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

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Presentation on theme: "URBAN RENEWAL in Colorado’s Front Range Center for the American Dream Independence Institute Jennifer Lang."— Presentation transcript:

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

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4 Cities with Urban Renewal Authorites, 20+

5 Urban Renewal Devices 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

6 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

7 Current and Recent Urban Renewal Projects in the Denver Metro Arvada City Center Arvada Ralston Fields Arvada Jefferson Center Aurora City Center Aurora Fitzsimmons Medical Research Campus Aurora/Fletcher Plaza Original Downtown Boulder Valley Regional Center Boulder 9th & Canyon Broomfield West 120th Avenue Gateway Corridor Broomfield Hunter Douglas Project Broomfield Shopping Center Broomfield U.S. 36 Interlocken Business Center Broomfield Events Center, Arista TOD Englewood City Center/TOD Golden Safeway Golden Bent Gate/Outdoor Gear Golden Gem/office/retail Golden Clear Creek Commons Senior Center Golden Clear Creek Square/Jackson Ct Golden Gateway Station/PUD Lakewood Belmar Lakewood Creekside (Colfax-Wadsworth) Thornton 104th to 84th Avenue Westminster Mandalay Gardens Westminster NorthGate, 72nd-Federal Westminster South Wheatridge Town Center Wheat Ridge 38th Ave Corridor

8 City and County of Denver Current TIF Districts Alameda Square American National California St. Parking Garage City Park South Downtown Denver Executive Tower Hotel Guaranty Bank Highlands Garden Village Lowry Urban Development Mercantile Square Elitch's Northeast Park Hill Pepsi Center Point Urban South Broadway St. Lukes Hospital #1 St. Lukes Hospital #2 Stapleton Development Westwood 38th and York

9 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

10 Tracking Tax Dollars & URA Abstract of assessment TIF districts URA in Miscellaneous section ` Denver City and County Loss to DURA $10,930,735 Denver School System Loss to DURA $15, 425,592

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12 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

13 TOD PLAN Source:

14 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

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16 Englewood, Colorado

17 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

18 Belmar- City of Lakewood Lakewood Reinvestment Authority Former Villa Italia Mall Former Villa Italia Mall 104 acre URA site 104 acre URA site

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22 Windmill Farms in the parking lots

23 Belmar Parking Garages Belmar Parking Garages

24 Lily pads, polka dots, retro

25 Smart Growth = Building up Full of infill Fancy gov’t housing? Will urban renewal need urban renewal in 20 years?

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

27 City of Louisville Louisville Revitalization Commission 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

28 City of Boulder Boulder Urban Renewal Authority 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 –9 th 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

29 TIF Reforms? 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

30 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

31 Questions?

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


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