May 7th was the first reading of an ordinance to update the Land Use and Development Code regarding the Fair Share (Inclusionary Zoning) Program. Key objectives include:
Extending the program to include rental developments
Incentivizing developers to construct units rather than paying the fee in lieu
Simplifying the program
Durango City Council approved a resolution adopting a new schedule for Building Permit Fees. Under the 2023 Valuation approved, the fees collected are projected to increase 40%.
City Council adopted an Economic Development Incentive policy for Durango that would be used to strategically drive sustainable growth, bridge market gaps, bolster local enterprises, retain growing businesses, create jobs, and establish a resilient economic foundation capable of withstanding challenges. City staff said the economic incentives will be used judiciously, selectively, and by exception as supplementary measures.
City Council also approved Durango’s participation in the state of Colorado’s Rural Jump-Start Zone program. The program was passed in 2015 as a tax relief program for out-of-state relocating businesses and new hires who locate into rural areas. If a business is approved, the program offers benefits for companies starting up or relocating into Colorado that include help with start-up costs and tax reliefs.
