Posted: Oct 22, 2012 5:48 PM by Greg Boyce
Updated: Oct 25, 2012 9:37 AM
A Colorado Springs law firm has released a report on activities of the Colorado Springs Urban Renewal Authority.
The authority had come under fire several months ago when it was discovered some projects had defaulted on payments.
The report from Hogan Lovells was sent to Laura Neumann, Chief of Staff for the City of Colorado Springs last month. It was released by the city today.
The report says University Village, a shopping center on N. Nevada, did come up short by $50,000 on a payment last year and will likely not make this year's payment in December. That was blamed on the downturn in the economy.
The report listed many problems with the development of the old Ivywild School. In the report, Chuck Miller of the Urban Renewal board said matters could have been explained more completely to the developers.