HomeMy WebLinkAboutMemo - Read Before Packet - 5/15/2018 - Memorandum From Matt Robenalt Re: Agenda Item #7 - May 15, 2018 Council Meeting - Downtown Development Authority Line Of Credit Finance For 2019-2024DOWNTOWN DEVELOPMENT AUTHORITY
FORT COLLINS,
COLORADO
TO: City Council
FROM: Matt Robenalt, Executive Director
Fort Collins DDA
DATE: May 14, 2018
RE: Agenda Item #7 May 15, 2018 Regular Meeting
Items Relating to the Downtown Development Authority Line of Credit
Finance for 2019-2024
At the May 14, 2018 Leadership Planning Team meeting the following questions were posed:
Staff is asked to provide clarification on the property on the Downtown Development Authority boundary
at E. Lincoln Avenue and Lemay Avenue that is not included within the DDA boundary. Why is this not
included? What exists at that location?
Response:
Subsequent to the organization of the Downtown Development Authority (“DDA”) in 1981, any
additional parcels included in the DDA boundary must be voluntarily initiated by the property
owner(s) through a formal petition for inclusion and approval by both the DDA Board of Direc-
tors and the City Council, pursuant to Colorado Revised Statutes 31-25-822, as amended.
Upon inclusion of the additional property in the district boundary, the owners are subject to any
taxes imposed by the municipality for the use and benefit of the DDA.
The property located at southwest corner of E. Lincoln Avenue and Lemay Avenue, which is
not currently in the DDA boundary, is eligible for inclusion in the DDA district. The property
owner(s) would need to voluntarily request inclusion and thus accept a higher level of property
taxation, which is currently authorized by the City Council as 5 mills for the benefit of the DDA.
The current businesses at 1101 E. Lincoln Avenue include Lambspun of Colorado and the
Back Porch Cafe.