We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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The move follows a request by Councilman Wade Troxell at Tuesday’s City Council meeting that the city develop an intergovernmental agreement with CSU that governs how the organizations will develop the new stadium.
Construction on the new stadium, estimated to cost $226.5 million, will move forward if half the cost can be raised by October. CSU selected Denver’s Mortenson Construction as the lead contractor to build the stadium.
Troxell visited Southern Methodist University in Texas last week to learn about activities related to that university’s stadium. He returned to Fort Collins with new ideas and concerns about CSU’s proposal.
At Tuesday night’s meeting, Troxell urged City Manager Darin Atteberry and city staff members to develop an intergovernmental agreement by July 1. Atteberry agreed to look into developing an agreement, though the document’s scope hasn’t been determined.
If CSU aims to complete the stadium by fall 2016, the city must quickly determine how much it must share in the costs of infrastructure, including lighting, parking, road and public transportation improvements. Funding for millions of dollars in city improvements could come from tax revenue generated by the stadium, for example.
“We need to actually get some agreement between Colorado State University and the city of Fort Collins in terms of how those costs will be covered,” Troxell said.
Forming such an agreement will help the city avoid planning problems, he said.
“We haven’t even talked about the transportation systems,” Troxell said. “I think we’re a year behind. That’s why I think there’s a sense of urgency that we need to get an agreement as to what these community costs will be.”
CSU officials did not respond to requests for comment.