The DDA and BID both are funded by 5 mill property tax levies. The DDA can also provide Tax Increment Financing (TIF). See slide on the DDA below. DDAs can do more things than an Urban Renewal Authority (including providing job incentives, facade improvements, planning). The DDA publishes an annual report on real estate metrics that helps encourage investment. They also partner with two other entities, the Chamber and the Economic Development Corporation (EDC), which focus more on promoting and preserving primary employment. The DDA also assists small businesses through the development and business expansion process.
One of the DDA’s very successful projects is the Cottonwood Center for the Arts (CCA), a local non-profit that has galleries, performance space, classes and 80 artist studios (which are 100% rented and have a wait list) in a building financed by the DDA. The DDA holds the mortgage note on the CCA’s building and the nonprofit rent pays off the note. The DDA also used TIF helps reduce the cost of mortgage. Now that’s “creative financing”!
Last week I gave a presentation to the Erie Rotary Club on the Town’s 2019 Work Plan and development activity around Town. I really appreciate the Rotary Club members’ commitment to service, high ethical standards, and the advancement of international understanding, goodwill and peace. I think we can all benefit from applying the Rotary’s “Four-Way Test” to the things we think, say or do…
1. Is it the truth?
2. Is it fair to all concerned?
3. Will it build goodwill and better friendships?
4. Will it be beneficial to all concerned?
I was delighted to be invited to attend the Erie Rotary Club meeting on Wednesday. This was a great opportunity to share a brief state of the Town, and, in particular, the progress of the Work Plan initiatives.