The Downtown Development Authority is set to revamp the central city with hundreds of millions of dollars in spending.
The authority previously funded the revitalization of Union Station and the surrounding area. Earlier this year, voters approved changes that will allow the organization to take on $570 million of debt and spread the spending across a broader swath of downtown Denver.
On Monday, the Denver City Council approved more detailed plans for how the money will be spent over the next 13 years.
The spending is meant to revive downtown Denver from years of pandemic woes, economic hardship and high crime.
The authority uses money collected from sales and property taxes in the downtown area to pay for projects. Tax rates were not raised to fund the new debt; instead, existing taxes will be dedicated to the new projects.
Denver City Council President Amanda Sandoval celebrated the authority’s ambitious plans.
“I couldn’t be more optimistic for what is to come,” she said in a statement.
What will the money fund?
The new Plan of Development says the money from the authority will pay for:
- New development
- Office-to-residential conversions
- Economic and employment opportunities and supporting
- Childcare facilities and other amenities to lure office workers back
- Parks and public spaces, including tree planting
- Arts and culture events
- Better infrastructure for pedestrians and those trying to get around downtown
The authority will propose and build more specific projects in the years to come.
The plan was drafted in collaboration with downtown residents. The debt spending and expansion of the authority had wide support in the November election.
Kourtny Garret, head of the Downtown Denver Partnership, said the investment will create a downtown Denver “renaissance.”
Applications for funding will open in 2025. Guidelines for how to apply and what projects are eligible will be published in January.
Downtown Denver’s health is critical to the city and the region, District 10 Councilmember Chris Hinds said.
“At the core of this investment, we are creating a place our community is proud to call home,” he said in a written statement.
To join the conversation about the future of downtown, go to Hinds’ Vibrant Denver community conversation from 6 to 7 p.m. on Dec. 18, at the Commons Arts Building, at 1245 Champa St.
