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Downtown Development Authority
Voters established the Downtown Development Authority (DDA) in November 2006 to provide programs and financial incentives to “push” downtown development, which usually costs four to five times as much as suburban greenfield development. That’s because the variables of land acquisition, access, infill, financing, building codes and quality of materials used in downtown significantly impact costs.
The DDA is funded in two ways: first, by a 5-mill tax levy within the district (about $75 annually for a $150,000 property) and second, through Tax Increment Financing (TIF). The latter tax is the capture of increased property tax revenues following a baseline assessment. TIF revenues go into a special fund and as it grows, the funds can be leveraged for bond purchases for downtown projects.
The TIF pool could yield up to $90 million for downtown investment over the next 30 years.
Download list of 2009 DDA Challenge Grant Recipients
Click here for a map of the DDA district.
DDA Board of Directors
Susan Edmondson, Bee Vradenburg Foundation
Steve Engel, Griffis Blessing
Sam Eppley, Sparrow Hawk
Rich Guy, Computer Resources
Mike Hassell
Chris Jenkins, Nor’wood Development Group
David Lord, Griffis Group
Chris J. Melcher, Colorado College, Business Office
Roger Sauerhagen, CSNA Architects
Nolan Schriner, NES
Larry Small, City Council
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Downtown Partnership 111 S. Tejon, Ste 309/Colorado Springs/CO/80903/719-886-0088 area information for residents, relocation, and business
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