Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 11-1-21
Requesting Agency: Finance
Division:
Subject Matter Expert Name:
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Name: Tracy Huggins, DURA Emily Snyder, Dept of Finance |
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Email: Thuggins@renewdenver.org Emily.Snyder@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 approving a proposed Cooperation Agreement between the City and County of Denver and Denver Urban Renewal Authority for the Fox Park Urban Redevelopment Area to establish, among other matters, the parameters for tax increment financing with incremental sales and property taxes.
Approves a cooperation agreement with the Denver Urban Renewal Authority for the Fox Park Urban Redevelopment Area to establish, among other matters, the parameters for tax increment financing with incremental sales and property taxes in Council District 9. The last regularly scheduled Council meeting within the 30-day review period is on 12-13-21. The Committee approved filing this item at its meeting on 11-9-21.
body
Affected Council District(s) or citywide? Council District 9
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
This ordinance approves a Cooperation Agreement between the City and County of Denver and the Denver Urban Renewal Authority (DURA) for the sales and property tax increment areas within the Fox Park Urban Redevelopment Area. The Fox Park Urban Redevelopment Area is approximately 41 acres containing five parcels situated along the northern edge of the 41st & Fox Station Area, bordered by the rail tracks to the west, Interstate-70 to the north and private property to the east and south.
DURA, in coordination with the City’s Department of Finance and Department of Community Planning & Development, is seeking to establish an Urban Redevelopment Area (“Area”) to support redevelopment of the Area through the approval of an Urban Redevelopment Plan (the “Plan”). Staff of the City and DURA has agreed to an Urban Redevelopment Plan and Cooperation Agreement for the creation of the Fox Park Urban Redevelopment Area and the use of sales and property tax increment financing by DURA, subject to City Council approval.
The Cooperation Agreement established the parameters for sales and property tax increment financing for the purpose of financing projects for the benefit of the Area following approval by City Council.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?