2015 Local Elections:
Are you a supporter of Downtown Loveland revitalization? Downtown Loveland has come so far in the last 10 years and we are even closer than ever to ensuring that Loveland has a vibrant downtown that is the heart of our community.
Are you a supporter of the current efforts in downtown Loveland including the Loveland Downtown Partnership and the Downtown Development Authority?
Great! There is an important election coming up in which we need voters to Vote yes on 5b & 5c. These two ballot initiatives will ensure that the DDA (Downtown Development Authority) will have the monetary resources to ensure the continued momentum for the next 20 years.
You will receive your ballot around October 16, please make sure you mark yes on both 5b & 5c
and return it either in person or by mail by November 3.
Is there one specific concern that we could address for you with what is going on in Downtown Loveland currently? If So, please contact our office at 970 744-4791 and we will be happy to address any concerns that you may have.
I don’t know?
Well, let me tell you about some of the exciting things that are happening in Downtown Loveland and why it is so important that you Vote YES on 5b & 5c (just to name a few).
In February Voters passed a ballot initiative to create a Downtown Development Authority in Loveland
Currently the City Council has allotted $500,000 for 10 years to help continue the exciting momentum in Downtown Loveland
The Loveland Downtown Partnerships first project is nearly complete; the Arcadia Hotel or Opera house is now fully renovated and is a gem in Downtown Loveland on the Corner of Cleveland and 4th St- Created just under 2 million of private investment in Downtown Loveland.
ArtSpace Loveland now has residents!
Artworks Loveland, a private artist studio space has doubled the number of studio spaces
The Gallery Flats Apartments received the Governor’s infill project of the year, and is now fully occupied.
With all this momentum, it is imperative that we keep it going. Can we count on you to Vote YES of 5b & 5c?
What is 5b:
It allows the Downtown Development Authority to levy (and retain funds) up to 5 mils on property in the DDA boundaries as allowed by state law. , As the current rate is approx. 88 mils, it is a small amount that would be dedicated to the downtown. The DDA has said it will only levy 1 mil in the first year and then may increase the rate as property values increase toward the maximum in Downtown.
What is 5c:
It simply gives the voters permission for the Downtown Development Authority to issue municipal bonds to accomplish projects in Downtown Loveland.
1. What is a Downtown Development Authority?
A Downtown Development Authority, or DDA, is a public entity that is created for the purpose of promoting and financing redevelopment in a designated area.
2. So what does “promoting and financing redevelopment” mean?
The DDA, once formed, will approve a “Plan of Development” that specifically outlines the redevelopment projects. It may include public improvement projects like sidewalks, streetscape improvements, façade improvement, and parking as well as large redevelopment projects.
With regard to financing, a portion of the property tax and sales tax, referred to as Tax Increment or TIF, collected in the designated area is directed back to the DDA to pay for the redevelopment projects. Also, the property owners can choose to levy a property tax up to five mills for DDA operations and give the DDA bonding authority.
3. Bonding authority?
Bonding authority would allow the DDA to raise capital through the issuance of bonds to do larger public improvement projects and redevelopment projects. The bonds are repaid through the Tax Increment.
4. Tell me more about “redevelopment.” What exactly are you talking about?
Redevelopment projects can be new development projects like the Gallery Flats project or smaller projects like a façade improvement grant or a renovation of a building, like what the City is trying to do with the Arcadia Hotel at 4th and Cleveland. It really means any project that provides positive investment in the downtown.
5. Ok fine, so how do you create a DDA?
Property owners, business owners, lessees, residents and any person designed by a corporate entity within the designated DDA boundary are eligible to vote to create a DDA. The Loveland City Council also needs to authorize and run the election.
6. Great, but isn’t this just run by a bunch of bureaucrats?
No. State law requires that a majority of the DDA board must reside in or own property in the DDA boundary. The organization is run by the business and property owners in the DDA area and financed with taxes collected in the area.
7. Tell me more about the Mill Levy?
A mill levy is equal to $1 per $1,000 of assessed value. For a commercial building valued at $500,000 one mill is about $145 per year. For a homeowner with a house worth $250,000, one mill is roughly $20 per year.