Now, after being closed for more than three. I would hope that our City Council can correct this injustice. For 130 years, visitors have made the trip to the top of Pikes Peak in Colorado on a train thats one-of-a-kind. It represents a lot though to our community - a community in need of new schools and other facilities. Spencer Penrose in 1925 and run by The Broadmoor for 96 years, The Broadmoor Manitou and Pikes Peak Cog Railway is proud to be taking passengers back up America’s Mountain. That $500,000 represents a paltry 0.02 percent of that fortune and that fortune likely fluctuates up or down by 100 times that amount on a daily basis. The Broadmoor and the Cog are part of a $10 billion portfolio controlled by the Denver-based operation that financed rebuilding the Cog Railway. Since 1891, millions of passengers have enjoyed a high altitude adventure on the Pikes Peak Cog Railway, the highest train in the United States and the. Yet, after these rebates of taxes already collected, the Cog is paying less than a 3 percent effective tax rate while all other businesses in Manitou pay up to 11 percenet. The Pikes Peak Cog Railway holds a unique distinction as the highest cog railway in the world. This year, with a full complement of trains in operation, they could double their revenues. Thanks to the 50-year agreement enacted between our fair village and the Cog last year, we returned to the Cog Railway more than $500,000 in taxes they had collected from their passengers.Īlthough we won’t know precisely what their 2021 revenues are until they file with the Public Utilities Commission, best estimates are upwards of $17 million - and this in a year of reduced operations due to the COVID19 pandemic and their inevitable growing pains.
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