Mayor Launches Urban Renewal Authority Investigation

Problems at the University Village shopping complex have prompted a closer look at Colorado Springs Urban Renewal Authorityfinances by Mayor Steve Bach’s team.

The mayor said he’ll launch an investigation into the Authority after the group asked the city for a loan last year and also came up tens of thousands of dollars short on an annual bond payment for the University Village complex. It only paid $650,000 on the $700,000 bond payment.

Shoppers said they’d hate to see that jeopardize the improvements made along North Nevada Avenue.

“I would hate to see that happen,” said Cathy Chebuhar, who’s a regular shopper at University Village. “I think so far, it’s been fairly full, and I would hate to see anything harm that in any way.”

The group of stores is anchored by several big-name stores including Costco, Kohl’s and Lowe’s, but has yet to fully build out. According to plans, if there were more tenants ready to move in, up to six more buildings could fit in the complex.

Urban Renewal Authority Chairman Michael Collins said he was “floored” and could not comment on the mayor’s decision.

An Urban Renewal Authority staffer who talked with KRDO Newschannel 13 said a yearly audit of the group has never raised any red flags with money issues. That source added he/she was surprised by Wednesday’s announcement of the investigation.