HomeMy WebLinkAbout2001 - Downtown Development Authority - Annual Reportuda
DAVNTOWN
DEVELOPMENT
AUTHORITY
19 OLD TOWN SQUARE, SUITE 230
FORT COLLINS, CO 80524
Downtown Development Authority
2001 Annual Report
December 2001
Telephone (970) 484-2020
Telefax (970) 484-2069
The following outlines many of the projects and work items the Downtown Development
Authority was involved in during 2001:
Future of the DDA — Two elements regarding the extension of the DDA are currently at
work They are as follows:
1. Senate Bill 32 — Currently being discussed as an extension of the Tax -
Increment revenue account. A five to ten year extension is under
discussion and will conclude by the end of the legislative session in May
2002.
2. Legal process for a vote on a new Tax Increment `life' has been defined,
and when discussions on Senate Bill 32 conclude, this process should be
explored.
DDA future financial picture — DDA is in a very good financial position.. The gap
between existing annual debt and current annual income, is comfortable. Additionally,
the potential approval of Senate Bill 32 offers additional stability. Slower than
anticipated `build out, of Phase 2 of the Mulberry/Lemay Crossings should be monitored.
While our Tax Increment projections were conservative, they could be affected if
building does not occur during 2002.
Poudre River Redevelopment — DDA committed $60,000 to the design of the Poudre
River improvements between Linden and Lincoln streets. The completion of this design
will likely lead to some level of construction for the `shoring -up' and improving of the
river itself, as well as the habitat area.
Old Town Square — Various maintenance and minor capital improvements were made in
2001.
Asmus Signs property (Pine Street ) — DDA requested and received a grant for a
property analysis with the State of Colorado Historic Fund. This $8,400 grant will be
completed before the end of the summer of 2002.
Downtown Strategic Plan — DDA committed $275,000 to this plan, which is underway.
The opportunities for the immediate future of downtown will be outlined, and the Board
should receive at least two formal updates from the consultant in the next 12 months.
Larimer County Courthouse — This project is currently under construction. DDA had
various conversations with the County on elements that might improve this project. It is
possible the County will approach the DDA for funding a portion of the streetscape and
landscape upgrades suggested.
Mason Street North — DDA committed approximately $251,000 to this project last
September. This project is a mixed -use development at the north end of Mason Street. A
total of 20 residential units will complement the 18,500 sf of retail/office use.
Mulberry/Lemay Crossings Annexation -- During 2001, DDA extended its boundaries
to include this property. This inclusion is the first significant increase in the boundaries
for the DDA, and offers a significant revenue stream for downtown. Additionally,
projected tax -increment funds for this project were committed to the Poudre River
improvements, the intersection of Jefferson/Linden, the completion of the Downtown
Strategic Plan, as well as assisting the City of Fort Collins in their upgrade of the
intersection of Mulbeny/Lemay.
Northern Hotel — The Northern Hotel finally opened in fall 2001. DDA committed
$331,000 toward this project, which is currently available for lease. After over 25 years,
this beautiful property is back in service.
Armory Building — After 50+ years of vacancy, the Armory building on East Mountain
Avenue re -opened as an office building. DDA contributed over $65,000 to the public
improvement of the fagade and sidewalks for this project.
Downtown Holiday Lights — DDA committed $20,000 to the continued upgrade of this
program, currently administered by the Downtown Business Association.
Riverfest sponsorship — DDA committed $3,500 to the sponsorship of this event.
Additionally, the event sponsorship provided six stone benches, which the City Parks and
Recreation department installed along the Poudre River trail.
Jay's Bistro — DDA assisted in the fapade improvements to the new Jay's Bistro location
on West Oak. This older building is now a wonderful restaurant, and is breathing life
into a street which has struggled over the past ten years.
334 East Mountain — DDA has committed funds to this project. Construction will begin
in early 2002.
328 Remington — DDA is assisting the redevelopment of this property, back to its'
original use as a church. The historic building hasn't been in use as a church since 1971,
and has experienced a tough road since that time. The State Historic Fund has also
committed over $160,000 toward this effort, scheduled to be completed in late summer of
2002.