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This page is provided to give those interested in understanding the world of Tax Increment Financing a little more information. Besides the overview and local information below, we invite users to check out the list of external links exploring this issue.
The Colorado General Assembly has authorized the use of a form of financing known as "tax increment financing" by urban renewal authorities (URA) and downtown development authorities (DDA) in the State of Colorado.
Tax increment financing (TIF) provides a method whereby certain types of public improvements intended to promote urban redevelopment may be financed through the issuance of tax exempt revenue bonds. It involves the creation of a special fund comprised of increases in ad valorem property taxes or municipal sales taxes, or both such taxes, generated within the tax increment financing area. The increases in such taxes presumably occur as a result of the expenditure of bond proceeds. The increases in tax proceeds are then pledged to pay debt service on the bonds.
A URA plan may contain a provision that property taxes levied upon taxable property in the urban renewal area (TIF area) after the effective date of the plan may be split between the authority and local taxing entities for a period that cannot exceed 25 years. A DDA plan may contain a provision that property taxes levied upon taxable property in the downtown development area (TIF area) after the effective date of the plan may be split between the authority and local taxing entities for a period that cannot exceed 30 years, except when a 20-year extension is enacted pursuant to 31-25-807(3)(a)(IV), C.R.S.
The division of property tax is made according to the "base" valuation of the area and any "increment" valuation that may have occurred in the area. The base valuation of the tax increment area begins as the total assessed valuation of all taxable property last certified by the assessor prior to the effective date of the approval of the urban renewal or downtown development tax increment financing plan. All property taxes attributable to the base valuation are paid to each taxing entity (school district, county, city, etc.) within the area according to the mill levy rates fixed each year by or for each such political body.
The "increment" valuation of the tax increment financing area is the amount of assessed valuation, if any, which exceeds the base valuation. All property taxes attributable to the "increment" valuation are paid into the special fund of the URA or DDA to pay debt service on the bonds and other indebtedness.
|Broomfield||Denver (Renew Denver)||Firestone|
|Fort Collins (Downtown)||Fort Collins (Renew Fort Collins)||Greeley|
|Original Value||2015 Value|
|Fort Collins DDA (Created in 1981)|
|Total Assessed Value||15,803,010||167,869,918|
|Loveland Downtown URA (Created in 2002)|
|Total Assessed Value||22,397,280||30,103,991|
|US34/Crossroads Corridor URA (Created in 2004)|
|Total Assessed Value||369,700||107,287,562|
|North College Avenue URA (Created in 2004)|
|Total Assessed Value||19,347,870||38,261,030|
|Timnath URA (Created in 2004)|
|Total Assessed Value||2,034,500||54,503,915|
|Block 41 Finley's Addition URA (Created in 2005)|
|Total Assessed Value||192,000||4,309,170|
|Midtown URA Prospect South (Created in 2011)|
|Total Assessed Value||8,555,900||13,860,667|
|Midtown URA Foothills Mall (Created in 2013)|
|Total Assessed Value||14,309,560||13,711,324|
The following links are offered for those who wish to learn more about the nature of TIF, where TIF has worked and where it hasn't, and what some feel the proper role of TIF is in the arena of public/private partnerships and financing arrangements. The list contains fairly new links and some links that have been around for years.