h_bus_2017a_2017-02-21t13:33:14z2 Hearing Summary

Date: 02/21/2017

Location: LSB A

02:47 PM -- HB 17-1161



Representative Beckman, sponsor, introduced House Bill 17-1161. The bill requires that urban renewal authorities (URAs) prepare a public report no later than 90 days after the end of the first fiscal year in which a urban renewal plan using tax increment financing (TIF) has been authorized, and each year thereafter. The report must include information on TIF revenue collected in the previous year, the taxing entities affected, how revenues were spent, projected TIF revenues for the upcoming year, and progress made on urban renewal projects. The report must also include an independent audit of the URA's financial status by a certified public accountant. If the audit identifies that TIF revenue has been used for unauthorized purposes, the URA is liable for the repayment of those tax revenues to the taxing entities. The bill defines eligible costs and eligible improvements for URAs, and specifies that the annual public report be sent to each taxing entity via first class mail and email.



Representative Beckman provided a handout (Attachment C) and amendment L.001 (Attachment D) to the committee.



170221 AttachC.pdf170221 AttachD.pdf



Representative Beckman responded to questions from the committee.



03:01 PM -- Tim Hoover, Colorado Fiscal Institute, testified in support of the bill.



03:03 PM -- Angela Dougan, Americans for Prosperity, testified in support of the bill. Ms. Dougan responded to questions from the committee.



03:08 PM -- Robin Swartzbacker, representing herself, testified in support of the bill.



03:10 PM -- Bruce Baker, representing himself, testified in support of the bill. Mr. Baker provided a handout to the committee (Attachment E). Mr. Baker responded to questions from the committee.



170221 AttachE.pdf



03:14 PM -- Barbara Kirkmeyer, Weld County Commissioner, testified in support of the bill. Commissioner Kirkmeyer responded to questions from the committee.



03:18 PM -- Carol Brzeczek, representing herself, testified in support of the bill.



03:22 PM -- Patrick Fitzgerald, representing himself, testified in support of the bill.



03:22 PM -- Kevin Bommer, Colorado Municipal League, testified in opposition to the bill. Mr. Bommer responded to questions from the committee and the bill sponsor.



03:34 PM -- Erin Goff, NAIOP Commercial Real Estate Development Association and the International Council of Shopping Centers, testified in opposition to the bill.

03:38 PM



Representative Beckman and committee members made closing remarks on the bill.

03:49 PM



The committee adjourned.