The Board of Directors of Loveland Berthoud Association of REALTORS voted unanimously to support the creation of a downtown development authority (DDA) in Loveland. In addition, the Board approved the use of local issues mobilization funds to provide a campaign donation to ” Yes to Downtown Loveland,” the committee advocating on behalf of the DDA campaign.
On December 16 the City Council took a final vote that formally set the date for the special election (February 10). Only property owners within the proposed DDA boundaries will be eligible to vote in the election. The City Council also approved the allocation of up to $5 million in funding for the authority over 10 years, to be used for marketing, redevelopment projects and operations.
Colorado statutes permit the creation of such authorities that can use tax-increment financing to spur redevelopment in designated business districts. Other cities in Northern Colorado have created DDAs to support redevelopment in their downtown areas. Various groups in Loveland have been formed over the years with the same goal but none have been successful in the long run.
In addition to redevelopment, the DDA may use its funds to improve public facilities, shopping and restaurants, streets, sidewalk curbs and gutters, lighting and landscape and general beautification as well as mitigation of blight. Colorado law provides for the creation of a DDA to halt or prevent the deterioration of property values or structures in central business districts.
LBAR is a property owner within the proposed district and has always been involved in downtown activities and supported efforts to enhance the area. LBAR believes that the creation of a DDA will promote economic vitality in this historic area. Boundaries of the Loveland DDA would be roughly 20th Street to the north, southeast Eighth Street to the south and a few blocks either side of U.S. 287, which in that area is divided between two parallel one-way streets a block apart – northbound Lincoln Avenue and southbound Cleveland Avenue.