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URBAN RENEWAL in Colorado’s Front Range

URBAN RENEWAL in Colorado’s Front Range. Center for the American Dream Independence Institute Jennifer Lang. Outline. Tax Increment Financing Urban Renewal and Transit City Examples In the News. Cities with Urban Renewal Authorites, 20+. Tax Increment Financing (TIF) Bond Issuance

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URBAN RENEWAL in Colorado’s Front Range

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  1. URBAN RENEWAL in Colorado’s Front Range Center for the American Dream Independence Institute Jennifer Lang

  2. Outline • Tax Increment Financing • Urban Renewal and Transit • City Examples • In the News

  3. Cities with Urban Renewal Authorites, 20+

  4. Tax Increment Financing (TIF) Bond Issuance Property Improvement Fee (PIF) Public/Private Partnerships Eminent Domain Blight: 4 out of 11 criteria must be met Colorado Urban Renewal Law 31.25.101-115 Urban Renewal Devices

  5. How it works • No mill levy with TIF • URA assesses need and does economic research, history, potential of area • Any new development generating a higher increment of tax is then diverted from regular property revenues and used to repay URA bonds or developers • Any pre-existing structures in a TIF district reassessed with higher value, taxes go to city • 25 year time window for Urban Renewal tax increments • 25 years worth of that tax revenue increment is being diverted away from schools, public services

  6. Current and Recent Urban Renewal Projects in the Denver Metro

  7. City and County of DenverCurrent TIF Districts

  8. TAXES • Denver URA (urban renewal authority) 4.27 % URA of total city and county tax • Broomfield URA 5.08 % URA of total city and county tax

  9. Tracking Tax Dollars & URA • Abstract of assessment • TIF districts • URA in Miscellaneous section `

  10. Source http://www.rtd-denver.com/fastracks/index.html Source

  11. Transit and Urban Renewal FasTracks is driving URATransit Oriented Developments (TOD) Marketed as smart growth and progressive Glosses over fact of financing Could be in anytown USA

  12. TOD PLAN Source: http://www.denvergov.org/TOD/Source:

  13. City of Englewood (EURA) • 55 acre Cinderella City Mall into TOD • Bonds sold in 1985, TIF in early days • Currently, EURA bonds in default for $45 million, not backed in full faith/credit by city • Repayment accelerated • Bondholders sued EURA to require city to pay the debt of EURA

  14. City Center

  15. Englewood, Colorado

  16. Results • What you subsidize you get more of – what you tax you get less of. • Lost accountability • Corporate welfare • Challenges: Unclear Market Demographics and Demand • Creating a certain life style and making them pay for it, sacrificing schools, fire, police, and public services

  17. Former Villa Italia Mall 104 acre URA site Belmar- City of LakewoodLakewood Reinvestment Authority

  18. Windmill Farms in the parking lots

  19. Belmar Parking Garages

  20. Lily pads, polka dots, retro

  21. Smart Growth = Building upFull of infillFancy gov’t housing?Will urban renewal need urban renewal in 20 years?

  22. High Density Living: Look up to see the sky, nevermind the skyline

  23. August 16, 2006, Public hearing was standing room only, 100+ Delayed a decision to created a UR area along Hwy42 Eminent domain seizure concern Purpose: to create higher sales tax revenue to compete with other cities Vague goals, what will this accomplish? Conflicting numbers in the projections/impacts City estimates $77.5 million in new tax revenue over next 25 yrs, most that would be put back in URA County estimates a loss of $16.5 million to the county in next 25 yrs City of LouisvilleLouisville Revitalization Commission

  24. City of Boulder Boulder Urban Renewal Authority • Tension: urban renewal & historic preservation • 9 historic districts • 2 urban renewal projects • Boulder Valley Region Center started 1979 • Redeveloped old mall, $20million in bonds sold • 9th and Canyon • 200 room hotel and 556 public parking garage • Bonds issued through parking district, • TIF $500,000/yr • Next: Transit Village Area Plan-TOD

  25. TIF Reforms? Transparency Accountability Public hearing for community desires URA is not elected, but appointed by the mayor and approved by city council, five year terms Financial Safeguards Democratic, rather than collective Redefining need, blight, and public good Reveal the true market price without TIF Economic feasibilities studies Ownership and private investment benefit

  26. FUTURE DIRECTIONS • Research needed • Public Awareness • Future landscape of Denver Metro • Truth seekers • When will it stop • Beyond Smart Growth-the next big trend • Backlash • Stop ignoring market indicators of how people want to live

  27. Questions?

  28. Thank You • Independence Institute associates- Joe, Kay, Anne, Julie, Dennis • Randal O’Toole

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