Welton Corridor Property Owners Meeting Kimball Hall November 30, - PowerPoint PPT Presentation

Welton Corridor Property Owners Meeting Kimball Hall – November 30, 2011 Agenda Welcome Denver Urban Renewal Authority Overview of the Five Points Vision Plan Five Points Business District Overview of the Northeast Downtown Neighborhood Plan Community Planning & Development Overview of the Urban Renewal Process Denver Urban Renewal Authority Determining Blight Matrix Design Group Q&A and Next Steps

The Denver Urban Renewal Authority An overview  Responsible for urban renewal activities throughout Denver  Charged under state law with helping the city eliminate slums and blighted areas  A “civic entrepreneur” that works with and through city government  Two Departments: Redevelopment and Housing Uses powers of TIF and Administers and condemnation to support implements residential private redevelopment of rehabilitation loan and blighted areas. grant programs for homeowners in Denver.

The Built Environment Defining the Players and their Roles Development Community • Site Specific Public • Creator / Builder Sector • Short Term View • Big Picture Visioning • Profit / Marketability / Reputation • Overseer / Occasional Builder • In-Tract Infrastructure • Long Term View • Safety / Equity / Predictability • Trunk Infrastructure Capital Markets TIF • Macro & Micro • Analyzer / Gate Keeper • Medium Term View • Marketability / Risk • Money

“But for DURA…” Defining Urban Renewal’s Public Benefits When DURA closes a financial gap, it: Acts as a Addresses a Enhances Market Market Market Catalyst Failure Outcomes Makes It Makes It Makes It Happen Happen Sooner Better • Market / Use • Reduces Risk of • Affordable Mismatch Pioneering Housing • Environmental • Signals Political • Historic Contamination Importance Preservation • Lack of • Neighborhood • Place-making Infrastructure Amenities Amenities Creates Accelerates Enhances Public Revenues

DURA Redevelopment Projects – an Example The Point

New Vision for a Blighted Site The Point Total Cost $12.20 million Debt + Equity $11.46 million Financing Gap $0.74 million

Redeveloped / Renewed / Revitalized The Point

Downtown URA Projects Historic Preservation / Residential Mixed-Income / Mixed Use

Downtown URA Projects Commercial Mixed-Use / Vacant Land & Parking Lots

Urban Renewal Plan The Process… Draft Urban Projects / Determine if Renewal Plan TIF Areas Area is / Set UR Area Blighted • DURA • DURA • DURA • Consultant • Planning Board • Private Developer / Landowner • Property owners  Blueprint Denver • City Council  NE Downtown Neighborhoods Plan  FPVP • City Council – Public Hearing • Mayor’s Signature

Urban Renewal Project The Process… Legal DURA Idea Documents Approvals Analysis • Developer • Urban Renewal Plan • DURA Board of • Is it blighted? Commissioners • City • Cooperation • Market Feasibility Administration Agreement • Planning Board • Lesser of 3: • Community / • Redevelopment • City Council –  Financial Gap Council Agreement Public Hearing  Eligible Costs • Mayor’s Signature  TIF Capacity

Denver Urban Renewal Authority Visit our Website @ www.Renewdenver.org