The City of Sheridan will now have a Downtown Development Authority, as the city council approved an ordinance on third and final reading Tuesday night establishing a D-D-A. Downtown Sheridan Association Executive Director Stacie Coe addressed the council prior to their vote on the issue.
The D-D-A will be under the direct supervision and control of a board consisting of five members appointed by the city council. A majority of the members of the authority, except any member from the governing body, shall reside, be a lessee or own property within the designated downtown development district.
A vote by the property owners within the district will be held to authorize a tax increment finance program, that if approved, will direct revenue into a specific account for capital improvements within the downtown district.