Denver council panel advances tax-finance changes for downtown projects
“A Denver City Council committee Tuesday approved several ordinances that would create a downtown Denver tax increment financing (TIF) district, from five existing ones, to help pay for eight improvement projects.
The combined TIFs are expected to generate another $60 million-$70 million through the life of the districts, which range from 2017 to 2020.
Working with DDP and DURA, City of Denver officials identified six projects the TIF extension could help fund. Mayor Michael Hancock notified council members of the projects in March.
They include:
• The grocery store at 20th and Chestnut (Part of Elan Union Station development, which will include apartments and downtown’s first full-service supermarket by King Soopers).
• The Denver Public Schools administration building and downtown elementary school at 1860 Lincoln.
• Parking for Denver Union Station at 17th and Wewatta streets.
• 16th Street Mall restoration/upgrades.
• Conversion of two downtown streets from one-way to two-way.
• A 14th Street Convention Center Plaza.
• An interior courtyard at the Denver Rescue Mission and 24-hour “rest and resource center” for the homeless.
“The question is whether that additional revenue should go back to the general fund, or continue to fund improvement projects,” Saunders said.
Any management contracts associated with any of the above projects costing more than $500,000 would still go before the council for approval, she said..”
Huspeni, Dennis. Denver Business Journal 9 October 2013.
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