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Finance committee advances $160M loan and $50M line for Downtown Development Authority
Summary
The Denver City Council Finance and Governance Committee on June 24 moved two DDDA financing measures to the full council that would authorize a $160 million fixed-rate loan and a $50 million revolving line of credit, with repayment pledged to tax increment finance (TIF) revenues only.
The Denver City Council Finance and Governance Committee on June 24 voted to send two related DDDA financing measures to the full council after a staff presentation from the Department of Finance. The measures would authorize a $160 million fixed-rate loan and a $50 million revolving line of credit to support the Denver Downtown Development Authority Investment Program and would establish a DDDA special revenue fund to cover administrative and legal costs.
The committee action moves the items to the floor for consideration; Council President Amanda Sandoval moved the block and Councilmember Daryl Watson seconded the motion, which committee members approved by informal consent. Donna Wilder and Hannah Stewart of the Department of Finance presented the program update and described the financing terms.
The measures implement voter authorization from November 2024 that permits the DDDA to issue up to $570 million of debt without raising taxes. Department staff said the DDDA application portal has received 44 applications requesting nearly $450 million in funding to date. Staff told…
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