Urban-renewal limits bill fends off attacks, passes Colorado House
“House Bill 1375, sponsored by House Minority Leader Brian DelGrosso, R-Loveland, passed the House by a 40-25 vote Monday and now moves onto the Senate with less than two weeks to go in the 2014 legislative session. A coalition of 21 Republicans and 19 Democrats backed the measure, while 18 Democrats joined seven Republicans in opposing it.
The bill requires that cities obligate as high a percentage of their sales-tax revenues as they require counties to obligate of their property-tax revenues when creating urban renewal districts that rely on tax-increment financing for development. City leaders have said the obligation requirement is so large that it could shut down urban-renewal developments, while DelGrosso argued that counties have had no say in efforts that cap their property-tax growth while still utilizing county services.
A bipartisan group of three legislators attempted during debate on Friday to make the bill study, rather than implement, the law change. That effort died on a 32-30 vote.”
Sealover, ED. Denver Business Journal 28 April 2014.