* Grand Lobby/Special Event Space: 8,000 gross square feet* Broadcast Studio: 1,000 gross square feet* Special Event/Flex Space: 8,000 gross square feet* Administrative: 6,000 gross square feet* Back of the House: 8,000 gross square feet* TOTAL: Minimum 60,000gross square feet

Required Components:

Olympic Hall of Fame Theater Exhibition Hall Interactive Exhibits Champions Plaza: outdoor gathering place and amphitheater Retail space together with a caf Broadcast studio Event Space for travelling exhibits and programs

2) COLORADO SPORTS & EVENT CENTERRequired Components:Outdoor Stadium (Minimum 10,000 seats)

Spectator Facilities: 134,000 gross square feet* Team Facilities: 21,200 gross square feet* Media Facilities: 2,200 gross square feet* Operations and concessions: 22,100 gross square feet* Administrative: 1,300 gross square feet* TOTAL: Minimum 180,800gross square feet

Per the application, the Outdoor Stadium must be a multi-use facility accommodating Olympicsports and outdoor sports such as soccer, baseball, rugby, lacrosse and others.

Indoor Venue (Minimum 3,000 seats) Flexible Court arrangements: 60,000 gross square feet* Seating: 21,000 gross square feet* Concessions: 5,000 gross square feet* Locker Rooms: 6,400 gross square feet* Administration: 2,500 gross square feet* Restrooms: 6,000 gross square feet* Training: 10,000 gross square feet* Storage: 15,000 gross square feet* Entry: 2,000 gross square feet* SUB Total Minimum 127,900 gross square feet Building Circulation Approximately 12,790 gross square feet TOTAL Minimum 140,690 gross square feetPer the application, the Indoor Venue must be a multi-use facility with flexible configurationhard courts accommodating regional and national events from National Governing Bodies (47Olympic sports, 23 based in Colorado Springs) such as USA Wrestling, USA Cycling, USATriathlon, USA Boxing, USA Volleyball and others.

3) UCCS SPORTS MEDICINE & PERFORMANCE CENTER72 to 77,000 gross square foot facility (Minimum 72,000 gross square feet)


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Required Components:

State-of-the-art recovery based rehabilitation clinics Orthopedic group anchor Flexible research space Faculty, Laboratory and Teaching facilities Parking Lot

4) U.S. AIR FORCE ACADEMY VISITORS CENTERRequired Components:

Museum / Welcome center 7,800 gross square feet* Entry Atrium 7,000 gross square feet* Retail / Restaurant 9,400 gross square feet* Museum Storage / Back of House 7,800 gross square feet* SUB Total Minimum 32,000 gross square feet Polaris Plaza 15,000 gross square feet* TOTAL Minimum 47,000 gross square feetPlus a parking lot not included in the gross square feet above.

5) SW DOWNTOWN IMPROVEMENTSApproved but Not Required Components:

Iconic 500-foot clear-span pedestrian bridge 1,500 vehicle parking structure Traffic signals Streetscape improvements Utility upgrades Olympic Wall of Fame in America the Beautiful Park A portion of Sierra Madre Street, Vermijo Ave. and associated right of way will be

vacated.

Waterway improvements* Sincedetailed architectural plans have not yet been finalized, a precise square foot calculationfor each Element and Component of the Project and the Eligible Improvements within the Projectis not available as of this writing. Further investigation of site issues, infrastructure planning,building design, and changes in construction cost are among the many factors that could causematerial differences in the gross square footage numbers set forth above. However, the totalcompleted space for each of the four Project elements may not be less than the minimum grosssquare feet outlined above.

III. Substantial ProgressPursuant to C.R.S. 24-46-305(4), the Commission imposes the followingconditions:

A. Applicant (in conjunction with its partners) to submit a written plan detailingProject milestones and a graduated plan by March 16, 2014, including but notlimited to the following milestones for which evidence of completion to besubmitted to the Commission:


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(1)Letter of intent from the Applicant and its partners stating plan to moveforward with the approved Regional Tourism Project.

(2)Detailed financing commitments, including but not limited to, philanthropicgifts, equity investors, debt instruments, local tax increment, and local salestax.

(3)Timeline for necessary land acquisition.(4)Engineering/Architectural plans.

(5)Construction permits.(6)Construction timeline.

B. The Financing Entity to submit Quarterly Reports detailing the progress on theProject and the Applicant, the Financing Entity and as needed partners to beavailable to participate in Quarterly Meetings with OEDIT to discuss progress onthe Project to begin in the 1st quarter after the Commissions effective date ofapproval.

C.

The Applicant, the Financing Entity and relevant Project element partners toparticipate in twice yearly meetings with the Commission to discuss progress onthe Project to begin in 1sthalf year after the Commissions effective date ofapproval.

IV. Substantial WorkPursuant to C.R.S. 24-46-309, the Commission imposes the following conditions:

A. Applicant mustcommence substantial work on each individual approved elementof the Project pursuant to C.R.S. 24-46-309 (1-3) within five years of the date ofthe approval of the Project by the Commission or the Commission may revoke ormodify its approval of that element. If substantial work is not commenced on anyof the elements in the Project, the Commission may revoke or modify the entireProject. If the Commission revokes its approval of one ore more elements, theCommission may require that the MEAP of revenue associated with the revokedelements plus 7% per revoked element collected during that period plus anyinvestment income earned thereon be refunded to the state treasurer. In addition,the percent of State Sales Tax Increment Revenue collected by the Department ofRevenue and remitted to the Financing Authority going forward will be reducedby this MEAP plus 7% per revoked element. If after one or more elements havebeen revoked, and the Financing Entity has spent more than its available revenueon one or more non-revoked elements, the Financing Entity must refund the StateTreasury associated with the revoked elements via withholding of future taxincrement funds or other means approved by the Commission.

V. Final Completion DateA. Each approved element must be fully completed and placed in service within 10

years of the Commissions Approval of the RTA Project. If not, the State Sales


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Tax Increment Revenue Percent shall be reduced by the MEAP plus 7% for theremainder of the financing term for each element with a MEAP which has notbeen placed in service yet. Alternatively, if the Financing Authority has bondedthe tax increment revenue stream, in place of reducing the State Sales TaxIncrement Revenue Percent, the Financing Authority may pay the state treasurer a

percent of bond proceeds equal to the MEAP plus 7% for each element with aMEAP which is not completed during this time. Note this requirement may bemodified by the Commission at its sole discretion based on the final financingstructure proposed by the Financing Authority.

VI. Audit and AccountabilityA. Pursuant to C.R.S 24-46-308(1), the Financing Entity shall submit annual

reports detailing:(1) the total amount of state sales tax increment revenue that the Regional

Tourism Project has collected;

(2)how it has been spent;(3)projected revenue for the remainder of the dedication period; and

(4)a summary of the status of construction of the Eligible Improvements.B. Pursuant to C.R.S. 24-46-305(4), annual reports shall include an economic

analysis that assesses the actual overall effectiveness of the Regional TourismProject to date including:(1)the number of net new jobs directly created by the Project in each category as

defined by CDLE and the wages and health benefits for jobs in each category;(2)the market impact;(3)regional and in-state competition;(4)attraction of out-of-state tourists;(5)the fiscal impact to local governments within and adjacent to the Regional

Tourism Zone;(6)the return to the state on its investment;(7)information on all tax expenditures for regional tourism economic

development during the prior fiscal year; and(8)In the event that the Applicant through CSURA or other local entities

proposes to use property tax revenue to finance any element of the Project,Applicant must present an analysis of the impact to local school districts andthe percentage of the total program that the state is required to fund.

C. Pursuant to C.R.S. 24-46-308(2), annual independent audits of its financialstatus and confirmation that sales tax increment revenue is being used for EligibleCosts shall be submitted by the Financing Entity.

D. Pursuant to C.R.S 24-46-308(3), the statute contains liability for amounts ofsales tax increment revenue used for unauthorized purposes and remedy ofrepayment from other sources or offset against future state sales tax incrementrevenue to be disbursed.


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APPENDIX 1: BREAKOUT OF JOB IMPACT BY PROJECT ELEMENT

ElementName

Temporary Construction Jobs Ongoing Operating Jobs

Direct Indirect Induced Total Direct Indirect Induced TotalThe UnitedStatesOlympicMuseum

557 127 243 927 71 31 26 128

ColoradoSports &Event Center

870 197 379 1446 232 60 106 398

SportsMedicine &Performance

Center

192 44 84 320 154 45 89 288

Air ForceAcademyVisitorsCenter

253 58 110 421 29 13 11 53

TOTAL 1,872 426 816 3,114 486 149 232 867Direct Jobsrepresent construction or operations jobsIndirect jobs represent business to business purchases of goods, materials and services tosupport construction or operation of the Projects.Induced jobsare created by the spending of labor income generated by the direct and indirectjobs.

Source: Third Party Analyst (EPS)


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APPENDIX 2: TPA TAX INCREMENT ANALYSIS


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Colorado Springs RTA

November 25, 2013

Economic & Planning Systems, Inc. 10 Revised Final Report

Table 3

Tax Increment Calculations

Description Applicant Third Party Analyst

Al l Projects Combi nedState Sales Tax Increment in RTZ $880,392,458 $866,880,851

Eligibl e Tax Increment

U.S. Olympic Museum $68,047,597 $28,268,098

Colorado Sports Events Center

Downtown Stadium $4,055,189 $4,055,203

Colorado Sports Events Center $26,412,751 $11,314,463

Subtotal $30,467,941 $15,369,667

UCCS Sports Medicine Center $13,657,773 $9,219,002

USAFA Visitors Center $12,971,937 $260,870

Total $125,145,248 $53,117,637Percent 14.2% 6.13%

Individual Projects

United States Olymp ic Museum

State Sales Tax Increment in RTZ N/A $807,953,066

Eligible Tax Increment N/A $28,268,098

Percent N/A 3.50%


Downtown Stadium



Percent N/A 0.53%

Sports Events Center



Percent N/A 1.45%

Total



Percent N/A 1.94%

UCCS Sports Medici ne Center



Percent N/A 1.19%

USAF Academy Visitors Center


Eligible Tax Increment N/A $260,870

Percent N/A 0.03%

Source: Economic & Planning Systems

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Economic & Planning Systems, Inc. 29 133023-FinalReport_112513

3. TAX INCREMENTANALYSISThis chapter presents EPS independent analysis of the proposed tourism development Project

and its potential out of state visitation and associated State sales tax revenue. A revisedestimate of the total RTZ tax increment and the portion of the tax increment for which the

Project would be eligible is identified.

RTZ Base Sa les Tax

In order to calculate the incremental sales tax that a Project is eligible to receive, the Base Sales

Tax must be established. A Project is only eligible to receive the net new incremental sales tax it

generates within the RTZ; other incremental sales tax revenue growth not attributable to a

Project cannot be directed to a Project. The RTA allows an Applicant to define RTZ boundaries

beyond project boundaries, and can encompass an entire jurisdiction, or multiple jurisdictions if

there are multiple jurisdiction sponsors to an Application. Broadly defined RTZs, such as theproposed RTZ in Colorado Springs, contain a large portion of the retail and lodging development

in a city and therefore will generate sales tax growth from general economic activity and the

natural growth of the community. The eligible tax increment is only what is generated by the

increase in tourism activity from the Project itself.

The Base Sales Tax within the Colorado Springs RTZ is the 2014 Base Year Sales Tax increased

over time at the estimated natural growth rate for sales tax in Colorado Springs. The Applicant

has used a 1.5 percent annual growth rate for the sales tax base, which EPS judges to be a

reasonable estimate. The Application identifies the RTZ 2014 Base Sales Tax of $100.1 million,

as shown in Table 11. The natural increase of the Base grown at 1.5 percent per year for 30

years through 2043 is estimated at $755.2 million above the base, as shown.

The total tax increment in the RTZ is the total sales tax generated by a project in the RTZ, plus

the natural increase of the base. The percentage of RTZ sales tax revenue a project is eligible to

receive is the net new tax revenue from out of state visitor spending divided by the total tax

increment.

Table 11RTZ Base Sales Tax

YearAnn .

Growt h Rate 2014 2015 2016 2017 2018 2019 2020 2043 Total

Base Year

Sales Tax Base ($000s) 1.5% $100,183 $101,686 $103,211 $104,759 $106,331 $107,925 $109,544 $154,280

Natural Grow th of Base ($000s) $0 $1,503 $3,028 $4,576 $6,148 $7,743 $9,361 $54,097 $755,247


H:\133023-Colora do Regional Tourism\Model s\[133023-P rogram.xl sx]RTZ Base


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November 25, 2013


U.S O lymp ic Museum

In the Supplemental Material, the Applicant provided an expanded set of comparable facilities

from which it has estimated the annual visitation to the proposed Museum. The Applicants

museum consultant judges these to be more comparable pilgrimage museums than the

facilities EPS cited in the initial Draft Report.

The International Spy Museum is located in Washington, D.C., and attracts 700,000 annual

visitors, with 90 percent from outside the District of Columbia, a very small geographic

jurisdiction (Table 12). The Rock and Roll Hall of Fame in Cleveland, OH attracts 450,000 annual

visitors. The 69 percent out of state visitor proportion is from an induction ceremony, which is an

annual event held to induct new members into the Hall of Fame. Certainly this type of special

annual event would have a larger draw than a typical day or average annual attendance.

The National World War II Museum in New Orleans, LA attracts 80 percent of its visitors from

outside Louisiana, which is consistent with the national draw that New Orleans has on its own as

an international tourism destination. The Mob Museum (organized crime) in Las Vegas, NV has

250,000 annual visitors with 77 percent from outside Nevada, which is also consistent with thenational and international draw of Las Vegas and the numerous entertainment and cultural

options there. The Football Hall of Fame draws 200,000 annual visitors, with 70 to 80 percent

from outside Ohio.

EPS finds the Applicants estimate of 350,000 annual visitors as potentially achievable if the

Museum is executed to the standards and caliber described in the Application. However EPS

believes that this estimate is aggressive, given that each comparable is located in a metro area

with nearly two to over 8 times the population of Colorado Springs.

Table 12Applicants Comparable Museums

Faci l i ty Location

MSA Population

(2010)

Ann.

Visitors

% Out of

State

International Spy Museum Washington, D.C. 5,636,232 700,000 90%

Rock and Roll Hall of Fame Cleveland, OH 2,077,240 450,000 69%

National WWII Museum New Orleans, LA 1,189,866 375,000 80%

Proposed US Ol ympi c Museum Colorado Springs 645,613 350,000 82%

Mob Museum Las Vegas, NV 1,951,269 250,000 77%

Football Hall of Fame Canton, OH 2,077,240 200,000 70-80%

Source: Barrie Projects, Economic & Planning Systems, US Census

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November 25, 2013


The Applicant estimates 82 percent of the visitors to the US Olympic Museum in Colorado

Springs will originate from outside Colorado. In the Initial Report, EPS used the Applicants

estimate of 60 percent out of state visitation, with caveats that this too was judged to be

aggressive, but adjusted down the attendance to 250,000 per year. In the Supplemental

Material, the Applicant described this as a misinterpretation by EPS.

EPS presents publicly available data from the Denver area Science and Cultural Facilities District

that tracks the origin of its attendees. The Denver Art Museum, housed in an iconic building

designed by Daniel Libeskind, drew 589,000 visitors in FY2013 with 13.9 percent from outside

Colorado (Table 13). The Denver Museum of Nature and Science draws 1.3 million visitors, with

17.3 percent from outside Colorado. These data suggest that the Applicants 82 percent out of

state visitor figure may be overly optimistic, given the City and States geographic location.

This analysis will assume 350,000 annual visitors, with 60 percent originating from outside

Colorado.


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Economic & Planning Systems, Inc. 32

Table 13Selected Attendance Figures, Science and Cultural Facility District, FY2013

Attende e Residence

Denver Museum

of Nature and

Science Denver Zoo

Denver Botanic

Gardens

Denver Center

for the

Performing Arts

Denver Art

Museum

Central City

Opera House

C

Ch

Attende nce

Adams 117,760 170,888 31,492 40,466 18,766 2,994

Arapahoe 151,030 257,830 82,558 120,974 53,499 6,671

Boulder 74,570 103,309 44,257 40,750 37,960 3,963

Broomfield 29,630 23,161 2,554 11,222 3,824 583

Denver 221,430 375,925 425,559 157,131 208,249 17,368

Douglas 63,840 149,643 30,640 64,445 37,838 3,178

Jefferson 162,040 246,582 102,134 101,755 74,175 7,140

CO Outside Metro Area 274,080 422,601 50,216 91,271 63,431 7,474

US Outside Colorado 232,200 315,471 77,282 49,782 81,772 188

Outside US 15,320 --- 4,425 15,658 9,782 ---

Unknown --- --- --- --- --- 493 Total 1,341,900 2,065,410 851,117 693,454 589,296 50,052

Total Attendance 1,341,900 2,065,410 851,117 746,887 592,536 50,052

Percent

Adams 8.8% 8.3% 3.7% 5.8% 3.2% 6.0%

Arapahoe 11.3% 12.5% 9.7% 17.4% 9.1% 13.3%

Boulder 5.6% 5.0% 5.2% 5.9% 6.4% 7.9%

Broomfield 2.2% 1.1% 0.3% 1.6% 0.6% 1.2%

Denver 16.5% 18.2% 50.0% 22.7% 35.3% 34.7%

Douglas 4.8% 7.2% 3.6% 9.3% 6.4% 6.3%

Jefferson 12.1% 11.9% 12.0% 14.7% 12.6% 14.3%

CO Outside Metro Area 20.4% 20.5% 5.9% 13.2% 10.8% 14.9%

US Outside Colorado 17.3% 15.3% 9.1% 7.2% 13.9% 0.4% Outside US 1.1% --- 0.5% 2.3% 1.7% ---

Unknown --- --- --- --- --- 1.0%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Source: Science and Cultural Facilities District; Economic & Planning Systems


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November 25, 2013


Net New Visitor Adjustment

Based on the information provided in the Application, Supplemental Material, and information

obtained on the comparable museums, EPS adjusted the Applicant's estimate of net new visitors

and spending captured in the RTZ, as summarized in Table 14.

The Museum has the potential to be a unique attraction in Colorado as the only large sportinghall of fame in Colorado. Therefore it is not assumed to erode any visitors from existing facilities.

The Museum will also be a new facility, not a relocation of an existing use. While the museum

can be classified as a pilgrimage museum for Olympic sports enthusiasts, it is located in a

smaller market than the comparable facilities, with a smaller critical mass of other tourist

attractions. Compared to the cities in which the comparables are located, the comparable cities

have more direct air service markets outside their respective states. There are fewer direct

flights to Colorado Springs than there are to these other Cities. Therefore EPS estimates that a

maximum of 50 percent of the museums visitors would not have otherwise visited Colorado if

this museum were not built.


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November 25, 2013


Table 14Olympic Museum Net New Adjustment

Criteria Comments Adjustment

Initial Total 100%

Uniqueness and Competition - Only Olympic Museum in the U.S. with

the backing of the USOC.

- No comparable factility in Colorado.

0%

Relocation of Existing Use within Colorado N/A 0%

Primary Destination / Reason for Trip - Museum feasibility study classifies as a

"pilgrimage" museum.

- Less densely populated trade area

compared to comparable facilities.

- More difficult access than comparable

facilities. Trip likely to be combined with

visits to other Colorado attractions.

-50%

Ability to Capture Spending/Tourism Leakage

from Colorado Residents

- No adjustment. Coloradoans still likely

to visit other pilgrimage museums

appealing to their particular interest.

0%

Net New Factor 50.0%

Percent out of State 60.0%

Total Adjustment 30.0%


C:\Users\EET\Desktop\ Brian\ [133023-Program 11-18-2013.xlsx]Museum Net New

U.S. Olympic Museum

USOC Museum Tax Increment in RTZ

The first step in determining the percentage of the tax increment in the RTZ that is net new and

attributed to the Museum project is estimating the total tax increment in the RTZ with the

Museum. This is:

Step 1 - The incremental growth in sales tax in the RTZ attributed to natural growth(1.5 percent per year); plus

Step 2 - The new sales tax in the RTZ generated by the new economic activity and spendingin the RTZ as a result of constructing the museum.

The sales tax from NNOSV is then estimated in a separate step and divided by the result of

Step 2 to arrive at the eligible percentage.


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November 25, 2013


The Museum generates sales tax that is new to the RTZ through the increase in visitors.

Assuming that overnight visitors spend on average $327 per person per trip and make 75

percent of their purchases in the zone, overnight guests produce $1.62 billion in spending in the

RTZ over the 2014 through 2043 time period (Table 15). Based on the Longwoods Survey data,

day visitors from out of state spend approximately $29.11 per day on retail and food and

beverages and generate $192.8 million in spending, assuming 100 percent of their purchases are

made in the Zone. The new sales tax generated by the Museum is estimated at $52.7 million

over 30 years. Adding this to the tax increment from natural growth results in a total tax

increment in the RTZ of $807.9 million over 30 years.

EPS has not assumed any increases in visitation due to the novelty effect noted by the

Applicant, as they may be cancelled out by declines in visitation during economic recessions or

other events or conditions that temporarily lower visitation. In addition, EPS has not assumed

any net new trip extending visitors as part of this analysis, as the 60 percent out of state visitor

factor is likely higher than will be achieved given the geography of Colorado Springs.

Museum Net New Sales Tax Increment

To calculate the maximum net new sales tax the Museum would be eligible to receive, the

spending and State sales tax supported by the annual visitors is estimated. Of the 350,000

annual visitors in a stabilized operating year, 60 percent of Project visitors are estimated to be

from outside Colorado, and for 50 percent of visitors the Museum is their primary destination.

The Museum would therefore draw 105,000 visitors to Colorado who would not have otherwise

come to the State in a stabilized operating year (Table 16). Museum visitors are assumed to

spend $327 per trip per person, which supports $34.3 million in spending in a stabilized

operating year.

In addition to the 50 percent NNOSV adjustment, there needs to be an adjustment made for

spending that occurs outside in the RTZ. Many visitors, even destination visitors to the Museum,will likely visit other attractions in Southern Colorado, Denver, or the mountains during their 4.5

day average stay. EPS has applied an estimated maximum capture rate of 75 percent to adjust

for an estimated 25 percent of spending that occurs outside the RTZ and cannot be claimed as a

Project revenue according to the Statute. After applying the 2.9 percent State sales tax rate, the

Project generates $746,800 in net new annual sales tax at stabilization, and $28.3 million (with

2.0 percent inflation) over the 30-year financing period from 2014 through 2043.

The sales tax base in the RTZ is the Base Year Sales Tax of $100.2 million grown at a natural

growth rate of 1.5 percent as estimated by the Applicant, which includes inflation and any

growth in population or retail space. The total State sales tax increment in the RTZ is $807.9

million over 30 years with the Museum Project (natural growth plus Project increment). Net new

out of state visitor spending is projected to generate $28.3 million in sales tax over 30 years

(Table 16). The eligible tax increment is $28.3 million divided by $807.9 million, which

is 3.50 percent of the RTZ tax increment or approximately $942,000 per year.


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Table 15RTZ Tax Increment with Museum Project

Description Factor 2014 2015 2016 2017 2018 2019 Base Year (Stabilization)

Museum Visitors

Annual Museum Visitors 100% 0 0 71,500 200,000 300,000 350,000

Overnight Visitors, Stay in RTZ 50% 0 0 35,750 100,000 150,000 175,000

Day Visitors and Overnight Guests Staying Elsewhere 50% 0 0 35,750 100,000 150,000 175,000

Visitor Spendin g Potenti al ($000s) [1]

Overnight Visitors, Stay in RTZ $327/trip $0.0 $0.0 $12,405.8 $35,395.5 $54,155.2 $64,444.6 $

Day Visitors and Overnight Guests Staying Elsewhere $29.11/day $0.0 $0.0 $1,104.4 $3,151.1 $4,821.2 $5,737.2

Spending Potential $0.0 $0.0 $13,510.2 $38,546.6 $58,976.3 $70,181.8 $

Visitor Spending in RTZ ($000s)

Overnight Visitors, Stay in RTZ 75% $0.0 $0.0 $9,304.3 $26,546.6 $40,616.4 $48,333.5 Day Visitors and Overnight Guests Stay Elsewhere 100% $0.0 $0.0 $1,104.4 $3,151.1 $4,821.2 $5,737.2

Spending Captured in RTZ $0.0 $0.0 $10,408.8 $29,697.7 $45,437.5 $54,070.7 $

State Sales Tax Increment 2.9% $0.0 $0.0 $301.9 $861.2 $1,317.7 $1,568.0

Project Sales Tax Increment $0.0 $0.0 $301.9 $861.2 $1,317.7 $1,568.0

Natural Sales Tax Increment $0.0 $1,502.7 $3,028.0 $4,576.2 $6,147.6 $7,742.5

RTZ Incremen t w i th Museum Project ($000s) $0.0 $1,502.7 $3,329.9 $5,437.4 $7,465.3 $9,310.6 $

[1] Includes 2.0% annual inflation above 2013


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Table 16Olympic Museum Net New Sales Tax Increment

Description Factor 2014 2015 2016 2017 2018 2019 Base Year (Stabilization)

VisitorsAnnual Visitors 0 0 71,500 200,000 300,000 350,000

Out of State Visitors (OSV) 60% 0 0 42,900 120,000 180,000 210,000

Overnight NNOSV 50% 0 0 21,450 60,000 90,000 105,000

Visitor Spending ($000s of 2013$)Overnight NNOSV $327/trip $0 $0 $7,014 $19,620 $29,430 $34,335

Captured in RTZ 75% $0 $0 $5,261 $14,715 $22,073 $25,751

Sales Tax from NNOSV 2.9% $0.0 $0.0 $152.6 $426.7 $640.1 $746.8

Eligible Tax Increment:NNOSV Spending in RTZ ($000s, Inflated) 2.0% $0.0 $0.0 $161.9 $461.9 $706.7 $841.0

RTZ Sales Tax Increment with Museum ($000s) $0.0 $1,502.7 $3,329.9 $5,437.4 $7,465.3 $9,310.6 $

Eligible Tax Increment ($000s) $0.0 $0.0 $161.9 $461.9 $706.7 $841.0

% of RTZ Revenue 0.00% 0.00% 4.86% 8.50% 9.47% 9.03%


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November 25, 2013


Downtown Stad ium and Events Center

Downtown Stadium

The existing Sky Sox stadium draws approximately 350,000 annual attendance, and the new

stadium is estimated by the Applicant to draw 672,000 by 2019 when it is assumed to reach a

stabilized operating year. The Applicant has estimated that the new stadium will be able to drawmore visitors because of its higher visibility closer to I-25, iconic architecture, and overall

improved visitor experience. The Applicant did not provide any data on comparable new

stadiums in the Midwestern or Western U.S., although there have been several built in the last

10 to 15 years. Instead, the Applicant relies on a statistical analysis of locational attributes to

estimate the new stadium visitation, and arrives at 672,000 visitors in a stabilized year.

EPS compiled data on four other minor league stadiums. Their annual game attendance ranges

from approximately 350,000 in Reno, NV to 567,000 in Albuquerque, NM, as described below.

Albuquerque is judged to be a good comparable, as they are both Southwestern cities with a

population of approximately half a million and lacking any major league sports teams.

Aces Stadium, Reno, NV Aces Stadium is the 9,000-seat home of the Reno Aces, a minor

league affiliate of the Arizona Diamondbacks. Play began in 2009 with The Freight House District,

an attached entertainment facility with a sports bar, lounge and ale house, opening during the

2010 season. Their attendance numbers put them in the middle of the Pacific Coast League at

approximately 429,000 per season.

Werner Park, Papillion (Omaha), NE Werner Park is a 9,000-seat stadium in the Omaha

suburb of Papillion, NE. It is the home of the Omaha Storm Chasers, an affiliate of the Kansas

City Royals. The stadium opened in 2011 after the team relocated from downtown Omahas

Rosenblatt Stadium, the site of the College Baseball World Series. Non Storm Chaser events are

limited to local high school baseball games. While average annual attendance of around 405,000

puts it in the middle of the Pacific Coast League, numbers have steadily risen over the pastdecade for a few reasons. One, Omaha contains a large population of young families and young

adults, minor league baseballs target markets for affordable family entertainment. Also, their

new stadium has improved overall market capture as well as business market capture with an

increase in corporate suites and group sales.

Isotopes Park, Albuquerque, NM Isotopes Park is a 13,000-seat stadium in Albuquerque,

NM and is the Triple A home of the Los Angeles Dodgers. The park was a $25 million redevelop-

ment of an older, out of date stadium when the Calgary franchise relocated in 2003. The

Isotopes draw an average of nearly 580,000 fans per season, which puts them in the top three in

the Pacific Coast League. Events are limited to baseball as the stadium does not host any outside

events at this time. EPS was not able to obtain attendance figures from the old stadium.

D o w n t o w n St a d i u m N e t N e w V i s it o r s Ad j u s t m e n t

The total projected visitation of 672,000 is higher than the comparable facilities and represents a

92 percent increase over existing levels. However, the Applicant makes a conservative estimate

that 7.6 percent of the attendees will be net new visitors from out of state, which is only slightly

above the current estimated 7.0 percent. No additional adjustments to net new out of state

visitors were made by EPS. Stabilized visitation of 672,271 is assumed to be reached by 2020

(Table 17).


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November 25, 2013


R TZ Ta x I n c r e m e n t w i t h D o w n t o w n S t ad i u m P r o j e c t

Stabilized attendance of 672,000, including 51,093 NNOSV, is reached in 2020 (Table 17). The

tax increment in the RTZ created by the new stadium is added to the tax increment from the

natural growth of sales tax to forecast the total tax increment in the RTZ over the next 30 years.

The sales tax increment from the stadium comes from spending by from outside the RTZ,

irrespective of their origination from inside or outside of Colorado. It does not, however, includespending from RTZ residents, as that would be a redistribution of discretionary spending from

other existing retailers, food and beverage outlets, or entertainment venues.

With out of state visitors extending their trip by a day to visit the stadium, they are estimated to

spend $72.76 per day in the RTZ, generating $139.8 million in spending over 30 years

(Table 17). Other stadium visitors from Colorado but outside the RTZ are assumed to spend $21

per day in the RTZ, generating $329.6 million in spending that is new in the RTZ but not new to

Colorado. After applying the 2.9 percent State sales tax rate, the State sales tax increment

resulting from the Stadium is $13.6 million over 30 years. The total increment in the RTZ with

the Stadium Project is $768.9 million over 30 years.

D o w n t o w n S t ad i u m El ig i b le Ta x I n c r e m e n t

Consistent with the Applicants analysis framework, stadium attendees from outside Colorado are

assumed to have travelled to Colorado for other purposes, but stay an additional day that they

would not have otherwise stayed in order to visit the stadium. At $72.67 per day per person,

spending from NNOSV is $3.7 million per year at stabilization. Over 30 years total spending is

estimated at $98.2 million. After applying 2.0 percent annual inflation and the 2.9 percent sales

tax rate, the resulting 30 year sales tax increment is $4.05 million (Table 18). Total sales tax

from 2014 through 2043 is $4.05 million and the eligible tax increment is 0.53 percent

of the RTZ tax increment, or $135,000 per year over 30 years.


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Table 17RTZ Tax Increment with Downtown Stadium Project

Description Factor 2014 2015 2016 2017 2018 2019 20Base Year

Stadium Attendess

Downtown Stadium Total Attendees 0 0 0 450,000 550,000 650,000 672,2

NNOSV 7.6% 0 0 0 34,200 41,800 49,400 51,0

From outside Colorado Springs RTZ [1] 62.0% 0 0 0 279,000 341,000 403,000 416,8

From Colorado Springs (RTZ) 30.4% 0 0 0 136,800 167,200 197,600 204,3

Attendee Spending Pote nti al ($000s) [2]

NNOSV $72.67/day $0.0 $0.0 $0.0 $2,690.2 $3,353.8 $4,042.8 $4,26

From outside Colorado Springs RTZ $21/day $0.0 $0.0 $0.0 $6,342.0 $7,906.3 $9,530.7 $10,054

Spending Potential $0.0 $0.0 $0.0 $9,032.2 $11,260.1 $13,573.5 $14,31

State Sales Tax Increment 2.9% $0.0 $0.0 $0.0 $261.9 $326.5 $393.6 $41

Project Sales Tax Increment $0.0 $0.0 $0.0 $261.9 $326.5 $393.6 $41

Natural Sales Tax Increment $0.0 $1,502.7 $3,028.0 $4,576.2 $6,147.6 $7,742.5 $9,36

RTZ Increment w i th S tadium Project ($000s) $0.0 $1,502.7 $3,028.0 $4,838.1 $6,474.1 $8,136.2 $9,77

[1] 62% from outside Colorado Springs, p. 23 of Stadium Market Analysis.

[2] Includes 2.0% annual inflation

[3] $21/day spending from Stadium Feasibility Study p. 32.


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Table 18Downtown Stadium Net New Sales Tax Increment

Description Factor 2014 2015 2016 2017 2018 2019 2020Base Year (Stabilization

NNOSV 0 0 0 34,200 41,800 49,400 51,093

Visitor Spending ($000s of 2013$)

NNOSV Trip Spending $72.67/day $0.0 $0.0 $0.0 $2,485.3 $3,037.6 $3,589.9 $3,712.9

Sales Tax from NNOSV 2.9% $0.0 $0.0 $0.0 $72.1 $88.1 $104.1 $107.7

Eligible Tax Increment:

NNOSV Spending in RTZ ($000s, Inflated) 2.0% $0.0 $0.0 $0.0 $78.0 $97.3 $117.2 $123.7

RTZ Sales Tax Increment wi th Stadium ($000s) $0.0 $1,502.7 $3,028.0 $4,838.1 $6,474.1 $8,136.2 $9,776.

Eligible Tax Increment ($000s) $0.0 $0.0 $0.0 $78.0 $97.3 $117.2 $123.7

% of RTZ Revenue 0.00% 0.00% 0.00% 1.61% 1.50% 1.44% 1.27%

Source: Economic & Planning SystemsH:\133023-Color ado Regional Tourism\ Models\[ 133023-Progr am 11-18-2013.xlsx]5- Stadi um NNST


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The Applicants consultants met with representatives from the National Governing Bodies (NGBs)

in Colorado Springs and other sports management groups to estimate the number of annual

events, athletes and other visitors (coaches, family/friends, spectators) that the proposed

Colorado Sports Events Center (CSEC) could attract. Included in the Supplemental Material, an

analysis by Summit Economics estimates 53 annual events as follows. The NGBs estimate that9 new NGB-sponsored events could be brought to Colorado Springs, and 23 events could be

brought back to Colorado that are currently held elsewhere. The Applicant would target an

additional 15 multisport organizations (a wide range of sporting activities) and other large

national events averaging 6.2 per year considering that some may not come to Colorado Springs

every year, and some are more competitive to attract. EPS has aggregated several of the

Applicants calculations and tables into a summary shown in Table 19.

Within the New Non-Olympic Events category, the Applicant is assuming that major events

such as the X Games and the Mountain Dew Tour will be recruited each year. These are highly

competitive and sought after events.

The facility would also target sports conferences and gatherings estimated at an average of 3.6

events per year. Among all athletes, 80 percent are estimated to be from outside Colorado based

on information from the NGBs, and 73 percent of accompanying coaches, trainers,

family/friends/spectators, are from outside Colorado. The average stay for these events is

modeled at an average of 4.5 to 4.6 days.


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Table 19Applicants Sports Events Center Visitation Estimates

Event Type

# of

Events

per Year

Per

Event

% Out of

State

Out

of State

Per

Event

% Out of

State

Out

of State

Avg . Stay

(Days) Athletes

Co

F

New NGB1Events 9 234 91% 213 1,977 33% 662 4.5 8,618

Existing NGB Events Retained in CO 23 500 50% 250 1,500 75% 1,125 4.5 25,875 1

New Multi Sport Organizations 15 153 90% 137 1,177 59% 690 4.5 9,270

New Non-Olympic Events 6.2 1,105 90% 994 1,150 90% 1,035 4.6 28,584

Total Athletic Events 53 1,991 80% 1,594 5,804 61% 3,512 72,347 2

Delegates Fam ily/Fr iends

New Symposiums and Group Meetings 3.6 919 90% 828 379 90% 342 3.4 10,190

1National Governing Bodies of Sport

Source: Summit Economics

H:\133023-Colorado Regional Tourism\Models\ [133023-Progr am 11-18-2013.xlsx]1-App SPEC Visit ors

Ath le tes Out of Sta te Visito r DaCoaches, Family, Spectators


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November 25, 2013


In total, the Applicant estimates that the Sports Events Center would attract 451,000 visitors to

sports events and nearly 16,000 annual visitors to group meetings and symposiums for a total of

467,048 annual visitor days (Table 20).

Table 20Year 4 Total Visitors to Sports Events Center (Applicant)

Event Type Athletes

Coaches,

Family,

Sp ect. Ath le te s

Coaches,

Family,

Sp ect. Ath le tes

Coaches,

Family,

Spect. Total

New NGB Events 8,618 26,820 852 53,268 9,470 80,088 89,558

Existing NGB Events Retained in CO 25,875 116,438 25,875 38,813 51,750 155,251 207,001

New Multi Sport Organizations 9,270 46,598 1,030 32,823 10,300 79,421 89,721

New Non-Olympic Events 28,584 29,745 3,176 3,305 31,760 33,050 64,810

Total Athletic Events 72,347 219,601 30,933 128,209 103,280 347,810 451,090

Delegates Fam ily/Fr iends Delegates Fam ily/Fr iends Total

New Symposiums and Group Meetings 10,190 4,208 1,112 448 15,958

Source: Summit EconomicsH:\133023-Color ado Regional Tourism\Model s\[133023-Pr ogram 11-18-2013.xlsx] 2-App SPEC Totals

Out o f State V isi tor Days In-Sta te V isi tor Days Tota l V isi tor Days

The analysis prepared by Summit Economics is reasonable with some limitations. It is not a

market study in the sense that the national or regional market for these events is not quantified,

so EPS has not been able to evaluate the amount of market share that is being assumed for

capturing these events. While there will presumably be synergies with the USOC, if the facility is

well executed and well marketed, many of these events targeted are still competitive with other

venues throughout the U.S.

Adjusted Visitation

The only adjustment to the visitation figures made by EPS is to the Non-Olympic Events, and the

percentages of NNOSV assumed for each event category. The Applicant is estimating that they

will be able to attract two large events, the National Senior Games, and the National State

Games once every 10 years. These two events draw over 10,000 athletes each.

The Summer X Games and Mountain Dew tour will require a major recruitment effort to attract,

as they are desired by many venues and cities. The first Summer X Games was held at Mount

Snow Vermont in 1995, which had a long track record of hosting UCI World Cup mountain bike

races. It has since visited several major cities including San Diego, Los Angeles, and Barcelona,

Spain. The Mountain Dew Tour has visited Breckenridge, CO, Las Vegas, Salt Lake City, and

other major cities as well. EPS has adjusted down the assumption of hosting the X Games or

Mountain Dew (or similar events) to assume one major event every 10 years, consistent with theNational Senior and State Games assumption (Table 19). Total non-Olympic events are now

assumed to be 4.4 per year with an average of 723 athletes per event. The remaining events,

out of state visitor factors, and length of stay estimates are reasonable.


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Table 21Non-Olympic Event Adjustment

Event Type Applicant

EPS

Adj ustm ent

Athletes per

Event

Year 3 - Nat'l Senior Games 0.1 0.1 11,000

Year 4 - State Games 0.1 0.1 10,800

Year 3 - X Games 1.0 0.1 1,000

Year 4 - Mtn Dew or Similar 1.0 0.1 1,000

Year 2 - TBD 1/mo per summer 4.0 4.0 200

Total 6.2 4.4 723


H:\133023-Colorado Regional Tourism\Models\[133023-Program 11-18-2013.xlsx]3-EPS Non Oly Events

# of Events per Year

After adjusting for a lower probability of attracting the non-Olympic events, the revised visitor

total is approximately 423,000 annual visitor days, including nearly 88,000 from athletes,334,000 from coaches and other visitor types, and nearly 16,000 group meeting visitor days

(Tables 22 and 23).

Table 22Revised Year 4 Attendance and Visitation

Event Type

# of

Events

per Year

Per

Event

% Out of

State

Out

of State

Per

Event

% Out of

State

Out

of State

Avg. Stay

(Days) Athletes

Coaches,

Family,

Spect. Athletes

Coaches,

Family,

Spect.

New NGB1Events 9.0 234 91% 213 1,977 33% 662 4.5 8,618 26,820 852 53,268

Existing NGB Events Retained in CO 23.0 500 50% 250 1,500 75% 1,125 4.5 25,875 116,438 25,875 38,813

New Multi Sport Organizations 15.0 153 90% 137 1,177 59% 690 4.5 9,270 46,598 1,030 32,823

New Non-Olympic Events 4.4 723 90% 650 864 90% 777 4.6 13,271 15,859 3,176 3,305

Total Athletic Events 51.4 1,609 78% 1,251 5,518 59% 3,255 57,034 205,715 30,933 128,209

New Symposiums and Group Meetings 3.6 919 90% 828 379 90% 342 3.4 10,190 4,208 1,112 448

1National Governing Bodies of Sport


H:\133023-Colorado Regional Tourism\Models\[133023-Program 11-18-2013.xlsx]4-EPS SPEC Events

Athl ete s Coache s, Fam il y, Sp ecta tors Out o f Sta te V isit or Da ys In-Sta te V isit or Days

Delegates Family/Fr iends Delegates Fam ily/Friends


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November 25, 2013


N e t N e w A d j u s t m e n t

The Applicant estimates that 90 to 95 percent of event attendees will be new to Colorado, which

EPS judges to be on the high side. There are several other large sporting venues in the State

that can and do accommodate existing amateur sporting events. The athletic complexes at the

major colleges and universities compete for some of these events. Other venues including the

mountain resorts also seek adult and youth sports groups and tournaments. This facility will beaffiliated with the USOC, which may give it a competitive advantage for bringing some new

events from other states, but there will still be some competition with existing facilities in

Colorado.

EPS has estimated that 75 percent of the National Governing Body events will be net new

(Table 23). The multisport and Non-Olympic events are judged to be more competitive with

existing venues and are estimated to be 50 percent net new to Colorado. The weighted average

net new factor for out of state visitors is 65.1 percent for Athletes and 67.4 percent for coaches.

Group meetings are also competitive with other conference venues throughout the State and in

Colorado Springs and are estimated to be 50 percent net new. The resulting Year 4 NNOSV

projection is 175,800 from sporting events and 7,200 from group meeting business.


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Table 23Revised Year 4 Attendance and Visitation

Event Type Athletes

Coaches,

Family,

Sp ect. Ath le te s

Coaches,

Family,

Sp ect. A th le te s

Coaches,

Family,

Spect. Total

Event Visitation - Visitor DaysNew NGB Events 8,618 26,820 852 53,268 9,470 80,088 89,558

Existing NGB Events Retained in CO 25,875 116,438 25,875 38,813 51,750 155,251 207,001

New Multi Sport Organizations 9,270 46,598 1,030 32,823 10,300 79,421 89,721

New Non-Olympic Events 13,271 15,859 3,176 3,305 16,447 19,164 35,611

Total Athletic Events 57,034 205,715 30,933 128,209 87,968 333,923 421,891

Pct. Out of State Vi si tor Days [1] 64.8% 61.6%

Delegates Family/Fr iends Delegates Fam ily/Friends Total

New Symposiums and Group Meetings 10,190 4,208 1,112 448 15,958

Net New FactorNew NGB Events 75% 75%

Existing NGB Events Retained in CO 75% 75%

New Multi Sport Organizations 50% 50%

New Non-Olympic Events 50% 50%All Athl eti c Even ts (Weighted Average ) 65.1% 67.4%

Delegates Family/Friends

Ne w Sympo si ums a nd Grou p Me eti ng s 50. 0% 50.0%

Net New Out of State Visitor Days TotalNew NGB Events 6,464 20,115 26,579

Existing NGB Events Retained in CO 19,406 87,329 106,735

New Multi Sport Organizations 4,635 23,299 27,934

New Non-Olympic Events 6,636 7,929 14,565

Total Athletic Events 37,140 138,672 175,812

Delegates Family/Friends

New Sym posi um s and Group Meeti ngs 5,095 2,104 7,199

[1] The percentage of out of state visitor days is different from the percentage on a per event basis due to varying average stays and athletes per event.


H:\133023-Colorado Regional Tour ism\Models\[ 133023-Program 11-18-2013.xlsx]5- EPS SPEC TOTALS

Out o f S ta te V isi to r Days In-S ta te V isi to r Days To ta l V isi to r Days

NNOSV

Using the factors for out of state visitors and net new events, the number of visitor days by type

are projected through 2043 in Table 24. In a stabilized operating year, there are nearly 88,000

visitor days from athletes, 334,000 from coaches and other attendees, and nearly 16,000 from

group meeting attendees, for a total of 438,000. Out of state visitor days total 277,000 in a

stabilized year, and NNOSV total 183,000. During sports events, overnight stays by NNOSV in

the RTZ are estimated at 78 percent of visitors, using the Applicants estimate. Day visitors are

22 percent of visitors, comprised of day visitors from outside the RTZ (11 percent) and RTZ

residents (11 percent).

RTZ Tax Increment with Sports Events Center

Total visitor days are used to calculate the tax increment in the RTZ with the Sports Events

Center in Table 25, while only the NNOSV are used in the eligible tax increment calculation. EPS

has reproduced the Applicants calculation of the total increment in the RTZ, but with EPS

adjusted event and visitation estimates. From 2014 through 2043, the facility is projected to

bring 2.26 million visitor days from athletes, 8.7 million from coaches and other visitors, and

395,000 from group meetings. The percentage of overnight stays in the RTZ for all athletes is


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64.8 percent, with day visitors from outside the RTZ comprising 18 percent of visitors. Similarly,

61.6 percent of all coaches and other attendees are assumed to stay overnight in the RTZ, and

19 percent would make a day trip. Group meetings are modeled with 90 percent of overnight

stays in the RTZ.

Applying daily spending of $72.67 per day for overnight visitors and $29.11 per day for day

visitors results in $834.2 million in captured spending and $24.2 million in state sales tax over

30 years.

Eligible Tax Increment for Sports Events Center

The NNOSV from net new events are estimated to generate 142,700 visitor days from those who

stay overnight, and 40,000 visitor days from day visitors, totaling 183,000 annual visitor days in

a stabilized operating year, and 4.75 million of the 30 year time period. Overnight NNOSV are

estimated to make 90 percent of their trip spending in the RTZ, and out of state destination day

visitors are assumed to make 100 percent of their daily spending in the RTZ. The resulting

spending in the RTZ totals $272.9 million over 30 years, with $7.9 million in state sales tax

(before inflation). After applying 2.0 percent spending inflation, total sales tax is $11.3million over 30 years, or 1.45 percent of the RTZ increment ($377,000 per year), as

shown in Table 26.

Combined Tax Increment for Stadium and Sports Events Center

The total eligible tax increment for the combined Stadium and Sports Events Center Project is

estimated at $15.4 million over 30 years, or 1.94 percent of the RTZ tax increment (Table 27).

This is equivalent to $513,000 per year. It is calculated as the sum of the net new sales tax

generated by the Stadium and Sports Events Center, divided by the natural growth of the tax

base plus the total project tax increments from both project components.


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Table 24Sports Events Center Total and Net New Visitor Days, 2014-2043

Description Factor 2014 2015 2016 2017 2018 2019 2020 204Base Year

Total Visitor Days

Athletes 0 0 0 24,715 53,069 72,334 87,968 87,96

Coaches, Trainers, Spectators 0 0 0 125,795 276,318 298,658 333,923 333,92

Symposia/Group Mtgs. 0 0 0 1,064 4,876 6,383 15,958 15,95

Total 0 0 0 151,573 334,264 377,375 437,849 437,84

Out of State Visitor Days

Athletes 64.8% 0 0 0 16,024 34,408 46,898 57,034 57,03

Coaches, Trainers, Spectators 61.6% 0 0 0 77,496 170,227 183,989 205,715 205,71

Symposia/Group Mtgs. 90.2% 0 0 0 960 4,399 5,759 14,398 14,39

Total 0 0 0 94,480 209,034 236,647 277,147 277,14

Net New Out of State Visitor Days

Athletes 65.1% 0 0 0 10,435 22,406 30,540 37,140 37,14



Total 0 0 0 63,155 139,355 157,446 183,011 183,01

Overnight NNOSV

Athletes 78.0% 0 0 0 8,139 17,477 23,821 28,970 28,97



Total 0 0 0 49,261 108,697 122,808 142,749 142,74

Day NNOSVAthletes 22% 0 0 0 2,296 4,929 6,719 8,171 8,17

Coaches, Trainers, Spectators 22% 0 0 0 11,493 25,245 27,286 30,508 30,50

Symposia/Group Mtgs. 22% 0 0 0 106 484 633 1,584 1,58

Total 0 0 0 13,894 30,658 34,638 40,262 40,26


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Table 25RTZ Increment with Sports Events Center

Description Factor 2014 2015 2016 2017 2018 2019 2020Bas e Year

Athle te Visito r Days

Total Athlete Visitor Days 0 0 0 24,715 53,069 72,334 87,968

Overnight Visitors, Staying in RTZ 64.8% 0 0 0 16,024 34,408 46,898 57,034

Day Visitor Days to RTZ 18% 0 0 0 4,345 9,331 12,718 15,467

Visitors from RTZ (Residents, not included) 18% 0 0 0 4,345 9,331 12,718 15,467

Coaches, Train., Spect. Visitor Days

Total Visitor Days 0 0 0 125,795 276,318 298,658 333,923

Overnight Visitors, Staying in RTZ 61.6% 0 0 0 77,496 170,227 183,989 205,715

Day Visitor Days to RTZ 19.2% 0 0 0 24,149 53,046 57,334 64,104

Visitors from RTZ (Residents, not included) 19.2% 0 0 0 24,149 53,046 57,334 64,104

Symposia/Group Mtgs.

Total Visitor Days 0 0 0 1,064 4,876 6,383 15,958

Overnight Visitors, Staying in RTZ 90% 0 0 0 957 4,388 5,745 14,362

Day Visitor Days to RTZ 5% 0 0 0 53 244 319 798

Visitors from RTZ (Residents, not included) 5% 0 0 0 53 244 319 798

Spending Potential ($000s) [1]

Overnight Visitors, Staying in RTZ $72.67 $0 $0 $0 $7,432 $16,771 $19,366 $23,132

Day Visitor Days to RTZ $29.11 $0 $0 $0 $900 $2,013 $2,307 $2,687

Total $0 $0 $0 $8,331 $18,783 $21,673 $25,819

State Sales Tax Increment 2.9% $0 $0 $0 $242 $545 $629 $749

Project Sales Tax Increment $0 $0 $0 $242 $545 $629 $749

Natural Sales Tax Increment $0 $1,503 $3,028 $4,576 $6,148 $7,743 $9,361

RTZ Increment wi th Events Faci l ity Project ($000s) $0 $1,503 $3,028 $4,818 $6,692 $8,371 $10,110

[1] Includes 2.0% annual inflation


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Table 26Sports Events Center Eligible Tax Increment

Description Factor 2014 2015 2016 2017 2018 2019 202Bas e Year

NNOSV

Overnight 0 0 0 49,261 108,697 122,808 142,74

Day 0 0 0 13,894 30,658 34,638 40,26

Total 0 0 0 63,155 139,355 157,446 183,01

Spending Potential ($000s, 2013$)

Overnight $72.67 $0 $0 $0 $3,580 $7,899 $8,924 $10,37

Day $29.11 $0 $0 $0 $404 $892 $1,008 $1,17

Total $0 $0 $0 $3,984 $8,792 $9,933 $11,54

Spending Captured in RTZ ($000s of 2013$)

Overnight 90% $0 $0 $0 $3,222 $7,109 $8,032 $9,33Day 100% $0 $0 $0 $404 $892 $1,008 $1,17

Total $0 $0 $0 $3,626 $8,002 $9,040 $10,50

State Sales Tax from NNOSV 2.9% $0.0 $0.0 $0.0 $105.2 $232.0 $262.2 $304.

Eligible Tax Increment ($000s, Inflated) 2.0% $0.0 $0.0 $0.0 $113.8 $256.2 $295.2 $350.

RTZ Sales Tax Increment ($000s) $0.0 $1,502.7 $3,028.0 $4,817.8 $6,692.3 $8,371.0 $10,110.

Eligible Tax Increment ($000s) $0.0 $0.0 $0.0 $113.8 $256.2 $295.2 $350.

% of RTZ Revenue 0.00% 0.00% 0.00% 2.36% 3.83% 3.53% 3.46%


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Table 27Downtown Stadium and Colorado Sports Events Center Eligible Tax Increment (Combined)

Description 2014 2015 2016 2017 2018 2019 202Base Year (Stabilizatio

Net New Sale s Tax

Stadium Net New Sales Tax $0.0 $0.0 $0.0 $78.0 $97.3 $117.2 $123

Sports Events Center Net New Sales Tax $0.0 $0.0 $0.0 $113.8 $256.2 $295.2 $350

Total Net New Sales Tax $0.0 $0.0 $0.0 $191.8 $353.5 $412.5 $473

RTZ Sales Tax Increment with Stadium and CSEC ($000s) $0.0 $1,502.7 $3,028.0 $5,079.7 $7,018.8 $8,764.7 $10,525

Eligible Tax Increment ($000s) $0.0 $0.0 $0.0 $191.8 $353.5 $412.5 $473

% of RTZ Revenue 0.00% 0.00% 0.00% 3.78% 5.04% 4.71% 4.50


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UCCS Spor t s Med ic ine Cent e r

The Applicant estimates that the 72,000 square foot Sports Medicine Center will serve 40,000

patients annually within 5 years of opening. The basis for this estimate comes from the list of

patients provided by the RFI respondents; one respondent clinic is reported to have at least

20,000 existing unique patients; and a list of comparable facilities. The Sports Medicine Center at

Jefferson University Hospital in Philadelphia was cited as the most comparable facility, and

serves 35,000 patients each year. The University of Pittsburgh Medical Center (UPMC) Center for

Sports Medicine Concussion Center serves 25,000 annual patients out of a much smaller facility.

The Applicant has only provided limited information on the medical tourism market in Colorado,

or on the potential market share for this facility. The operations, capacities, and sizes of the

comparables, and the proposed Sports Medicine Center are also only described in a summary

manner, making it difficult to understand the economics of these centers, and how comparable

they are. The 40,000 estimated patients at stabilization are higher than the most comparable,

the Sports Medicine Center at Jefferson University located in a much larger metro area on the

Eastern Seaboard. It is also located as part of a hospital and conducts orthopedic surgeries as a

significant component of its services.

The comparable utilization figures presented are also confusing as in some cases patient visits

are used interchangeably with discrete patients. The facility is estimated to have the capacity to

serve 40,000 annual patient visits, as estimated by EPS from the number of exam rooms in

Table 28. With 40,000 annual patients, the exam rooms would be operating at approximately

90 percent capacity which is high and potentially above functional capacity. The facility will

presumably be able to serve patients in other settings, such as training rooms or physical

therapy space which are not included in the figures below, suggesting that actual utilization of

exam rooms would be lower.

Table 28

UCCS Sports Medicine Clinic Space Utilization

Description 2016 2017 2018 2019 2020

Annual Patients 12,500 25,000 30,000 35,000 40,000

Weekly Patients 50 w eeks 250 500 600 700 800

Daily Patients 5 50 100 120 140 160

Exam Rooms 21 21 21 21 21

Sessions per week 1 40 840 840 840 840 840

Sessions per year 50 42,000 42,000 42,000 42,000 42,000

Estimated Clinic Capacity 30% 60% 71% 83% 95%

1Assumes 8 45-minute sessions per day.


H:\133023-Colorado Regional Tourism\Models\[133023-Program 11-18-2013.xlsx]UCCS Uti lizat ion

Lacking a more detailed market and feasibility study, and more information from potential

project partners in the proposed facility, EPS used the estimate of 40,000 patients at stabilization

as an optimistic but potentially achievable goal. There could be synergies between the USOC and


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November 25, 2013


University Hospital that will attract patients. If nationally recognized practitioners are also

attracted to the facility, it will also help increase the number of patients served.

As described, the proposed facility will have the potential to be a National Center of Excellence

for sports medicine, and for serving disabled or wounded active duty military personnel, veterans

and athletes. However, it is unreasonable to assume that the associated patients and visitors

would be completely new to the State. There are already several highly ranked orthopedic,

spinal, and other rehabilitation clinics in the State including the Steadman Clinic in Vail, and

Craig Hospital in Denver. There are also numerous sports medicine practitioners and physical

therapists throughout the State. We have applied a conservative deduction of 25 percent to

account for some amount of cannibalization, recognizing that the facility as described has the

potential to attract a large share of destination visitors to the State. Additional rationale is

provided in Table 29.

Table 29Sports Medicine Center Net New Adjustment

Criteria Comments Adjustment

Initial Total 100%

Uniqueness and Competition - CO has several nationally recognized

orthopaedic, and spinal/brain injury clinics

-25%

Relocation of Existing Use within Colorado - Patients transferring to facility are

assumed to be largely from Colorado and

do not affect out of state visitor est imates.

0%

Primary Destination / Reason for Trip - Will be primary destination for out of state

patients. Assumed to be a nationally

recognized practice.

0%

Ability to Capture Spending/Tourism Leakage

from Colorado Residents

- CO has several nationally recognized

orthopaedic, and spinal/brain injury clinics

- No adjustment

0%

Net New Factor 75.0%

Percent out of State 30.0%

Total Adjustment 22.5%

Applicant's Net New Factor 100%

Percent Out of State 30%

Applicant's Total Adjustment 30.0%


H:\133023-Colorado Regional Tourism\Models\[133023-Program 11-18-2013.xlsx]UCCS Net New

UCCS Sports Medicineand Performance Center


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Table 30RTZ Tax Increment with UCCS Sports Medicine Center

Description Factor 2014 2015 2016 2017 2018 2019 2020 Base Year

Annual SMPC Patients 0 0 12,500 25,000 30,000 35,000 40,000 40

Out of State Patients 30% 0 0 3,750 7,500 9,000 10,500 12,000 1

Accompanying Family/Friends 1.20 0 0 4,500 9,000 10,800 12,600 14,400 1

Out of State Patients 0 0 8,250 16,500 19,800 23,100 26,400 2

Total Visitor Days (OSV) 6.50 0 0 53,625 107,250 128,700 150,150 171,600 17

In State Patients 70% 0 0 8,750 17,500 21,000 24,500 28,000 2

Accompanying Family/Friends 1.20 0 0 10,500 21,000 25,200 29,400 33,600 3

Total In State Visitors 0 0 19,250 38,500 46,200 53,900 61,600 6

Day Visitor Days to RTZ 50.0% 0 0 9,625 19,250 23,100 26,950 30,800 3

Visitors (Residents) from RTZ 50.0% 0 0 9,625 19,250 23,100 26,950 30,800 3

Visitor Spending Potential ($000s) [1]

OSV, Stay in RTZ (per trip) $72.67/day $0 $0 $4,135 $8,436 $10,326 $12,288 $14,324 $1

Day Visitors to RTZ $29.11/day $0 $0 $297 $607 $742 $883 $1,030 $Spending Potential $0 $0 $4,433 $9,043 $11,068 $13,171 $15,354 $1

Visitor Spending in RTZ

OSV, Stay in RTZ (per trip) 90% $0 $0 $3,950 $8,219 $10,261 $12,454 $14,809 $1

Day Visitors to RTZ 100% $0 $0 $316 $657 $820 $995 $1,183 $

Spending Captured in RTZ $0 $0 $4,265 $8,875 $11,080 $13,449 $15,992 $1

State Sales Tax Increment 2.9% $0.0 $0.0 $123.7 $257.4 $321.3 $390.0 $463.8 $

Project Sales Tax Increment $0.0 $0.0 $123.7 $257.4 $321.3 $390.0 $463.8 $

Natural Sales Tax Increment $0.0 $1,502.7 $3,028.0 $4,576.2 $6,147.6 $7,742.5 $9,361.4 $11,

RTZ Increment wi th Sports Med. Pro jec t ($000s) $0.0 $1,502.7 $3,151.7 $4,833.6 $6,468.9 $8,132.6 $9,825.2 $11,

[1] All spending figures include 2.0% annual inflation


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Table 31Eligible Tax Increment for UCCS Sports Medicine Center

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