Downtown’s new neighborhood: Arapahoe Square
“On a project-by-project basis, DURA can use TIF to help close the financing gap between what a private developer can fund and the actual cost needed to complete a project by utilizing the incremental new taxes generated by a new project.
Our objective when utilizing TIF is to spark redevelopment in a certain area, creating momentum for future projects that won’t require financial assistance. For example, during a five-year stretch following the “1993 Plan,” DURA utilized TIF to invest in four of the seven residential projects under way in downtown Denver. The following 12-year period saw 12 new residential projects come about without the help of DURA or TIF.
Currently, no Arapahoe Square projects have been approved by City Council; however, it’s been reported that Greyhound Lines Inc. has plans to move its Arapahoe Square hub to another Denver Metro location with better access to public transportation. The current Greyhound site, located at 19th and Arapahoe, touches the downtown Denver boundary, thus Greyhound’s move could spark a blaze of redevelopment into Arapahoe Square.”
Huggins, Tracy. ColoradoBIZ Magazine 1 October 2011.