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Staff briefs commission on Longmont urban renewal authority, TIF rules and possible Southeast amendment
Summary
Redevelopment manager Tony Chacon outlined how Longmont’s Urban Renewal Authority operates under state law, explained tax-increment financing (TIF) basics and said staff is preparing a possible Southeast Longmont urban renewal amendment to capture tax increment for a near-term project.
Tony Chacon, Longmont redevelopment manager, briefed the Planning and Zoning Commission on Jan. 22 about urban renewal authority functions, tax-increment financing (TIF) and the planning commission’s limited statutory role reviewing urban renewal plans for conformance with the city comprehensive plan (Envision Longmont).
Chacon said urban renewal in Colorado operates under state statute and that the city’s Urban Renewal Authority (LURA) functions as a separate governmental entity with specific powers. "Urban renewal is directed by state statute," Chacon said. "The authority is not a taxing entity. They cannot institute a property tax mill levy against any properties within this urban renewal area or the city itself."
Why it matters: urban renewal designations and plan amendments can unlock…
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