NDDA Projects are funded through TIF or Tax Increment Financing (§ 31-25-807(3)(a), C.R.S.). Here is a summary
of how it works:
a. The assessed value of taxable property in the DDA and/or sales tax is determined for the “base year” (i.e., the year that the plan of development is approved by the City that includes TIF as a revenue source).
b. If the assessed value within the boundaries of the DDA increases during
the authorized TIF period, which in turn generates more tax revenue, then the DDA
receives the amount of increased tax revenue based on the increased value, instead of the
taxing entity that levied the tax (except for property tax increases due to general
reassessments). This increased revenue is called the “increment.” In the case of sales
taxes, only municipal sales taxes can create increment subject to sharing through a plan
Other DDA Revenue Sources beyond the TIF:
a. The Board may impose rates, fees, tolls, rents, or charges for use of DDAproperty (or property under its control) (§ 31-25-808(1)(f), C.R.S.).
b. The Board may receive revenue from other governments.
c. The Board may borrow money (and can pledge TIF and revenues from its facilities to repay the money).
d. If approved by DDA voters, the City may levy an additional property tax of up to 5 mills for the benefit of the DDA (§ 31-24-817, C.R.S.).
Examples of TIF funded projects the NDDA is currently working on:
- Lakeview and Big Springs intersection project
- Additional parking on Big Springs Dr., Lakeview Dr., and Conger St.
- First Street Pedestrian/ADA walkability, loading zone, and parking improvements
- Loans, grants, and rebate programs
- Event Support
- Signage and Wayfinding
- Beautification (public art installations, native planting and landscaping)
- Mural Project
- Public Art Plan
- Online Business Directory
- Performance Space and Electrical Box at Guercio Field
These projects aim to address the sources of frustration for local residents, such as parking, intersection traffic, and lack of clear signage, including parking signage.
We also ask you to communicate with the NDDA to ensure that projects that you are most passionate about are being addressed. The NDDA is committed to working on behalf of the talented, creative people who live and work in Nederland. Contact the Executive Director at: email@example.com
The Nederland Board of Trustees appoint the members of the NDDA Board of Directors and also charge them with proving the development of the downtown area for both short and long term benefit of the community as a whole.
The NDDA economic projects rise from Resolution 2005-17/Plan of Development of Downtown Nederland.
NDDA physical development projects stem from the 2007 NDDA Strategic Plan. The NDDA has limited funds to work with and makes every attempt to leverage these funds to get the most impact for the dollar. They focus on projects that are achievable. Resolution 2008-19 – Physical Plan
Both economic and physical development plans: 2017 Master Plan