City leaders in Denver are making a bold move to revitalize the downtown area post-COVID by expanding a special taxing authority that has proven successful in the past. This strategy, announced by Mayor Mike Johnston, aims to generate $500 million in public investment over the next decade.
The plan involves expanding the Denver Downtown Development Authority to cover the entire city core, including areas that have struggled in recent years. By collecting incremental property taxes from participating businesses and property owners, the authority can fund various economic development projects without raising taxes.
Key stakeholders, including the city council and the Downtown Denver Partnership, are on board with the plan, citing the success of similar efforts in the past. The goal is to bring life back to the downtown area, attract private investment, and create a vibrant hub once again.
Despite challenges such as high office vacancy rates and the impact of the pandemic on urban areas nationwide, Denver is determined to turn the tide. Johnston’s vision is clear: downtown Denver must remain a vital center of financial, cultural, and social activities for the city and the entire region.
As residents have the opportunity to share their input on the proposed expansion, the hope is to build a downtown that not only recovers from the challenges of the past but also thrives in the years to come. With the right strategy and community support, downtown Denver is poised for a comeback that will benefit all who call the Mile High City home.
