The Town of Silverthorne adopted an update to the Town's 1996 Urban Renewal Plan on February 27, 2013. This plan was updated in order to assist the Town in achieving the long-standing vision of fostering a vibrant and pedestrian-oriented Town Core. The Town's 2011 Community Survey identified development of the downtown core and economic development as the two biggest issues facing the community in the next five years. Although no specific project has yet been identified, the updated plan provides the guidance and resources necessary should a project be identified. Listed below are the factors that drove the need to update the Urban Renewal Plan. Urban Renewal 101 information is available and provides information on the fundamentals of Urban Renewal. If you have questions about the Urban Renewal Plan, please contact Town Manager Ryan Hyland at firstname.lastname@example.org or 970-262-7319.
A conceptual drawing, created as part of the 2011 Downtown Assessment Project, focuses on the Blue River Parkway & 4th Street intersection. The conceptual drawing illustrates the opportunity to significantly change the look and feel of the Town Core area.
• The Silverthorne Town Council is working to move forward with the long-standing community vision to develop a vibrant, pedestrian-friendly, mixed-use Town Core.
• Silverthorne’s written goals, from the 2008 Comprehensive Plan, to the Economic Development Plan, to the Town Council’s 2013 Town Goals, all address this community vision. The Town's 2011 Community Survey identified development of the downtown core and economic development as the two biggest issues facing the community in the next five years.
• In 2011, the community participated in a public process which formulated specific recommendations for Silverthorne’s Town Core. The Downtown Colorado Inc. (DCI) Assessment Process resulted in recommendations which can be found here. In 2012, as part of their goal setting process, the Town Council committed to take the next steps toward achieving the community vision that resulted from the 2011 public process.
• Through the public processes that ultimately defined the vision, it was discovered that in order to accomplish this community objective, the Town would have to participate in a range of public/private partnerships and assemble the tools necessary to finance future initiatives.
• Financing will be necessary for the installation of critical infrastructure, including attractive streetscapes with sidewalks. In addition, an existing sewer main, currently located directly under multiple private properties, will need to be relocated as it represents a significant impediment to private redevelopment.
• The Silverthorne Urban Renewal Authority, created by the Town Council in 1996, has the ability to use one of the essential financing tools, Tax Increment Financing (TIF), to fund these improvements.
• TIF is not an additional tax on residents, businesses, or property owners in Silverthorne. Rather, it is the net-new sales and property tax revenues resulting from new development and redevelopment in a defined area of the community. Because of the long-term nature of this funding mechanism, the Town is able to bond against those future revenues to fund infrastructure improvements.
• In order to establish the TIF revenue stream, the Town updated the 1996 Blight Study and Urban Renewal Plan. Properties included in the plan area include those in the Town Core district, along with several in the Town Core Periphery and Gateway Districts.