Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 5-6-21
Requesting Agency: Denver Economic Development and Opportunity
Division:
Subject Matter Expert Name:
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Name: Susan Liehe 720-480-3481 (m) |
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Email: susan.liehe@denvergov.org |
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 amending sections 53-541 through 53-545 of Chapter 53, Article XVI, “Business Personal Property Tax Credits for New or Expanded Businesses,” of the Revised Municipal Code.
Amends Section 53-545 of the Denver Revised Municipal Code to extend the Business Investment Program (BIP) an additional 10 years through 2032, extend the possible term for agreements under this code section, and make conforming amendments to reflect changes to Colorado Revised Statutes. The Committee approved filing this item at its meeting on 5-19-21.
body
Affected Council District(s) or citywide? Citywide
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
Amends Section 53-545 of the Denver Revised Municipal Code regarding the review and sunset of the Business Investment Program (BIP) to extend the program through 2032. By granting eligible Denver businesses an annual tax credit for making certain qualifying investments in business personal property including machinery, equipment, and furniture as well as other business-related operations, the BIP is an economic development incentive tool designed to stimulate business growth and create jobs while helping Denver regain and maintain its edge in a highly competitive employer recruitment and retention climate.
The program initially was established for a five-year program period (2012 through 2016), then extended for five additional years (2017-2021). With the sunset of the program currently slated for the end of 2021, Denver Economic Development & Opportunity (DEDO) and the Department of Finance (DOF) recommend that the proven successful BIP program be extended for a ten-year term (2022 through 2032).
Since its launch, firms of all sizes and industries participated in the BIP, investing more than $475 million in qualifying business personal property. The program has been utilized by companies of all sizes and types. In fact, more than 60% of program participants have been small businesses with between 5 and 100 employees.
Se attached executive summary.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?