May 7, 2010 11:17 AM by Bea Karnes, News First 5
Colorado Springs has reached an agreement to pay nearly $4.5 million to buy about two acres of a shopping center needed for a street-widening project. The deal was announced Thursday. City Council will consider the resolution at its meeting on Tuesday, May 11.
Colorado Springs has been trying to acquire a piece of the Woodmen Valley Shopping Center property for years. The city needs the land to widen Woodmen Road to three lanes in each direction. The $60 million, two-year project includes a bridge over Academy Boulevard.
The project is being funded with $35 million in federal stimulus money and a 1 percent sales tax collected by the Pikes Peak Rural Transportation Authority.
City documents identify the property owner as California-based ACF Property Management.