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City of Loveland DDA Ballot Question 5C Financing of Development Projects for Loveland DDA

KEY PROVISIONS: Whether the City may, without raising taxes, • Incur debt (issue bonds) of up to $61 million, with repayment cost of no more than $135 million • To finance costs of Loveland Downtown Development Authority (DDA) development and redevelopment projects • With debt to be paid and secured by tax increment revenues collected within the boundaries of the DDA. BACKGROUND In 2015, voters approved creation of the DDA, whose mission is to strengthen, develop and promote the economic well-being, safety and vitality of the Downtown District. In November 2016, the City referred a proposed DDA Mill Levy increase of up to 5.00 mills in property taxes as well as a proposed bond issue in an amount up to $75 million for DDA development projects. Both measures failed to pass. This 2017 ballot issue differs from the 2016 ballot issues because (1) it does not request a mill levy (tax increase) and (2) the debt request is reduced from $75 million to $61 milllion.PLEASE NOTE: Only “Qualified Electors” may vote on this ballot issue. For purposes of this DDA Election, a Qualified Elector is defined as follows: Resident, Landowner, or Lessee as these terms are further defined in 31-25-802 ((6),(6.2) and (10) C.R.S. • Residents must be over the age of 18 and a citizen of the United States of America • Landowners or Lessees which are not a natural person may vote only if it designates a representative to cast its ballot, that is a natural person, who is over the age of 18 and is a citizen of the United States of America • If you are already registered to vote in Larimer County and reside or own property within the DDA boundaries, you DO NOT need to complete the following form. The DDA ballot question will be on your ballot or on a separate ballot, that will be mailed to you.http://www.cityofloveland.org/home/showdocument?id=36679To retrieve this document, click on the link. BALLOT LANGUAGESHALL CITY OF LOVELAND DEBT BE INCREASED BY UP TO $61,000,000, WITH A REPAYMENT COST OF NO MORE THAN $135,000,000, WITHOUT RAISING TAXES, FOR THE PURPOSE OF FINANCING THE COSTS OF DEVELOPMENT PROJECTS TO BE UNDERTAKEN BY OR ON BEHALF OF THE LOVELAND DOWNTOWN DEVELOPMENT AUTHORITY PURSUANT TO THE LOVELAND DOWNTOWN DEVELOPMENT AUTHORITY PLAN OF DEVELOPMENT WITH SUCH DEBT PAYABLE FROM AND SECURED BY A PLEDGE OF THE SPECIAL FUND OF THE CITY WHICH SHALL CONTAIN TAX INCREMENT REVENUES LEVIED AND COLLECTED WITHIN THE BOUNDARIES OF THE AUTHORITY. WITHOUT RAISING TAXES, SHALL CITY Of LOVELAND DEBT BE INCREASED BY UP TO $61,000,000, WITH A REPAYMENT COST OF NO MORE THAN $135,000,000, FOR THE PURPOSE OF FINANCING THE COSTS OF DEVELOPMENT PROJECTS TO BE UNDERTAKEN BY OR ON BEHALF OF THE LOVELAND DOWNTOWN DEVELOPMENT AUTHORITY PURSUANT TO THE LOVELAND DOWNTOWN DEVELOPMENT AUTHORITY PLAN OF DEVELOPMENT, AS IT MAY BE AMENDED FROM TIME TO TIME, INCLUDING WITHOUT LIMITATION, PARKING, UTILITIES, STREETS, SIDEWALKS, ALLEYWAYS AND BEAUTIFICATION, AND APPLICABLE PROVISIONS OF COLORADO LAW; SUCH DEBT AND THE INTEREST THEREON TO BE PAYABLE FROM AND SECURED BY A PLEDGE OF THE SPECIAL FUND OF THE CITY WHICH SHALL CONTAIN TAX INCREMENT REVENUES LEVIED AND COLLECTED WITHIN THE BOUNDARIES OF THE AUTHORITY; AND SHALL SUCH DEBT BE EVIDENCED BY BONDS, NOTES, CONTRACTS OR OTHER FINANCIAL OBLIGATIONS TO BE SOLD IN ONE SERIES OR MORE FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT THEREOF, ON TERMS AND CONDITIONS, AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE CITY MAY DETERMINE, INCLUDING PROVISIONS FOR OF THE REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM OF NOT MORE THAN 3% PRINCIPAL AMOUNT SO REDEEMED; AND SHALL THE CITY AND THE AUTHORITY BE AUTHORIZED TO COLLECT, RETAIN AND SPEND THE TAX INCREMENT REVENUES, THE BOND PROCEEDS AND INVESTMENT INCOME THEREON AS A VOTER APPROVED REVENUE CHANGE, AND EXCEPTION TO THE LIMITS WHICH WOULD OTHERWISE APPLY UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?
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  • Yes - For the Measure

  • No - Against the Measure

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Arguments

THOSE IN FAVOR SAY:

Downtown Loveland needs increased parking and customer friendly improvements to sidewalks, light and traffic flow to keep it vital and thriving. It also needs business-friendly improvements in public utilities and redeveloping business. This bond issue allows the DDA to use debt to finance its projects and to repay that debt from sales tax increment monies.
THOSE OPPOSED SAY:

• Payment of bonds is intended to be paid by tax increment revenue from new development in the DDA.

• The City has not spelled out what it would do if the increased tax revenues are not sufficient to keep debt payments current.

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