HB 24-1172

HB 24-1172, titled "County Revitalization Authorities," allows counties in Colorado to create special bodies called county revitalization authorities. These authorities can use tax increment financing and private funds to revitalize specific areas within the county by improving economic conditions and public health. The plan for these projects must be approved by local government after a public hearing. This bill was signed into law by the governor on June 4, 2024, and will take effect on August 7, 2024. It impacts counties that want to improve economically disadvantaged areas through coordinated planning and investment.

Official Summary

The act creates a process for the establishment of a county revitalization authority (authority). An authority is a corporate body that uses tax increment and private financing to conduct a county revitalization project (project) in a revitalization area in accordance with a county revitalization plan. A county revitalization plan (plan) is a plan for the project. A plan must be: Reviewed by the county planning commission, accompanied by a county revitalization impact report, the subject of a public hearing, and approved by the board of county commissioners (the governing body). Any modifications to the plan must also be approved by the governing body. A plan may provide for tax increment financing. An authority may not undertake a project unless, based on evidence presented at a public hearing, the governing body by resolution has both determined that the area where the authority will undertake the project is a revitalization area and designated the area as appropriate for the project. A revitalization area is an area that, upon the implementation of a plan, could substantially promote the sound growth of the county, improve economic and social conditions, and further the health, safety, and well-being of the public. The creation of an authority may be initiated by the registered electors of a county filing a petition with the governing body or by the governing body adopting a resolution. In either case, there is a public hearing and, after that hearing, the governing body determines whether to create the authority. If a governing body decides to create an authority, the governing body appoints the authority commissioners, except for commissioners who are appointed by and as representatives of special districts that have joined the authority. Any taxing entity, other than the county itself or a school district, that levies taxes in an area that would fall under the plan proposed by an authority may file a petition with the authority requesting to join the authority. The authority shall hold a hearing to determine whether to allow the taxing entity to join the authority. An authority may: Undertake projects; Agree with the county or other relevant public body to plan, replan, zone, or rezone any part of the county or other public body in connection with a project; Make bylaws, orders, rules, and regulations; Make and execute contracts; Acquire property by purchase, lease, option, gift, grant, devise, condemnation, or eminent domain; Dedicate property acquired by the authority for public works, improvements, facilities, utilities, and other purposes; Mortgage, pledge, hypothecate, or otherwise encumber or dispose of its property; Set aside, dedicate, and devote project real property to public uses in accordance with the plan or set aside, dedicate, and transfer real property to an appropriate public body for public uses in accordance with the plan; Sell, lease, or otherwise transfer real property or any interest therein acquired by the authority as part of a project; Insure any of its properties or operations; Invest any of its money in the same manner as a public body; Issue bonds; Borrow money and apply for and accept loans, grants, and contributions; Make appropriations and expenditures of its money; Establish and maintain general, separate, or special funds and bank accounts; and Make reasonable relocation payments to individuals, families, and business concerns situated in the county revitalization area that will be displaced by the authority. An authority does not have any power to levy or assess ad valorem taxes, personal property taxes, or any other forms of taxes, including special assessments against any property. APPROVED by Governor June 4, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)

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