Weld commissioner: Erie urban renewal, TIF plan not good for county
“The Erie Town Board appears poised to try revitalizing areas of town using Tax Increment Financing (TIF) and an Urban Renewal Authority (URA) plan that depends heavily on the same industry they are trying to drive out.
The plan, as currently written, comes at a large expense to Weld County and some special taxing districts, while allowing other taxing districts to retain 100 percent of any new tax revenue from oil and gas production within the URA.
The Town of Erie will hold a public hearing on July 31 to consider a URA along the Interstate 25 corridor. The plan would use TIF to develop and improve infrastructure for water, sewer, and roads that would then foster new growth and higher property tax revenues.
TIFs work by freezing the current amount of revenue being collected to create a base. Once a plan is in effect, any revenue generated over that base goes to the town to make improvements in predetermined areas.”
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Peif, Sherrie. Complete Colorado 5 July 2019.