West Colfax Proposed Developments Approved
“Proposed developments in District 1 were at the epicenter of the January 20 City Council meeting. West Colfax area bills up for final consideration included tax increment financing for SLOANS Block 7 East and West, and rezoning for the Yeshiva on Stuart Street. All bills were passed with an eye toward the corridor’s revitalization.
SLOANS
Bill requests were made for Sloans Block 7 East and Sloans Block 7 West. The site is located along West Colfax Avenue and is bordered by Stuart and Raleigh and Conejos Place. They sought amendments to the St. Anthony Urban Redevelopment Plan and requested the creation of a sales tax increment financing (TIF) area that will enable the Denver Urban Renewal Authority (DURA) to undertake and carry out projects in the plan.
DURA is responsible for urban renewal activities throughout Denver. It is charged under state law with helping the city eliminate slums and blighted areas. By creating TIF areas a tax increment base is established for property and/or sales taxes prior to redevelopment. The “increment” results when subsequent development increases the assessed value of property tax receipts and or sales tax revenue receipts. The increment can be used to reimburse a redeveloper for eligible project costs. Normal taxing entities continue to receive revenues attributable to the Base. The maximum life of a TIF Area is 25 years under state law. After DURA repays obligations related to a project, the TIF Area is terminated and all future tax revenues are released to the appropriate taxing entities.
DURA believes there is a financing gap of $1.6 on East Block 7 East and $3.4 Million on Block 7 West to realize the projects.
Some of the overarching objectives of the Urban Redevelopment Plan presented to the Denver City Council suggested that the amendment is in conformance with Urban Redevelopment Plan objectives that include, “To eliminate blight, improve the character and environment and its surrounding by preventing or ameliorating economic, physical and environmental deterioration, and to encourage residential retail and commercial development.””
Cohen, Basha. North Denver Tribune 4 February 2015.