urban renewal in colorado’s front range
DESCRIPTION
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 - PowerPoint PPT PresentationTRANSCRIPT
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URBAN RENEWALURBAN RENEWAL in Colorado’s Front in Colorado’s Front
RangeRange
Center for the American Center for the American DreamDream
Independence InstituteIndependence Institute
Jennifer LangJennifer Lang
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OutlineOutline
• Tax Increment Financing
• Urban Renewal and Transit
• City Examples
• In the News
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Cities with Urban Renewal Cities with Urban Renewal Authorites, 20+Authorites, 20+
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Urban Renewal DevicesUrban 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 31.25.101-115
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How it worksHow 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
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Current and Recent Urban Renewal Current and Recent Urban Renewal Projects in the Denver MetroProjects 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
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City and County of DenverCity and County of DenverCurrent TIF DistrictsCurrent 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
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TAXESTAXES
• Denver URA (urban renewal authority)
4.27 % URA of total city and county tax
• Broomfield URA5.08 % URA of total city and county tax
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Tracking Tax Dollars & URATracking 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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Source http://www.rtd-denver.com/fastracks/index.html
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Transit and Urban RenewalTransit 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
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TOD PLAN TOD PLAN
Source: http://www.denvergov.org/TOD/Source:
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City of Englewood (EURA)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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City Center
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Englewood, Colorado
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ResultsResults
• 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
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Belmar- City of LakewoodBelmar- City of LakewoodLakewood Reinvestment AuthorityLakewood Reinvestment Authority
Former Villa Italia MallFormer Villa Italia Mall
104 acre URA site104 acre URA site
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Windmill Farms in the parking lots
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BelmarBelmar Parking Parking Garages Garages
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Lily pads, polka dots, Lily pads, polka dots, retro retro
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Smart Growth = Smart Growth = Building upBuilding upFull of infillFull of infill
Fancy gov’t housing?Fancy gov’t housing?Will urban renewal need Will urban renewal need
urban renewal in 20 urban renewal in 20 years?years?
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High Density Living: Look up to High Density Living: Look up to see the sky, nevermind the skylinesee the sky, nevermind the skyline
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City of LouisvilleCity of LouisvilleLouisville Revitalization CommissionLouisville 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
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City of Boulder City of Boulder Boulder Urban Renewal AuthorityBoulder 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
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TIF Reforms?TIF Reforms?TransparencyAccountabilityPublic hearing for community desiresURA is not elected, but appointed by the mayor
and approved by city council, five year termsFinancial SafeguardsDemocratic, rather than collective Redefining need, blight, and public goodReveal the true market price without TIFEconomic feasibilities studiesOwnership and private investment benefit
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FUTURE DIRECTIONSFUTURE 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
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Questions?
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Thank YouThank You
• Independence Institute associates- Joe, Kay, Anne, Julie, Dennis
• Randal O’Toole