COLORADO SPRINGS – More funding is on the way for the summit house improvement project on top of Pikes Peak. Colorado Springs City Council approved the request to issue bonds for up to $33 million. The money goes toward the $55 million plus, total cost.
Bonding allows the work to happen quickly. A bank issues bonds and loans the money to the city. “They’re happy to do it. They make a little bit of interest, we get this done quicker, and then we’re able to get more revenue for the Pike Peak Highway and for the resource we want to protect,” said Colorado Springs City Council, President, Richard Skorman.
The city can pay back the money and interest, solely from revenue made on Pikes Peak. “It’s an enterprise,” said Skorman, “It has to support itself and it’s been supporting itself well, so we have some profit.”
Improvements are expected to increase revenue even more, which will offset the interest.