HomeMy Public PortalAboutResolution 2024-03-06 In Support of Ballot Measures A & B for The Downtown Development Authority (DDA) Special Election on April 2nd, 2024TOWN OF FRASER
RESOLUTION NO. 2024-03-06
A RESOLUTION IN SUPPORT OF BALLOT MEASURES A AND B for THE DOWNTOWN
DEVELOPMENT AUTHORITY (DDA) SPECIAL ELECTION ON APRIL 2ND, 2024
WHEREAS, a top priority for the Board has been economic and downtown development
for the Town of Fraser; and
WHEREAS, a Downtown Development Authority Advisory Committee (DDAC) was
formed in summer 2023 to explore and make a recommendation to the Town Board regarding
formation of a Downtown Development Authority (DDA) for the Town of Fraser; four meetings
took place with participation from consultants, community members, local developers, the Fire
Protection District, the County Assessor's Office, East Grand School District, and the Fraser
Valley Recreation Metropolitan District; and
WHEREAS, the DDAC committee unanimously voted in support of recommending to the
Board that they move forward with ballot measures for formation of a Fraser Downtown
Development Authority and a corresponding debt authorization; and
WHEREAS, the Economic Development Advisory Committee at its November 28th, 2023
regular meeting passed a motion with unanimous support recommending that the Board move
forward with creation of a Downtown Development Authority; and
WHEREAS, the Board of Trustees on December 6th, 2023, unanimously voted in favor of
a motion to approve Ordinance No. 504 (1) determining the necessity of establishing the Fraser
Downtown Development Authority (DDA) and (2) submitting the question of establishing the
Fraser Downtown Development Authority and a debt authorization question to an election of
qualified electors at an election to be held on April 2nd, 2024; and
WHEREAS, the Board determined it necessary to establish a DDA to assist in the
development and redevelopment of the Town's central business district and to promote the
health, safety, prosperity, security, and general welfare of the Town of Fraser and its
inhabitants; and
WHEREAS, the Board and community have identified infrastructure needs, projects, and
priorities that could be included in a DDA Plan of Development, to include, but not be limited to,
Main Street initiatives, sidewalk and drainage improvements, streetscapes, improved
connectivity, parking, multimodal transportation infrastructure, wayfinding and signage,
beautification and public art, community gathering spaces, enhanced river access, trail
improvements, dedicated greenspace, workforce and family housing, business enhancement
grants, and community events; and
WHEREAS, Ballot Issue A provides for debt authorization of a total amount up to $25
million (with maximum repayment costs up to $74 million) over the course of the 30 year lifetime
of the DDA; and would allow the DDA to utilize tax increment revenues to finance
implementation of projects and activities outlined in the DDA Plan of Development; and
WHEREAS, if Ballot Issue A is approved by voters, the Town would be authorized to
borrow money and incur indebtedness, on behalf of the DDA, in the forms of bonds, notes, and
contracts that would be the financial obligation of the DDA, paid back only through tax increment
revenues, and would not be the liability of the Town; and
WHEREAS, Ballot Issue B provides for the formation of a Fraser Downtown
Development Authority (DDA) to adopt and implement a Plan of Development within the DDA
boundary.
THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF
FRASER, COLORADO THAT:
1.) The Board supports Ballot Issue A for the April 2, 2024 election authorizing debt for a
Fraser Downtown Development Authority.
2.) The Board supports Ballot Issue B for the April 2, 2024 election organizing a Fraser
Downtown Development Authority to implement a Plan of Development.
READ, PASSED ON ROLL CALL VOTE, AND ADOPTED THIS 6th DAY OF MARCH 2024.
Votes in favor:
Votes opposed: 0 TOWN OF FRASER, COLORADO
Abstained:
OF P%
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SEAL
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ORA
BOARD OF TRUSTEES OF THE
BY:
aiat'deur
Mayor Pro-Tem
ATTEST:
CiAJ3-1:A0\ift
Town Clerk