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Council approves DDA contracts and first‑reading of COP financing for downtown 'Heart Improvement' project
Summary
After extensive public comment and council discussion, Loveland City Council unanimously approved a $250,000 DDA services contract and the BID budget, and then approved on first reading Ordinance No. 6745 to issue certificates of participation (COPs) to finance the five‑block 4th Street 'Heart Improvement' project, with the DDA pledging TIF revenue to cover lease payments.
Loveland City Council advanced a major downtown revitalization package on Tuesday night, approving a suite of items that move the five‑block Heart Improvement (Hip Streets) project toward construction.
The council unanimously adopted Resolution R‑106‑2024, a services contract that provides $250,000 in city operating support to the Loveland Downtown Development Authority (DDA) and Historic Loveland Business Improvement District (BID) for 2025. The council also approved the BID’s 2025 operating plan and budget, which includes a $255,000 transfer to the DDA to support downtown activities.
Why it matters: city staff and the DDA said the funding is needed to operate events, provide facade and fire‑suppression grants, and leverage private investment in downtown. Sean Hawkins, the DDA executive director, told council that downtown property owners voted to add a levy and that private investment coupled with city support will sustain the district’s operating work.
“We have the support of our property owners…
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