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Pueblo council members press for work session after PURA purchase of Stein property with TIF funds
Summary
City councilors asked for a work session after learning the Pueblo Urban Renewal Authority authorized a $400,000 purchase of the Stein property outside a tax increment financing (TIF) district, saying they had not been given a plan or sufficient notice.
Pueblo City Council members pressed for a dedicated work session Monday after learning the Pueblo Urban Renewal Authority (PURA) had authorized the purchase of a property adjacent to a TIF district for $400,000.
City Attorney Sykes told council members the state urban renewal law was amended in 2015 to allow urban renewal authorities to spend TIF funds on property outside a district when the expenditure benefits the district. “The money was used, is voted to use to purchase a property that's directly adjacent to the district,” Sykes said, adding that the 2015 change removed an earlier prohibition. “It has to have a relation to the district. It…
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