Incentive Packages

The Urban Renewal Authority of Pueblo (URAP) utilizes a wide variety of methods to help stimulate development. The URAP crafts incentive packages based on the scale and magnitude of a given development. In addition, the URAP provides below market interest rate loans (Façade Improvement Program) to property owners located within the Expanded Phase 1 Project Area in an effort to help finance façade, aesthetic, and/or landscaping improvements on one's property or adjacent right-of-way. The links below will outline the most common methods of incentivising (re)development.

Direct Financing
Façade Improvement Program
Relief of Parking Requirements
TIF Reimbursement



Direct Financing

The Urban Renewal Authority of Pueblo (URAP) may directly participate in financing a private sector development by awarding a cash incentive package. Because the URAP primarily derives revenue from taxes (Tax Increment Financing), cash awards may only be spent on the public improvements associated with such a development. Many aspects of a development may be considered ‘public’; a few broad examples include demolition, site preparation and testing, landscaping, and public health and safety requirements.

The above image is a rendering of the Cambria Suites Hotel, to be located on the corner of Hector Garcia and Santa Fe, across from the Pueblo Convention Center.

The URAP Board of Commissioners welcomes discussion with potential developers inquiring about the possibility of direct financing. Generally, the process to establish a direct financing contract with the URAP is as follows:

1) Contact the URAP’s Executive Director or Chairman for preliminary discussion and background information;
2) The URAP’s Planning and Development Committee will convene to discuss the feasibility of the proposed development;
3) The URAP Board of Commissioners formally chooses to publish a request for proposals advertising for potential developers;
4) The URAP Board of Commissioners officially chooses a development proposal; and
5) A contract agreement is organized between the URAP and the developer.



Façade Improvement Program

The Urban Renewal Authority of Pueblo (URAP) has established a Façade Improvement Program that provides financial assistance to property owners seeking to renovate or restore their exterior façades and other relevant aesthetic improvements (see “Eligible Improvements”). The Program’s objectives are to improve the physical appearance of independent businesses and enhance the viability of businesses located within the Expanded Phase 1 Urban Renewal Project Area (see “Building Eligibility”). The Program provides a below market interest rate loan in an amount up to $50,000; matching grant opportunities in conjunction with a loan in an amount not to exceed 25% of the total façade improvement project, including a Program loan and all private loan(s) and equity secured by the Applicant, for the funding of well-designed improvements that will coordinate all the important features of the storefront into a more attractive image. This may include the restoration of façades, enhanced public access, architectural details, improvement of windows and doors, and well-proportioned signage and lighting. Improvements made prior to written approval of a proposed design by the URAP’s Façade Improvement Committee will not be funded. Deviations from the strict requirements of the scope of general improvements may be considered and approved by the Façade Improvement Committee for good cause shown and where strict adherence is not compatible with the intent and purpose of the program. Additionally, grant opportunities are available via cooperative funding from the URAP and the Pueblo Downtown Association, for improvements to sidewalks and landscaping (see “URAP/Pueblo Downtown Association Grants”), and may be applied for independent of a loan application.

Click here to download the pdf file



Relief of Parking Requirements

The Urban Renewal Authority of Pueblo (URAP) owns various parking facilities throughout downtown Pueblo. The URAP has signed numerous contracts that allow developments to utilize URAP operated parking facilities and, by virtue, relieve the burden of parking requirements as required by City of Pueblo municipal code. Such an incentive is contingent upon available spaces and the distance of a given development from URAP parking.



TIF Reimbursement

TIF payback is similar to providing direct financing but, in this instance, the URAP reimburses a developer overtime based on the tax increment payments that the developer’s project generates. For more on TIF, see Tax Increment Financing.

TIF payback enhances a developer’s credit by virtue of a guarantee from the URAP of annual payments in an effort to reimburse a developer set at a negotiated, capped amount. In essence, the developer finances the project’s incentives up-front, and the URAP agrees to reimburse the developer overtime. Generally, the amount reimbursable to a developer will be proportionate to the amount of new TIF the project can generate overtime. For instance, if a project can generate $100,000 in annual TIF payments, the project’s developer may be reimbursed at an amount up to $100,000 annually capped at a negotiated amount. Generally, the process to establish a TIF payback contract with the URAP is as follows:

1) Contact the URAP’s Executive Director or Chairman for preliminary discussion and background information;
2) The URAP’s Planning and Development Committee will convene to discuss the feasibility of the proposed development;
3) The URAP Board of Commissioners formally chooses to publish a request for proposals advertising for potential developers;
4) The URAP Board of Commissioners officially chooses a development proposal; and
5) A contract agreement is organized between the URAP and the developer.