S2024-9249 - Formation of a Downtown Development Authority Plan (DDA)

Project Description:
The Town of Firestone is seeking a consultant to guide staff through the key steps in the formation and adoption of a DDA.
• Developing a development plan - a detailed plan outlining the goals, strategies, and projects the DDA will focus on to improve the downtown area.
• Conduct an analysis of potential DDA boundaries and desired services
• Public engagement – Assist with community outreach to inform residents and business owners about the proposed DDA, gather feedback, and address concerns.
• Approval and ordinance - ordinance establishing the DDA, including details about its structure, membership, and powers.
• Appointment of board members
• Funding mechanism- Establish how the DDA will be funded, often through mechanisms like tax increment financing (TIF) where a portion of increased property tax revenue within the DDA district is captured to fund development projects.
• Community support- Assist with understanding the needs of special districts for the successful formation and operation of a DDA.
• Up to 8 public meetings