Cherry Creek North Business Improvement District IDA Conference: “The CCNBID as a Public/Private Partnership” September 23, 2012

2 CHERRY CREEK NORTH BID – Denver, Colorado  First BID in Colorado in 1989 by state statute  City and County of Denver approves Board, budget, operating plan  “Stand alone” BID  New 501c6 for advocacy  Premier shopping, dining, mixed-use destination

3 KEY BID STATS  16 block area  Budget – $4M annually (property tax levy on commercial)  $1M – debt service for BID bonds  $1M – marketing  $1M – physical environment/parking management  $1M – other services/administration  12 Board members and 10 Staff

4 BID’S STREETSCAPE RENOVATION PROJECT  First major improvements since 1989  Paid for with $18.5M of District funds (no City dollars)  Project finance, design and construction managed by BID  Won IDA Merit award in 2011  Won ENR Mountain States award in 2011

5 AREA ECONOMIC SUCCESS MEASURES  Vacancy/lease rates (especially retail)  Sales and property tax collection rates  Private sector investment  Customer satisfaction survey/brand recognition  Retail success rates (opening/closing ratios)

6 COMMUNITY IMPROVEMENT MEASURES  Upgraded infrastructure  Support for the City/community  New parking meters  New area plan  Redevelopment project approvals  New zoning/design guidelines  Effective public/private partnerships  New area business alliance  Visit Denver Inc.  Cherry Creek Arts Festival

7 ORGANIZATIONAL MEASURES  Financial and program management  Board/committee/staff development  Short and long term planning  Community communication/involvement

8 LEADERSHIP DEVELOPMENT (ULI)  Identify motivated, capable, representative leaders  Establishing norms – trust/honesty leading to “best practices”  Continuing education, research, formal/informal interaction  Ongoing leadership succession