Economic and Community Development Division Financial Services Department El Paso County Citizens’ College 10/2/06

Economic and Community Development Division’s Primary Responsibilities Tax-exempt bond issuance Affordable housing efforts Enterprise Zone administration Business and community relationships Community Development Block Grants

Tax-Exempt Bond Issuance General Obligation Debt Certificates of Participation Non-Profit Bonds Industrial Development Bonds Multifamily Housing Bonds Single Family Housing Bonds

Affordable Housing Efforts Single Family Housing Bonds  County has issued since 1979  Assists first-time homebuyers of low- to moderate- income  Over 5,300 residents assisted Multifamily Housing Bonds  Construction or acquisition/rehabilitation  13 projects – almost 2,300 units  Portion reserved for those of lower income

Affordable Housing Efforts (cont.) El Paso County Housing Authority  Advisory capacity to county on bond issues  Loans to housing providers for projects that can support debt  Contracts to purchase services from housing providers  103 Section 8 vouchers (administered by Colorado Springs Housing Authority) Single Family Rehabilitation Program

El Paso County Enterprise Zone One of 16 areas designated by State of Colorado El Paso County’s first designation in 1990 with periodic boundary additions and one termination Purpose: To assist economically distressed areas with state income tax credits  Credits to businesses that locate or expand in the Enterprise Zone  Credits for contributions to “projects” that fulfill economic development plan of the Zone

Enterprise Zone Tax Credits Investment Tax Credits New Jobs Tax Credits Research and Development Tax Credit Vacant Building Rehabilitation Tax Credit Job Training Tax Credit Credits for Contributions to Enterprise Zone Projects

Eligible Enterprise Zone Projects (must be located in the Zone) Homeless shelters Business assistance Job training projects Infrastructure projects serving businesses Marketing for business, economic, and business district development Community development projects

El Paso County Enterprise Zone Contribution Projects Economic Development Corporation Downtown Partnership Experience Colorado Springs (CVB) Pikes Peak Community College (Training) Partners In Housing Foundation for Colorado Springs’ Future Greccio, Housing Unlimited Urban Peak

El Paso County Enterprise Zone Contribution Projects (cont.) Care and Share Chamber of Commerce Manitou Springs Economic Development Penrose Hospital ICU Capital Campaign Fine Arts Center Capital Campaign Colorado Brownfields Foundation Interfaith Hospitality Network SET Homeless Clinic

El Paso County Enterprise Zone Contribution Projects (cont.) Switzer Counseling Center Marian House Soup Kitchen Pikes Peak Center for the Performing Arts Cottonwood Artists’ School Colorado House Ecumenical Social Ministries New Hope Center Springs Rescue Mission

El Paso County Enterprise Zone Contribution Projects (cont.) Friends of Dr. Lester Williams Fire Museum Colorado Springs Technology Incubator The Venetucci Farm Project Peak Vista Community Health Center Fine Arts Center Modern Manitou Mineral Springs Foundation Breath of Life Outreach Ministry Pikes Peak Community Action Agency

Business Personal Property Tax Eliminated by El Paso County Commissioners beginning in 1997 Phased out over time Has saved businesses over $36M in taxes since 1997 $5.8M in 2005 Incentive for businesses to invest

Business and Community Relationships Economic Vitality Group (Business Retention and Expansion Visitation program) Trade Shows Enterprise Zone Presentations Colorado Blue Ribbon Housing Panel’s Regional Roundtable Colorado Springs’ Affordable Housing Committee

Community Development Block Grants (CDBG) El Paso County is a non-entitlement area Applications made to state  Division of Housing  Office of Economic Development  Department of Local Affairs National Objectives  Low- to moderate-income benefit  Slum/blight elimination  Urgent need

CDBG Projects Revolving Loan Fund Single Family Rehabilitation Program Paradise Child Care Facility Pikes Peak Community Action Agency’s Individual Deposit Accounts Under consideration: Colorado Avenue Infrastructure Improvements