Cherry Creek North Business Improvement District

IDA Conference:“The CCNBID as a Public/Private Partnership”

September 23, 2012

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CHERRY CREEK NORTH BID – Denver, Colorado

First BID in Colorado in 1989 by state statute City and County of Denver approves Board, budget, operating plan “Stand alone” BID New 501c6 for advocacy Premier shopping, dining, mixed-use destination

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KEY BID STATS

16 block area Budget – $4M annually (property tax levy on commercial)

$1M – debt service for BID bonds $1M – marketing $1M – physical environment/parking management $1M – other services/administration

12 Board members and 10 Staff

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BID’S STREETSCAPE RENOVATION PROJECT

First major improvements since 1989 Paid for with $18.5M of District funds (no City dollars) Project finance, design and construction managed by BID Won IDA Merit award in 2011 Won ENR Mountain States award in 2011

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AREA ECONOMIC SUCCESS MEASURES

Vacancy/lease rates (especially retail) Sales and property tax collection rates Private sector investment Customer satisfaction survey/brand recognition Retail success rates (opening/closing ratios)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

$10,000,000

Sales Tax Collections 1999 - 2011

TAX

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COMMUNITY IMPROVEMENT MEASURES

Upgraded infrastructure Support for the City/community

New parking meters New area plan Redevelopment project approvals New zoning/design guidelines

Effective public/private partnerships New area business alliance Visit Denver Inc. Cherry Creek Arts Festival

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ORGANIZATIONAL MEASURES

Financial and program management Board/committee/staff development Short and long term planning Community communication/involvement

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LEADERSHIP DEVELOPMENT (ULI)

Identify motivated, capable, representative leaders Establishing norms – trust/honesty leading to “best practices” Continuing education, research, formal/informal interaction Ongoing leadership succession