Ballot measure aims to revitalize parts of downtown Denver
Denver 7 News
While parts of Denver have seen substantial economic growth over the last few years, downtowns growth has been much slower. Some Denver voters in downtown will consider a ballot measure that could help change that.
Denver Ballot Issue 6A would expand the Denver Downtown Development Authority (DDDA)
We really see this measure as a rising tide lifts all ships, said Britt Diehl, the senior director of external affairs at the Downtown Denver Partnership.
Colorado law allows municipalities, through downtown development authorities (DDAs), to collect a portion of property and sales tax in central business districts to finance projects that spur economic development.
There are more than 20 DDAs in communities across Colorado.
The funds are used on anything that creates public benefit, said Diehl. It could mean amenities like childcare, grocery stores, better connectivity, transportation or mobility, parks and public spaces, more housing for people across our workforce. It could really mean a lot of different things.
DDDA helped transform Union Station and revitalized the surrounding area.
Ballot Issue 6A would renew it and expand the boundaries, stretching it far beyond Union Station.
A vote in favor of the ballot measure would allow the city to take on $570 million in debt on behalf of DDDA to use on projects to revitalize the area, without increasing taxes.
The total repayment cost would be up to $847 million.
This will be one of the largest investments in downtown of any city in America per capita, Denver Mayor Mike Johnston said.
Johnston hopes it will end downtowns doom loop.
We think the downtown is not just the economic center of the city. It's the cultural center of the city, said Johnston.
Since 2018, more than 145 businesses have left downtown, resulting in higher building vacancy rates and economic growth that has lagged behind other parts of the city.
Cities across the country are facing similar problems with their downtowns.
The COVID-19 pandemic made things worse, as businesses headquartered in downtowns shut down. Many have either not returned to their buildings or have decided to allow employees to continue working remotely.
Despite those challenges, Johnston wants to lure people back to downtown.
We think that we should not turn our back on our downtown, Johnston said. Many cities are saying, Downtowns are the thing of the past, we should move forward. We don't think that's the story we want to write for Denver. We want Denver to remain a vibrant, thriving place for years to come.
Only the 2,500 Denver voters who live or own commercial property around Union Station can vote on the ballot measure.
Diehl hopes they will support it.
When there is additional investment, additional vibrancy, everybody wins, said Diehl.