Page 57 - Denver, CO Adaptive Reuse Program

CHAPTER 7: PARTNERSHIPS & ASSISTANCE
COMPONENT

Introduction
The partnerships and assistance component addresses ways that
the adaptive reuse program can work with existing programs
and initiatives, as well as potential financial assistance for project
applicants. This component has two main parts, the first of which
focuses on City departments and nonprofits in the City that are
not involved in the permitting part of adaptive reuse projects but
can assist adaptive reuse applicants in other ways. Assistance is
also provided through financial incentive and technical assistance
programs.

Overview of Existing System
Existing incentives and partnerships make adaptively reusing
structures along East Colfax feasible. During a project, applicants
often contact the Denver Economic Development and Opportuni-
ty (DEDO) department to determine if there are any available in-
centives that fit with the project. In addition to DEDO assistance,
a range of financial incentives and other assistance are available to
property owners hoping to make an adaptive reuse project work.
These incentives and programs are explained below.

Current Incentives
i. Enterprise Zone
Enterprise Zones are a statewide tax credit program that allows
local businesses in specific geographic areas to receive tax cred-
its against their state liability. Part of the area identified for this
study – the majority of East Colfax between Colorado Boulevard
and Yosemite – falls into the Denver County Enterprise Zone.
Enterprise Zone tax incentives established by the state aim to assist
those starting new businesses and to expand businesses within the
designated zone. While there are a variety of tax incentives that
may interest business owners along East Colfax, the Vacant Build-
ing Rehabilitation Credit is especially useful for adaptive reuse
projects.

ii. Vacant Building Rehabilitation Tax Credit
This tax credit is available to any taxpayer that is the owner or
tenant of a building within the defined enterprise zone. If the
property qualifies, the taxpayer may claim an income tax credit
for qualified expenditures for the purpose of rehabilitating the
building. The building must be at least 20 years old, have been
unoccupied for at least two years and be rehabilitated for commer-
cial use. Qualified expenditures include exterior improvements,
structural improvements, mechanical improvements or electrical

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