Commissioners OK $5 million incentives for Northpark redevelopment
El Paso County Commissioners voted in favor of funding for the redevelopment on the former Northpark Mall site.
The county’s contribution of $5 million in property tax abatements over 10 years brings the total package including significant contributions from the city and Public Service Board to about $20 million.
Commissioners unanimously approved the contract with Hunt Metro 31, the developer for the Northpark site. The revised contract includes default penalties if the developer or county fail to deliver, and include promises to source labor and other resources locally.
The total project budget including those incentives is estimated at over $110 million dollars.
The Gary Sapp, executive vice president at Hunt Companies, said that the county’s contribution to the package was the last element needed to begin the final stages leading up to construction.
“Well, the project is now fully approved as to the public investment,” Sapp said. “And we will begin immediately on the design and entitlement process. We’ll be going back to the city for a subdivision and pad approval and construction document approval to get permits to begin the site development process and ultimately the vertical development. So we’re off to the races.”
The developer expects that the next steps of design and permitting could take 6-8 months. Construction could begin any time after that.
