With the exception of minor adjustments, Enterprise Zone boundaries haven’t changed since 1998. Despite efforts in recent years by the legislature to reign in the Colorado Enterprise Zone program, the Economic Development Commission recently approved changes to zones in Boulder, Larimer and Weld Counties.
The changes in Larimer County include the addition of Estes Park, some additional areas in northeast Fort Collins, the town of Berthoud, and some additional parts of Berthoud and Wellington. In Weld County, the zone was expanded to include a significant portion of northwest Weld County, much of which includes the Niobrarra Energy Park, additional areas around Greeley and along US 85. In Longmont, the Village at The Peaks, significant portions of the St. Vrain Valley Blueprint area, the 1st and Main redevelopment area, and the Southeast Longmont Urban Renewal area will have enterprise zone status.
The Office of Economic Development and International Trade (OEDIT) administer Colorado’s Enterprise Zone (EZ) program. The purpose is to provide tax incentives to encourage businesses to locate and expand in designated economically distressed areas of the State. Private-sector businesses use the income tax incentives, creating job opportunities and capital investment. The private investment results in tax revenue for school districts, cities, counties and the state, outweighing the cost of the tax credits granted. The new zones will take effect Jan. 1, 2016.