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    • Downtown Denver’s 0 million revitalization plan gets strong support from voters | Business
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    Downtown Denver’s $570 million revitalization plan gets strong support from voters | Business

    Online Niel Posted on

    Denver Mayor Mike Johnston’s first major downtown revitalization initiative since the pandemic crisis has received strong support from eligible voters.

    More than 81 percent of voters chose to expand the Downtown Development Authority — created to finance the restoration of Union Station in 2014 using tax-increment financing — to cover the rest of downtown Denver and generate nearly half a billion dollars in funding projects in the city center. .

    “As cities across the country struggle to return their downtowns to pre-pandemic levels, Denver has decided to meet this seemingly insurmountable challenge head-on and bet on our cultural, civic and economic core by promoting 6A with over 80% support,” Johnston said in a statement on Wednesday.

    City estimates showed that about 2,500 people were eligible to vote for the boundary expansion. State law allows only voters who live, own property or operate a business within the current Downtown Development Authority boundaries to vote on the expansion.

    Turnout for preliminary voting was below estimates, totaling 807 votes counted Wednesday morning. More than 650 voted yes and 150 voted no, according to preliminary results.

    The Denver election results will not be certified by the Clerk and Recorder until November 22.

    “I’m cautiously optimistic that our ballot issue will PASS,” regional transportation district board member and Downtown Development Authority chairman Doug Tisdale posted on LinkedIn Tuesday night.

    A Downtown Development Authority is a public financing tool that uses expected future tax revenues from development projects to pay off debt or finance new projects.

    Denver’s DDA — created in 2008 for the major renovation of the iconic transit hub — currently generates about $40 million annually and was at risk of being dissolved because it was close to paying off Union Station loans, city planner David Gaspers told the City Council. planning from Denver in September.

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    The city worked on an accelerated timeline to preserve the DDA and the $40 million it already generates as downtown struggles with rising office vacancies, delayed foot traffic and disruptive construction on the 16th Street Mall.

    Downtown Denver’s recovery lags other cities, study finds

    Johnston announced the expansion plan in May in front of Union Stationsaying it would help downtown break out of an economic “doom loop” that many U.S. downtowns face. The expansion is expected to generate about $570 million over the next decade.

    “The successful expansion of the Downtown Development Authority gives us the resources we need to invest in the transformative projects that will revitalize downtown Denver. The funding will help bring new opportunities for downtown and beyond — from new housing to revitalized public spaces to economic opportunity and growth,” Johnston said in his Wednesday morning statement of thanks. City Council, local partners and residents to help promote the expansion.

    In a statement, Downtown Denver Partnership President and CEO Kourtny Garrett said the organization couldn’t be prouder to have 81 percent of voters vote yes for the expansion.

    “As we engaged with the electorate to educate about the measure, we were encouraged to find not only strong support for 6A, but also widespread optimism for downtown from both residents and businesses Garrett said. “Passage 6A represents both an exciting milestone for the renewal and expansion of the Downtown Denver Development Authority and a vote of confidence in our future from our downtown community.”

    What should downtown Denver look like in 20 years? Work is beginning to shape the official vision

    The Downtown Development Authority still needs City Council approval to amend its “Development Plan,” a document that sets the parameters for which tax revenue can be spent. Currently, the focus is on supporting growth around Union Station, and an amended draft plan is shifting its focus to post-pandemic economic revitalization.

    The City Council will vote on the project at the December 9 meeting.

    Once approved, the mayor’s office said the city will open applications for downtown revitalization projects, with funding expected to begin in 2025.

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