Tax Increment Financing (TIF)
TIF is a mechanism to help finance projects by capturing and using the net new or incremental property or sales taxes that are created when a vacant or underutilized property is redeveloped. TIF (property and/or sales tax) is available in areas determined blighted through the Colorado Springs Urban Renewal Authority , and within the boundaries of the Colorado Springs Downtown Development Authority (DDA) (property tax increment only). When urban renewal areas fall within the boundaries of the DDA, TIF may be available through the URA but not through the DDA.
DDA Grants and TIF
The Colorado Springs Downtown Development Authority is guided by a mission to build public and private investment partnerships that promote the economic and physical growth of Downtown Colorado Springs.
Downtown property owners voted to establish the DDA in November 2006 to provide programs and financial incentives to foster downtown development. DDA is governed by a board of 11 people appointed by Colorado Springs City Council. Downtown Partnership staff execute the work of the DDA as a contracted affiliate. In 2016, City Council adopted the updated Experience Downtown Plan Volume I as the official Plan of Development for DDA. The DDA is funded in two ways: first, by a 5-mill tax levy within the district to support its operations, and second, through Tax Increment Financing (TIF). The latter is the capture of increased property tax revenues within the district following a baseline assessment. TIF revenues go into a special fund and, as it grows, the funds can be leveraged for support of Downtown projects in the form of grants and reimbursement agreements. All projects receiving grants and reimbursement agreements from the DDA must demonstrate alignment with the goals and priorities of the Experience Downtown Plan. Grant funding decisions are made by the 11-member board of the DDA, which meets monthly on the second Tuesday of each month.
More information on detailed grant and TIF opportunities can be found on the Downtown website.
Contact: Sarah Humbargar, Director of Business Development and Economic Vitality, 719-886-0088, email@example.com
Colorado Springs Urban Renewal Authority
Urban renewal projects in Colorado Springs are managed by the Colorado Springs Urban Renewal Authority (CSURA). The mission of the CSURA is “to encourage private investment and reinvestment which restores targeted areas with strong community benefits while strengthening the tax base of the whole city. Through partnerships and collaboration, we advance sound urban planning and design, fiscal prudence and cultural sensitivity. Our objective is to facilitate development of balanced, sustainable environments where people, live, work and come together as a community.”
Downtown Colorado Springs has several Urban Renewal Areas within its district, including Southwest Downtown and the City Auditorium Block. There are also several urban renewal areas adjacent to or near Downtown, including Gold Hill Mesa, South Nevada, and the Ivywild School.
Contact: Jariah Walker, Executive Director, 719-385-5714, firstname.lastname@example.org