(1)Within ninety days of the end of the
first full state fiscal year after the commission approves a regional tourism project
and on the same date each year thereafter, the financing entity shall prepare and
submit to the commission an annual report detailing the total amount of state sales
tax increment revenue that the regional tourism project has collected over the past
year, how such revenue has been spent, projected revenue for the remainder of the
period for which the regional tourism project may collect state sales tax increment
revenue, and a summary of the status of construction of the eligible improvements.
If any information provided in the annual report is a trade secret, proprietary, or
otherwise entitled to protection pursuant to article 72 of this title, it shall b
Free access — add to your briefcase to read the full text and ask questions with AI
(1) Within ninety days of the end of the
first full state fiscal year after the commission approves a regional tourism project
and on the same date each year thereafter, the financing entity shall prepare and
submit to the commission an annual report detailing the total amount of state sales
tax increment revenue that the regional tourism project has collected over the past
year, how such revenue has been spent, projected revenue for the remainder of the
period for which the regional tourism project may collect state sales tax increment
revenue, and a summary of the status of construction of the eligible improvements.
If any information provided in the annual report is a trade secret, proprietary, or
otherwise entitled to protection pursuant to article 72 of this title, it shall be so
designated and shall be kept confidential by the state. The governing body of the
financing entity shall attest to the accuracy of the information provided in the
annual report.
(2) With the annual report, a financing entity shall submit an independent
audit of its financial status that is prepared by a certified public accountant
attesting to the accuracy of the annual report. In the report, the financing entity
shall state whether any state sales tax increment revenue is being used for
purposes other than for eligible costs, and any other financial information that is
reasonably required by the commission.
(3) If the audit finds that state sales tax increment revenue has been used
for unauthorized purposes, the financing entity shall be liable for the repayment of
such state sales tax increment revenue to the project or to the general fund of the
state. The repayment may be made from moneys of the financing entity derived
from sources other than state sales tax increment revenue, if any, by offset against
future state sales tax increment revenue that otherwise would be disbursed to it by
the department of revenue, or from other moneys that are legally available to the
financing entity for such purpose.
(4) If the financing entity is a county revitalization authority, a metropolitan
district, or an urban renewal authority, it may comply with the requirements of this
section by submitting to the commission a copy of the report that the metropolitan
district or urban renewal authority is otherwise required to submit to a local
government pursuant to law. Such copy must be delivered to the commission
concurrently with the delivery of the annual report and audit when otherwise
required by law.
(5) The Colorado office of economic development and the department of
revenue shall prepare a report to be submitted by the office no later than November
1 of the applicable fiscal year to the finance committees of the house of
representatives and senate, the business and economic development committee of
the house of representatives, and the business, labor, and technology committee of
the senate, or any successor committees. The report shall present information on
all tax expenditures for regional tourism economic development during the prior
fiscal year and shall include information from the reports required pursuant to
subsection (6) of this section.
(6) (a) Each year, no later than September 1, the department of revenue shall
report the aggregate amount of state sales tax increment revenue diverted to
financing entities for approved projects.
(b) Every two years, no later than September 1, the Colorado office of
economic development and the department of revenue shall report detailed
information on each project approved to receive state sales tax increment revenue,
including but not necessarily limited to:
(I) The name, address, and contact for each recipient;
(II) The amount of sales tax revenue diverted for the project;
(III) The boundaries of the approved regional tourism zone and narrative for
the project;
(IV) The proposed term of financing and the percent of the new net revenue
that is approved for the project;
(V) The actual state sales tax revenue collected within the zone compared to
the projected revenues contained in the approved application;
(VI) The number of net new jobs directly created by the project in each
category as defined by the Colorado department of labor and employment
occupation employment statistics survey and the wages and health benefits for
jobs in each category; and
(VII) An assessment of the overall effectiveness of the project.