Title
Ordinance No. 21-64 amending Ordinance 07-15 to redescribe the boundaries of the Colorado Springs Downtown Development Authority so as to include additional property.
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development
Peter Wysocki, Director, Planning & Community Development
Body
Summary:
This introduces an agenda item to approve a request for inclusion of certain property into the Colorado Springs Downtown Development Authority ("CSDDA"). The property consists of a single parcel adjacent to the current CSDDA boundaries, and located east of Nevada Avenue and South of Rio Grande Street in the Lowell redevelopment project. The property is vacant and is approved for approximately 62 multifamily units.
This item was introduced at a Council Work Session on July 26, 2021 at which time there were no outstanding comments or requests for modifications/further information.
Background:
Downtown Development Authorities ("DDA") are created and operate under unique statutory authority (C.R.S. ? 31-25-801 et seq.) to perform certain activities within the "central business districts" of municipalities. There can only be one DDA in a city. DDAs are authorized to certify a property tax mill levy of no greater than 5.0 mills and to receive tax increment financing (TIF) revenues, if available. DDAs can issue indebtedness if authorized by the municipality. DDAs are separate legal entities from the cities in which they are located; however, budgets and board appointments of DDAs are subject to approval of the governing body of the municipality that created the DDA.
The existing CSDDA covers much of the traditional Downtown area as depicted in the attached PowerPoint. The boundary expansion proposed at this time would encompass a single parcel zoned and approved to allow development of 62 multifamily one and two bedroom rental units.
The process of inclusion of additional properties into an existing DDA is set fo...
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