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Home My WebLink About1998 - Downtown Development Authority - Annual ReportDEC- 0- 9 8 T U E 1 2: 0 7 P.01 lZocl i2 os./ns 12:05 PAX 300221 loss DOWNTOWN DLVELOPMCiYT AVTHOR1T'Y ANNUAL REPORT DEC:EMBER, 1998 Successor Entity to DDA. The Downtown pevelopmcnt Authority has explored various approaches to continuing its economic development program in the urhan core of. the Dort Collins community for the past few years. While a business improvement district has most frequently been suggested its ability to do capital pro3octs is limited and therefore the DDA has begun to search out other avenues. The question of continuing the DDA itself was not considered a viable option since it was assumed that its ability to utilize tax increment financing would subset in 2006. City of Part Collins bond counsel has suggested that tax increment revenues are collectible for a 25 year period from the time a property annexes into the DDA district. This interpretation of the tax increment statute provides another avenue for continuing a viable economic development program downtown. Options are being explored regarding the addition of properties to the district. However, the Board also believes that a re- authorization of the existing district should be voted upon when the original tax increment district expires in 2006. Maintain leadership role regarding urban portion of Cache La Poudre River. Over the past year, the DDA has provided considerable input regarding the future of tite Poudre River as it flows through downtown. It committed S300,000 toward the development of the horticultural center should die City choose to locate it by the River. It continues w review planning efforts which will govorn Future river -bank uses. it is also working with development interests regarding a future hotel/convention center which may be constructed on the Linh-n-Greens golf course, Continue effort to redevelop historic structures. The Authority played a central role in efforts to leverage redevelopment of the Northern Hotel. The effort has not bome results as yet. 'rhe Authority participated in the historic renovation of the Trimble Block, the liinkler building, 200 Walnut, Rand Scot, and conloutted to participate in the historic renovation of the silver Grill, Perennial Gardener, Baptist Church, and 231 South ITowes. The on -going fapadc improvement program is one of the most successful small-business economic development efforts undertaken by the Authority. It not only results In a stabilized downtown business economy it helps significantly to make downtown Port Collins one of the most attractive central business districts in the state. Performing arts. The DDA played an active role in the decision to locate a new performing arts center downtown. Downtown maintenance. The DDA has worked hard throughout the year to resolve various downtown maintenance issues, the most critical being that of Old Town. While the problem is not yet fixed, considerable pr09res0 is being made and a resolution should DEC— S— 9 S T U E . — 1. IL On.'98 I2:05 FAX 1 2 : 0 S 221 3038 P . 0 2 IA002 be arrived at next year. The DDA also committed funds to the on -going maintenance of the Remington Street Parking Garage. Other DDA Activity: Revise DDA bylaws consideration of Performing Arts and library locations Redevelopment of Mason street Parking Lot Home State Bank development 251 Linden Street Tailgate Tonnny's Restaurant Wal-Mart Arl in Public Places 401 West Mountain Block 31 private office development Opera Galleria tax issues 185 North College Avenue redevelopment Jay's Patio Bxtension paramount Building redevelopment 234-238 Linden CDBG grants Colorado Historic Society grants