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Mission/Vision: Over a series of four public forums downtown business owners have expressed ideas and concerns about the direction of the Downtown Steamboat Springs District. The Downtown District represented throughout these forums included businesses from 3rd to 13th Street and from Oak to Yampa Street. Professional office owners, retailers, and restaurateurs were all present throughout this process. These user groups provided broad areas of interest for the district including; increasing pedestrian mobility and safety, snow removal, parking management, event coordination, expanding events, establishment of new lines of communication between businesses, and promoting consistent aesthetics. This document will look to provide some alternatives for each of the areas of interest while painting a clear picture of costs associated with the proposed implementation and the available opportunity for revenue generation. The specific projects below are all components of the areas of interest that were recommended by the public during these forums. Please understand that this plan is fluid and can be changed, through feedback, at any time. Common Interests: This section lists the projects commonly identified throughout the course of the Downtown Forums. A revenue source appendix is attached at the end of this document. Streets & Sidewalks -Sidewalks throughout downtown -Winter Maintenance – Snow removal -Increased lighting throughout downtown: aesthetics/safety Parking Management - Paid Parking -More Parking -Employee Parking
Event Coordination and Promotion -Diversify events attracting multiple user groups and visitors -More Festivals -Location/distribution of events Downtown Marketing & Advocacy -Public Education Campaigns -Business Communications -Shoulder Season Promotion -Joint Marketing Campaign – With Chamber of Commerce Cost Estimations: Increased Pedestrian Mobility and Safety (sidewalks): Sidewalks downtown have several areas with missing linkages or areas where the current sidewalk is in need of repair. The Sidewalk Master Plan of 2005 identified these sidewalks in need of repair or construction. The values below represent the costs of construction for a six foot wide standard sidewalk. The cost estimation that was used in 2005 was eighty dollars per linear foot. This cost is dated so the estimates in this document represent a range of eighty to one hundred dollars a linear foot. Oak Street Sidewalks: Stree Start Point End Point t Oak St Oak St Oak St Oak St Oak St Oak St Oak St Oak 9th St 7th St link 243 link 862 link 865 7th St Link 243 11th St 8th St 6th St link 244 link 865 4th St 634 Oak St. link 244 10th St
Linear Ft. 324 312 324 47 80 97 62 320
Cost $80 P.L.F $ 25,900 $ 25,000 $ 25,900 $ 3,800 $ 6,400 $ 7,800 $ 5,200 $ 25,600
Cost $100 P.L.F. $ 32,400 $ 31,200 $ 32,400 $ 4,700 $ 8,000 $ 9,700 $ 6,200 $ 32,000
St Oak St Oak St Oak St Oak St Oak St Oak St 8th St 7th St 4th St 5th St 4th St Total 5th St 4th St 4th St Link 29 12th St 10th St Oak St Alley/Link 530 Alley/Link 288 Link 301 Alley/Link 250 4th St 3rd St Link 29 3rd St 11th St 9th St Alley/link 319 Oak St Oak St Oak St Oak St 308 315 169 115 493 345 147 132 150 93 138 3971 $ 24,600 $ 25,200 $ 13,500 $ 9,200 $ 39,500 $ 27,600 $ 11,760 $ 10,560 $ 12,000 $ 7,400 $ 11,040 $ 317,960.00 $ 30,800 $ 31,500 $ 16,900 $ 11,500 $ 49,300 $ 34,500 $ 14,700 $ 13,200 $ 15,000 $ 9,300 $ 13,800 $ 397,100.00
Yampa and Side Street Sidewalk to Lincoln: Street Start Point End Point Linear Cost $80 Ft. Linear Ft 12th St 12th St 10th St Yampa St Yampa St US 40 alley Yampa St 6th St 9th ST alley Yampa St 105 129 $ 8,400 $ 10,320 $ 11,600 $ 4,880 $ 108,300
Cost $100 Linear Ft $ 10,500 $ 12,900 $ 14,500 $ 6,100 $ 135,400
Alley/link 555 145 Driveway 3rd St 61 1354
Yampa St 11th St 11th St Yampa St 4th St Total
6th St Alley/link 2021 US 40 4th St US 40
5th St Yampa St Alley/Link 2022 3rd St Alley/link 2051
302 157 130 322 137 2842
$ 24,200 $ 12,560 $ 10,400 $ 25,800 $ 10,960 $227,420.00
$ 30,200 $ 15,700 $ 13,000 $32,200 $ 13,700 $284,200.00
*red lines represent current sidewalks Potential Revenue Sources; Local Improvement District, Urban Renewal Authority, Downtown Development Authority Snow Removal: Downtown Steamboat Springs currently has 18,335 linear feet of sidewalk in the Downtown Business corridor. As of now, business owners are responsible for either contracting to remove snow from the walk way or for removing the snow themselves. On average Downtown Steamboat has 300 feet of commercial frontage per block, plus sidewalks to corners. Several times throughout the forum business owners brought up their frustration at the lack of uniformity with the snow removal process. Neighboring businesses either were not removing the snow, causing inconvenience to the foot traffic, or the business hours of neighboring businesses were very different and the snow removal was happening at different periods causing build up. It has been suggested that the downtown corridor should contract
to have snow removed every morning and have some additional maintenance provided throughout the day including possible snow melt application and light shoveling as needed on occasions of rapid accumulation during business hours. The costs associated may be incurred for two related services. A contract with the service provider or maintenance workers as well as the increased costs associated with the hauling of larger snow piles by the City. Estimated costs for this service would be between $8,000 - $14,000 per block annually depending on the size of the sidewalk and the type of snow removal plan decided on. For instance a bare pavement policy would cost more than a policy that only called for removal of excess snow from increased snow fall during primary business hours. Depending on the type of management body representing the district, maintenance workers could be hired to perform a lot of the hand shoveling and snow melt application requirements. Potential Revenue Sources; Business Improvement District, Local Maintenance District, Downtown Development Authority Consistent Aesthetics: Currently there are seventy four light posts and six overhang light posts in the Downtown corridor. Below is a map of the locations of the current light posts.
To maintain a similar light pattern throughout downtown roughly 100 lights would need to be purchased and installed. Right now Yampa Valley Electric Association buys and installs lights for the Downtown corridor. To install the additional lighting either a special district or the City would have to work with Yampa Valley Electric Association and identify the pattern desired. Estimations to maintain extended pedestrian lighting would vary depending on the actual pattern the district decided on. If the pattern is similar, to what is currently in place, cost estimation would be $ 2,500 annually per block in maintenance costs and roughly $1,000 annually per block for electricity.
Trees and decorative landscaping were also identified as important aspects of the Downtown District during the forums. Lincoln currently has, on average, five trees per block frontage. There will be an estimated additional fifty trees needed to create a similar pattern throughout Downtown. The cost of trees varies from $100-350 equally a total of $5,000-17,500 for the entire area. To maintain trees and provide power to the tree wells roughly $2,000 per block annually. Potential Revenue Sources; Local Improvement District, Urban Renewal Authority, Downtown Development Authority Annual cost consideration: Business Improvement District Parking Management: In 1999 the City of Steamboat Springs performed a parking management study. Referencing that study in the context of current parking concerns strongly suggests that many of downtown Steamboat Springs current parking issues are A) not new & B) self-created. There were 1,688 public parking spaces in 1999, that number has increased slightly in subsequent years due to some redevelopment in the downtown corridor. Specifically the lot next to City Hall was not accounted for and several side streets have transitioned to diagonal parking since this study. For purposes of this study we will estimate that there are 1,800 public parking spaces in the downtown area. The issues causing the Downtown parking problem are not necessarily due to lack of available options but rather due to current parking trends. Below are two graphs from the ’99 study that outline this issue.
Throughout the day more than half of the parking inventory is consumed by residents and commuters from surrounding areas. At peak times this reality becomes problematic often causing over 80% of the available parking to be utilized in busy areas. In addition to utilization rates this study also looked at “Trip Purpose” as a component of documenting the parking challenges of Steamboat Springs. The 1999 study found that from 9:00A.M. – 4:30P.M. 21% of the downtown spaces where occupied by people going to work, 31% by people eating, 19% occupied by shoppers, 4% social, 1% home/living, 3% recreation, and 14% other. If the estimation of parking spaces in correct and the trend is similar to when this study
was completed, there are on average 378 spaces being occupied by people going to work during the week. However, the average utilization of the available parking varies throughout downtown but is consistently only around 60% during traditional business hours and into the evening. In the unrestricted areas of town the average parking time per spot is 3-5 hours. In the time restricted spots there is higher turnover, seemingly providing options for downtown visitors to find spaces. The problem that was relayed during the forums is that three hours may not be conducive to eating and shopping causing downtown visitors to eat and leave. It was also suggested, that in the current format, many downtown employees just rotate spots when the three hours is coming to an end, avoiding tickets but causing the same parking utilization problems. There are several potential solutions to this issue. Creating more short term parking, through time limits in prime locations, along with available long term parking on the downtown periphery may solve the problem. This solution would have to be accompanied by increased public awareness on the effects of downtown employees/owners parking close to their businesses along with a campaign to highlight available alternatives of transportation. There would also have to be an increased enforcement component to this solution in order to combat the serial utilization of prime customer parking spots by local employees. Some potential drawbacks of increasing this solution would be the limited time for parking business customers have in the Downtown area. Short term parking could cause customers to leave once the allotted time is up for the parking space, limiting the opportunity for window shopping or exploring some of the local shops. A paid parking solution is a viable alternative to tackling this issue. Within the downtown corridor there is an opportunity to institute a paid parking program that could provide visitors more access to downtown spaces. This direction would not look to create expensive parking but rather just expensive enough to dissuade employees from parking in the valuable areas. Paid parking solutions can range from single space, multi-space or mobile payment options. Potentially the time frame for fee collection would only be throughout the afternoon and into the earlier evening when the demand for space is highest. A paid option would provide visitors with the opportunity to stay parked longer and access parking within closer distances to their desired destination. Initial pushback will include the notion that this will dissuade customers from coming to downtown but there are several examples pointing in the opposite direction. Examples in Aspen, Vail, Breckenridge all point to successful implementation of paid parking that changed local habits and offered extended access to valuable parking for customers. Every service provider detailed below also has merchant programs to validate parking and will provide the opportunity to offer free parking to customers. Meaning different retailers or restaurants will be able to validate parking for their customers or be able to offer
promotional codes/coupons that will allow clients to access free parking. The vendors will work with our community to get these programs implemented. Costs associated with each option are below. For purposes of the estimation there will be an assumption that 900 spaces will become paid parking based on a rate of one dollar per hour, with a collection period 9:00A.M. – 7:00P.M or 8:00A.M. – 8:00P.M.; the actual time frame would have to be decided on in the future. *The values below only represent a single vendor response for each of the options Single Space Meters Costs: Single Space Repayment: $ 2.5 Million Cost per meter: $2,750 Yokes (two meters per): $45 Total 900: $2,495,250 Ongoing Data Costs: $5,175 Monthly Installation cost: unknown %50 utilization = 556 day repayment %50 utilization daily collection = $4,500 %50 utilization average monthly = $135,000 %40 utilization = 695 day repayment %40 utilization daily collection = $3,600 %40 utilization average monthly= $108,000
Mobile Meter Costs: $0 Customers download free app or call in to start transaction Convenience Fee: $ 0.3 - $ 0.5 per transaction
Mobile Space Collection: %50 utilization daily collection = $2,250-3,150 %50 utilization monthly = $67,50094,500 %40 utilization daily collection = $1,440-1,800 %40 utilization monthly = $43,20054,000
Multi-space Meter Costs/Kiosk:
Multi-space repayment: $890,700
Cost per unit: $ 13,000 Configuration cost: $ 3,000 Installation cost: $800 Total 45 units: $ 843,000 Warranty: $ 45,000 per year Merchant Services: Est. $ 2,700 per month
%50 utilization = 198 day repayment %50 utilization daily collection = $4,500 %50 utilization average monthly = $135,000 %40 utilization = 248 day repayment %40 utilization daily collection = $3,600 %40 utilization average monthly= $108,000
Potential Revenue Sources; Borrowing against future revenues, Urban Renewal Authority, Downtown Development Authority, Local Improvement District, Partnership with parking management vendor Event coordination: The list below outlines many of the current downtown events. The time estimates were created to outline what the costs associated with coordination of an event are. This list is not inclusive of all downtown events but rather a representation of what is currently being scheduled. • First Friday Art Walk • 110th Annual Cowboy Roundup Days Celebration • Winter Carnival • 32nd Annual Hot Air Balloon • March Madness Sidewalk Sale Festival and • • • • • Memorial Day Sidewalk Sales Yampa River Festival and Paddling Life Pro Invitational Annual Steamboat Marathon Annual Steamboat Farmers Market Annual Rocky Mountain Mustang • • • • • 39th Annual Art in the Park Steamboat Wine Festival Steamboat All Arts Festival USA Pro Cycling Challenge “Come Sale Away” Sidewalk Sales
Roundup • • • • • Steamboat Springs Pro Rodeo Series begins Yampa Street Live! Small Business Saturday Event Merry MainStreet “Sweet Treats on MainStreet” Chocolate Tasting Festival
• • • • • •
Downtown Chili Challenge Bull Bash Wild West Air Fest Sisters in Steamboat Weekend Downtown Halloween Stroll “Light Up the Night” Community Tree Lighting
On average Main Street estimates they spend 40 paid hours per event for planning and execution. Volunteer time should also be taken into consideration, depending on the event that can be anywhere from 30-40 additional hours. To expand the current event schedule there would need to be a cross coordination between all current events operators. The majority of the current event schedule is put on by MainStreet in one form or another, but to maintain the integrity of our current events through non-duplication of scheduling or creating similar event menus an improved communication channel will need to be created. Becoming the one stop shop for events downtown will create some additional time requirements for any single entity. Rough estimates would lead to suggestion of a year round part-time employee dedicated specifically to coordinating events in this scenario, of about 1000 hours. This individual would coordinate with all of the user groups interested in creating new events and would help with the execution of these events. According to payscale.com the median salary for an event coordinator is $35,000. To start out, this part time position should make $17,500 annually. This new position would provide an opportunity for an expansion of the current marketing, advocacy, and educational programing currently taking place downtown. Currently there is only one employee of MainStreet who performs all of the event coordination, marketing, and internal communications. Without an additional employee the current event schedule and related duties are at a maximum. Potential Revenue Sources; Business Improvement District, Downtown Development Authority
Joint Marketing Downtown Business and Events: MainStreet currently spends about $25,000 a year on advertising and marketing for downtown as a whole to both guests and locals, using newspaper, TV, magazines, radio, brochures, maps. Through partnering with the Steamboat Spring Chamber Resort Association a coordinated effort to promote downtown businesses could go further than what is currently taking place. Potential Revenue Sources; Business Improvement District, Downtown Development Authority Expanded Events: Currently events are primarily located between 6th and 9th Streets on Lincoln. Mainstreet is dedicated to expanding this “eventing” corridor to include 3 rd to 11th Streets and utilize Yampa and Oak when applicable. This will create greater community buy-in and increased business traffic. Mainstreet is currently looking for businesses willing to participate in the planning of next summer’s, 2014, events. In addition to the physical expansion of events, opportunities to partner with different user groups are also welcomed. There was broad consensus that there should be additional events targeted toward new user groups. Forum participants want more events attracting arts & culture, animal/livestock owners, and collectors of all kinds. Any individual or group with an idea about a future event can get in touch with MainStreet at any time to start the process. All ideas will be vetted and MainStreet will put together a check list for anyone interested in this opportunity. Potential Revenue Sources; Business Improvement District, Downtown Development Authority New Business Communication & Educational Programs: Lines of communication are needed within the downtown business corridor. Not only is there a desire among businesses to hear or share success stories about current operations, there is also a desire to have a continuous forum for feedback about concerns and ideas. To this end business owners expressed their interest in having more visits from representatives of MainStreet. Currently this is only one component of the mission of MainStreet, with the addition of an employee to coordinate events more time could become available to have a dedicated representative working downtown. This position could respond to business inquiries from both locals and visitors while also communicating any issues with the proper bodies all in timely fashions.
An additional line of communication, and advocacy, could be the creation of a webpage attached to MainStreets website that will provide a one stop shop for commercial leasing opportunities. This web page could allow business owners and service providers to easily access all of the available rental opportunities downtown, it could also be an additional no cost opportunity for owners to market their available spaces. There could also be a list of existing businesses and services to highlight gaps and opportunities to potential startups. Throughout the forums there was an expressed desire to continue on and expand the educational programing provided through MainStreet. To expand this educational component, partnerships with SCORE, Colorado Workforce Development, Small Business Development Center, and several local business mentors will be strengthened to create training opportunities throughout the year for business owners and community members. The goal of expanding the educational programming is to not only express the economic importance of downtown to our community but also to provide business owners with training opportunities that will allow them to improve their response and expand their capacities in the ever changing market place, turning our downtown into a dynamic retail and service center. Estimated budget $8,000 annually, for a quarterly training sessions and educational marketing. Potential Revenue Sources; Business Improvement District, Downtown Development Authority
Conclusion: Each table below is broken down by potential revenue source. Items that can be accomplished through more than one revenue generating tool are listed in multiple boxes. *The tables below uses the higher estimated costs when there was a range. Business Improvement District Costs
Item Unit/s Estimat ed Unit Price Subtotal Cost
Snow Removal Snow Hauling Tree/Lighting Maintenance Event Coordination Marketing Education Total Cost
26 Blocks 26 Blocks 26 Blocks 1 Employee 1 Annual 1 Annual
8,000 6,000 5,500 17,500 25,000 8,000
$208,000 $156,000 $143,000 $17,500 $25,000 $8,000 $557,500.0 0
Urban Renewal Authority – TIF
Item Unit/s Estimat ed Unit Price 6,813 FT. 80 Trees Subtotal Cost $681,300 $17,500 $698,800. 00
Sidewalk Completion Tree Purchases Total Cost
Segments 16 Blocks
Parking Management – Self Sustaining
Item Unit/s Estimat ed Unit Price 5,545 per yoke Subtotal Cost $2,495,25 0
Parking Management (intended to be self-sustaining)
900 Single Space
Downtown Development Authority
Item Unit/s Estimat ed Unit Price 8,000 per block 6,000 per block 5,500 per block 17,500 25,000 8,000 6,813 FT. 80 Trees Subtotal Cost $208,000
Event Coordination Marketing Education Sidewalk Completion Tree Purchases Total
1 Employee 1 Annual 1 Annual Segments 16 Blocks
$17,500 $25,000 $8,000 $681,300 $17,500 $1,256,300 .00
Local Improvement District Costs
Item Unit/s Estimat ed Unit Price 5,500 6,813 FT. 80 Trees Subtotal Cost $143,000 $681,300 $17,500 $841,800.0
Tree/Lighting Maintenance Sidewalk Completion Tree Purchases Total Cost
26 Blocks Segments 16 Blocks
Local Maintenance District
Item Unit/s Estimat ed Unit Price 8,000 6,000 5,500 Subtotal Cost $208,000 $156,000 $143,000 $507,000.0 0
Snow Removal Snow Hauling Tree/Lighting Maintenance Total Cost
26 Blocks 26 Blocks 26 Blocks
There are several alternatives for solutions to these downtown issues. Three apparent solutions are 1) Do nothing 2) Use tools that will provide a piecemeal solution to each 3) Implement tools to tackle all or a segment of the issues at once. These tools each have different approaches and outcome that are listed below. If the downtown corridor stayed the same as it is today there would be a slow progression of development into the future. Private owners would have to work together to develop plans like the Yampa Street Promenade or to finish the sidewalks on Oak Street. This solution would have to be accompanied by strict enforcement policies on redevelopment to change the current downtown streetscape. Current event scheduling and aesthetics would be at risk in the future due to the dwindling support groups like Mainstreet has received in recent years. This is not to say that this support could not be made up but rather that the current level may be difficult to attain into the future. Doing nothing may well be the easiest and cheapest default approach to these issues but it does little to help the competitiveness of Downtown Steamboat Springs. A piecemeal solution to these identified issues would allow individual blocks to identify the level of project they would like to initiate. Meaning, one block could come together on Oak and identify the need for the completion of a sidewalk and another could do nothing. The obvious problem with a solution like this is that
business owners may be reluctant to commit to the additional burden associated with the capital construction if the adjacent block is unwilling to do the same, seemingly leaving the same issues unresolved. A local improvement district or LID can be established on a block by block or corridor basis to complete capital construction projects. The LID is a one-time assessment placed on all of the properties affected by the project to generate the revenue needed for its construction. If for instance something with ongoing maintenance costs is identified as the project for the LID a Local Maintenance District or LMD would also need to be established. Currently the City of Steamboat Springs does not have the capacity to implement a local maintenance district but does have the authority to create one, as abovementioned. Looking at what the City of Denver uses LMD’s for one can understand the purpose. From the City of Denver’s Summary of Local Improvement Districts: LMD Characteristics: • How initiated: By petition of property owners of at least 35 percent of area property, or for more limited purposes, by the Manager of Public Works (Owners of 50 percent of property in an initiated district may petition for remonstrance to stop the district) • Power: to maintain public improvements. • Maintenance of improvements, • Cost apportionment: Assessed in proportion to benefits received. Benefits must exceed costs. • Cost recovery: By annual assessment to all benefitted property. • Board of Directors: five member appointed by Mayor (City Council). No new governmental authority created. • Debt issuance: N/A • Dissolution: Extinguished by ordinance To tackle all or a segment of the listed projects at once several different tools will need to be implemented. An urban renewal district could be established Downtown to create the revenue needed to complete capital improvements like sidewalks, lighting, parking management, or other large projects. There are very few alternatives to establishing an urban renewal district (URA) and using tax increment financing to raise the significant amount of funds needed to complete all or one of these entire projects. As previously mentioned, the tax increment financing, or TIF, component of a URA allows for all increased tax revenue, from a previously set bench mark, within a designated district, to go toward these types of capital improvements. There would be no new taxes or fees involved in this revenue generation. TIF is widely recognized as a public financing option for things like redevelopment or infrastructure. Future gains in taxes, within the TIF area, are leveraged to complete these community-improvement projects. Things like increased pedestrian safety, better parking management, lighting, or landscaping
typically increases surrounding property values and tax revenues which in turn are leveraged to jump start these developments projects. A URA establishes a board of public officials and private business owners, who are within the district, to manage the priorities of the community-improvement projects. This private/public partnership allows for greater transparency, increased public input, and a streamlined development process through its inclusionary structure. To maintain the identified initiatives outside of the capital investment such as the event scheduling, marketing, and maintenance, another type of tool will need to be used. Several years ago, 2008, downtown businesses came together to establish a Business Improvement District or BID. This BID is a similar private/public partnership to the URA but its function and revenue generation are much different. A BID is a tool focused on things like event scheduling, downtown aesthetics/safety, and marketing that is funded through taxes within the district. The BID would manage all of the maintenance associated with the new projects and things like uniform snow removal downtown. The URA is legally limited in its capacity to do many of the things a BID can do, such as long term maintenance. A BID can be further broken up into several districts to offer different neighborhoods different levels of service according to their need. The BID can charge these districts differently if cost associated with maintenance varies throughout. For instance the 16th Street Mall in Denver has a BID in place that not only works on the Mall itself but throughout all of Lower Downtown Denver. Although the primary recipients of maintenance dollars are the businesses located directly on the Mall itself the other businesses throughout the BID benefit from snow removal, trash pickup, graffiti removal, and the overall marketing of downtown and the uniform look the BID maintains throughout downtown. To address the issue of equity within the BID this district created a formula that set different rates of assessment depending on location. This BID has been very successful in helping progress the redevelopment of Downtown Denver and has addressed the wide ranging interests of all of its members while maintaining value for each of its constituents. The Steamboat Springs BID can create a similar multi-zone breakdown if equity is an issue throughout the district. Another potential opportunity to tackle all of these issues would be to establish a Downtown Development Authority or DDA for Steamboat Springs. This would take an additional vote of those within the district, as previously mentioned, to establish a similar tool to what is in place with the current BID. One difference is the DDA could potentially divert some of its TIF funding to a non-profit that could perform some of the functions a BID is established to perform. There are some potential issues with diverting monies to a non-profit or relying on a partnership between multiple parties to perform vital maintenance function associated with these projects. There would be no legal authority to keep revenue streams into perpetuity, which would be needed to maintain the investment. A DDA itself could go for the TIF and a MILL levy operational vote at the same time to avoid this type of issue but
doing so would largely create the same tools Downtown currently has in place, with the BID. Downtown Steamboat Springs is a vital business corridor not only in Routt County but in North West Colorado. If the business community can jump start redevelopment within this corridor the rise out of recession will happen with a dynamic new face able to succeed in the competitive resort town environment. Without any action Steamboat Springs will maintain and most likely continue on a positive trend but the vision created through this forum process will take years or even decades to be fully realized. Within that time there will be many dips in the economy and there will be many mountain towns working to provide the things identified within this document and looking to persuade more visitors to choose their location. Setting up a frame work to create a Downtown with world class amenities, that is clean, vibrant and attractive, safe, and that has high demand for commercial space will ensure Steamboat Springs’ prosperity for decades to come. A ripple effect takes place within the community when the Downtown businesses corridor struggles. Decreased revenues often lead to the cutting staff or serious belt tightening on many of the services provided by other sectors of our economy. When local capacity to afford services dwindles everyone is affected, not just the businesses who are falling on hard times. Limiting these downturns is crucial to creating a resilient economy. Nothing within any of these plans is going to prevent some businesses from struggling or even failing, it is unavoidable. Shifts in business or purchasing trends happen all the time. What is consistent is the attraction to this unique place. Beautiful well maintained places not only attract tourist but also entrepreneurs and business owners. People looking for the place they can raise their kids, grow their business, and enjoy the life they have imagined. Through creating a place that people are attracted to businesses succeed more often and the entire economy grows and perpetuates itself. Action towards sparking healthy investment in ourselves will jump start this reality for the Steamboat Springs Community.
Revenue Generating Appendix
Revenue Generating Tools: This is a great starting point to provide a frame of reference moving forward with individual projects. This section will briefly outline how each of these tools can be used to generate the necessary revenue to get the projects outlined implemented. District Promotion, Maintenance and Events Funding Options Business Improvement District: Description from P.U.M.A. A business improvement district (BID) is a private sector initiative to manage and improve the environment of a business district with services financed by a selfimposed and self-governed assessment. Similar to a Common Area Maintenance (CAM) charge, commonly found in shopping centers and office parks or Home Owners Association (HOA) charge commonly found residential complexes, a BID can help a business district increase its competitiveness in the regional marketplace. Services financed by a BID are intended to enhance, not replace, existing City services. These services can include: • Creating and maintaining a cleaner, safer and more attractive business district • Ensuring stable and predictable revenues • Providing innovative management assistance • Responding quickly to market changes and community needs • Working to increase property values, sales and occupancies • Promoting distinct business identities in the MainStreet district • Leveraging resources • Maximizing accountability to stakeholders that pay into a district • Creating a unified voice to increase the MainStreet district’s prominence and influence in local, regional and national markets Colorado’s Business Improvement District Law of 1988 includes the following key provisions: • BIDs can finance a wide variety of services, including marketing, maintenance, economic development, public safety, planning, events and parking management. • BIDs are accountable to those who pay through a BID board of directors comprised of property and business owners within the district. • Services financed by a BID are usually provided by a private sector organization, not government. • BIDs require demonstrated support from owners of personal and real property representing more than 50% of assessed value and acreage. • The “Taxpayers Bill of Rights” requires a vote by owners of real and personal property and lessees and residents of commercial property within a district to approve the assessment.
Controls and safeguards can include a cap on assessments and a periodic review to ensure that BID services are effective .
Capital Improvement Finance Options Urban Renewal Authority: Description from Colorado Municipal League Urban renewal authorities (URAs) are created by municipalities to help revitalize areas of their cities that are found to contain that meet the statutes broad definitions of blight, which may include insufficient maintenance or reinvestment. These are areas that require public participation to attract a redevelopment project. An urban renewal project is a public/private partnership. The majority of the funding for a project comes from new private sector investment. The public investment component comes from tax increment financing (TIF), which is the increased amount of property tax or municipal sales tax revenue collected within the URA after the urban renewal project begins. This new revenue is generated by the increased property values that result from new investment within the urban renewal area. No new taxes or assessments are involved. Editor’s Notes: Urban Renewal Authorities utilizing Tax Increment Financing are typically used to finance large capital projects. The tax assessment base line for the TIF collection period (25 years) is established once the study area and project(s) are identified. Once this collection period is implemented only the increased tax collection, above the baseline, will be used to finance the projects, this is not an additional assessment. Urban Renewal Authorities have the option to include the power of eminent domain; however this is not required and can be waived in the local authorizing ordinance. Urban Renewal Authorities may negotiate sharing of tax increment revenues with other impacted governmental organizations including the county, school district, library and other special districts if applicable. Downtown Development Authority (Description from Glenwood Springs) Downtown Development Authorities (DDAs) are quasi-public agencies that can provide both organizational focus and financing to support downtown improvements. DDAs facilitate partnerships, joining businesses and property owners with local government. In addition, DDAs create a self-sustaining organization to champion downtown for the long-term. A DDA is authorized by the city or town council and managed by a board of directors appointed by the municipality. It is funded primarily through Tax Increment Financing (TIF) funds generated by the anticipated increase in sales and property taxes in the district. TIF funds are then reinvested into downtown. If approved by the town and the voters, the DDA can also impose up to 5 mills for DDA operations. DDAs have some distinct advantages including:
•Bonding ability •A potential mil levy for operations •Residents, business owners, property owners and renters in the proposed DDA area have the opportunity to vote on the creation of the DDA DDAs are formed in the following way: •Once it is determined that a DDA is the appropriate tool for financing improvements, an ordinance is drafted, which includes information on the powers of the proposed DDA, the financing methods (i.e. will Tax increment go into the DDA or will it be shared with other sources, will there be an operational mill levy, etc.), the election date (typically the general November election) as well as the method of election (i.e. vote at a polling place or via mail ballot). •The draft ordinance is submitted to the municipality staff for review and revisions, then submitted for city or town council consideration. •The municipality gives public notice of a hearing to discuss the proposed DDA, holds the hearing and adopts the ordinance. •The election is held. Voters include residents, landowners, lessees, and any person designated by a corporate entity to vote on behalf of the entity within the boundaries of the proposed DDA. A majority of electors must vote in favor of the DDA. Once a DDA is formed, it is governed by a 5-to 11 member board appointed by the city or town council. A majority of the directors must reside or own property in the DDA. Local Improvement District (Description from Boulder County) A LID can be used to finance one-time capital improvements. It does not finance future improvements or ongoing work. The method of funding is usually assessments (per lot or per front-footage), • either to be paid until the needed amount is collected and then work is completed, or • to pay off bonds sold to begin work immediately. Once the payments are completed and the work is finished, the district dissolves and a new district must be formed if more work is to be performed. Special Assessment or Local Improvement Districts: From Steamboat Springs Municipal Code Section 11.1 — Power to Create Special or Local Improvement Districts The City shall have the power to create special or local improvement districts within designated areas in the City, to contract for, construct or install special or local improvements of every character within such districts, to assess the cost thereof, wholly or in part upon the property benefited in such districts, and to issue special improvement securities therefore.
*A new ordinance would need to be created in order to give power to something like a Local Maintenance District under the above authority Local Maintenance District A Local Maintenance District (LMD) is formed when a group of neighbors, especially businesses, wish to upgrade the streetscape with special features like special pedestrian lights, benches, flowers, and other such amenities. Properties benefitting by the district pay special assessments to maintain these items.
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