Rep. Brian DelGrosso (R-Loveland) and Sen. Lois Tochtrop (D-Thornton) introduced HB 14-1375, dubbed in early drafts the “Urban Redevelopment Fairness Act,” on Friday, April 11, 2014, with only four weeks left in the legislative session. Specifically, HB 14-1375 amends the Colorado Urban Renewal Law (C.R.S. §31-25-101 et seq.) and as introduced, the bill contains three substantive provisions that will have significant, perhaps even prohibitive, impact on numerous urban renewal projects throughout the state. Here are the three main provisions you need to watch:
- A “seat at the table” provision for counties;
- A “return surplus funds” provision for all taxing bodies; and
- A “skin in the game” requirement that cities must pledge 100 percent of all sales tax revenues in order to authorize the use of 100 percent of all property tax revenues within an urban renewal plan.
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