§ 31-25-807 — Powers - duties
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(1) The board, subject to the provisions of this
part 8 and subject to other applicable provisions of law, shall have all powers
customarily vested in the board of directors of a corporation. It shall exercise
supervisory control over the activities of the director and the staff of the authority
in carrying out the functions authorized by this part 8.
(2) In addition to the powers granted by subsection (1) of this section, the
board may:
(a) Appoint and remove a director and other staff members, who shall be
employed upon recommendation of the director, and prescribe their duties and fix
their compensation which shall be paid from funds available to the authority;
(b) At the request of the governing body, prepare an analysis of economic
changes taking place in the central business district of the municipality;
(c) Study and analyze the impact of metropolitan growth upon the central
business district;
(d) Plan and propose, within the downtown development area, plans of
development for public facilities and other improvements to public or private
property of all kinds, including removal, site preparation, renovation, repair,
remodeling, reconstruction, or other changes in existing buildings which may be
necessary or appropriate to the execution of any such plan which in the opinion of
the board will aid and improve the downtown development area;
(e) To implement, as provided in this part 8, any plan of development,
whether economic or physical, in the downtown development area as is necessary
to carry out its functions;
(f) In cooperation with the planning board and the planning department of
the municipality, develop long-range plans designed to carry out the purposes of
the authority as stated in section 31-25-801 and to promote the economic growth of
the district and may take such steps as may be necessary to persuade property
owners and business proprietors to implement such plans to the fullest extent
possible;
(g) Retain and fix the compensation of legal counsel to advise the board in
the proper performance of its duties;
(h) Make and enter into all contracts necessary or incidental to the exercise
of its powers and the performance of its duties.
(3) (a) Notwithstanding any law to the contrary and subject to subsections
(3)(a)(IV) and (3)(a)(V) of this section, any plan of development as originally adopted
by the board or as later modified pursuant to this part 8 may, after approval by the
governing body of the municipality, contain a provision that taxes, if any, levied
after the effective date of the approval of the plan of development by the governing
body upon taxable property within the boundaries of the plan of development area
each year or that municipal sales taxes collected within said area, or both such
taxes, by or for the benefit of any public body shall be divided for a period not to
exceed thirty years or a longer period as provided for in subsections (3)(a)(IV) and
(3)(a)(V) of this section after the effective date of approval by the governing body of
such a provision, as follows:
(I) That portion of the taxes which are produced by the levy at the rate fixed
each year by or for each such public body upon the valuation for assessment of
taxable property within the boundaries of the plan of development area last
certified prior to the effective date of approval by said governing body of the plan,
or, as to an area later added to the boundaries of the plan of development area, the
effective date of the modification of the plan, or that portion of municipal sales
taxes collected within the boundaries of said development area in the twelve-month period ending on the last day of the month prior to the effective date of
approval of said plan, or both such portions, shall be paid into the funds of each
such public body as are all other taxes collected by or for said public body.
(II) The portion of property taxes or all or any portion of sales taxes, or both,
in excess of the amount specified in subsection (3)(a)(I) of this section shall be
allocated to and, when collected, paid into a special fund of the municipality for the
payment of the principal of, the interest on, and any premiums due in connection
with the bonds of, loans or advances to, or indebtedness incurred by, whether
funded, refunded, assumed, or otherwise, the municipality for financing or
refinancing, in whole or in part, a development project within the boundaries of the
plan of development area. Any excess municipal sales tax collection not allocated
pursuant to this subsection (3)(a)(II) shall be paid into the funds of the municipality.
Unless and until the total valuation for assessment of the taxable property within
the boundaries of the plan of development area exceeds the base valuation for
assessment of the taxable property within such boundaries, as provided in
subsection (3)(a)(I) of this section, all of the taxes levied upon the taxable property
in such boundary area shall be paid into the funds of the respective public bodies.
Unless and until the total municipal sales tax collections in the plan of development
area exceed the base year municipal sales tax collections in such area, as provided
in subsection (3)(a)(I) of this section, all such sales tax collections shall be paid into
the funds of the municipality. When such bonds, loans, advances, and indebtedness,
if any, including interest thereon and any premiums due in connection therewith,
and including any refunding securities therefor, have been paid, all taxes upon the
taxable property or the total municipal sales tax collections, or both, in such
boundary area shall be paid into the funds of the respective public bodies. Pursuant
to an intergovernmental agreement between a municipality and an authority, the
governing body may delegate to the board the power to incur loans or indebtedness
or obtain advances and to pledge money in the special fund created pursuant to
this subsection (3)(a)(II) for the payment of any loans, advances, or indebtedness.
The intergovernmental agreement shall be approved by an ordinance adopted by
the governing body and a resolution adopted by the board and shall include terms,
conditions, or limitations on the power of the board as agreed to by the governing
body and board.
(III) In calculating and making payments as described in subparagraph (II) of
this paragraph (a), the county treasurer may offset the authority's pro rata portion
of any property taxes that are paid to the authority under the terms of
subparagraph (II) of this paragraph (a) and that are subsequently refunded to the
taxpayer against any subsequent payments due to the authority for the plan of
development area. The authority shall make adequate provision for the return of
overpayments in the event that there are not sufficient property taxes due to the
authority to offset the authority's pro rata portion of the refunds. The authority may
establish a reserve fund for this purpose or enter into an intergovernmental
agreement with the governing body of the municipality that established the
authority in which the municipality assumes responsibility for the return of the
overpayments. The provisions of this subparagraph (III) shall not apply to a city and
county.
(IV) (A) Except as otherwise provided in subsection (3)(a)(V) of this section,
during the final ten years of the thirty-year period during which a portion of the
property taxes or sales taxes, or both, may be allocated to and, when collected,
paid into the special fund of the municipality in accordance with the requirements
of subsection (3)(a)(II) of this section, the governing body may by ordinance extend
the period during which property taxes shall be allocated for one additional
extension of twenty years, which extension shall commence upon the expiration of
the original thirty-year period, if on the first day of the twenty-year extension period
the established base year for the allocation of property taxes pursuant to
subsection (3)(a)(II) of this section is advanced forward by ten years and,
subsequent to the completion of the first ten years of the twenty-year extension,
the base year is advanced forward by one year for each additional year through the
completion of the twenty-year extension. The governing body may also by
ordinance extend the period during which sales taxes shall be allocated for one
additional extension of twenty years with no change to the established sales tax
base year. Notwithstanding any other provision of this subsection (3)(a)(IV), any
extension authorized pursuant to this subsection (3)(a)(IV) may only be considered
by the governing body during the final ten years of the original thirty-year period.
(B) In connection with an extension implemented pursuant to subsection
(3)(a)(IV)(A) of this section, on an annual basis fifty percent of the property taxes
levied, or such greater amount as may be set forth in an agreement negotiated by
the municipality and the respective public bodies, and allocated in accordance with
the requirements of subsection (3)(a)(II) of this section shall be paid into the special
fund of the municipality and the balance of such taxes shall be paid into the funds
of the other public bodies by or for which such taxes are collected. Not later than
August 1 of each calendar year, the governing body shall certify to the county
assessor an itemized list of the property tax distribution percentages attributable
to the special fund of the municipality pursuant to this subsection (3)(a)(IV)(B) from
the mill levies to be certified by each public body. When certifying values to taxing
entities pursuant to sections 39-1-111 (5), 39-5-121 (2), and 39-5-128, the assessor
shall certify only the percentage of increment value attributable to the special fund
pursuant to this subsection (3)(a)(IV)(B) as certified by the governing body.
(V) (A) If a governing body extends, pursuant to subsection (3)(a)(IV) of this
section, the period during which a portion of the property taxes may be allocated to
the special fund of the municipality in accordance with the requirements of
subsection (3)(a)(II) of this section, the governing body may, by ordinance, extend
the period during which property taxes shall be allocated for one or more additional
twenty-year periods as specified in this subsection (3)(a)(V). The governing body
must adopt a separate ordinance for each additional twenty-year period in
accordance with subsection (3)(a)(V)(C) of this section. A twenty-year extension for
the period during which property taxes shall be allocated to the special fund of the
municipality commences upon the expiration of the previous twenty-year extension
period, whether such period was pursuant to subsection (3)(a)(IV) of this section or
pursuant to this subsection (3)(a)(V). On the first day of a twenty-year extension
period pursuant to this subsection (3)(a)(V), the established base year for the
allocation of property taxes pursuant to subsection (3)(a)(II) of this section must be
advanced forward by one year, and the established base year must be advanced
forward for each additional year through the completion of the twenty-year
extension.
(B) In connection with an extension implemented pursuant to this subsection
(3)(a)(V), on an annual basis fifty percent of the property taxes levied, or a greater
amount as may be set forth in an agreement negotiated by the municipality and the
respective public bodies, and allocated in accordance with the requirements of
subsection (3)(a)(II) of this section, shall be paid into the special fund of the
municipality and the balance of the taxes shall be paid into the funds of the other
public bodies by or for which such property taxes are collected. Not later than
August 1 of each calendar year, the governing body shall certify to the county
assessor an itemized list of the property tax distribution percentages attributable
to the special fund of the municipality pursuant to this subsection (3)(a)(V)(B) from
the mill levies to be certified by each public body. When certifying values to taxing
entities pursuant to sections 39-1-111 (5), 39-5-121 (2), and 39-5-128, the assessor
shall certify only the percentage of increment value attributable to the special fund
pursuant to this subsection (3)(a)(V)(B) as certified by the governing body.
(C) Before August 1 of the last year of a twenty-year extension period
pursuant to subsection (3)(a)(IV) or (3)(a)(V)(A) of this section, the governing body
may adopt an ordinance to extend the period during which a portion of property tax
may be collected and allocated to the special fund of the municipality pursuant to
subsection (3)(a)(II) of this section.
(b) The special fund described in subparagraph (II) of paragraph (a) of this
subsection (3) and the tax moneys paid into such fund may be irrevocably pledged
by the municipality for the payment of the principal of, the interest on, and any
premiums due in connection with such bonds, loans, advances, or indebtedness if
the question of issuing such bonds or otherwise providing for such loans, advances,
or indebtedness and the question of any such intended pledge are first submitted
for approval to the qualified electors of the district at a special election to be held
for that purpose. Any such election required by this paragraph (b) shall be called by
resolution of the board adopted at a regular or special meeting thereof and
approved by the governing body by a vote of a majority of the members thereof at
least thirty days prior to such election. Except with respect to the qualifications of
electors, such election together with all attendant preparations therefor and
proceedings thereafter shall be held and conducted in the manner prescribed by
law for the holding and conducting of other regular or special elections in the
municipality. This irrevocable pledge shall not extend to any taxes that are placed
in a reserve fund to be returned to the county for refunds of overpayments by
taxpayers; except that this limitation on the extension of the irrevocable pledge
shall not apply to a city and county.
(c) As used in this subsection (3), taxes shall include, but not be limited to,
all levies authorized to be made on an ad valorem basis upon real and personal
property or municipal sales taxes; but nothing in this subsection (3) shall be
construed to require any public body to levy taxes.
(d) In the case of such plan of development areas, school districts which
include all or any part of such plan of development area shall be permitted to
participate in an advisory capacity with respect to the inclusion in a plan of
development of the provision provided for by this subsection (3).
(e) In the event there is a general reassessment of taxable property
valuations in any county including all or part of the plan of development area
subject to division of valuation for assessment under paragraph (a) of this
subsection (3) or a change in the sales tax percentage levied in any municipality
including all or part of the downtown development area subject to division of sales
taxes under paragraph (a) of this subsection (3), the portions of valuations for
assessment or sales taxes under both subparagraphs (I) and (II) of paragraph (a) of
this subsection (3) shall be proportionately adjusted in accordance with such
reassessment or change.
(f) The manner and method by which the requirements of subparagraph (IV)
of paragraph (a) of this subsection (3) are to be implemented by the county
assessors shall be contained in such manuals, appraisal procedures, and
instructions, as applicable, that the property tax administrator is authorized to
prepare and publish pursuant to section 39-2-109 (1)(e), C.R.S.
(4) (a) An authority shall not actually undertake a development project for a
plan of development area unless the governing body, by resolution, has first
approved the plan of development which applies to such development project.
(b) Prior to its approval of a plan of development, the governing body shall
submit such plan to the planning board of the municipality, if any, for review and
recommendations. The planning board shall submit its written recommendations
with respect to the proposed plan of development to the governing body within
thirty days after receipt of the plan for review. Upon receipt of the
recommendations of the planning board or, if no recommendations are received
within said thirty days, without such recommendations, the governing body may
proceed with the hearing on the proposed plan of development prescribed by
paragraph (c) of this subsection (4).
(c) The governing body shall hold a public hearing on a plan of development
or substantial modification of an approved plan of development after public notice
thereof by publication once by one publication during the week immediately
preceding the hearing in a newspaper having a general circulation in the
municipality. The notice shall describe the time, date, place, and purpose of the
hearing, shall generally identify the plan of development area covered by the plan,
and shall outline the general scope of the development project under consideration.
(d) Following such hearing, the governing body may approve a plan of
development if it finds that there is a need to take corrective measures in order to
halt or prevent deterioration of property values or structures within the plan of
development area or to halt or prevent the growth of blighted areas therein, or any
combination thereof, and if it further finds that the plan will afford maximum
opportunity, consistent with the sound needs and plans of the municipality as a
whole, for the development or redevelopment of the plan of development area by
the authority and by private enterprise.
Colorado § 31-25-807 (Powers - duties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.