Loveland Council to consider 30-year tax abatement claim for water park complex – BizWest
LOVELAND – A proposal to build a water park complex near Byrd Drive in east Loveland will be given serious consideration at the town council’s regular meeting tonight, as will the developer’s request for major incentives.
As part of its proposal for the Rocky Mountain Grand Resort and Conference Center, developer Martin Lind, who runs Windsor-based Water Valley Co., will ask the city to help pay for the $244.6 million project by contributing 100% of the sales, property, and lodging tax the resort generates in its first 30 years, as well as waiving construction fees and paying for improvements to the roads surrounding the property.
Lind has been in negotiations with the city since March over incentives for the complex, which would be near Amazon’s planned 3.87 million square foot fulfillment center. Lind said the offsite road improvements Lind wants the city to fund would benefit the Amazon facility as well as Hines construction, Axis 25 mixed-use industrial buildings and a terminal expansion project. from the Northern Colorado Regional Airport.
Lind said Denver-based PCL Construction Inc., which has built projects for Disney, Universal Studios and SeaWorld, will be the general contractor for the project.
Lind had proposed a similar project with state funding as part of a regional tourism project, but that initiative fell through last year.
The latest plan calls for a 69,000 square foot conference center, a 390-room hotel operated by American Resort Management and an 85,000 square foot water park with 11 slides as well as cabanas, party rooms, a food court and gift shop. The developer’s plan also includes a 40,000 square foot outdoor courtyard recreation area with a reflecting pond, a 10,000 square foot family entertainment center, multiple restaurants including a rooftop restaurant, sports bar, spa, a fitness center and an arcade.
The promoter estimates that the complex would create more than 500 jobs.
Also tonight, council will consider a plan by non-profit developer Artspace Projects to fill a budget gap in the conversion of Loveland’s 102-year-old Feed and Grain building into an arts-focused mixed-use development. Artspace will ask the council, acting as the city’s urban renewal authority, to allocate $230,000 to keep the project on track.
The renovated building, part of an $11.9 million campus, would provide 5,000 square feet of retail space and nine affordable housing units, to go along with the 30 units of workspace in Loveland Lofts, which have opened in 2015.
The meeting will begin at 6 p.m. in the council chambers, 500 E. Third St.
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