City OKs $258M incentive package for project by I-25
Loveland City Council members Tuesday voted unanimously to approve a 30-year, $258 million incentive package for a mixeduse lifestyle center that will be built on both sides of Interstate 25 north of Crossroads Boulevard over the next five years.
Council members said the city needs to act now to bring in the development project before another municipality does. The Brands at The Ranch and Brands West is a $572 million project with 2.3 million square feet of retail, restaurants, entertainment and housing. The city’s incentive package consists entirely of fee waivers and rebates for sales tax for the retailers as they open.
City Council members discussed the risk of the new center hurting existing retail shops; how long it would take the city to earn a return on its investment in the incentive package; and the property tax revenue and jobs the development would pump into Loveland.
Developer Martin Lind urged city leaders to take action before other cities lure those potential retailers — and their tax revenue — away. He cited Johnstown luring sporting goods giant Scheels with similar incentives, which he said led to another sporting goods store changing its mind about building in Loveland.
“Johnstown, Timnath, Windsor, Mead are all praying this will be rejected,” said Lind.
The incentive package passed 8-0. Council member Joan Shaffer was absent.
“This is a huge win for Loveland,” said John Fogle, a councilman who voted “absolutely” on the incentives. “We fought the good fight on Scheels and we lost. We fought the good fight on Costco, and we lost. … We haven’t been in the game for a long time, and now we are.”