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SUBJECT: <br />DATE: <br />DISCUSSION TOPICS <br />MAY 14, 2018 <br />PAGE2OF2 <br />• Evaluate various development scenarios that meet market potential and satisfy <br />positive fiscal benefits for the City <br />• Develop recommendations to encourage greater utilization and/or redevelopment <br />Downtown BID District Update <br />Several meetings and discussions have occurred since January 2018. Property <br />owners, businesses, and retailers have decided 2018 is probably not the appropriate <br />year to pursue such an election to increase the mill levy on properties within the BID <br />District. <br />Staff has discussed this opportunity with approximately 20 property owners, businesses, <br />and retailers that would be interested in these efforts. As they have been engaged and <br />evaluating the BID since January, they have become increasingly worried about the <br />impact of additional taxes upon businesses in downtown. Businesses and retailers are <br />having trouble overcoming increased taxes due to property valuation increases and tax <br />rate increases. As a result, downtown interests believe an additional mill levy would <br />place too much burden and add to the risk of business failure. Also there is concern the <br />City may no longer desire to cover the costs and implementation of the flower, winter <br />lights, and patio programs should the BID proceed. <br />Senate Bill 18-248 — Urban Renewal: Calculating Increment in Certain Circumstances <br />Since the urban renewal statutes were significantly altered by HB 15-1348, each <br />successive session has required legislation to fix problems it created. SB 18-248 will <br />address a specific problem that county assessors have been having calculating the tax <br />increment on after -approved taxes or debruced revenues affecting new urban renewal <br />plans adopted after January 1, 2016. The bill will relieve the assessors of the <br />responsibility by having the details worked out between the municipality/urban renewal <br />authority and any affected taxing entities. The bill easily passed both chambers with CCI <br />joining CML and the County Assessors association testifying in support. The bill passed <br />unanimously through the entire process. (From CML) <br />Additional information can be found here: <br />https://leg.colorado.gov/bills/sb18-248 <br />