Pending law targeting urban renewal taxes could stall future projects
“Aurora officials say there’s economic danger in a new legislative weapon touted by counties, the latest salvo in the ongoing battle over tax dollars and how cities like Aurora finance redevelopment projects.
“Nobody knows how it’s going to work,” Mayor Steve Hogan said. “It will take more time and meetings to settle things between the city that wants urban renewal and the county.”
A pending state law would restrict how cities can finance urban renewal projects by changing how much in “new” taxes can be used to repay city development loans and how much should be sent on to counties and other governments. “New” taxes refers to tax money collected in an area above the level of taxes collected before a development is created.”
Sapin, Rachel. Aurora Sentinel 15 May 2014.