Cheyenne City Councilman says the Hitching Post Inn officially changed ownership
CHEYENNE, Wyo. (Wyoming News Now) - Cheyenne’s Hitching Post Inn caught on fire -- again -- in January. Firefighters were on the scene before the sun came up on January 15, 2021. Crews remained on the scene until 6 p.m. later that evening. As many Cheyenne residents know, this was not the first time the Hitching Post caught on fire.
Cheyenne City Councilman, Jeff White, said Cheyenne City Council decided to make the Hitching Post Inn a priority in 2021. He said that meant working with city staff on an Urban Renewal Authority (URA) plan. You can read more about the City of Cheyenne’s Urban Renewal Authority here. Councilman White told Wyoming News Now this morning that the City has made a lot of progress toward new development at the Hitching Post property.
Councilman White said ownership of the Hitching Post officially switched hands. He suspects demolition of the current structures could start within the next few weeks. The Councilman said that means the western gateway to Cheyenne will no longer be an eyesore. Councilman White said the Hitching Post Inn, as it was, gave a bad first impression for people coming to visit the City of Cheyenne.
Councilman White said the new owner of the Hitching Post property plans to build a hotel, retail space, and also some housing. “For longtime Cheyenne residents, like me, that land has a lot of sentimental value,” said Councilman White. “There will never be another Hitching Post, and I’m sad about that, but I am very happy that the land that such a landmark sits on is going to be restored and improved,” said Councilman White.
The City Council decided to move forward with a tax increment financing plan (TIF). According to the City of Cheyenne’s website, “When an area is designated as a TIF, the current property value of all real estate within it is designated as the ‘base’. The base will generate revenue through property taxes and that revenue will be committed to the applicable taxing agencies. During this time, the existing real estate and new development will cause an increase in property value in the district. Funds that are over and above the “base” will be allotted into a separate fund to be reinvested into URA projects.”
When the new owner of the Hitching Post property finishes with development, the value will likely go up. The property taxes from that added value are now guaranteed by the City of Cheyenne to be reinvested into the Hitching Post Project area. The property taxes from the original assessment value will continue to go to the different tax agencies.
For more information on this story, please contact Grace Foulk at Grace.Foulk@WyomingNewsNow.tv.
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