Click here to view Agendas and Minutes
Click here to view the DDA Board of Directors
Voters established the Downtown Development Authority (DDA) in November 2006 to provide programs and financial incentives to “encourage” downtown development, which often experiences higher costs than suburban development. That’s because the variables of limited land supply, access, often removal of an existing obsolete structure, infill, and mixed use building codes can significantly impact costs.
The DDA is created in accordance with Colorado Revised Statutes “Downtown Development Authorities” Part 8 of Article 25 of Title 31 and governed by an 11 member Board of Directors. Public meetings are held monthly, please call 886-0088 for dates and times. In February 2007 Colorado Springs City Council approved the resolution to adopt the Imagine Downtown Plan as the Plan of Development for the DDA. A budget and scope of work are filed annually with the City of Colorado Springs budget office.
The DDA is funded in two ways: first, by a 5-mill tax levy within the district (about $60 annually for a residential property with a market value of $150,000) 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 significant dollars for investment in downtown investment over the DDA life of 30 years.
The DDA’s matching “challenge” grant program (2007-2010) was instrumental in enhancing the visual and pedestrian experience of downtown. Projects included business façade improvements, historic structure assessments, landscaping, murals and historic property renovations. The grants were also used to support both cultural and musical events, such as Blues Under the Bridge, Indie Film Festival, Imagination Celebration and the Pikes Peak Arts Fest. To date the grants have stimulated a total of $1.4 million in new investments in Downtown and was instrumental in providing assistance to the Cottonwood Center for the Arts to ensure that Downtown had a place where arts, and budding artists, can flourish.
For the future the DDA seeks to invest in proactive projects that will directly enhance and stimulate activity in Downtown. Look for news of exciting projects in 2011 and 2012. View the DDA District map here