PUEBLO, Colo. – The Pueblo Urban Renewal Authority (PURA) and Professional Bull Riders (PBR) are proud to announce the Groundbreaking Ceremony for the Regional Tourism Project, anchored by the PBR Sport Performance Facility.

This event celebrates the beginning of construction for Pueblo’s Regional Tourism Project and the culmination of several years of planning to develop a world-class sports training facility, expanded convention center and a 500-space parking garage in the heart of downtown Pueblo.

As the major anchor of the project, the PBR Sport Performance Institute is a unique component that is anticipated to increase out of state visitors to the Pueblo community.

“We are thrilled to partner with the state of Colorado, the city of Pueblo and PURA on the PBR Sport Performance Institute, which will serve as the cornerstone of our efforts to provide training from introductory courses to advanced training for bull riders at all levels,” PBR CEO Sean Gleason said. “This facility will help our great bull riding athletes get better at their profession while introducing our sport to talented athletes who lack access to resources or individuals who can help them explore bull riding as a career.”

PBR is also working with its sister company, IMG Academy, to offer specialized sports science training and camps at the PBR Sport Performance Institute in other sports disciplines beyond bull riding.

Pueblo-based PBR is a growing global sport, now competing in five countries: the U.S., Australia, Brazil, Canada and Mexico. The sport is available through television partnerships in more than 400 million homes worldwide. More than 600 athletes compete in more than 250 events each year. In the U.S. alone, there are 82.5 million PBR fans, according to ESPN Sports Poll.

A unique partnership consisting of the State of Colorado, the City of Pueblo, PURA and the PBR has made this project possible. Recognizing the need to drive Pueblo’s economy through tourism, a syndicate of local organizations successfully partnered in applying for the State’s Regional Tourism Act that allows the City of Pueblo to collect a portion of the State Sales Tax Increment for tourism related activities.

A unique facet of the project financing involved a $17 million bond issued by the PURA.

“State Sales Tax Increment Financing is the first of its kind, in the State of Colorado, to be used to pay for the cost of cash up front from a bond,” PURA Chairman Don Banner said.

The expansion of the Pueblo Convention Center is anticipated to meet the demands of the untapped medium-sized convention business found in neighboring Inter Mountain West States.  Pueblo is one of only 14 communities in the U.S. to feature an urban Riverwalk adjacent to a Convention Center.

Phase One construction is anticipated to be complete by December 2018.