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Council hears how a General Improvement District could help fund West Greeley infrastructure
Summary
Staff explained how a General Improvement District (GID) — a Title 31 entity financed largely by property taxes and bonds — could be used in West Greeley to fund regional infrastructure for the Water Valley/West Greeley project.
City staff briefed the Greeley City Council on the role a General Improvement District (GID) in the financing strategy for the West Greeley project, describing how a GID is formed, what it can fund and the timing and tax implications for properties in the district.
‘‘A general improvement district is a local taxing entity that’s authorized under Title 31 of state statute,’’ presenter Brian (staff member) said. He explained the GID could be used to finance major transportation, stormwater and water/sewer infrastructure and that the City Council would act as the GID governing board. Staff noted that property taxes are the primary revenue source but that GIDs can also use special assessments, revenue bonds or certificates of participation.
Staff said a GID can be…
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