Urban Renewal Bill Rejected

Gov. Hickenlooper vetoed a bill on June 6 that would have increased restrictions on urban-renewal developments, saying that while he understood the intent of the measure, the financial requirements placed on cities in the bill were excessive. HB-1375, sponsored by House Minority Leader Brian DelGrosso (Loveland) would have required county officials to get at least one seat on urban renewal authority boards and would have mandated that cities set aside the same percentage of their sales-tax revenue for the areas as the percentage of property-tax revenue that counties give up in the deals. Hickenlooper said that he accepted the addition of a county representative on the boards, but felt the cities’ sales-tax requirement could curtail use of the tools.

“Unfortunately, HB-1375 goes a step too far,” Gov. Hickenlooper wrote in his veto letter to the Legislature. “The bill’s provision that mandates the percentage of property tax increment not exceed the percentage of allocated municipal sales tax increment does not account for the complexity and variety of urban renewal projects. We understand the concerns that such inflexibility could hamstring projects that might benefit from the use of these programs,” the governor said.

This entry was posted in - IRES MLS News, Gov't Affairs, Govt - State of Colorado and tagged , , , , , . Bookmark the permalink.

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