Colorado Capitol Watch

Login

Welcome Visitor

 
Forgot password?
----------
Subscribe for Current Session

My CCW Tools

Look Up Bills

Look Up Legislators

Legislative Year: 2023 Change
  •  
  •  

Bill Detail: SB23-175

Return to list of bills

emailSend an email to your legislator

Title Financing Of Downtown Development Authority Projects
Status Governor Signed (06/02/2023)
Bill Subjects
  • Local Government
House Sponsors A. Boesenecker (D)
R. Taggart (R)
Senate Sponsors J. Rich (R)
S. Jaquez Lewis (D)
House Committee Finance
Senate Committee Finance
Date Introduced 03/02/2023
Summary

Currently, the governing body of any municipality in the state may,
with voter approval, establish a downtown development authority
(authority) to assist the municipality in the development and
redevelopment of its central business district. An authority may, if
approved by the voters, use tax increment financing (TIF) to generate
capital by dedicating growth in property tax or sales tax revenue to
finance projects within the boundaries of the authority. The tax increment
is the amount of additional tax revenue represented by the difference
between the actual amount of tax revenue collected after the TIF is
established and the base year tax revenue within the boundaries of the
authority. The revenue that is attributed to the growing tax base is the
incremental revenue used to finance the redevelopment projects within
the boundaries of the authority (incremental revenue).
Currently, an authority may use a TIF arrangement for a period of
30 years with the option for one 20-year extension. For property tax
revenue only, the bill creates automatic and recurring additional 20-year
extension periods during which an authority may use a TIF arrangement,
unless the governing body of the municipality opts out of the extensions.
The first additional extension period begins upon the expiration of the
original 50-year period.
During the 20-year extension period allowed pursuant to current
law, 50% of the incremental revenue is allocated to a special fund of the
municipality that created the authority (special fund), to be used to
finance projects within the boundaries of the authority. The other 50% of
the incremental revenue is allocated to the other governmental entities
that levy property taxes within the boundaries of the authority, unless the
municipality and all of the other governmental entities reach an
alternative agreement. For the automatic and recurring 20-year extension
periods, the bill continues the default split of the incremental revenue
unless the municipality and all of the other governmental entities reach an
alternative agreement.
During the last 10 years of a 20-year extension allowed pursuant
to current law, the base year revenue for the TIF is recalculated every
year. For an automatic and recurring 20-year extension period, the bill
requires the base year revenue to be recalculated every year.
Pursuant to current law, the governing body of a municipality must
incur any debt to be used to finance the projects of the authority. The bill
allows a municipality and an authority to enter into an intergovernmental
agreement through which the municipality may delegate to the board of
the authority the power to incur debt and to pledge money in a special
fund of the municipality for the payment of the debt. The bonds issued by
the board must be authorized by a resolution of the board and must be
issued by the authority acting on behalf of the municipality.
1

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (08/22/2023) (most recent)  
Additional Bill Documents Bill Documents
Including:
  • Past bill versions
  • Past fiscal notes
  • Committee activity and documents
  • Bill History
 
Lobbyists Lobbyists
Audio [This feature is available by subscription.]  
Votes House and Senate Votes
Vote Totals Vote Totals by Party
 
 
 
Copyright © 2008-2024 State Capitol Watch