§ 31-25-116 — Regional tourism projects

(1) An urban renewal authority that is
designated as a financing entity pursuant to part 3 of article 46 of title 24, C.R.S.,
shall have all of the powers necessary or convenient to carry out and effectuate the
purposes and provisions of part 3 of article 46 of title 24, C.R.S., including but not
limited to the powers to receive state sales tax increment revenue generated within
an approved regional tourism zone, as defined in section 24-46-303 (11), C.R.S., and
disburse and otherwise utilize such revenue for all lawful purposes, including but
not limited to financing of eligible costs and the design, construction, maintenance,
and operation of eligible improvements, as such terms are defined in section 24-46-303, C.R.S., or otherwise incorporated into the commission's conditions of approval.

(2) Notwithstanding the provision of section 31-25-107 (7), authorization to
receive state sales tax increment revenue pursuant to part 3 of article 46 of title
24, C.R.S., shall not be considered 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 a municipality
that has established the authority pursuant to section 31-25-104 (1).

(3) Any urban renewal 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, C.R.S., 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 shall be interpreted to eliminate the requirements
for the authorization of a new urban renewal authority under this part 1.

Legislative History

Source: L. 2009: Entire section added, (SB 09-173), ch. 434, p. 2418, � 3, effective June 4.