Palisade Seeks to Establish Downtown Development Authority
KREX News Room
PALISADE, Colo.- On Tuesday evening, Palisade's board of trustees decided to take the first major steps toward growing its downtown area with a Downtown Development Authority.
Palisade's Downtown Development Authority would be similar to the one in Grand Junction. If approved, the DDA would be championed by a local business within the established district, and it would be funded through property taxes of landowners in that district.
"We spoke with local businesses on how do we improve the look of downtown? How do we help businesses with facade improvements? And so this DDA is a funding source mechanism that can start to develop money to improve Palisade's downtown and keep it the great place that it is," explained Richard Sales, administrator for the town of Palisade.
Sales says the next step is to map out the district's boundary lines.
The value of the area in those boundaries will determine the tax rate and subsequently, will help businesses calculate how long it would take them to raise enough funds to begin improvement projects downtown.