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

Welton Corridor Property Owners Meeting

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

Kimball Hall – November 30, 2011

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 condemnation to support private redevelopment of blighted areas. Administers and implements residential rehabilitation loan and grant programs for homeowners in Denver.

The Built Environment

Defining the Players and their Roles

Public Sector

• Big Picture Visioning
• Overseer / Occasional Builder
• Long Term View
• Safety / Equity / Predictability
• Trunk Infrastructure

Development Community

• Site Specific
• Creator / Builder
• Short Term View
• Profit / Marketability / Reputation
• In-Tract Infrastructure

Capital Markets

• Macro & Micro
• Analyzer / Gate Keeper
• Medium Term View
• Marketability / Risk
• Money

TIF

“But for DURA…”

Addresses a Market Failure When DURA closes a financial gap, it: Acts as a Market Catalyst Enhances Market Outcomes

Defining Urban Renewal’s Public Benefits

Makes It Happen

• Market / Use

Mismatch

• Environmental

Contamination

• Lack of

Infrastructure Makes It Happen Sooner

• Reduces Risk of

Pioneering

• Signals Political

Importance

• Neighborhood

Amenities Makes It Better

• Affordable

Housing

• Historic

Preservation

• Place-making

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…

Determine if Area is Blighted

• DURA
• Consultant
• Property owners

Draft Urban Renewal Plan / Set UR Area

• DURA
• Planning Board
• Blueprint Denver
• NE Downtown

Neighborhoods Plan

• FPVP
• City Council – Public

Hearing

• Mayor’s Signature

Projects / TIF Areas

• DURA
• Private Developer /

Landowner

• City Council

Urban Renewal Project

The Process…

Idea

• Developer
• City

Administration

• Community /

Council DURA Analysis

• Is it blighted?
• Market Feasibility
• Lesser of 3:
• Financial Gap
• Eligible Costs
• TIF Capacity

Legal Documents

• Urban Renewal Plan
• Cooperation

Agreement

• Redevelopment

Agreement Approvals

• DURA Board of

Commissioners

• Planning Board
• City Council –

Public Hearing

• Mayor’s Signature

Denver Urban Renewal Authority

Visit our Website @ www.Renewdenver.org