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Additional Revenues Urban Renewal Projects

Concerning the treatment under statutory provisions governing tax increment financing of revenues received by an urban renewal authority following certain voter-approved revenue increases.
2018 Regular Session
Local Government
Bill Summary

Urban renewal authority - special fund to collect incremental revenue to finance urban renewal projects - consent by relevant taxing entity to collection by authority for payment into the special fund of additional revenue received because of voter-approved revenue changes - repayment by authority of additional revenue to taxing entity - authorization for authority and taxing entities to enter into agreement on repayment of revenue. Under current law, in connection with the use of a special fund (fund) of an urban renewal authority (authority) to collect the tax increment used to finance urban renewal projects, any additional revenue received by a municipality, county, special district, or school district (taxing entity) resulting because the voters have authorized the taxing entity to retain and spend such money under the TABOR requirements of the state constitution after the creation of the fund or as a result of an increase in the property tax mill levy approved by the voters of the taxing entity after the creation of the fund, to the extent that the total mill levy of any taxing entity exceeds the respective mill levy in effect at the time of approval or substantial modification of the urban renewal plan, are not included in the amount of the increment that is allocated to and, when collected, paid into the special fund.

Under the act, additional revenue that has been received because of the 2 specified forms of voter-approved revenue changes are restricted from being pledged by an authority for the payment of any bonds of, or any loans or advances to, or any indebtedness incurred by the authority without the consent of the relevant taxing entity. To the extent the authority has received a certain notification specified in the act, the authority shall then promptly repay additional revenue to the taxing entity. The act requires the authority to be notified of the amount of additional revenue and the calculations used in computing the amount by the applicable taxing entity before making repayment and no later than February 1 in each fiscal year following the year in which a voter-approved revenue increase has taken effect.

The act permits an authority and any taxing entity to negotiate for the purpose of entering into an agreement on the issues of the amount of repayment, the mechanics of how repayment of the additional revenue will be accomplished, a method for resolving disputes regarding the amount of repayment, and whether the taxing entity will waive the repayment requirement, singularly or in combination, and are further authorized to enter into an intergovernmental agreement regarding any of these issues.

(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details