More details released Thursday on reopening of popular Cog Railway in Manitou Springs
Manitou Springs Mayor Ken Jaray confirmed more details Thursday about the town’s agreement with The Broadmoor to upgrade and reopen the popular train to the Pikes Peak summit.
Speaking with KRDO NewsChannel 13, Jaray said construction will start next spring and finish in May 2021, a period of two years and a year later than the initial agreement by both sides this summer.
The projected cost is $100 million, much lower that earlier estimates.
Jaray said the difference in the new agreement is it includes more financial protection for the town if ridership and revenue fall below expectations.
A 50-year tax rebate as an incentive to The Broadmoor, considered to be a tax break by some citizens, generated opposition and remains part of the new agreement.
“We stand to get upwards of $60 million in revenue, and the rebate we’re looking at is somewhere around $8 million to $11 million,” Jaray said.
“So wer’e giving a rebate but we’re getting a whole lot more by having the Cog rebuilt.”
The City Council approved the deal at its previous meeting Nov. 20 and received final approval from The Broadmoor this week.
Although Jaray says he believes more citizens understand the deal and support it, others still believe The Broadmoor is getting too much.
“It doesn’t sound like good math to me,” said Adam Williams, a Manitou Springs resident. “But I also have respect for those who are leading our town. I’m sure hoping and trusting that they’re intelligent people who are negotiating what’s best in the long run.”
A lawsuit pending against the previous agreement appears to be moot now that a second deal is in place, but opposition to the first agreement didn’t arise immediately.
“There could be opposition this time, but I hope there isn’t,” Jaray said. “If there is, we’ll deal with it.”
Under the terms of the latest agreement, The Broadmoor will pay the town $1.25 million — an increase over the previous deal — to offset revenue lost during the Cog’s closure.
The Broadmoor also will invest $500,000 to help the town address parking and traffic issues.
All construction plans will be reviewed by the council. The existing track will be removed and replaced, and the depot will be renovated.
Four of the eight existing train cars will be taken out of service, and the remaining cars will be renovated. Three new, slightly larger cars and a new snowplow will be added to the railway.
Plans remain for a Cog Railway museum in town.
This summer, The Broadmoor revealed it will increase the $40 train ticket when the Railway reopens, but the new price hasn’t been determined.
The Cog Railway has not operated since closing at the end of the 2017 season. After an inspection this spring officials shut the trains down for the year until the Railway’s future could be determined.
