Posted May 31, 2015, 8:15 PM
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I took a bus pic, CIRRUS
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Join Date: Mar 2009
Location: Soon to be banned
Posts: 1,697
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Hickenlooper signs urban-renewal reform despite threats of stalled projects
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Originally Posted by DBJ
Gov. John Hickenlooper on Friday signed into law Colorado's most significant piece of urban-renewal reform in recent memory, choosing to back a bipartisan measure over objections from city leaders and one urban-renewal financier who warned that the new law will bring some high-profile projects to a screeching halt.
A throng of county, special-district and school-district leaders gathered around the Democratic governor in his office as his signature on House Bill 1348 — sponsored by House Speaker Dickey Lee Hullinghorst, D-Gunbarrel, and Rep. Polly Lawrence, R-Roxborough Park — ended a frenzied three-week push to block the measure, a result that city and business leaders achieved when Hickenlooper vetoed a separate urban-renewal effort last year.
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The bill itself.
The Colorado Municipal League did not back the bill.
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HB 15-1348 would result in a chilling effect on the ability to create future urban renewal projects. The tax increment financing (TIF) formula contained in the bill will discourage the private sector from investing the time and money needed to develop a project financing package with an urban renewal authority, with the probability that the financing package will be undone by demands made during the TIF negotiations with taxing entities.
Urban renewal financing packages are already complex and difficult to complete - generally taking more than a year to work out between the urban renewal authority and the private sector.
HB 15-1348 adds another complicated layer of negotiation and financing formulas.
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Commerce City did not like the bill.
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"Of course you're right." Cirrus
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