COLORADO SPRINGS, Colo. (KKTV) The future of the famous Pikes Peak Cog Railway is up in the air.
It has been since it closed late last year.
The Broadmoor's parent company owns the Cog Railway.
The company says a complete rebuild could cost anywhere from $75- 95 million.
They're asking for tax breaks from the City of Manitou Springs, but would otherwise pay for the almost $100 million project privately.
The project would include a remodeling, expansion or complete demotion of the train depot in Manitou Springs and rebuilding the train track.
They hope to refurbish some of the train cars and buy some new.
“Something for everybody to take comfort from is that if we remodel or demolish or a combination of both, we're going to come back with something very historical accurate,” CEO of the Broadmoor Gary Pierson said.
Manitou City Council approved the first reading of the agreement tonight.
Another meeting and public hearing is set for the end of the month.
Work on the railway could start as soon as August and reopen in May of 2020.