An $18 million plan to renovate the Cherry Creek North shopping district passed by just two votes, according to official results released Tuesday afternoon.
Merchants, property owners and a handful of residents in the 16-block district voted 152-150 to allow the Cherry Creek North Business Improvement District to issue up to $18 million in bonds to fund improvements expected to include signs, lighting, landscaping and renovations to Fillmore Plaza.
“I’m excited that enough constituents believed in it that it passed,” said Rosella Louis, owner of the Brass Bed.
The renovations will give the neighborhood a more cohesive identity and help it continue to compete against shopping destinations such as Park Meadows mall, Belmar and Aspen Grove, she said.
She acknowledged that the narrow margin by which the bond issue passed means supporters will have to work hard to create a plan that everyone can support.
“It shows that it was not a mandate. At least half of us had questions about doing it,” said Nelson Giesecke, owner of Object Design Studio, who opposed the bond issue.
Opponents said they wanted a more precise plan for how the money would be spent before authorizing the funding, which the business improvement district has said would be repaid from future revenue and would not require a tax increase. The district receives its funding from a portion of property taxes generated in the area.
Supporters of the plan argued that the area needs to be updated to remain competitive. They said they preferred to authorize the money, then determine how to spend it.
With the election over, the district board wants to focus on rebuilding consensus in the neighborhood before it determines precisely how the money will be spent, said Christina Brickley, interim chief executive of the district.
“The board has charged the staff with working with merchants and starting to build bridges to bring them together,” she said. “It’s not that different from the election between the Democrats and Republicans. People are very passionate on both sides.”
The district plans to shift its immediate focus to the holiday retail season but will later solicit merchants and property owners for committees that will seek input as to how the money will be spent, Brickley said.
Staff writer Kristi Arellano can be reached at 303-954-1902 or karellano@denverpost.com.
