Downtown Development Authority
Cañon City Downtown Development Authority (DDA)
Like many rural cities across the country, Cañon City’s downtown has seen it’s struggles. However, many towns such as Woodland Park and Alamosa have also experienced significant improvement and growth due to the implementation of a Downtown Development Authority.
What is a DDA?
A DDA can halt property value deterioration, promote economic growth
and give shoppers a reason to spend their time and money on Main
Street. It typically uses its financial resources to directly leverage private investment by partnering with a developer, business owner, or property owner in a manner that provides incentive and financial ability for private investment in real estate improvements.
How is it Paid for?
Once established, a DDA is required to prepare a development plan and may create a tax increment financing plan to submit for approval to the local municipality. A development plan describes the costs, location and resources for the implementation of the public improvements that are projected to take place in the DDA district.
Who Will Be on the Board?
The board will consist of 5-11 members appointed by the governing
body. A majority of the board shall reside or own property in the
downtown developing district and one shall be a member of the governing body.
Will They Tell me How to Run My Business?
No. However, the DDA can help provide opportunities such as affordable funding for property improvements, analysis of economic climate, plans for development and remodeling and/or business education opportunities. For more information, visit www.CanonCityDDA.com or email email@example.com