Attachment 1
Steamboat Springs Downtown
Investment Plan
Vision Statement
The Downtown Investment Plan is about one
thing:
Making a Great Place Better
x
x
x
x
x
x
Making Downtown More Attractive
Making Downtown Safer
Making Downtown a Great Place to Invest
Making Downtown a Better Place to do Business
Making Downtown an Even Better Place to Visit
Making Downtown a Great Place to Live
Vision Statement
How this is accomplished in the most fiscally
effective manner:
x Acting while interest rates and construction
costs are low
x Acting while property values are low but rising
x Completing efficiently as one coordinated
project
x Completing with consistent design quality and
appearance throughout Downtown
Downtown Projects
OakPedestrianLighting
OakStreetSidewalks(3rd12th)
OakStreetCurb&Gutter
IntersectionsonYampa(Bulbouts)
IntersectionsonYampa(SpeedTables)
SideStreetSidewalks
SideStreetCurb&Gutter
Promenade
PromenadeCurb&Gutter
PromenadeCrusherFines
YampaPedestrianLighting
YampaStreetSidewalks(DTSide)
YampaStreetCurb&Gutter(DTSide)
Trash&Recycling(allareas)
9thStreetPark&RetrofitS&RBldg
375,000
400,155
90,125
1,210,420
689,025
718,725
161,875
271,560
91,980
24,850
370,000
238,227
53,655
316,000
620,000
EaglescoutParkRestroom
WestLincolnParkRestrooms
ProfessionalServices
UtiltyUndergrounding
Contingency
FloodwayandYampaBankImprovements
Asphalt/ConcreteCapitalRepairs
AmphitheaterAlongYampa(StoneTerracing)
RiverBank&FenceEnhancements(10th12th)
Benches/Seating(areawide)
BikeRacks(areawide)
FinancingCostsInterest(4%on9.36M15yrs)
FinancingCostsLoanFees
480,000
320,000
405,000
600,000
800,000
590,000
200,000
195,000
40,000
52,500
46,000
$9,360,097
2,973,747
200,000
12,533,844
Downtown Projects by location
YampaStreet
IntersectionsonYampa(Bulbouts)
IntersectionsonYampa(SpeedTables)
Promenade
PromenadeCurb&Gutter
PromenadeCrusherFines
YampaPedestrianLighting
YampaStreetSidewalks(DTSide)
YampaStreetCurb&Gutter(DTSide)
9thStreetPark&RetrofitS&RBldg
EaglescoutParkRestroom
UtiltyUndergrounding
RiverBank&FenceEnhancements(10th12th)
FloodwayandYampaBankImprovements
Total
OakStreet
OakPedestrianLighting
OakStreetSidewalks(3rd12th)
OakStreetCurb&Gutter
Total
$1,210,420.00
$689,025.00
$271,560.00
$91,980.00
$24,850.00
$370,000.00
$238,227.00
$53,655.00
$620,000.00
$480,000.00
$600,000.00
$40,000.00
$590,000.00
$5,279,717.00
SideStreets
SideStreetSidewalks
SideStreetCurb&Gutter
Total
$718,725.00
$161,875.00
$880,600.00
WestLincolnPark
AmphitheaterAlongYampa(StoneTerracing)
WestLincolnParkRestrooms
Total
$195,000.00
$320,000.00
$515,000.00
AreaWideProjects
Benches/Seating(areawide)
Trash&Recycling(allareas)
BikeRacks(areawide)
Asphalt/ConcreteCapitalRepairs
$375,000.00 Total
$400,155.00
$90,125.00
$865,280.00
$52,500.00
$316,000.00
$46,000.00
$200,000.00
$614,500.00
Goal #1
Make a Great Place Better Economic
Vitality Depends on a Quality Experience
Make Downtown the best possible place to visit,
live, work and invest
Build upon recent public and private investments
Goal #1- Required Investment
Prioritize support for quality public amenities
consistent design throughout downtown
Including gathering places, river access, public
restrooms, way-finding and public art
Be open to public/private partnerships
including parking solutions
Goal #1- Measures of Success
More feet on the street pedestrian counts
Improved business retention, attraction and
private investment; i.e. sales growth
Goal #2
Accelerate private investment:
Bolster private sector confidence in public sector
support for downtown
Remove basic infrastructure costs as a
disincentive to invest
Goal #2 Required Investment
Complete basic public infrastructure
Goal #2 Measures of Success
Increased depth and breadth of private
investment during current real estate cycle
Improved retention, profitability and growth of
existing downtown businesses
Increased use and excise taxes from new
construction
Goal #3
Be fiscally prudent:
Complete capital projects while cost of debt and
construction is low - realize economies of scale
Set tax baseline before property values rise and
non-taxed properties move to tax rolls.
Goal #3 Required Investment
Complete sidewalk and lighting master plan, and
utilities projects in single focused effort.
Goal #3 Measures of Success
Reduced capital project costs
Earlier sales and property tax growth to benefit
all entities
See increased value of City asset
Goal #4
Reduce public safety hazards due to
incomplete sidewalks and poor lighting
on Oak, Yampa and some areas of
cross streets.
Reduce pedestrian, vehicle and bike conflicts
especially in winter.
Goal #4 Required Investment
Complete system of sidewalks and pedestrian
lighting throughout downtown interconnecting
Oak, Lincoln, Yampa and all cross-streets.
Goal #4 Measures of Success
Improved access to and safe use of on-street
parking throughout business district.
Extend more pedestrian activity to underutilized
blocks ped counts
Goal #5
Reduce risks and liabilities
Remove core business locations from flood risk
Goal #5 Required Investment
Upgrade Butcherknife Creek culvert between
Oak Street and the Yampa River
Goal #5 Measure of Success
Reduced flood insurance premiums for private
property
Improve community flood rating
Tools - Pros & Cons
Capital Infrastructure Fund (CIP)
Certificates of Participation (COP)
Local Improvement District (LID)
General Obligation Bond (GO)
General Improvement District or Special
Improvement District (GID,SID)
Tax Increment Financing (TIF)
Continue Temporary Improvements
Use CIP
Pros
Cons
No Financing Costs
Large dollar amount
Broad scope
Compete with other CIP projects for
prioritization
Can complete 100% of projects
Delays other CIP projects
Unlikely to have a project completed
at one time - loss of design continuity
and single project cost savings
COP
Pros
Cons
Broad Scope
Need to locate $9M of Capital for
collateral
No extra cost associated with going to
an election
No new revenue
LID
Pros
Cons
Can complete capital improvements
Assessment of every adjacent property
owner
LocalImprovementDistrict
OakStreetSidewalks(3rd12th)
SideStreetSidewalks
YampaStreetSidewalks(DTSide)
Total
$400,155.00
$718,725.00
$238,227.00
$1,357,107.00
Bond
Pros
Cons
Can finance all or a portion of
redevelopment projects
Property tax would be needed to
service the debt ( property tax would
expire upon full bond repayment)
Debt is currently relatively cheap
Grow economic activity through public
investment
Grow economic activity through public
investment/property value enhanced
Single project cost savings
Requires election
Requires election
GID/SID
Pros
Cons
Can finance all or a portion of
redevelopment projects
Property tax or assessment on a
limited group downtown properties
Scope of project can be flexible
Would require establishing new
district downtown
GID can finance maintenance
Requires vote of downtown electorate
Requires vote of downtown electorate
Seasonal Improvements
Pros
Cons
Affordable
Does not enhance experience
Creates safer pedestrian environment
Sends poor message to visitors
No improvement in infrastructure
One off expenses, not investments
TIF
Pros
Cons
Community Investment (81% of
project cost is City sales tax)
Perception of tax diversion
No new taxes
Estimated growth can be influenced by
multiple factors
Debt is currently relatively cheap
Grow economic activity through public
investment/property value enhanced
Single project cost savings
Can finance all or a portion of
redevelopment projects
This TIF
URA would enter into an agreement with every
taxing district limiting the property tax increment to
$2.4 million
Once $2.4 million is reached, property tax would flow
back to the districts
$10.2M of incremental sales tax would flow to TIF
County and Education Fund Board sales tax would
not flow into TIF
Council has the ability to set parameters on the
projects and dollar amount spent using this tool
URA would enter into an agreement with the RE-2
School District to allow all property tax to flow if
State financing should change
Questions
Examples
Pueblo PURA reports a 4% increase in
property tax base in plan areas
Brighton 2002-2012 $1.8 Million revenue
increase to taxing districts
Examples
GURA Golden
Estimated Impacts
