Larimer County: Business incentives ‘a huge threat’ to budget
“The prospect of redeveloping Foothills Mall with the help of an urban renewal project might be exciting for the city of Fort Collins, but it would come at a price to other local governments.
Millions of dollars in tax revenue generated by the redevelopment would be kept from the coffers of Larimer County and other taxing entities, diverted instead to help cover the cost of public improvements to mall property. The money would be shifted to the city and the mall’s developers through a process known as tax increment financing, or TIF.
The county expects to lose out on about $14 million in property tax revenue over the course of the 25-year lifespan of the Midtown Urban Renewal Area and the proposed Foothills Mall revitalization project, officials say.”
Duggan, Kevin. The Coloradoan 27 April 2013.