A voter revolt on urban renewal?
“Earlier this year, thanks to a citizen-led initiative, Littleton became the first Colorado city to require voter approval for common urban renewal procedures such as tax-increment financing (TIF) and eminent domain.
Now Wheat Ridge could follow suit, as residents there have filed petitions on a measure governing TIFs that could go to the ballot this November.
When people get a notion to assert their political power, it can spread like a grass fire.
That’s not say we think all cities and towns should emulate Littleton. It depends on the circumstances and how urban renewal has been used (or abused) in their communities.
Tax-increment financing, which involves directing tax revenues generated by a new development to pay for necessary public infrastructure, can be a useful and appropriate tool for cities to spur desirable development.
And that’s especially the case when urban renewal efforts are directed at areas that developers have shunned.
The idea is to use TIFs to prod developers into assuming risk in neighborhoods that have been formally designated as “blighted.””
Denver Post 9 July 2015.