TAX INCREMENT FINANCING
Tax increment financing is a tool of the DDA to incentive and support catalytic projects withing Downtown Colorado Springs. A TIF leverages the future tax revenue on a project in order to help fund the project.
The DDA Board of Directors considers investments in development projects within the DDA district boundary which increase property tax increment. Proposals are considered on a case-by-case basis and evaluated based on the ability of the project to further the goals of the DDA. Funding is at the discretion of the DDA Board and must be used on aspects of the project which have a public benefit.
- Applicants must be owners or tenants doing business within the boundary of the DDA.
- Tenants must apply jointly with property owners.
- Properties must demonstrate as current on all city, county and state property and income taxes.
- Projects must have a usable life of at least 20 years.
- Project work must be launched within one year of the date of the signed agreement, and completed within three years.
- All work must comply with applicable laws, ordinances, building codes and zoning ordinances.
Contact Downtown Partnership CEO Susan Edmondson at 719-886-0088.