Title
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COMMERCE CITY, COLORADO, AUTHORIZING AND APPROVING AN INTERGOVERNMENTAL AGREEMENT WITH THE URBAN RENEWAL AUTHORITY OF THE CITY OF COMMERCE CITY FOR THE SAND CREEK BUSINESS AREA
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Summary and Background Information:
The Commerce City Urban Renewal Authority (CCURA) is a quasi-public authority that works through collaborative public-private partnerships to identify blighted areas for redevelopment. The overarching purpose of any Urban Renewal Authority Board is to reduce or eliminate blight and engage in urban renewal projects to support development, redevelopment, and reinvestment in the community. This public investment effort is supported by tax increment financing (TIF), but the majority of a project is funded by the private sector. In order to leverage an Urban Renewal Area and TIF revenues, an area must be identified as an official "Urban Renewal Area." The four primary steps to forming a new URA are as follows:
Per C.R.S 31-25-107:
1) Blight conditions study
- Property conditions assessment to document if sufficient blight factors exist for the proposed geographic area
- 10 of 11 conditions of blight met for this site
2) Taxing Entity Impact Statement/Reports
- Taxing Entity Impact Statement: Outlines the anticipated revenue impacts of the proposed Urban Renewal Area Plan on each taxing entity
- Prepared and shared in December 2021; included in March 21 CCURA packet
3) Negotiations with taxing entities (Current Step of the Process)
- TIF negotiations with taxing entities to determine the amount of property tax increment revenue sharing that will occur
- Per C.R.S. § 31-25-107(9.5)(a). statutory requirement to complete negotiations within 120-days of notification of the City’s intent to form a Urban Renewal Area (April 19, 2022)
4) Urban Renewal Area Plan
- Addresses the elimination and prevention of blight, cooperation plan to achieve the best use of land to deliver a quality environmen...
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