The City of Loveland took another step towards creating a Downtown Development Authority, approving a resolution approving the DDA’s development plan. The development plan includes a conceptual list of projects, including a plaza at 5th and Lincoln and “quiet zone” railroad crossings at 1st, 4th, 6th and 7th streets.
In November voters within the DDA boundary will consider a ballot question raising property taxes to support DDA projects. Voters approved the formation of the DDA in an election last February. The DDA board has recommended collecting 1 mill for the first year (2016), but that amount could increase in the following years — assuming voters pass the question of allowing the city to collect up to 5 mills — without asking the voters to approve the increase.
In addition to the property tax increase, the development plan recommends a municipal sales tax increment as a possible revenue source. Similar to (property) tax increment financing, a sales tax increment would allow the DDA to keep sales tax revenues that exceed the amount collected in the first year of the DDA’s operation. Note: LBAR supports the creation of the DDA.
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