Economy & Economic Development  March 16, 2018

Greeley, DDA work on incentives for downtown developers

GREELEY — The Greeley Downtown Development Authority on Thursday passed a resolution that would allow its executive director to complete an agreement with the city of Greeley to provide tax-increment financing to developers within the downtown district.

The tax-increment financing would be a component of a larger incentive plan the city is creating for developers for new projects in its three redevelopment districts, including the Downtown Development District.

The Greeley City Council, at a work session on Tuesday, outlined a conceptual plan for the Redevelopment Incentive Program that would include reimbursements for permits and fees, and sales-and-use taxes.

Pam Bricker, executive director of the DDA, said the incentives would be available to all developers.

One of the first beneficiaries would be Greeley-based Richmark Cos., which is formulating plans for a mixed-use project along Eighth Avenue. Over the past several years, Richmark has been acquiring properties along that stretch.

Richmark is run by the Richardson family, which also owns and operates oil and gas company Mineral Resources Inc.

“We are pleased to have the opportunity to build on the hard work the city, DDA and multiple stakeholders have done over the last decade to make Greeley a thriving community,” Tyler Richardson, principal for Richmark, said in a prepared statement.

“We view ourselves as members of a team that is working toward a “Greeley Expected.” The DDA’s decision is the first of many steps toward fulfilling a long-held vision for the community —  the revitalization of downtown Greeley. We’re excited to help make that vision a reality.”

Richmark intends to develop a walkable, mixed-use neighborhood, to be known as “South Maddie,” between 15th and 17th streets along 8th Avenue. South Maddie will be the first phase of a redevelopment project that will connect the heart of downtown Greeley to the University of Northern Colorado.

Richardson said the project promises to offer a vibrant area to meet the demands of residents, students and local businesses for new housing, entertainment, shopping, and office spaces, while preserving a flavor reminiscent of the historical design and architecture of its downtown neighbors.

Right now, plans call for 220 rental apartments at South Maddie, with first floor retail/restaurant space contained within three buildings.

“Northern Colorado has witnessed unprecedented construction-cost escalation in recent years,” Richardson said. “Without a partnership with the DDA and city of Greeley, this project will not become a reality.”

Bricker said Richmark made a “convincing” financial case that it costs much more to build in the downtown area compared with outside that area.

The city council on Tuesday outlined possible incentives for developers in the downtown district that include reimbursements for building and impact fees, and sales-and-use taxes based on the cost of the projects. According to city documents, reimbursements will be determined based on the amount of money a property owner invests in a project.

Bricker said the tax-increment financing incentive available to developers through the DDA would be capped at $2.2 million and not extend past 2032. Tax-increment financing uses the increases in assessed property values and subsequent property-tax revenue generated by a project within a designated district.

 

GREELEY — The Greeley Downtown Development Authority on Thursday passed a resolution that would allow its executive director to complete an agreement with the city of Greeley to provide tax-increment financing to developers within the downtown district.

The tax-increment financing would be a component of a larger incentive plan the city is creating for developers for new projects in its three redevelopment districts, including the Downtown Development District.

The Greeley City Council, at a work session on Tuesday, outlined a conceptual plan for the Redevelopment Incentive Program that would include reimbursements for permits and fees,…

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