TIF Offers Assistance for Developers
Tax Increment Financing (TIF) has proven to be a powerful economic development tool in Wheat Ridge, transforming vacant lots into thriving residential communities and bustling retail hubs. Since 2013, Renewal Wheat Ridge (the City’s Urban Renewal Authority) has provided nearly $20 million in TIF funding to support such projects as Perrin’s Row, a community of energy efficient row homes on 38th Avenue and Depew Street, and Kipling Ridge, a busy shopping center at the southwest corner of Kipling Street and 38th Avenue anchored by a Sprouts Farmers Market.
Other TIF projects are still in development, including a mixed-use development at West 38th Avenue and Upham Street that will include approximately 160 new market-rate apartments and 8,000 square feet of retail space. The project was approved for $2.4 million in TIF funding. Renewal Wheat Ridge also provided $6.2 million in TIF for The Corners at Wheat Ridge at the corner of 38th and Wadsworth. Buildings at the site have been demolished and the developer is preparing for vertical construction to begin which will include about 80,000 sq. ft. of retail and more than 230 new market-rate apartments. Additionally, Renewal Wheat Ridge will be considering approval of two smaller TIF projects including Hacienda Colorado restaurant and a new retail building and maker-space facilities on 44th Avenue at Jellison.
Steve Art, executive director of Renewal Wheat Ridge and the City’s Economic Development Manager says the Urban Renewal Authority is getting more aggressive about using TIF for economic development efforts - even for smaller projects. “Our Board recognizes the advantages of using TIF to assist projects to fill in any missing funding gaps. Development can be very expensive and these projects would not come to fruition without some type of public assistance,” says Art.
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