§ 30-31-116 — Regional tourism projects

Colorado § 30-31-116

• Jurisdiction: Colorado
• Title 30: Government
• Art.: County Revitalization

Text

(1) A county revitalization authority
that is designated as a financing entity pursuant to part 3 of article 46 of title 24,
has all the powers necessary or convenient to carry out and effectuate the
purposes and provisions of part 3 of article 46 of title 24, including the power to
receive state sales tax increment revenue generated within an approved regional
tourism zone, as defined in section 24-46-303 (11), and to disburse and otherwise
utilize such revenue for all lawful purposes, including financing eligible costs and
the design, construction, maintenance, and operation of eligible improvements, as
such terms are defined in section 24-46-303 or otherwise incorporated into the
commission's conditions of approval.

(2) Notwithstanding section 30-31-109 (8), authorization to receive state
sales tax increment revenue pursuant to part 3 of article 46 of title 24, is a material
modification to the plan, and corresponding changes to the plan may be made by
the governing body of the authority to incorporate the use of state sales tax
increment revenue without the requirement of submission to or approval by the
governing body of the county that has established the authority.

(3) Any county revitalization authority that receives state sales tax
increment revenue, whether pursuant to designation as a financing entity pursuant
to part 3 of article 46 of title 24, or pursuant to a contract entered into with any
such financing entity, shall not use the state sales tax increment revenue to acquire
property through the exercise of eminent domain.

(4) Nothing in this section eliminates the requirements for the authorization
of a new county revitalization authority pursuant to this article 31.

Legislative History

Source: L. 2024: Entire article added, (HB 24-1172), ch. 387, p. 2672, � 1, effective August 7.