Denver business owners, city leaders thrilled about plans to revamp downtown over the next decade

Veronica Acosta joined Denver7 in January 2021 as a reporter.

DENVER — This week, the Denver City Council approved the Denver Downtown Development Authority 's amended plan that outlines how millions of dollars will be spent to revamp the city's downtown over the next decade. Colorado law allows municipalities, through downtown development authorities , to collect a portion of property and sales tax in central business districts to finance projects that spur economic development. There are more than 20 DDAs in communities across Colorado.

'Read the full plan below:Denver Mayor Mike Johnston and City Councilmember Chris Hinds share in that excitement for what is to come. 'This will be the largest investment in downtown in Denver's history, all done without raising taxes,' said Mayor Johnston. 'It uses this tax increment finance that we have in downtown, but what it's going to be used for is making downtown a wonderful place to work, to live, to play.

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