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Larimer County approves one-year extension of business personal property tax incentive
Summary
After an executive-session continuation, the Board of County Commissioners authorized extending a business personal property tax incentive from five to six years for a local investment project; county staff said the change does not raise the total incentive amount.
Larimer County commissioners on Tuesday approved a one-year extension to a previously authorized business personal property tax incentive, allowing the incentive term to run six years instead of the five-year period in the county's incentive policy.
Adam Crow, economic development manager, asked the board to confirm that an earlier decision to support a business personal property tax incentive be amended to permit a six-year term. Crow said the extension is "to extend that decision from a 5 year personal property tax to a 6 year personal property tax" and that the change "would not increase the total amount of the incentive." He described the item as a continuation of an earlier decision.
Commissioner John Kefalas moved to authorize the incentive to exceed the five-year time period and allow a six-year term. The motion passed 2 to 0.
County staff said the extension is intended to support a significant company investment in research and development and local expansion, by improving the incentive profile for the project while keeping the incentive's total value unchanged. The specific company and detailed financial terms were discussed in executive session and were not disclosed in the public minutes.
