Press Releases
September 30, 2009CHERRY CREEK NORTH BUSINESS IMPROVEMENT DISTRICT COMPLETES ITS BOND SALES
DENVER—The Cherry Creek North Business Improvement District today completed its sale of $18.5 million in District bonds for the design and construction of its streetscape improvement project. In October 2008, the District sold $9.25 million in bonds. In a second sale today, the District sold another $9.25 million in bonds.
The BID is undertaking renovation and upgrade of its streetscape which includes improvements to its lighting, signage, wayfinding, intersections, landscaping, street furniture and other forms of infrastructure. The improvements are to be made throughout the sixteen block area of the BID and are scheduled to begin in early 2010.
Capital Improvements Fact Sheet
The project’s goal is to improve the overall business environment in the District. The improvements are designed to attract visitors and users to the District and to increase their use of Cherry Creek North as a destination for shopping, dining, and commerce. The renovations and upgrades will:
- Protect and preserve the earlier investments made in the streetscape
- Improve lighting for pedestrians and way finding for shopping and parking
- Strengthen Cherry Creek North’s sense of place as a unique art and garden environment
- Improve the customer friendliness of the City’s on-street parking technology
- Facilitate the expansion of the number and quality of events programming
- Incorporate sustainable design principles and practices
- Minimize the costs of ongoing maintenance needed to support the improvements
- Leverage City, property owners, and other organizations’ support for the project
- Develop a more attractive and functional public space on Fillmore Plaza
- Create stronger identity statements for Cherry Creek North’s gateways and streets
Important points to note about the streetscape project are:
- First comprehensive upgrades/improvements to the Cherry Creek North streetscape in twenty years
- First comprehensive streetscape project to be done by the District itself (rather than by the City)
- Cherry Creek North is the first BID in Colorado to issue its own bonds
- The bonds were sold successfully based upon District bond ratings of “A plus” from Standard and Poor’s and “A minus” from Fitch
