Bill hits use of ag land for urban projects
Denver Business Journal - by Ed Sealover
Friday, March 5, 2010
http://www.bizjournals.com/denver/stories/2010/03/08/story5.html?b=1268024400Urban-renewal authorities, once the redeveloper of last resort for inner-city slums and dilapidated factory sites, are being used more by local governments looking to attract manufacturers and even malls in recent years.
But a proposed law that’s moving through the Colorado Legislature would curb one provision of the state's urban-renewal law that conservationists and tax-credit skeptics say has been expanded far beyond its original intent.
HB 1107, sponsored by Rep. Randy Fischer, D-Fort Collins, limits the ability to designate agricultural land for urban-renewal program benefits.
Bill supporters have left some exemptions, such as for land contiguous to an urban-renewal zone or for brownfield property, and are considering an exemption for a company that creates primary jobs. But they’re looking to stop the escalating cost for the state - which now stands at roughly $50 million a year - to pay back counties, schools and special districts for property tax revenue they’ve lost through the program.
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