Laserfiche WebLink
Revitalization Commission <br />Minutes <br />April 8, 2019 <br />Page 4 of 7 <br />increase or decrease each year. There was no significant TIF revenue collected prior <br />to 2014 because value was not increasing. <br />• Property Tax <br />• Sales Tax — (requires additional authorization by City Council) not included <br />• Facilitating Projects is the main intent and is broad in scope <br />Assistance can be provided for infrastructure, direct financial assistance, other <br />projects. <br />City Attorney Kelly noted urban renewal could use property tax increment and Council <br />could use sales tax rebates through the Business Assistance Program. DeJong <br />noted bonding is different for urban renewal authorities than for the City as the LRC is <br />not subject to TABOR. <br />Lipton asked that be added to the slides for future. <br />Loo asked in the history for what TIF has been used for to date could be included in <br />future presentations. DeJong noted improvements to downtown lighting and <br />undergrounding of power lines were included in LRC budget. <br />Chair Fisher noted the City can ask for LRC taking care of improvements. <br />The base valuation, which changes annually, is determined by County assessor. <br />Question was asked whether personal property tax is part of tax increment. Kelly <br />noted would need to look into although she thought not. <br />DeJong noted agreements utilizing a TIF Rebate structure set a base valuation to use <br />for calculating the project's increment. <br />Chairperson Fisher suggested a joint budgeting discussion with Council. <br />A question was asked about indirect benefits to the public and their definition. DeJong <br />noted new commercial building can have indirect benefit for the community as a <br />whole. Commissioner Dalton noted this is a "squishy" phrase. <br />Commissioner Adler asked if this could be more defined in the future. <br />Chairperson Fisher noted in Boulder eminent domain was used in Crossroads and that <br />is now gone. DeJong noted utilizing eminent domain should not be taken lightly. <br />Lathrop noted some of the Boulder folks affected never recovered. <br />