We introduced the Progressive Urban Management Associates (PUMA) team to the community at the December 3, 2015 Monthly Community Action Meeting. PUMA was hired to do a feasibility study on the capacity of the Welton Street area to become a Business Improvement District (BID). They discussed their experience with developing BIDs and wanted to know the community's thoughts about the commercial corridor becoming a BID. Here is a summary of the information presented at the meeting.
What is a Colorado Special District?
Colorado special districts including Business Improvement Districts (BIDs) and General Improvement Districts (GIDs) are private sector initiatives that enhance the environment of a business district or neighborhood with services and improvements financed by a self-imposed assessment on commercial or residential property. Similar to a CAM charge in shopping malls and office parks, special districts can help places become more appealing, attractive and economically successful. Services and improvements financed by a BID or GID are intended to enhance, not replace, existing City services.
KEY PROVISIONS INCLUDE:
BIDs can finance a wide variety of services, including capital improvements, marketing, maintenance, economic development, public safety, planning, special events and parking management. BIDs are funded through assessments on commercial properties only.
GIDs finance capital improvements and maintenance. GIDs can be funded through assessments on commercial and residential properties.
BIDs and GIDs are accountable to those who pay through a property and business owner board of directors.
BIDs and GIDs require demonstrated support from owners of personal and real property.
The "Taxpayers Bill of Rights" requires a vote by owners of real and personal property owners and lessees.
Controls and safeguards can include a cap on assessments and a periodic review to ensure that the district services are effective.
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BIDs have been established in many areas of Denver, including the Santa Fe Arts District, Downtown Denver, RiNo Arts District, East and West Colfax, Cherry Creek North, and several others. GIDs have been established on 14th Street in Downtown Denver and the RiNO neighborhood.*
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