The Denver Downtown Development Authority, designed to utilize public funding for redevelopment projects across downtown, is attracting developers like bees to honey before its latest funding is even approved.
On Tuesday, Denver City Council’s Finance & Governance Committee will vote on an ordinance authorizing the city’s first round of Downtown Development Authority financing, totaling $210 million, the Denver Business Journal reported. The money will have a fixed-rate loan and revolving line of credit with PNC Bank. The development authority is eventually seeking to use $570 million available through the special financing district.
As of June 10, 44 groups have applied for agency funding, the city told the Business Journal. Of those applicants, 17 were submitted under the “business incentive” category, 17 are for “private development/adaptive reuse,” six are for “arts and culture” projects, and four are for “public property development or improvement.”
The applicants are seeking a total of $450 million for their projects. The fate of their applications rests in the city’s Economic Development & Opportunity office.
“We will continue to weigh the viability of each application request against the fundamental goals of the Denver Downtown Development Authority and the approved Plan of Development,” Shelby Morse, director of communications and marketing for Denver’s Economic Development & Opportunity office, told the Business Journal.
“We look forward to the projects that will be advancing to the Downtown Development Authority Board for consideration this summer and we are open to and seeking more applications that will impact the downtown economy.”
Applicant identities, project locations, dollar amounts sought for each project and the type of funding requested remain under wraps by the city.
Late last year, the Denver City Council approved an expansion of the development authority to include a larger area of downtown — and as a result, more businesses and projects eligible for development authority funding. The new boundaries encompass the area north of Colfax Avenue to Union Station between 20th Street and Cherry Creek and stretches east to North Grant Street between 20th Avenue and Colfax Avenue.
Businesses in the development authority district could stand to benefit from proposed changes coming to the surrounding area in the coming years. Last November, local property owners near Coors Field formed the Ballpark Denver General Improvement District. It was created to provide safety and security, homeless outreach and engagement services, cleaning and maintenance, beautification and public investment projects and to establish a unique identity for the neighborhood just north of the development authority district.
At the same time, just southwest of the development district, the Denver Broncos appear poised to build a new stadium at the Burnham Yard railyards following a recent string of land purchases at the site. The team hasn’t announced any official plans yet, however.
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