Finance Item/Grant Request Template
Date Submitted: 7-18-2022
Requesting Agency: Finance
Division:
Subject Matter Expert Name: Michael Kerrigan
Email Address: Michael.kerrigan@denvergov.org
Phone Number:
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
A bill for an ordinance concerning the organization and creation of the Sun Valley Denver General Improvement District, in the City and County of Denver, and creating the District Advisory Board and appointing the initial members thereof.
Approves the creation of the Sun Valley Denver General Improvement District, the creation of the District Advisory Board and appoints the initial members thereof, located in Council District 3. The Committee approved filing this item at its meeting on 7-20-22.
body
Affected Council District(s) or citywide? 3
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
State law requires a public hearing be conducted prior to City Council approving the creation of a general improvement district. The public hearing is scheduled for August 8, 2022. The proposed Sun Valley Denver General Improvement District will support infrastructure enhancements and maintenance in the Sun Valley neighborhood, including streetscape enhancements, open spaces, and green infrastructure, leveraging the investments being made by the City of Denver and Denver Housing Authority in the neighborhood.
EXECUTIVE SUMMARY
The purpose of the resolution is to approve a creation ordinance for the proposed Sun Valley Denver General Improvement District (GID).
For the past year, the Denver Housing Authority (DHA) has been working with the City and the Sun Valley Neighborhood to create a special district to provide financial support for infrastructure enhancements and maintenance in the neighborhood. The GID will be bounded approximately by the South Platte River on the east, 9th Avenue on the south, Decatur St. on the west, and 13th Avenue on the north. Only DHA-owned and -controlled properties are currently contemplated to be included in the GID. Generally, the GID will provide financial support for public improvements and maintenance for the Sun Valley Neighborhood including but not limited to: upgraded storm, sanity, water, roadway, pedestrian, multi-model improvements; new streetscapes and green infrastructure; pavement enhancements, bus shelters, bicycle and pedestrian amenities; a 10th Ave. promenade linking the neighborhood to park amenities; and potential for further partnership with the City through one or more IGAs.
The GID will be funded by an 8-mill levy imposed upon all taxable commercial and residential properties located within its boundaries, and DHA will impose a fee in lieu of taxes of $125/unit on all tax-exempt residential properties and a comparable rate for non-residential properties; the fee-in-lieu will not be imposed against any properties owned by the City. The GID will seek elector authorization during a TABOR special election anticipated to occur in November 2022 to approve the mill levy and debt authorization; if successful, the GID is anticipated to start generating revenues in 2024. Although it will be seeking debt authorization, the GID will not be authorized to issue any debt unless and until it obtains future ordinance approval from City Council. Starting in 2024, the GID anticipates generating approximately $230,000 in district revenues which are anticipated to be spent on typical GID-related expenses including management, insurance, legal, accounting, maintenance, and utilities.
As provided in State statute, City Council will be the ex officio board of directors for the GID; and consistent with Denver practices, a District Advisory Board (DAB) will be appointed to manage the day-to-day affairs of the GID. The DAB will be seated with 10 members comprised of DHA representatives, City staff, and the council member whose council district covers the acreage majority of the GID (currently CM Torres).
State law requires a public hearing be conducted prior to approval of the creation ordinance. This ordinance is the second of two legislative action items to approve the GID. Below is a schedule illustrating the legislative process for these matters.
|
Date |
Activity |
|
Monday, June 27, 2022 |
Resolution: Deadline to submit resolution request to set public hearing |
|
Tuesday, July 5, 2022 |
Resolution: FINGOV Committee (consent) |
|
Monday, July 11, 2022 |
Ordinance: Deadline to submit ordinance request to approve creation ordinance |
|
Tuesday, July 12, 2022 |
Resolution: Mayor/Council |
|
Thursday, July 14, 2022 |
Resolution: Deadline for CAO to file |
|
Monday, July 18, 2022 |
Resolution: at City Council (sets public hearing on 08/08/2022). |
|
Wednesday, July 20, 2022 |
Ordinance: BIZ Committee (presentation or consent) |
|
Tuesday, July 26, 2022 |
Ordinance: Mayor Council |
|
Thursday, July 28, 2022 |
Ordinance: Deadline for CAO to file |
|
Monday, August 1, 2022 |
Ordinance: at City Council for first reading |
|
Monday, August 8, 2022 |
Ordinance: at City Council for public hearing and second reading |
|
Friday, August 12, 2022 |
Ordinance effective |
Type (choose one: Grant; Supplemental; Fund Creation; Fund Rescission; Fund Transfer; Appropriation; Other): Other
Amount:
Budget Year:
Fund and Funding Source (Fund/Org/Grant Number, if applicable):
Grantor (if applicable):
Fund Matching Requirements (if applicable):
Fiscal Impact: