Mar 22, 2018
Today, Mayor Michael B. Hancock, joined by several business leaders, announced the creation of a new Business Improvement District (BID) Revolving Loan Fund to provide critical funding for the final organizational costs of emerging BIDs. The $200,000 Denver BID Revolving Loan Fund is part of the Mayor’s 2018 budget to expand local business and job opportunities within Denver.
“I am committed to bringing opportunities to communities that lift residents and businesses up. BIDs have a transformative impact on their communities, which is why I’m creating this new funding opportunity to provide the financial assistance that emerging BIDs need to get across the finish line and begin making improvements that better serve their customers and communities,” said Mayor Hancock.
The BID Revolving Loan Fund program is targeted toward organizations/neighborhoods that already have a financial investment from organizers, are ready to create a BID in the near future and would benefit from financial assistance to bring their proposed BID to an election. Applicants must provide evidence of matching funds to be eligible for a city loan, which is intended to be the last needed funds for creation efforts.
“As the President/CEO of Colorado’s first BID, I can attest to the positive economic impacts a BID can have on a commercial district,” says Julie Underdahl, President and CEO of Cherry Creek North BID. “Over the past 30 years, the Cherry Creek North BID has allowed the district to compete nationally and internationally, to advocate for its constituents, to finance and build its own streetscape improvements as well as to market and serve the area as a premier lifestyle destination and community.”
"One of the things that a BID is effectively positioned to do is listen to the neighborhood and plan for the future. This is how we can best nurture our Colfax community and preserve its unique DNA," said Frank Locantore, Executive Director of Colfax Ave. BID.
The 2018-2019 BID Creation Loan Fund Pilot Program is a needs-based program focused on supporting organizations and businesses in economically disadvantaged areas of Denver. “Neighborhood Business Opportunity” target areas have been identified by the Office of Economic Development using the most recent household and neighborhood economic condition metrics. To be eligible for the 2018 Pilot Program a new BID’s boundaries must be predominately located within the “Neighborhood Business Opportunity” target areas.
A Business Improvement District is a group of commercial property owners in a specific area that elect to make a collective contribution to the maintenance, development and promotion of their commercial area through an additional property tax or fee. The contributions create a steady and reliable funding source for enhanced services and programs. The goal is a cleaner, safer and more attractive business district.
Denver business, merchant or neighborhood associations interested in applying should visit the Department of Finance website here.