0 View Gallery View Comments The Manitou Springs City Council gave a unanimous preliminary vote of approval Tuesday night for a deal that would enable the rebuilding of the historic Cog Railway and keep its train cars chugging up and down Pikes Peak for decades to come. Another vote still must be taken on the agreement with Oklahoma Publishing Co., parent company of The Broadmoor hotel and the Cog Railway. Under the pact, the city would give the ownership group two tax breaks, incentives it says it needs to invest $75 million to $95 million to rebuild the railway. In March, Broadmoor President and CEO Jack Damioli announced that the aging railway had “run its useful life,” and a study would weigh whether it should be refurbished or permanently closed. The analysis found that nearly $100 million likely would be needed to restore the system, rebuilding the track and expanding, remodeling or even demolishing the railway’s Manitou depot. Related: For retired Cog Railway engineer, 93, job was living out a love of trains Manitou Springs officials have grappled to address a $500,000 annual tax revenue loss expected to result from the railway’s closure. “If we do this project, it’s going… Read full this story
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