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Staff outlines East Bookend public–private partnership plan and DDA finance model; board raises P3 and oversight concerns
Summary
City staff described an East Bookend developer solicitation (RFI responses, upcoming RFP) and a proposed Downtown Development Authority tied to tax increment financing; board members urged caution about long-term P3 commitments and requested detailed legal and financial safeguards.
City staff presented a multi-part downtown update that included an East Bookend public–private partnership (P3) opportunity, a planned request for proposals to select a developer partner, and an update on a proposed Downtown Development Authority (DDA) that could provide tax increment financing for downtown projects.
Shihomi Kiriagawa explained the East Bookend offering: the city is exploring repurposing underperforming city-owned buildings and adjacent surface lots and asked developer teams to consider housing, arts, food, and an interior space for the Boulder County Farmers Market. Staff said an RFI (issued February 2026) drew nine responses and that a formal RFP will be released in late summer 2026.
Board members pressed staff about public–private partnerships and long-term taxpayer obligations. One board member who said they had worked on P3 legislation observed that "the private partner wants to make profit" and cautioned that such deals can commit public dollars over decades; another asked whether the farmer’s market would be guaranteed space. Staff said the RFP will embed public-benefit requirements, noted the city is studying development authority tools (including a possible DDA and formation of a redevelopment financing mechanism), and confirmed there is an MOU being drafted with the farmers market to reflect its preferences.
Regan (Reegan) Brown, Economic Development Strategy Manager, briefed the board on the proposed DDA and its revenue potential. She said the recommendation is to dissolve two existing general improvement districts and replace them with a DDA-wide mill levy; initial estimates put current combined GID revenues at roughly $1.5 million and a DDA-wide equivalent at about $1.8 million annually. Brown added that conservative projections of tax increment financing could yield roughly $200 million over a 30-year DDA life, while noting that TIF accumulates gradually and requires careful district design.
Staff reiterated that the East Bookend developer solicitation is intended to align with Phase 2 park investments and that timelines are preliminary: RFP later this summer, partner selection by year-end, concept planning in 2027, and possible construction in 2029 pending floodplain and federal approvals. The board requested additional financial detail and legal review capacity before any long-term commitments, and staff said they will continue to brief the board as the RFP and DDA planning progress.
