A DDA is a flexible quasi-governmental entity responsible for adopting and implementing a downtown central business district development plan. The DDA facilitates economic development and redevelopment of properties and infrastructure within the downtown area.
One opportunity for DDAs is to capture and spend tax increment financing (TIF) on downtown development. Tax Increment Financing (TIF) is a unique mechanism that enables a DDA to use the net new tax revenues from property and/or sales tax generated by projects within a designated area to help finance improvements in a downtown development district. TIF is a new source of tax revenue, not an additional tax, that would not be available but for new investment.
DDA activities may include:
Placemaking/Design & Wayfinding
Parks & Plazas
Downtown Parking Management
Affordable Community Housing
Connectivity & Access Programs
Business Attraction & Retention
Events & Marketing
The Town of Fraser has been working with Downtown Colorado, Inc. to explore the possibility of a Downtown Development Authority (DDA), and what that might look like for the Town of Fraser. Throughout Summer 2023, a Downtown Development Authority Advisory Committee (DDAC) met four times to learn more about DDAs and how they work in communities across Colorado to contribute to the economic vitality of downtown areas. The DDAC members unanimously approved a motion to recommend that the Board of Trustees move forward with an ordinance to establish a Downtown Development Authority for the Town of Fraser to be voted upon by “eligible electors” in the April 2024 municipal election.