Local Government Stakeholder Perspective on Tax Increment Financing
COMMITTEE ON JOINT LOCAL GOVERNMENT
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02:59 PM -- Local Government Stakeholder Perspective on Tax Increment Financing
Several local government representatives came to the table to discuss the impact of tax increment financing (TIF) on counties and municipalities. Representatives included Mr. Chip Taylor, Legislative Affairs Director, Colorado Counties Inc.; Ms. Erin Goff, Senior Staff Attorney, Colorado Municipal League; and Mr. Evan Goulding, Executive Director, Special Districts Association. Committee members received an overview of the impact of TIF on county services and revenue, prepared by Colorado Counties Inc. (Attachment F). Mr. Taylor said that counties are not opposed to TIF, and walked the committee through Attachment F.
Mr. Taylor addressed a question about the graph on page 7 of Attachment F. Representative Vigil said that in rural Colorado, counties are the largest employers, but do not benefit from TIF like urban areas.
Ms. Goff said that municipalities create urban renewal authorities and that URAs help the local economy. She explained that URAs want to maintain their current autonomy to create TIFs in order to help with redevelopment. Committee members received a table that illustrates the impact of TIF on the local economies of about 30 cites and the state (Attachment G), and a table that illustrates the impact of various Denver Urban Renewal Authority TIF projects on the local and state economy (Attachment H), both prepared by the Colorado Municipal League. Mr. Goulding said that special districts are generally very supportive of urban renewal projects. He said when a TIF district is created and some tax revenue is diverted away from a special district, it is important to give special districts a voice in the process in order to recoup some of their revenue losses.
The meeting adjourned.