Cherry Creek North 2010 sales tax receipts show upswing

June 20, 2011 - PRLog -- DENVER – A very successful fourth quarter in 2010 provided more evidence that Cherry Creek North remains a leader in Colorado’s retail recovery, based on 2010 year-end sales tax receipt figures the Cherry Creek North Business Improvement District (BID) received from the City of Denver. Sales tax collections in Cherry Creek North for 2010 were up 16 percent compared to 2009, highlighted by the fourth quarter of 2010, which was up a robust 26 percent over the fourth quarter of 2009.

Cherry Creek North’s sales tax increase of 16 percent over the previous year more than doubled the surrounding areas. Compared to 2009, sales tax receipts in 2010 were up 6.5 percent for Colorado, 7.1 percent for the Denver Metro Area and 6.5 percent in the City of Denver. The District’s totals for 2010 eclipsed both 2009 and 2008 figures and nearly equaled its pre-recession 2007 levels.

“We are excited that Cherry Creek North remains on the leading edge of the overall retail recovery,” said CCNBID President and CEO Julie Bender. “These gains occurred while the District’s streetscape project, ‘The New North’ was completing construction. We’re already seeing signs that this will have a positive long-term impact. New merchants are moving into the area to join strong, established businesses.”
Restaurant/hotel sales tax collections continue to lead the way in Cherry Creek North. Sales tax collections in this retail category were up 24 percent in 2010 over 2009. Clothing and accessories were up 17 percent and home furnishings were up 13 percent.

Retail vacancies have also dropped from 13 percent to 9 percent over the last two years. Only halfway through 2011, 21 new businesses have already opened in Cherry Creek North.

The BID’s self-funded $18.5 million streetscape project (“The New North”) will be substantially complete on June 25 when Cherry Creek North hosts a grand opening celebration on the renovated Fillmore Plaza. This free festival for the public starts at 2:00 PM with musical performances from Flash Cadillac, Sons and Brothers, Lannie Garrett and the Gypsy Swing Review and Haunted Windchimes. “The New North” project includes new landscaping to beautify the area and conserve water, new lighting for safety and energy conservation, better identity and wayfinding signage, 20 new Art and Garden spaces and upgraded infrastructure. It is the first major renovation to the area since 1989. The design and construction costs are paid for by the BID. No City funds were used for the project.

About the CCNBID: The Cherry Creek North Business Improvement District (BID) was established in 1989 as the first business improvement district in Colorado. The District encompasses a sixteen block (27 acres) area, bounded by 1st and 3rd Avenues and University and Steele Streets. The BID is a governmental special district chartered by State Statute. The District provides essential services that support property owners, merchants, and other users of the District that would otherwise not be available. The BID is governed by a board of directors that is appointed by the Mayor of Denver, approved by the Denver City Council, and serve at the pleasure of the Mayor and Council. Property taxes from the District property owners are the primary source of financial support. Based upon annual revenues, the Cherry Creek North BID is the second largest in Colorado.

Cherry Creek North Business Improvement District
299 Milwaukee Street, Ste 201, Denver, CO 80206 • 303-394-2904
http://www.cherrycreeknorth.com