Bill Summary for Bill Number SB09-173

Date: 04/22/2009

Final
BILL SUMMARY for SB09-173

HOUSE COMMITTEE ON FINANCE

Votes: View-->	Action Taken:
Moved amendment L.010 (Attachment C). The amendme Moved amendment L.011 (Attachment D). The motion Refer Senate Bill 09-173, as amended, to the Commi	Pass Without Objection FAIL PASS

11:21 AM -- Senate Bill 09-173 - Concerning Regional Tourism Projects

Representative Rice, prime sponsor, explained the provisions of the bill and distributed a letter of support for the bill from the Office of Economic Development and International Trade (Attachment A). He began by saying that the bill allows one or more local governments to pursue tourism-related projects on a regional basis using state sales tax increment financing. Local governments that wish to utilize the financing mechanism must designate a specific zone in which the sales tax increment will be collected. They must also designate a financing entity, which can include either an established urban renewal authority, an established metropolitan district, or a new regional tourism authority. Projects must first be approved by the Economic Development Commission.

Representative Rice continued by noting that the bill sets forth the information that must be included in an application and the criteria that must be satisfied to approve the project. Substantial work must commence within 5 years of a project being approved. After a brief discussion, Representative Rice said that no changes should be made to Urban Renewal Authorities. Representative Rice closed by saying that the bill will create new jobs in Colorado.

The committee engaged in a brief discussion about the types of tourism projects that may be affected by the bill.

The following persons testified.

11:48 AM -- Mr. Robert Cohen, Metro Denver Sports Commission, testified in support of the bill and spoke to the economic benefits.

11:59 AM -- Mr. Ray Pittman, Aurora Economic Development Council, testified in support of the bill. He closed by discussing the economic impact from out-of-state dollars. Mr. Pittman noted that the bill would result in an economic boost for Colorado.

12:06 PM

Recess.

03:30 PM

03:34 PM -- Mr. Chris Mendez, Colorado Counties Inc., testified in opposition toward the bill and distributed a graph on tax increment financing revenue (Attachment B).

03:37 PM -- Mr. Matt Cheroutes, Colorado Office of Economic Development and International Trade, expressed his support for the bill.

03:44 PM -- Mr. Chris Ward, Legislative Council Staff, responded to questions about tax increment financing.

03:55 PM -- Mr. Phillip Horowitz, Colorado Department of Revenue, responded to committee questions about tax increment financing.

04:01 PM -- Ms. Janice Sinden, Colorado Concern, testified in support of the bill and told the committee it would be a good economic development tool for the state.

04:03 PM


BILL:	SB09-173
TIME:	04:03:04 PM
MOVED:	Judd
MOTION:	Moved amendment L.010 (Attachment C). The amendment passed without objection by those members present.
SECONDED:	Benefield
		VOTE
	Apuan
	Benefield
	Gerou
	Kefalas
	Kerr A.
	Lambert
	Roberts
	Summers
	Swalm
	Frangas
	Judd

Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	SB09-173
TIME:	04:08:27 PM
MOVED:	Frangas
MOTION:	Moved amendment L.011 (Attachment D). The motion failed on a 5-6 vote.
SECONDED:	Kefalas
		VOTE
	Apuan	Yes
	Benefield	No
	Gerou	No
	Kefalas	No
	Kerr A.	Yes
	Lambert	Yes
	Roberts	No
	Summers	No
	Swalm	No
	Frangas	Yes
	Judd	Yes

Not Final YES: 5 NO: 6 EXC: 0 ABS: 0 FINAL ACTION: FAIL


BILL:	SB09-173
TIME:	04:11:32 PM
MOVED:	Apuan
MOTION:	Refer Senate Bill 09-173, as amended, to the Committee on Appropriations. The motion passed on a 9-2 vote.
SECONDED:	Roberts
		VOTE
	Apuan	Yes
	Benefield	Yes
	Gerou	Yes
	Kefalas	No
	Kerr A.	Yes
	Lambert	No
	Roberts	Yes
	Summers	Yes
	Swalm	Yes
	Frangas	Yes
	Judd	Yes

Final YES: 9 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS

04:13 PM

Recess.