New Boundaries Will Boost the Number of Businesses Eligible for State Tax Incentives, Create Revitalization Along Morrison Road
More businesses in Denver will now be eligible for special state tax incentives available in the City’s Enterprise Zone, thanks to a recommendation made by the Office of Economic Development (OED) to expand the boundaries to include Morrison Rd. from Knox Ct. to Sheridan Blvd., and Alameda Ave., from Knox Ct. to Federal Blvd.
The Denver Enterprise Zone is a designated area in Denver that affords qualifying businesses up to nine special state tax credit incentives and provides them with intrinsic advantages based on the zone’s strategic location for transportation, suppliers and potential clients. This increase of its boundaries, adopted by the Colorado Economic Development Commission (EDC), will benefit businesses operating in this district, which has been challenged with vacant buildings, higher levels of unemployment and social need.
“We have been collaborating with our partners to transform and highlight the unique identity of Morrison Road and create greater economic viability,” said City Councilman Paul D. López, whose District 3 includes the new boundaries. “The designation of this portion of my district as an Enterprise Zone is a very important step toward creating greater economic opportunity for our district’s families and small businesses.”
In the heart of Denver’s Latino community, Morrison Road is becoming Denver’s “Linear Mercado” serving the local area with authentic Mexican restaurants, bakeries and boutiques. It is Councilman López’s vision to capture this unique identity to reinforce current family-owned small businesses to revitalize the district with development that serves the needs of the surrounding community.
OED recognized a distinct business need at Morrison Road and selected it for two of its location-based business support office programs: a qualifying area for the Neighborhood Business Revitalization (NBR) loan program as well as one of five pilot districts for the new Denver’s Neighborhood Marketplace Initiative (DNMI).
“This achievement is significant on many different accounts, but it validates the importance of the Neighborhood Marketplace Initiative to communities,” said OED Executive Director André Pettigrew. “Bringing additional resources to the community is vital to the long-term strategy. It gives us a better opportunity to support the economic revitalization of the area.”
DNMI is a citywide program that fosters the growth of public-private partnerships to strengthen business districts and their surrounding neighborhoods.
The NBR program is a gap financing program that helps stimulate business development within targeted commercial districts throughout Denver.
For more information about the Enterprise Zone, contact the Denver Business Assistance Center at (720) 913-1715.
The Denver Office of Economic Development (OED) works to create a local environment that stimulates balanced economic growth through job creation, business assistance, housing options and neighborhood redevelopment.