LDDA director hails tax-increment approval
About 2,500 voters in the special district downtown approved a tax-increment financing measure that allows the Longmont Downtown Development Authority to float bonds for infrastructure projects. The measure passed with 165 votes in favor and 68 against. In general, tax-increment financing allows property tax collected from businesses to be used for projects in a special district, rather than going into a general pot of tax money. Tax-increment financing funds were used to do the current alleyscape project downtown, for example, McKee said. Some 19 business owners have spent $213,000 so far this year on alleyscape projects, getting reimbursed for about $43,000 of their costs from the LDDA, McKee said.
Potter, Beth. Boulder County Business Report 7 November 2012.
