In this Newsletter:
- Debt Authorization Ballot Issue review and FAQ
- Master Plan Public Comment
- March Meeting
- Business Shorts
- Business Directory - now open to all Nederland businesses
Debt Authorization Ballot FAQ and review
Ballot FAQ (condensed - please read the complete FAQ)
By March 4th all qualified electors, property and business owners in the Nederland Downtown Development Authority District should have received a letter notifying them of their eligibility to vote in the NDDA Election and instructions on how. If you have not received a letter by the end of this week and you feel like you are qualified check out the Ballot FAQ for more information on qualifications and how to receive a ballot.
The April 5th Election is an all mail in ballot and ballots will be mailed to voters on March 14th. Ballots must be received at Town Hall before 5pm on April 5th. Qualified NDDA electors have until 5pm on April 5 to return their affidavit and ballot. (In a previous email and information it was mistakenly said you also had to be registered to vote. That is not true, but you must be able to prove you are qualified NDDA elector)
About the Debt Authorization
In April the Nederland Downtown Development Authority (NDDA) is asking for approval from commercial property owners and business lessees within the DDA district to allow the NDDA to borrow up to $2.924 million for improvements to infrastructure and economic development programs. Repayment will come from the Tax Increment Funding (TIF) portion of NDDA revenue.
TIF revenue allows the NDDA to borrow money against the anticipated increase in district property taxes as property values go up. TIF financing does NOT increase property taxes. TIF revenue, collected from within the district, is used to target investment and improvments to infrastructure and promote economic development in the downtown. As infrastructure and business improves, property values increase and the NDDA receives the portion of the property taxes realized from the 2005 “base” property values to the increased property values. The amount of TIF revenue is currently over $150,000 per year and has steadily increased since 2005. Because TIF will be in place until 2035, a predictable income stream is available for repayment of the proposed debt.
Passing of the Debt Authorization gives the NDDA permission to ask for project and program funds. The NDDA will develop detailed projects, programs and budgets, and per state statute, ask the Board Of Trustees to borrow the money from the TIF revenue. The public, and particularly members of the district, will have the opportunity to weigh in on these projects.
A major component in financing NDDA projects is partnering with local entities and regional partners. By leveraging funding from government departments the value of the TIF can increase. NedPeds cost about $1 million, with only $340,000 or about 1/3 coming from TIF.
Another important consideration for the Debt Authorization is that the NDDA will not be borrowing $2.9 million at once but over the next 5 to 7+ years. Cost of interest will vary.
The NDDA looked at the 2016 Master Plan and determined what could be completed or planned in the next 5-7 years. Some of the projects and programs being considered include:
Lakeview intersection project
Underused Parking Lot and on-street parking improvements
1st Street Loading zone and Pedestrian/ADA walkability
2nd crossing at Middle Boulder Creek
River pathway (design only)
Mitigate storm water and water quality issues for Middle Boulder Creek
Business improvement loans, grants, and rebate programs
Improve vehicular and pedestrian signage/wayfinding
Business Incubation (bank office space and property purchase)
Beautification (public art installations, pocket parks, native planting and landscaping)
Visitors Center (operation)
Bury 1st Street utility lines
Successful passage of the Ballot Issue will mean that the NDDA can start projects this summer such as a traffic study, wayfinding and signage, cleaning up downtown and Visitors Center operations. For larger capital and construction projects, planning and design can be done this year so that funding for implementation and construction can be arranged through grants and partnerships. As funding is identified and secured, larger infrastructure projects can be scheduled quickly.
Questions on the election can be answered by the Nederland Town Clerk or NDDA Chairperson or other NDDA Board Members.
Master Plan public comment
You can download the 2016 Master Plan - final draft or pick up a hard copy at Town Hall. The next public comment opportunity will be at the NDDA Board meeting March 16. The meeting starts at 6:30pm at the Community Center in the Multi Purpose room.
March NDDA Board Meeting
The next NDDA Board meeting will be March 16. The meeting starts at 6:30pm at the Community Center in the Multi Purpose room.
Update on 80 Big Springs - Warehouse and fulfillment, office space and retail...
From Jennifer Karowe:
For now we are excited to see some movement!
Excavators have been on site digging foundation.
Foundation forms are being constructed and we expect to pour concrete in a couple of weeks.
Foundation work will go on for 4-6 weeks.
We expect the steel structure to be delivered at the end of April. That's when things will start to look real!
After the steal framework is installed, exterior finish will begin.
At this point, we anticipate final completion to be Fall 2016.
Have something for the Business Shorts? Email Katrina