Page 62 - 2014_15CommunityRpt_FlipBookPDF

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2003 Of particular note was CHFA’s allocation of
$1.7 million from the ED Initiative to structure
$50 million economic the commercial component of a mixed-use
development initiative project in Aurora called Florence Square. The
launches Florence Square project was an integral part
of Aurora’s redevelopment of a key corridor,
To increase awareness of CHFA’s economic revitalizing an area that was in decline due
development programs and the availability to the city’s southern expansion in the late
of fixed rate capital to small businesses 1980s, as well as the more recent closures
throughout Colorado, CHFA launched a $50 of Lowry Air Force Base, Fitzsimmons, and
million Economic Development Initiative (ED Stapleton International Airport in the 1990s.
Initiative) in 2003. This partnership with the
Colorado Office of Economic Development In 2004, the Florence Square redevelopment
and International Trade (OEDIT) focused on began. The ED Initiative funds were paired
manufacturing facilities, small businesses, with a CHFA SMART loan and an LIHTC
ranchers, farmers, nonprofits, women- and allocation, leveraging overall development
minority-owned businesses, and expanding costs exceeding $14 million. Florence Square
existing programs. It resulted in 45 project was a great success, featuring a 110-unit
loans and impacted 526 jobs. apartment complex, 17,000 square feet
of commercial space, and impacting a
Florence Square, a multifamily customer in Aurora minimum of 35 jobs.