Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Downtown Redevelopment Hip Streets topic
No spam. Unsubscribe anytime.
Council approves first reading of Heart Improvement Plan funding for downtown ‘Hip Streets’ revitalization
Summary
Loveland City Council approved on first reading a supplemental budget and appropriation to support the Downtown Hip Streets revitalization project, using certificates of participation and DDA tax‑increment resources to fund streetscape and aesthetic improvements alongside required underground utility work. Vote was 7‑1 on first reading.
Loveland’s City Council voted 7‑1 on Feb. 5 to adopt on first reading an ordinance that enacts a supplemental budget and appropriation to finance the Hip Streets (Heart Improvement Plan) downtown revitalization.
The Hip Streets project combines utility replacement (water, storm, sewer) already planned by enterprise funds with a larger surface and streetscape package — pavers, trees, Tivoli lighting, benches, event‑friendly curbless street sections and public art foundations — intended to transform Fourth Street into a pedestrian‑oriented civic corridor. The council approved the ordinance on first reading; budget and financing details will proceed through the city’s financial processes before final adoption.
Why it matters: Supporters say the project will improve downtown experience, expand event capacity and support economic activity by making the street more walkable and safer. The project includes developer and DDA contributions and will rely on certificates of participation (COPs) — lease‑style debt instruments — to fund roughly $12.5 million in surface/aesthetic improvements tied to the larger utility package.
Questions and concerns: Several members of the public and some councilors raised questions about financing, TABOR considerations, the long run cost of COPs (interest and total repayment), and whether tax‑increment financing diverts general‑fund dollars from other city services. City bond counsel and the city attorney presented legal precedent to the council showing COPs and similar lease‑financing have been upheld in Colorado courts in cases post‑TABOR; the city attorney also noted bond counsel had reviewed the COP approach.
Councilors and staff emphasized that the DDA’s incremental revenues will fund the annual COP payments and that the majority of utility replacement work is funded by enterprise funds (water/storm/wastewater). Supporters warned that delay could raise construction costs and complicate contractor availability.
Vote and outcome: The council approved first reading of the supplemental appropriation ordinance (Ordinance 67557) by a 7‑1 margin. The item will return to council for final reading and council will consider detailed financing documents from bond counsel and the DDA prior to final appropriation.
Ending: Staff said they will return with final financing documents and implementation steps; council asked for additional information on long‑term debt service expectations and maintenance costs for the streetscape features.
