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County signs TIF revenue-sharing IGA to support Parachute Inn renewal project
Summary
The Board approved an intergovernmental agreement allowing the Parachute Urban Renewal Authority to capture county property tax increment for the Parachute Inn redevelopment project up to a $45,000 cap over 25 years; sales tax was removed from the agreement.
Garfield County commissioners authorized an intergovernmental agreement (IGA) April 14 that permits the Parachute Urban Renewal Authority to capture the county's share of property tax increment financing (TIF) for the Parachute Inn redevelopment project, subject to a not-to-exceed cap and a sunset schedule.
Travis Elliott, Parachute town manager speaking on behalf of the Parachute Renewal Partnership (the URA), described the project as a renovation of…
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