FREQUENTLY ASKED QUESTIONS

What is the status of the District’s Capital Improvement projects?

The voters of the District approved the issuance of up to $18.5 million in bonds for capital improvements on November 7, 2006 for improvements throughout the District’s sixteen blocks. Before the election, a design firm created a conceptual plan for potential capital improvements.

On March 19, 2008, the Cherry Creek North Business Improvement District (CCN BID) Board of Directors approved two contracts to initiate the design phase for a district-wide Capital Improvements program. Prior to a resolution approving the contracts, a proposal and interview process lead the Capital Improvements Committee to recommend Nolte Associates as the program management and inspection services firm for the design phase of the project. A second extensive proposal and interview process lead the committee to recommend the Design Workshop team to the CCN BID Board of Directors. Additional team members include CommArts (graphic design), Desman (parking), Fehr & Peers (traffic), JVA (civil and structural) and Patrick Quigley (lighting design).

The Capital improvements Committee has also been working to further research and refine financing options. The Board selected Piper Jaffray as the bond underwriting/financial advisory firm and Kutak Rock as its bond counsel. The Cherry Creek North BID recently had the opportunity to share the Cherry Creek North story with three bond houses while also discussing the potential bond opportunity. Upon completion of the financing research phase, Piper Jaffray will provide a recommendation on bond issuance to the Capital Improvements Committee and the Cherry Creek North Board of Directors for consideration.

What has the District done to address the concerns about the bond election?

Since the District election, the CCN BID Board has been working to address concerns regarding the potential costs and impacts of concepts presented for Capital Improvements. In addition, the Board is focused on the overall communication with the District constituents and stakeholders.

The CCN BID Board, in partnership with the Capital Improvements Committee, developed project goals including core areas of focus: Authenticity, Safety/Security, Connectivity, Vitality, Customer/User Friendly, Sustainability, Fiscal Responsibility, Active and Outreach. Based upon constituent feedback, the CCN BID Board has asked the Capital Improvements project team to develop three new alternative design and finance plans for Board review. The intent of the CCN BID Board is to develop Capital Improvement plans that provide the best return on investment, preserve the character of the District, keep the District ahead of the competition and address the need to update and repair the area’s infrastructure.

How will the Cherry Creek North constituents share input during the design process?

The Capital Improvements Committee recently recommended and formed a Project Advisory Group (PAG) comprised of twelve Cherry Creek North stakeholders. The group represents a variety of interest groups from property managers to store owners and neighbors gathered to share ideas and feedback. In addition, during the initial design phase, there will be a series of “Open House” forums to receive input and offer updates throughout the process. Ongoing communication, meeting schedules (and meeting notes) may be found at www.CCNcapimprovements.com and monthly merchant Outreach Communication meetings (3rd Friday of each month) will include a project update.

What type of improvements could potentially be made in the District?

The Capital Improvements Committee, and the CCN BID Board as a whole, is discussing improvements throughout the sixteen-block District to the infrastructure, lighting, signage, landscaping, and crosswalks. The District is also working with the City, adjoining property owners and other stakeholders on potential improvements to Fillmore Plaza including timelines, program elements, and budgets.

Have provisions been made to minimize business interruption during construction?

The District is committed to minimizing business interruption during the construction of any capital improvements that it undertakes by working in partnership with property owners and tenants. As we work through communication during the design phase, we will create a program for construction management and communication.

In addition to its own constituents in the District, how is the District working with its residential neighbors, the City, and other stakeholders?

The District is committed to maintaining open communication with constituents and stakeholders. The Cherry Creek Steering Committee has formed a task force with the CCN BID staff, Capital Improvements Committee, and Councilwoman Robb’s office to review ideas and issues as they relate to the neighbors.

How will potential capital improvements be financed?

The District selected Piper Jaffray to assist in reviewing financing alternatives for the project. Piper Jaffray is developing alternatives for board consideration. The District plans to finance any capital improvements with existing operating revenues.

Has the Cherry Creek North BID issued bonds before?

Yes. Bonds were issued in 1989 to finance the District’s improvements and were paid off in 2001. The 1989 bond financed the CCN streetscape that exists today.

How can I get more information about capital improvements planned and undertaken by the District?

Information will also be posted on the District’s website (CCNcapimprovements.com). Information is always shared the District’s monthly board meetings, held on the third Wednesday of the month from 7:30 to 9:30 am., at 299 Milwaukee. These meetings are open to all constituents and the public. Regular monthly Outreach Communications meetings for constituents are held on the third Friday of the month from 8:30 a.m. to 9:30 a.m., at 299 Milwaukee. Each meeting will be preceded with updates on the Capital Improvements program. Constituents, please remember to update your e-mail address in order to receive the BID News: info@cherrycreeknorth.com.