The Central City Downtown Development Authority (CCDDA) held its first meeting on March 19, 2024, at 3:30 p.m. in the Council Chambers at 141 Nevada Street in Central City.

All members of the Authority were present: Kara Tinucci, Steve Boulter, Jeff Hentschel, Chuck Spencer, and Eric Langan. Special Counsel Carolynne White and Angela Hyatt were also present.

White then presented the DDA Board Member Orientation, and reviews of conflict of interest laws and fiduciary responsibilities.

White explained that a DDA is a limited service government entity formed by a municipality. She continued to review how Central City has approved both a DDA and an Urban Renewal Authority.

She said a DDA is really more of a planning organization that restores or provides for the health of a downtown in the Central Business District.

The main revenue received will come in the form of property tax-increment funding and possibly sales tax. If property values increase, then property tax revenue would also increase.

White said, “The idea is to create a system to catalyze and leverage capital investment.” She continued that the mission of the DDA is to promote economic growth.

Some members will have two-year terms, while others will hold their positions for four years, in order to avoid having all members’ terms ending at once.

Any new tax revenues created as a result of the DDA will create incremental tax revenue. Tax evaluation occurs every two years, but White explained that major events could warrant an evaluation in an offyear.

Boulter asked about the Knights of Pythias building, which is currently being renovated to support 18 urban apartments. White explained that any changes after the baseline period would be partially attributed to the DDA. The baseline is a snapshot in time and will occur between April 2 and June 30 of this year.

White suggested some policies for the board to consider down the road.

Hyatt explained about conflicts of interest concerning the DDA and financial interest. She explained that financial interest means substantial financial benefit from the actions of the DDA that is apart from the benefit shared by all property owners. It is the duty of a board member to disclose that conflict of interest.

General Business included:

A. Consideration and Approval of Resolution CCDDA No. 24-01, adopting the Bylaws of the City of Central Downtown Development Authority.

Hyatt reviewed the bylaws and the rules of order which are “Bob’s Rules of Order,” a shortened form of Robert’s Rules of Order.

A budget will be due at the end of the calendar year. Hyatt reviewed the financial provisions listed in the bylaws. As a governmental entity, the DDA is subject to the open records and meetings laws. Webster suggested amending the bylaws so that the meetings should be held within the boundaries of the DDA. Others agreed.

Members’ initial terms will end June 30, 2025.

A motion was made to approve Resolution 24-01 as amended. All were in favor.

Establishment of regular meeting dates and times for 2024. The board agreed to hold meetings on the third Tuesday of each month at 1 p.m.

B. Review/approval of CCDDA Plan of Development (Resolution CCDDA 24-02). White said this area is only focused on the Central Business Improvement District (BID) and works with other entities to achieve common goals. She said tax-increment revenue relies on the Plan of Development.

Hentschel asked about some wording in the Development Plan concerning impact and demand. White said you can plan for things without the presence of demand or an impact.

Langan reminded everyone that this is a 30-year venture and asked if the plan can be amended as time goes on. White said that yes, the City Council can amend the Plan.

The Plan will come before the City Council on April 2.

Langan moved to approve the resolution. Webster seconded. All were in favor.

C. Review/approval of Cooperation Agreement/IGA by and between the CCDDA, the City, and the City of Central Business Improvement District. (Resolution CCDDA No. 24-03)

White explained that the DDA will be relying on City staff for things like posting meeting times until they have revenue to hire employees. Miera explained that the IGA will be clear on sharing staff.

White presented a proposed cooperation agreement whose purpose is to pass the increment tax revenue through the mill levy and the BID. Miera explained that the mill levy for the BID of 80 mils is to stay in place unless and until the valuation of the BID reaches $70 million.

Langan moved to approve and all were in favor.

Next steps include planning joint meetings with CCURA and election of the officers.

Boulter asked who was paying for White’s services. White responded that her payment comes from the City.

One board member asked about what kind of funding the DDA will receive. Miera theorized that the initial tax revenue from 5 mills for the DDA would be about $87,000.

The meeting adjourned at 5 p.m.

The next CCDDA meeting will be held on April 16, 2024, at 1 p.m. in the Council Chambers at 141 Nevada Street.