Retail Attraction Incentive Program

Overview of Program Goals

• Reduce retail vacancy rates on 16th Street
• Satisfy unmet retail, food and beverage, personal care services, childcare, and experiential needs for Denver residents, downtown employees, and visitors
• Enable the recruitment of best-in-class retail businesses
• Provide retail opportunities that encourage residents and visitors to shop in Denver
• Generate additional new sales/use tax revenues and prevent retail leakage to adjacent communities to sustain general fund supported programs and services

Details

• Denver Economic Development & Opportunity (DEDO) will provide an incentive of $25 per square foot of leased space per year for the first four years of operations at the new downtown location, up to the maximum incentive amount available under this program.
• The maximum incentive amount available under this program is $450,000 per eligible space.
• DEDO will calculate awards based on signed Letters of Intent (LOI) provided by the applicant. LOI must include the proposed lease term, square footage, address of the business location, and any renewal options. Letters must also include the 'doing business as' (DBA) under which the applicant will operate and a brief description of the planned activation.
• DEDO will issue award letters to applicants approved to receive this incentive.
• The applicant will enter into a formal incentive agreement with the city.
• DEDO will not consider applications for projects with leases that have been executed prior to applying for this incentive support. 
• The business must be active and operational at the proposed site to receive the annual incentive payout agreed upon.
  
  • Example: Concept A leases 3,000 SF.
    • At the end of each full operating year, the lessee will receive a payment of $75,000 upon petition, providing all required documentation and DEDO approval of petition/invoice.
    • Over four full operating years at the proposed site, the lessee will receive $300,000 ($75,000 per year for 4 years).

1. Businesses located in the qualified area – located on the 16^th Street corridor between Blake Street and Broadway.
2. Business is a retail, food and beverage, personal care services, childcare, or experiential tenant.
   1. Experiential: Immersive and interactive storefront activations designed to engage customers through activities and experiences. Examples include climbing walls, museums, galleries, and pop culture-themed concepts.
3. Business intends to sign a new lease with a term of at least 3 years and can provide a Letter of Intent (LOI) with the application. Lease renewals of an existing lease do not qualify unless the new lease considerably expands the area of the leased space.
4. Business must be engaged in activities that are legal under both Colorado state and federal law.

Prioritization given to:

• New leases
• Location entrances directly facing 16th Street
• Businesses with a proven track record for the proposed business concept

Required Documentation

The following documentation will be needed to submit a complete application:

1. A LOI demonstrating a lease term of at least three years and the address of the business location.
2. If awarded, businesses will be required to provide a signed W-9 and a copy of their current and active certificate of good standing with the Colorado Secretary of State. If awarded, the business will be required to provide a current copy of the lease with each annual incentive petition.

Disclaimers

• A complete application does not guarantee an award.
• Approval for assistance will be based upon a combination of factors, including program eligibility, program priorities, and availability of funds.
• The city reserves the right to make eligibility and award decisions.
• The city reserves the right to adjust program terms.

Thank you for your interest. Apply for the 16th Street Retail Attraction Incentive Program below. 

Apply Today!