By forming a DDA, it is possible to hire companies that specialize in formalizing data-driven studies to determine who our best customers are, what they buy at stores and eat at restaurants etc. With this information current businesses can successfully tailor more towards customer demands. The DDA can also use this information to recruit new businesses that would be a "good fit" for downtown.
A DDA can collaborate to halt property value deterioration by providing affordable financing for much needed historical building restoration and up-to-date building code improvements. In order to gain access to low-interest loans, grants and funding from organizations, like the Historical Society, the establishment of an entity like a DDA is often needed.
How is a DDA paid for?
The City of Cañon City is highly supportive and willing to provide “seed” money to get a DDA up and running by funding the initial legal fees and special election. The DDA, however, will likely fund itself by garnishing the increased sales tax revenue generated from previous tax year baselines. In other words, as a DDA helps increase economic growth the sales tax revenue grows and they get to keep a portion of that increase. In some cases a small mill levy may be passed by election. Other sources of income can include grants, which are more readily given to cities operating an entity like a DDA, and other forms of fundraising.
Who will be on the DDA board?
By state law, the board will consist of 5-11 members appointed by the mayor/governing body. A majority of the board shall reside or own property in the downtown developing district and one shall be a member of Cañon City Council to act as a liaison between the two governing bodies.
Will they tell me how to run my business?
No. However, the DDA can help provide opportunities such as affordable funding for property improvements, analysis of economic climate, plans for development and remodeling and/or business education opportunities.
3rd Week September 2016: Downtown Specialist coming to town.
DDA Election: February 2017
A Great Place to Be
A DDA can create opportunities for seminars, by professional consultants, in order to further learning successful business and marketing tools for owners. It can also promote certificate programs that will train employees with excellent customer service skills.
Like many rural cities across the country, Cañon City's downtown has had its struggles. However, many towns have seen significant growth and improvement due to the implementation of Downtown Development Authorities. Look and see their successes and the future possibilities for our city.
A DDA can bring together various groups, that have a stake in the commercial district, to work towards the same goals. It can create and promote a common theme, special events, leverage private investment incentives,
marketing and ultimately a busy central shopping center.