Council approves two new business improvement districts

The Denver City Council has established two new Business Improvement Districts (BID) on Santa Fe Drive and along East Colfax in the Mayfair neighborhood.

Both districts must pass a November vote by their commercial property owners in order to receive taxing authority, however because the process to submit a BID proposal requires extensive outreach and community input before council approval, the elections are expected to be successful.

"We’re pleased to check off both of this achievements as major components of our JumpStart economic development strategy," says Paul Washington, Executive Director of the Denver Office of Economic Development, which initiated the initiatives as effective ways to promote economic activity and spur job creation. "Both Fax-Mayfair and Santa Fe present significant potential for improvement and commercial growth, but even more exciting in both cases is seeing diverse groups of property owners come together toward a common goal."

On Santa Fe Drive between Sixth and 13th avenues, an area that includes more than 800,000 square feet of commercial area, the new BID replaces to existing maintenance districts. With an expected annual budget of $100,000, proponents of the new BID hope it will improve a framework for physical public improvements, more pedestrian-friendly features, increased safety, enhanced maintenance, improved water drainage and all forms of strategic economic development.

Along East Colfax, the Fax-Mayfair BID has been promoted by a group of business owners with help from The Fax Partnership, a nonprofit economic development organization. The BID’s seven-member board will oversee an anticipated annual budget of about $118,000 during the district’s initial 10-year term. The group will focus on economic development, public improvements, public safety and advocacy to improve the economic vitality of property along both sides of Colfax from Elm Street to Monaco Parkway.

Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.