Montrose, CO – The City of Montrose, in partnership with the Montrose Urban Renewal Authority (MURA), announced last week the successful approval of an $800,000 loan from the City for permanent on-site improvements within the Colorado Outdoors Project, (C.O.P.). This marks MURA’s first funding dollars used primarily for open-space enhancement, public access points, and the promotion of business expansion.
"We are excited to partner with the Montrose Urban Renewal Authority in an effort to move the Colorado Outdoors Project forward,” said Bill Bell, city manager and executive director of MURA. “We are pleased that the public infrastructure portion of the project has come in on schedule and under budget and that the Mayfly headquarters building is nearing completion. It is important to remember that the MURA's Colorado Outdoors Project is a 25-year investment in the future of our community and there is still much work to be done as we continue to attract businesses to fill this unique mixed-use business park."
The funding will cover a portion of the permanent, on-site improvements near the new Mayfly Outdoors 41,000-square-foot facility, including ADA ramps, curbs, gutters, sidewalks and parking lots. The multi-million dollar facility is set for completion in early 2019.
Mayfly, whose brands include fly fishing companies Abel and Ross Reels, envisioned its new headquarters as an anchor point for the C.O.P, a 160-plus acre business park, river restoration, and public wildlife access project within the city. Mayfly has expanded its operations since relocating to Montrose in 2016 and currently employs about 50 people. “We started off in 2014 with 19 in Montrose, now we are approaching 50 company-wide,” said David Dragoo, president of Mayfly.
“This loan to the MURA will facilitate a parking area around the Mayfly building which not only creates an incentive to Mayfly but in my mind, more importantly, guarantees public access to the river trailhead and green belt areas along the river for citizens and visitors,” said Roy Anderson, City of Montrose Mayor.
Anderson noted the money will be paid back to the City over the course of several years via the tax increment financing, or TIF, mechanism with a modest four-percent interest.
Mayfly, in conjunction with the development company, Colorado Outdoors, is promoting increased public lands access to the northern reach of the Uncompahgre River within Montrose. Colorado Outdoors is behind a 41-plus-acre donation to the City of Montrose, ultimately opening up the river corridor for the community.
“The Colorado Outdoors project is an exciting development for our community. Having toured the property and reviewed the design plans, I know our community will appreciate the easy access to public trails along the river. In fact, the entire area around the Mayfly headquarters building will be a tremendous asset," said Barbara Bynum, Montrose City Council member, and MURA board member. "When a highly-recognized, quality company like Mayfly chooses to invest in Montrose, I am happy that the MURA board can work with them to develop a comprehensive plan for the project.”
The C.O.P. was set-up as a tax increment financing district or TIF. TIF is a special funding tool used by the City of Montrose to promote public and private investment in the city. This public financing method is being used in the MURA to develop infrastructure within the Colorado Outdoors site.
The unique taxing status requires the support of all local property taxing authorities, who a pledge portion of future property tax increment to fund site improvements and construction.
“It wouldn’t be possible without MURA’s support, including all 11 taxing bodies,” said Sandy Head, executive director of MEDC. “They have all been collaborating for months, and the Montrose Economic Development Corporation (MEDC) is excited because it’s another great tool to help support economic growth and it provides Montrose with an advantage when competing for companies.”
For more City news visit: CityOfMontrose.org.
ABOUT MONTROSE URBAN RENEWAL AUTHORITY
The Montrose Urban Renewal Authority (MURA) was formed in late 2016 by a resolution of the Montrose City Council. MURA encompasses approximately 160 acres along the Uncompahgre River northwest of the downtown Montrose. Its leadership includes Brad Hughes - Montrose County, Tad Rowan, Chairman - Montrose Fire Protection District, Gayle Johnson - Montrose County School District, Special Districts Representative - Mark Plantz
Montrose City Council and Bill Bell, Executive Director. More information can be found at https://www.cityofmontrose.org/651/Montrose-Urban-Renewal-Authority
ABOUT MAYFLY OUTDOORS
Mayfly Outdoors is a Colorado-based outdoor products company founded in Colorado Springs, Colorado. Mayfly subsidiaries operate under various brand names including Abel and Ross Reels. Combined, these businesses are the recipients of more industry “Awards in Excellence” for innovation, dependability, and performance than any other fly-fishing tackle manufacturers in the world. More information can be found at mayflyoutdoors.com