DENVER — This week, the Denver City Council approved the Denver Downtown Development Authority's (DDDA) amended plan that outlines how millions of dollars will be spent to revamp the city's downtown over the next decade.
Colorado law allows municipalities, through downtown development authorities (DDAs), to collect a portion of property and sales tax in central business districts to finance projects that spur economic development. There are more than 20 DDAs in communities across Colorado.
The Denver Downtown Development Authority helped transform Union Station and revitalize the surrounding area.
In November, more than 77% of select Denver voters voted "yes" on Ballot Issue 6A, which expanded the DDDA's boundaries to include more of downtown. It also allowed the city to take on $570 million in debt on behalf of the DDDA to use on projects to revitalize the area without increasing taxes. The total repayment cost will be up to $847 million.
On Monday, the city council approved the DDDA's amended plan of development, paving the way for the development authority to begin its revamp.
"I think it'll really transition this place," said Derek Friedman, who owns Sportsfan on the 16th Street Mall.
Friedman has owned his business since 2004. He told Denver7 that some of the toughest and most troubling times have come from the pandemic.
"It's been four years that have been really, really tough," Friedman said. "So to hear about a big investment that is coming that, I think, is really going to help transform everything along 16th Street and really the whole downtown corridor, we're super excited about it."
Read the full plan below:
Denver Mayor Mike Johnston and City Councilmember Chris Hinds share in that excitement for what is to come.
"This will be the largest investment in downtown in Denver's history, all done without raising taxes," said Mayor Johnston. "It uses this tax increment finance that we have in downtown, but what it's going to be used for is making downtown a wonderful place to work, to live, to play."
"We're gonna have good stuff everywhere, including marquee signature places where all those folks can get out of their neighborhood and come to the center city, which is all in the middle, and see some amazing things," Hinds said.
Millions of dollars will go toward doing things like adding art installations throughout downtown, improving public parks and spaces, and even turning empty commercial office buildings into residential buildings.
It's something Johnston and Hinds said could make a world of a difference in downtown.
"We've already heard from a lot of folks who are very excited about taking empty buildings and putting them to better use, reviving some old spaces and filling vacant retail spots with exciting new retailers people can come to see and shop," Johnston said. "We see this as a defining opportunity for Denver."
Friedman agrees.
"There was a dramatic drop in our business, just from the people who would be downtown naturally," he said "If they're not downtown and they're at home, then all of that activity moves someplace else. Super excited about the fact that it'll be here and stay here."
Project applications for how exactly the money will be spent are expected to open in January.
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