PALMER LAKE, Colo. (KOAA) — The Town of Palmer Lake has released a summary of the negotiated terms of a proposed annexation agreement with Buc-ee's.
The report says if the annexation is approved, the Texas based travel center will pay nearly $14 million for water infrastructure in Palmer Lake, with plans to fully fund two new wells and a water line.
Buc-ee's will also pay for all required roadway improvements, including work on County Line Road and the I-25 interchange.
The development is expected to generate about $1 million in annual sales tax revenue for Palmer Lake. Local schools would receive nearly $200,000 in yearly property taxes.
The first district would get more than $100,000 annually. Buc-ee's will also make a one-time community contribution of $350,000.
The Palmer Lake Board of Trustees could potentially vote on this agreement on August 28.
You can view the full report below or by clicking here:
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