MANITOU SPRINGS, CO – The owners of the Pikes Peak Cog Railway will help Manitou Springs establish up to 400 new parking spaces if the city signs a 50 year tax agreement.
The Gazette reports, the proposal will go before the city council for a final vote at 6pm tonight.
If approved, the ownership group would invest up to $95 million on a refurbishment project.
The agreement requires the cog to pay Manitou Springs $1 million to make up for the two-year tax revenue shortage expected since the railway shut down this year for repairs.
