Colorado 2026 Regular Session Status: Enacted 27 D cosponsors

HB 1065 — Transit and Housing Investment Zones

Last action — Governor Signed

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced January 21, 2026. Enacted.

Signed by Governor Jared Polis (Democratic) on May 27, 2026.

Odds of enactment

High chance

Based on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Likely to advance 66% · moderate confidence

  • Enacted

    Current position in the legislative process.

  • 40 sponsors

    15 primary, 25 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (27 D).

  • Mixed recorded votes

    21 passed, 1 failed in recorded votes so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

In plain language

The bill facilitates financing for transit and rail station infrastructure and affordable housing projects.

This act establishes a framework for local governments to collaborate with transit agencies on infrastructure projects. It allows for state sales tax revenue to fund these initiatives and creates tax credits for affordable housing in designated areas.

What this means for you
  • Workers: Increased investment in transit and housing can create job opportunities in related construction and development projects.
  • Families: This bill provides tax credits for affordable housing, potentially increasing housing availability for families in transit zones.
  • Small Business: Enhanced transit infrastructure may improve access for customers and employees, benefiting small businesses in the area.

Summary

The act creates the 'Transit Investment Area Act' to facilitate the financing of transit and rail station infrastructure. Specifically, the act:Allows a local government and a transit agency to jointly undertake a transit investment project. To finance the project, the local government may apply to the Colorado economic development commission (commission) to designate a transit investment area and an approved financing entity;Authorizes the approved financing entity, which may be a newly created transit investment authority, a county revitalization authority, a metropolitan district, or an urban renewal authority, to receive state sales tax increment revenue. This revenue consists of the state sales tax collected in the designated area above a base amount, plus an additional 20% to account for out-of-area deliveries.Permits the financing entity to issue bonds and use the state sales tax increment revenue to finance eligible improvements related to the transit project;Prohibits the financing entity from using the state sales tax increment revenue to acquire property through eminent domain;Requires projects to comply with specified hiring, apprenticeship, and workforce standards;Caps the commission's approval authority at no more than 3 transit investment projects in any calendar year and no more than 6 in total and caps the total state sales tax increment revenue dedicated to all projects at $75 million per fiscal year; andAuthorizes the commission to revoke project approval if substantial work does not commence within 5 years and requires financing entities to submit annual reports and independent financial audits.     The act requires the Colorado office of economic development, in consultation with the department of local affairs and the department of transportation, to publish a transit and housing investment zone map on or before October 30, 2026.     The act creates the Colorado affordable housing in transit and housing investment zones tax credit (tax credit). The tax credit is administered in the same manner as the Colorado affordable housing in transit-oriented communities income tax credit; except that the tax credit is awarded in connection with housing projects in transit and housing zones. The act authorizes the Colorado Housing and Finance Authority to allocate up to $8,333,333 in tax credits each calendar year beginning in the 2027 calendar year through the 2033 calendar year.     For the 2026-27 state fiscal year, the act appropriates $213,349 to the office of the governor for use by economic development programs.(Note: This summary applies to this bill as enacted.)

Bill Text

What changed in the latest version

1906 added · 2063 removed

Plain-language change summary

The updated version of HB 1065 includes a note indicating that the bill is prepared for the Governor's signature and provides guidance on how to check the bill's status after it is signed. This addition emphasizes the legislative procedure and helps ensure transparency about the bill's progress. Essentially, it clarifies the next steps for the legislation, which is important for both legislators and the public to keep track of its status.

→
Previous
Latest
Second Regular Session Seventy-fifth General Assembly STATE OF COLORADO REREVISED This Version Includes All Amendments Adopted in the Second House LLS NO.
NOTE:
26-0227.01 Pierce Lively x2059 HOUSE BILL 26-1065 HOUSE SPONSORSHIP McCluskie and Woodrow, Boesenecker, Camacho, Jackson, Lindsay, Paschal, Stewart R., Velasco, Zokaie, Bacon, Carter, Duran, English, Froelich, Hamrick, Lieder, Lukens, McCormick, Nguyen, Rutinel, Rydin, Stewart K.
This bill has been prepared for the signatures of the appropriate legislative officers and the Governor.
SENATE SPONSORSHIP Roberts and Exum, Hinrichsen, Jodeh, Kipp, Amabile, Bridges, Coleman, Cutter, Daugherty, Gonzales J., Lindstedt, Wallace e n e 6 E a 0 A U , N g 1 S d y House Committees Senate Committees e M Finance Finance R Appropriations Appropriations r g A BILL FOR AN ACT d e 2 C ONCERNING TRANSIT AND HOUSING INVESTMENT ZONES , AND , IN E R 02 A n , CONNECTION THEREWITH ,MAKING AN APPROPRIATION .
To determine whether the Governor has signed the bill or taken other action on it, please consult the legislative status sheet, the legislative history, or the Session Laws.
E 2 1 S e a n M Bill Summary m A (Note:
HOUSE BILL 26-1065 BY REPRESENTATIVE(S) McCluskie and Woodrow, Boesenecker, Camacho, Jackson, Lindsay, Paschal, Stewart R., Velasco, Zokaie, Bacon, Carter, Duran, English, Froelich, Hamrick, Lieder, Lukens, McCormick, Nguyen, Rutinel, Rydin, Stewart K., Phillips, Ricks, Smith, Valdez;
This summary applies to this bill as introduced and does d notreflectanyamendmentsthatmaybesubsequentlyadopted.Ifthisbill d passes third reading in the house of introduction, a bill summary that e a 2 applies to the reengrossed version of this bill will be available at S U 2 http://leg.colorado.gov.) U g 4 H d a e M Section 2 of the bill creates the "Transit Investment Area Act" d and:
also SENATOR(S) Roberts and Exum, Hinrichsen, Jodeh, Kipp, Amabile, Bridges, Cutter, Daugherty, Gonzales J., Lindstedt, Wallace, Coleman.
3 ! Creates a mechanism for a local government and transit agency, subject to state approval, to undertake a transit g investment project (project), to designate a transit i investment area (area) in which the project will be built, a 2 S R 2 U d 1 H 2 a Shading denotes HOUSE amendment.
C ONCERNING TRANSIT AND HOUSING INVESTMENT ZONES , AND , IN CONNECTION THEREWITH ,MAKING AN APPROPRIATION .
Double underlining denotes SENATE amendment.
e M Capital letters or bold & italic numbers indicate new material to be added to existing law.d Dashes through the words or numbers indicate deletions from existing law.
e A andtocreateatransitinvestmentauthority(authority)orto designateotherfinancingentitieswiththepowertoreceive and use the increment of revenue derived from the state sales tax collected in the area that is equal to the amount of state sales tax revenue collected in an area above a designated base amount plus 20% of that same revenue (state sales tax increment revenue) to be used to finance eligible improvements related to the project;
! Allows a local government to apply to the office of economic development and the Colorado economic development commission (commission) to undertake a project, and, in connection with the project, to form an authority or to designate a county revitalization authority, metropolitan district, or urban renewal authority as the approved financing entity;
! Specifies the information that a local government is required to include in the application for a project and the criteriathattheprojectisrequiredtosatisfytobeapproved;
! Requires the director of the office of economic development (director) to review each application for a project and to make an initial determination regarding whether the application meets the specified criteria;
! Requires the director to forward each application to the commissionwitharecommendationregardingwhetherthe project should be approved;
! Directs the commission to review each application and to approve or reject the project and, as part of the approval of aproject,allowsthecommissiontoauthorizethecollection and use of the state sales tax increment revenue for a designated number of years not to exceed 30 years;
! Allows the commission to approve no more than 3 transit investment projects in anycalendar year and no more than in total;
! Allows the commission to dedicate no more than $75 million in a fiscal year to the transit investment projects it approves;
! If requested by the local government, allows the commission to authorize the creation of an authority to receive and spend state sales tax increment revenue;
! Specifies that an authority is governed by a board consisting of a certain number of members appointed by the commission and a certain number of members appointed by the local government;
! Specifies the powers of the authority and the manner in which the state sales tax increment revenue is divided and -2- 1065 used;
! Requires the financing entity for a project to submit a reportcontainingspecifiedinformationtothecommission;
and ! Authorizes a county revitalization authority, an urban renewal authority, or a metropolitan district to receive and disburse the state sales tax increment revenue generated within an area and to act as the financing entity for the area.
Section 9 creates the Colorado affordable housing in transit investment zones tax credit (tax credit).
The tax credit is administered in the same manner as the Colorado affordable housing in transit-oriented communities tax credit;
except that the tax credit is awarded in connection with qualified low- and middle-income housing projects in transit and housing zones.
The bill allows $50 million of credits to be awarded each calendar year beginning in the 2027 calendar year through the 2033 calendar year.
(c) Despite recent investments in public transit systems across Colorado,transitridershipinColoradolagsbehindpeerstatesaroundthe country, due in part to a lack of housing near these transit lines and infrastructure barriers that can make it challenging for people to access transit stations;
________ Capital letters or bold & italic numbers indicate new material added to existing law;
(d) Encouraging more housing near transit is important for increasingtransitridershipandimprovingthecost-effectivenessoftransit -3- 1065 services;
dashes through words or numbers indicate deletions from existing law and such material is not part of the act.
(e) Researchers have found that higher residential densities citywide increase cost-effectiveness for light rail and bus rapid transit services, as described in the article "Cost of a Ride:
(c) Despite recent investments in public transit systems across Colorado, transit ridership in Colorado lags behind peer states around the country, due in part to a lack of housing near these transit lines and infrastructure barriers that can make it challenging for people to access transit stations;
The Effects of Densities on Fixed-Guideway Transit Ridership and Costs" by Erick Guerra and Robert Cervero;
(d) Encouraging more housing near transit is important for increasing transit ridership and improving the cost-effectiveness of transit services;
(f) Most light and commuter rail stations and frequent bus corridors in Colorado have lower housing unit density than is necessary to support frequent transit;
(e) Researchershavefoundthathigherresidentialdensitiescitywide increase cost-effectiveness for light rail and bus rapid transit services, as described in the article "Cost of a Ride:
(g) Based on 2020 census block housing unit data, over ninety percent of rail stations and eighty-four percent of bus rapid transit and frequent bus corridors along the front range have fewer than fifteen housing units per acre on average within walking distance, while researchershavegenerallyfoundthataminimumoffifteenhousingunits per acre of built density is needed to support frequent transit;
The Effects of Densities on Fixed-GuidewayTransit Ridership and Costs" byErick Guerra and Robert Cervero;
(h) Transit-oriented development, including connecting housing opportunitiesandserviceswithsafemultimodalinfrastructureandpublic transit, improves the accessibility of communities for people with disabilities and limited mobility;
(f) Mostlightandcommuterrailstationsandfrequentbuscorridors in Colorado have lower housing unit density than is necessary to support frequent transit;
(i) People with disabilities are more likely to live in households with zero cars, are less likely to drive, and are more likely to rely on public transit or paratransit, according to the 2017 "National Household Travel Survey";
(g) Based on 2020 census block housing unit data, over ninety percent of rail stations and eighty-four percent of bus rapid transit and frequentbuscorridorsalongthefrontrangehavefewerthanfifteenhousing units per acre on average within walking distance, while researchers have generally found that a minimum of fifteen housing units per acre of built density is needed to support frequent transit;
(j) The design of the built environment surrounding transit stations,includingthepresenceofsidewalks,crosswalks,bikelanes,and other multimodal infrastructure, influences the accessibility to transit stations and overall transit ridership, as identified by studies such as -4- 1065 "TravelandtheBuiltEnvironment:AMeta-Analysis"byReidEwingand RobertCervero,and"Transitcommuting,thenetworkaccessibilityeffect, andthebuiltenvironmentinstationareasacrosstheUnitedStates"inthe journal Research in Transportation Economics;
(h) Transit-oriented development, including connecting housing opportunities and services with safe multimodal infrastructure and public transit, improves the accessibility of communities for people with disabilities and limited mobility;
(k) Improvements to the design of the built environment surroundingtransitstationssupportplacemaking,whichistheprocessof intentionallyplanning,designing,andbuildinginfrastructureandhousing that capitalize on a community's amenities and culture;
(i) Peoplewithdisabilitiesaremorelikelytoliveinhouseholdswith zero cars, are less likely to drive, and are more likely to rely on public transit or paratransit, according to the 2017 "National Household Travel Survey";
(l) Placemaking can enhance the desirability of a given community and the well-being of those who live in, work in, or visit a given community, and can create a strong demand for housing in a community;
(j) Thedesign of the builtenvironmentsurroundingtransitstations, including the presence of sidewalks, crosswalks, bike lanes, and other PAGE 2-HOUSE BILL 26-1065 multimodalinfrastructure,influencestheaccessibilitytotransitstationsand overall transit ridership, as identified by studies such as "Travel and the Built Environment:
(m) The2023CommunityandTransportationPreferencesSurvey published by the National Association of Realtors found that when deciding where to live, seventy-nine percent of people said being within an easy walk of other places and things, such as shops and parks, is very/somewhat important, eighty-five percent said sidewalks and places to walk are very/somewhat important, and sixty-five percent said having public transport nearby is very/somewhat important;
A Meta-Analysis" byReid Ewing and Robert Cervero, and "Transit commuting, the network accessibility effect, and the built environment in station areas across the United States" in the journal Research in Transportation Economics;
and (n) The 1998 Assessment of the Economic Impacts of Rural Public Transportation published by the Transit Cooperative Research Program, which assessed the economic impacts of rural public transportation, found that there was an eleven percent difference in averagenetearningsgrowthbetweenruralcountiesthathadpublictransit systems and those rural counties that did not.
(k) Improvementstothedesignofthebuiltenvironmentsurrounding transit stations support placemaking, which is the process of intentionally planning,designing,andbuildinginfrastructureandhousingthatcapitalize on a community's amenities and culture;
(2) (a) Pursuant to section 39-26-104 (3), sales delivered to a purchaser within a transit investment area are properly sourced to the -5- 1065 transit investment area;
(l) Placemaking can enhance the desirabilityof a given community and the well-being of those who live in, work in, or visit a given community, and can create a strong demand for housing in a community;
(b) Due to technical limitations, the increment calculation can only factor in sales made in person within the TIF area, even though additionalonlineanddeliverysaleswillbeinducedthroughmorehousing availability and attractive living options due to transit access provided;
(m) The 2023 Community and Transportation Preferences Survey publishedbytheNationalAssociationofRealtorsfoundthatwhendeciding wheretolive,seventy-ninepercentofpeoplesaidbeingwithinaneasywalk of other places and things, such as shops and parks, is very/somewhat important, eighty-five percent said sidewalks and places to walk are very/somewhat important, and sixty-five percent said having public transport nearby is very/somewhat important;
Show all 439 changed rows (399 more)
Previous
Latest
(c) According to the United States census bureau's Quarterly Retail E-Commerce Sales Report, approximatelyfifteen percent of sales nationally are made online, and therefore we assume that, to determine theallocatedincrement,thecalculatedincrementbasedonin-personsales onlyshouldbeinflatedbytwentypercentinordertoaccountforsalesthat are unable to be captured due to technical limitations, but would otherwise be included in the allocated increment;
and (n) The 1998 Assessment of the Economic Impacts of Rural Public Transportation published by the Transit Cooperative Research Program, which assessed the economic impacts of rural public transportation, found that there was an eleven percent difference in average net earnings growth between rural counties that had public transit systems and those rural counties that did not.
and (d) Therefore, it may be necessary to allow the department to allocate a small amount of state sales tax revenue in excess of the state salestaxcollectedonin-personsalesmadewithineachtransitinvestment area.Asmallamountofthegeneralfundisneededtofulfilltheincrement that would have been calculated if tracking at that level of detail were feasible, and is a technical adjustment, not state fiscal year spending.
(2) (a) Pursuant to section 39-26-104 (3), sales delivered to a purchaserwithinatransitinvestmentareaareproperlysourcedtothetransit investment area;
(3) Therefore, by enacting this House Bill 26-1065, the general assemblyintends to establish new financing tools utilizing taxincrement financingtoencouragelocalgovernmenteffortstoimproveinfrastructure near transit and rail stations that will promote placemaking and spur housing development supported by tax credits, which would not occur without the enactment of thisuse Bill 26-1065.
(b) Due to technical limitations, the increment calculation can only factor in sales made in person within the TIF area, even though additional onlineanddeliverysaleswillbeinducedthroughmorehousingavailability and attractive living options due to transit access provided;
(4) Given that communities across the state can use support to furtherinvestininfrastructure,transit,andhousing,thegeneralassembly finds and declares that the new financing options created in this House -6- 1065 Bill 26-1065 are available to communities throughout the state, and this financing option should be used in a manner that considers geographic diversity.
PAGE 3-HOUSE BILL 26-1065 (c) According to the United States census bureau's QuarterlyRetail E-CommerceSalesReport,approximatelyfifteenpercentofsalesnationally are made online, and therefore we assume that, to determine the allocated increment,thecalculatedincrementbasedonin-personsalesonlyshouldbe inflated bytwentypercent inordertoaccountforsalesthatareunabletobe captured due to technical limitations, but would otherwise be included in the allocated increment;
(5) Although this House Bill 26-1065 only allows the Colorado economic development commission to approve six transit investment projects, the general assembly anticipates that these transit investment projects will be successful and it is the intent of the general assembly to later authorize the Colorado economic development commission to approve additional transit investment projects as state resources allow.
and (d) Therefore, it may be necessary to allow the department to allocateasmallamountofstatesalestaxrevenueinexcessofthestatesales tax collected on in-person sales made within each transit investment area.
SECTION 2.
A small amount of the general fund is needed to fulfill the increment that would have been calculated if tracking at that level of detail were feasible, and is a technical adjustment, not state fiscal year spending.
In Colorado Revised Statutes, add part 4 to article 46 of title 24 as follows:
(3) Therefore, by enacting this House Bill 26-1065, the general assembly intends to establish new financing tools utilizing tax increment financing to encourage local government efforts to improve infrastructure near transit and rail stations that will promote placemaking and spur housing development supported by tax credits, which would not occur without the enactment of this House Bill 26-1065.
PART 4 TRANSIT INVESTMENT AREA ACT 24-46-401.
(4) Given that communities across the state can use support to further invest in infrastructure, transit, and housing, the general assembly finds and declares that the new financingoptionscreated in this House Bill 26-1065 are available to communities throughout the state, and this financing option should be used in a manner that considers geographic diversity.
(5) Although this House Bill 26-1065 only allows the Colorado economic development commission to approve six transit investment projects, the general assembly anticipates that these transit investment projects will be successful and it is the intent of the general assembly to laterauthorizetheColoradoeconomicdevelopmentcommissiontoapprove additional transit investment projects as state resources allow.
SECTION2.
InColoradoRevisedStatutes,addpart4toarticle46 of title 24 as follows:
PART 4 PAGE 4-HOUSE BILL 26-1065 TRANSIT INVESTMENT AREA ACT 24-46-401.
THE SHORT TITLE OF THIS PAR4 IS THE"TRANSITINVESTMENT A REAA CT".
THESHORTTITLEOFTHISPART 4ISTHE "TRANSITINVESTMENT AREA A CT".
A S USED IN THIS PART4, UNLESS THE CONTEXT OTHERWISE REQUIRES:
A SUSEDINTHISPART 4,UNLESSTHECONTEXTOTHERWISEREQUIRES :
(1) "AERIAL TRANSIT FACILI"YMEANS ONE OR MORE PHYSICAL STRUCTURES THAT USE AERIAL CABLES TO MOVE PASSENGERS AND THAT LINKDIRECTLYTOANOTHERFORMOFMASSTRANSIT ,SUCHASPASSENGER RAIL,LIGHT RAI,OTHER TYPES OF TRAIN,TROLLEYS ,OR BUSES.
(1) "A ERIAL TRANSIT FACILIT"MEANS ONE OR MORE PHYSICAL STRUCTURES THAT USE AERIAL CABLES TO MOVE PASSENGERS AND THAT LINK DIRECTLY TO ANOTHER FORM OF MASS TRANSIT,SUCH AS PASSENGER RAIL,LIGHT RAI,OTHER TYPES OF TRAINS,TROLLEYS ,OR BUSES.
(2)(a) "ASE YEAR REVENUE "MEANS AN AMOUNT EQUALTO THE STATE SALES TAX REVENUE COLLECTED ON IN -PERSON SALES MADE WITHIN A PROPOSED TRANSIT INVESTMENT AREA DURING THE TWELVE -MONTH PERIOD IMMEDIATELY PRIOR TO THE MONTH IN WHICH A -7- 1065 TRANSIT INVESTMENT PROJECT IS AUTHORIZE,AS DETERMINED BY THE DEPARTMENT .
(2) (a) "BSE YEAR REVENUE " MEANS AN AMOUNT EQUAL TO THE STATE SALES TAX REVENUE COLLECTED ON INPERSON SALES MADE WITHIN A PROPOSED TRANSIT INVESTMENT AREA DURING THE TWELVE MONTH PERIOD IMMEDIATELY PRIOR TO THE MONTH IN WHICH A TRANSIT INVESTMENT PROJECT IS AUTHORIZED , AS DETERMINED BY THE DEPARTMENT .
(b) A FTER THE FIRST TWELVE MONTHS OF STATE SALES TAX COLLECTION PURSUANT TO SECTION 24-46-406 (1)AND ANNUALLY THEREAFTER ,THE DEPARTMENT SHALL ADJUST THE BASE YEAR REVENUE BY THE AMOUNT OF THE BASELINE GROWTH RATE ESTABLISHED BY THE COMMISSION .
(b) AFTER THE FIRST TWELVE MONTHS OF STATE SALES TAX COLLECTION PURSUANT TO SECTION 24-46-406 (1), AND ANNUALLY THEREAFTER ,THEDEPARTMENTSHALLADJUSTTHEBASEYEARREVENUEBY THE AMOUNT OF THE BASELINE GROWTH RATE ESTABLISHED BY THE COMMISSION .
(3) "BASELINE GROWTHRATE "MEANSTHE FORECASTEDGROWTH IN STATE SALES TAX REVENUE COLLECTED ON IN-PERSON SALES MADE WITHIN A PROPOSED TRANSIT INVESTMENT AREA ABOVE THE BASE YEAR REVENUETHATWOULDBECOLLECTEDONIN -PERSONSALESMADEWITHIN A PROPOSED TRANSIT INVESTMENT AREA IF THE PROPOSED TRANSIT INVESTMENT PROJECT DID NOT OCCUR ,AS DETERMINED BY THE COMMISSION PURSUANT TO SECTION 24-46-404 (3).
(3) "BASELINEGROWTHRATE " MEANSTHEFORECASTEDGROWTHIN STATE SALES TAX REVENUE COLLECTED ON INPERSON SALES MADE WITHIN A PROPOSED TRANSIT INVESTMENT AREA ABOVE THE BASE YEAR REVENUE THATWOULDBECOLLECTEDONIN PERSONSALESMADEWITHINAPROPOSED TRANSITINVESTMENTAREAIFTHEPROPOSEDTRANSITINVESTMENTPROJECT DID NOT OCCUR , AS DETERMINED BY THE COMMISSION PURSUANT TO SECTION 24-46-404 (3).
(4) "OND "MEANSABONDOROTHERCONTRACTUALOBLIGATION AND FORM OF INDEBTEDNESS FOR THE PAYMENT OF WHICH A FINANCING ENTITYHASPROMISEDTOPLEDGESTATESALESTAXINCREMENTREVENUE OR ANY OTHER LEGALLY AVAILABLE REVENUES PLEDGED AT THE DISCRETION OF THE FINANCING ENTI.Y (5) "C OMMISSION" MEANS THE COLORADO ECONOMIC DEVELOPMENT COMMISSION CREATED IN SECTION 24-46-102.
(4) "BOND "MEANS A BOND OR OTHER CONTRACTUAL OBLIGATION AND FORM OF INDEBTEDNESS FOR THE PAYMENT OF WHICH A FINANCING ENTITY HAS PROMISED TO PLEDGE STATE SALES TAX INCREMENT REVENUE PAGE 5-HOUSE BILL 26-1065 ORANYOTHERLEGALLYAVAILABLEREVENUESPLEDGEDATTHEDISCRETION OF THE FINANCING ENTITY.
(6) "OUNTYREVITALIZATIONAUTHORITY "HASTHEMEANINGSET FORTH IN SECTION30-31-103 (6).
(5) "COMMISSION "MEANSTHE C OLORADOECONOMICDEVELOPMENT COMMISSION CREATED IN SECTION 24-46-102.
(7) "DEPARTMENT " MEANS THE DEPARTMENT OF REVENUE CREATED IN SECTION24-35-101.
(6) "COUNTY REVITALIZATION AUTHORITY "HAS THE MEANING SET FORTH IN SECTION 30-31-103 (6).
(8) "DIRECTOR"MEANS THE DIRECTOR OFTHE COLORADO OFFICE OF ECONOMIC DEVELOPMENT CREATED IN SECTION 24-48.5-101.
(7) "DEPARTMENT "MEANSTHEDEPARTMENTOFREVENUECREATED IN SECTION24-35-101.
-8- 1065 (9) "ELIGIBLE COSTS"MEANS THE COSTS OF :
(8) "DIRECTOR "MEANSTHEDIRECTOROFTHE COLORADOOFFICEOF ECONOMIC DEVELOPMENT CREATED IN SECTION 24-48.5-101.
(a) D ESIGNING,CONSTRUCTING ,FINANCING, AND MAINTAINING ELIGIBLEIMPROVEMENTSDESIGNATEDBYTHECOMMISSIONASPARTOFAN APPROVED TRANSIT INVESTMENT PROJECT .
(9) "ELIGIBLE COSTS" MEANS THE COSTS OF:
THESE COSTS INCLUDE THE COSTS OF:
(a) D ESIGNING,CONSTRUCTING , FINANCING ,AND MAINTAINING ELIGIBLE IMPROVEMENTS DESIGNATED BY THE COMMISSION AS PART OF AN APPROVEDTRANSITINVESTMENTPROJECT .THESECOSTSINCLUDETHECOSTS OF:
(IV) D ESIGN,INCLUDINGBONDING INSURANCE ,ANDPERMITTING FEES;
(IV) D ESIGN, INCLUDING BONDING ,INSURANCE ,AND PERMITTING FEES;
(IX) F INANCING;
(IX) FINANCING ;
(X) B OND ISSUANCE OR REISSUANCE AND UNDERWRITING ;
PAGE 6-HOUSE BILL 26-1065 (X) B OND ISSUANCE OR REISSUANCE AND UNDERWRITING ;
(XIII) OPERATIONS ;AND (XIV) S IMILARNECESSARYANDCONVENIENTCOSTSINCURREDBY THE FINANCING ENTITY IN EXERCISING ITS POWERS PURSUANT TO THIS PART 4.
(XIII) OPERATIONS ;AND (XIV) S IMILAR NECESSARY AND CONVENIENT COSTS INCURRED BY THE FINANCING ENTITY IN EXERCISINGITSPOWERSPURSUANT TOTHISPART 4.
(b) F UNDS ADVANCED BY PRIVATE DEVELOPERS WITHIN THE TRANSIT INVESTMENT PROJECT TO ,OR ON BEHALF OF ,THE FINANCING ENTITY FOR ELIGIBLE IMPROVEMENTS ,WHETHER A PRIVATE DEVELOPER ADVANCESTHOSEFUNDSPURSUANTTOLOANSORCONTRACTUALFUNDING AND REIMBURSEMENT AGREEMENTS ;
(b) FUNDSADVANCEDBYPRIVATEDEVELOPERSWITHINTHETRANSIT INVESTMENT PROJECT TO ,OR ON BEHALF OF ,THE FINANCING ENTITY FOR ELIGIBLE IMPROVEMENTS , WHETHER A PRIVATE DEVELOPER ADVANCES THOSE FUNDS PURSUANT TO LOANS OR CONTRACTUAL FUNDING AND REIMBURSEMENT AGREEMENTS ;
-9- 1065 (c) R EASONABLE INTEREST ON THE FUNDS ADVANCED BY A PRIVATE DEVELOPER PURSUANT TO SUBSECTION (8)(b)OF THIS SECTIO;
(c) REASONABLEINTERESTONTHE FUNDSADVANCEDBYAPRIVATE DEVELOPER PURSUANT TO SUBSECTION (8)(b)OF THIS SECTION;
(d) A FINANCING ENTITY S COSTS FOR PURCHASING ELIGIBLE IMPROVEMENTS CONSTRUCTED AND OWNED BY THIRD PARTIES EITHER BEFORE OR AFTER DESIGNATION OF THE TRANSIT INVESTMENT PROJECT ;
(d) A FINANCING ENTITY S COSTS FOR PURCHASING ELIGIBLE IMPROVEMENTS CONSTRUCTED AND OWNED BY THIRD PARTIES EITHER BEFOREORAFTERDESIGNATIONOFTHETRANSITINVESTMENTPROJECT ;AND (e) C OSTS AND EXPENSES INCURRED BY A FINANCING ENTITY PURSUANT TO SECTION 24-35-124 AND IN COMPLYING WITH ITS ANNUAL REPORT AND AUDIT OBLIGATIONS UNDER THIS PART 4.
AND (e) COSTS AND EXPENSES INCURRED BY A FINANCING ENTITY PURSUANT TO SECTION 24-35-123 AND IN COMPLYING WITH ITS ANNUAL REPORT AND AUDIT OBLIGATIONS UNDER THIS PART 4.
(10) "ELIGIBLE IMPROVEMENTS " MEANS THE SPECIFIC IMPROVEMENTSAUTHORIZEDBYTHECOMMISSIONASPARTOFANAPPROVED TRANSIT INVESTMENT PROJECT ,INCLUDING :
(10) "ELIGIBLE IMPROVEMENTS " MEANS THE SPECIFIC IMPROVEMENTS AUTHORIZED BY THE COMMISSION AS PART OF AN APPROVED TRANSIT INVESTMENT PROJECT ,INCLUDING :
(a) ROADS ;
(a) ROADS;
(b) STREETS ;
(b) SREETS ;
(c) STATE HIGHWAYS ;
(c) SATE HIGHWAYS ;
(d) RIGHTS OF WAY ;
(d) RIGHTS-OF-WAY ;
PAGE 7-HOUSE BILL 26-1065 (e) LIGHTING ;
(e) LGHTING ;
(f) DIRECTION AND LOCATION SIGNAGE AND SIMILAR SIGNAGE ;
(f) DIRECTION AND LOCATION SIGNAGE AND SIMILAR SIGNAGE;
(g) LAND ACQUISITION ;
(g) LAND ACQUISITION;
(h) S URVEYING ,ENGINEERING ,SOILS TESTING ,SITE PLANNING , GRADING ,AND SIMILAR ACTIVITIES NECESSARY OR CONVENIENT FOR SITE PREPARATION AND DEVELOPMENT ;
(h) SURVEYING ,ENGINEERING , SOILS TESTIN, SITE PLANNING, GRADING ANDSIMILARACTIVITIESNECESSARY ORCONVENIENT FORSITE PREPARATION AND DEVELOPMENT ;
(i) TRAILS AND PATHS ;
(i) TAILS AND PATHS;
(j) PUBLIC SAFETY FACILITIE;
(j) PBLIC SAFETY FACILITIE;
(l) SREET TREES;
(l) STREET TREES;
(m) PUBLIC PLAZAS AND PEDESTRIAN SPACES ;
(m) P UBLIC PLAZAS AND PEDESTRIAN SPACES ;
-10- 1065 (n) TRANSPORTATION FACILITIES;
(n) TRANSPORTATION FACILITIES ;
(o) BICYCLE AND PEDESTRIAN INFRASTRUCTURE ;
(o) B ICYCLE AND PEDESTRIAN INFRASTRUCTURE ;
(p) SURFACE AND STRUCTURED PARKING FACILITIES;AND (q) A NY OTHER FACILITIES OR IMPROVEMENTS NECESSARY OR CONVENIENT FOR THE COMPLETION OF AN APPROVED PROJECT .
(p) SURFACE AND STRUCTURED PARKING FACILITIES ;AND (q) A NY OTHER FACILITIES OR IMPROVEMENTS NECESSARY OR CONVENIENT FOR THE COMPLETION OF AN APPROVED PROJECT .
(11)(a) "FINANCINGENTITY" MEANSTHE ENTITYDESIGNATEDBY THE COMMISSION IN CONNECTION WITH ITS APPROVAL OF A TRANSIT INVESTMENTPROJECTTORECEIVEANDUSESTATESALESTAXINCREMENT REVENUE .
(11) (a) "FINANCING ENTITY "MEANS THE ENTITY DESIGNATED BY THE COMMISSION IN CONNECTION WITH ITS APPROVAL OF A TRANSIT INVESTMENT PROJECT TO RECEIVE AND USE STATE SALES TAX INCREMENT REVENUE .
(b) A COUNTY REVITALIZATION AUTHORITY ,A METROPOLITAN DISTRICT,ANURBANRENEWALAUTHORITY ,ORANYTRANSITINVESTMENT AUTHORITY TO BE FORMED PURSUANT TO THIS PART4 MAY QUALIFY AS A FINANCING ENTITY.
(b) A COUNTY REVITALIZATION AUTHORITY ,A METROPOLITAN DISTRICT,AN URBAN RENEWAL AUTHORITY ,OR ANY TRANSIT INVESTMENT AUTHORITY TO BE FORMED PURSUANT TO THIS PART 4MAY QUALIFY AS A FINANCING ENTITY .
(12) "FINANCING TERM" MEANS THE AGGREGATE PERIOD NOT TO EXCEED THIRTY YEARS AUTHORIZED BY THE COMMISSION PURSUANT TO THIS PART 4DURING WHICH THE FINANCING ENTITY IS AUTHORIZED TO RECEIVE AND USE STATE SALES TAX INCREMENT REVENUE TO FINANCE ELIGIBLE COSTS.
(12) "F INANCING TERM " MEANS THE AGGREGATE PERIOD NOT TO PAGE 8-HOUSE BILL 26-1065 EXCEEDTHIRTYYEARSAUTHORIZEDBYTHECOMMISSIONPURSUANTTOTHIS PART 4DURING WHICH THE FINANCING ENTITY IS AUTHORIZED TO RECEIVE AND USE STATE SALES TAX INCREMENT REVENUE TO FINANCE ELIGIBLE COSTS.
(13) "NFLATIONORDEFLATION "MEANSTHEANNUALPERCENTAGE CHANGE IN THE U NITED STATES DEPARTMENT OF LABOR S BUREAU OF LABOR STATISTICS CONSUMER PRICE INDEXOR A SUCCESSOR INDEX,FOR D ENVER -AURORA -LAKEWOOD FOR ALL ITEMS PAID FOR BY URBAN CONSUMERS .
(13) "IFLATION OR DEFLATION" MEANS THE ANNUALPERCENTAGE CHANGEINTHE U NITEDSTATESDEPARTMENTOFLABOR SBUREAUOFLABOR STATISTICS CONSUMER PRICE INDEX ,OR A SUCCESSOR INDEX , FOR D ENVER-A URORA -LAKEWOOD FOR ALL ITEMS PAID FOR BY URBAN CONSUMERS .
(14) "LOCAL GOVERNMENT " MEANS A CITY,COUNTY ,CITY AND COUNTY ,TOWN ,OR A GROUP OF CONTIGUOUS CITIES,COUNTIES,CITIES AND COUNTIES ,OR TOWNS .
(14) "LOCAL GOVERNMENT " MEANS A CITY, COUNTY ,CITY AND COUNTY ,TOWN ,ORAGROUPOFCONTIGUOUS CITIES ,COUNTIES,CITIES AND COUNTIES OR TOWNS .
(15) "OFFICE OF ECONOMIC DEVELOPMENT " MEANS THE -11- 1065 C OLORADO OFFICE OF ECONOMIC DEVELOPMENT CREATED IN SECTION 24-48.5-101.
(15) "OFFICE OFECONOMICDEVELOPMENT "MEANSTHE COLORADO OFFICE OF ECONOMIC DEVELOPMENT CREATED IN SECTION 24-48.5-101.
(16) "PASSENGERRAILSTATION "HASTHE MEANINGSET FORTHIN SECTION 32-22-102 (8).
(16) "PASSENGER RAIL STATION" HAS THE MEANING SET FORTH IN SECTION 32-22-102 (8).
(I) THE ANNUAL REVENUE DERIVED FROM STATE SALES TAXES COLLECTEDONIN PERSONSALESMADEWITHINADESIGNATEDTRANSIT INVESTMENT AREA IN EXCESS OF THE AMOUNT OF BASE YEAR REVENUE ADJUSTED TO ACCOUNT FOR THE BASELINE GROWTH RATE ;AND (II) WENTYPERCENTOFTHEAMOUNTCALCULATEDPURSUANTTO SUBSECTION (17)(a)(IOF THIS SECTION ,WHICH TWENTY PERCENT APPROXIMATES SALES DELIVERED FROM WITHOUT THE DESIGNATED TRANSIT INVESTMENT AREA THAT ARE UNABLE TO BE MEASURED AND THEREFORE NOT INCLUDED AS IN -PERSON SALES MADE WITHIN A DESIGNATED TRANSIT INVESTMENT AREA .
(I) TE ANNUAL REVENUE DERIVED FROM STATE SALES TAXES COLLECTED ON IN PERSON SALES MADE WITHIN A DESIGNATED TRANSIT INVESTMENT AREA IN EXCESS OF THE AMOUNT OF BASE YEAR REVENUE ADJUSTED TO ACCOUNT FOR THE BASELINE GROWTH RATE ;AND (II) WENTY PERCENT OF THE AMOUNT CALCULATED PURSUANT TO SUBSECTION (17)(a)(I)OF THIS SECTION , WHICH TWENTY PERCENT APPROXIMATESSALESDELIVEREDFROMWITHOUTTHEDESIGNATEDTRANSIT INVESTMENT AREA THAT ARE UNABLE TO BE MEASURED AND THEREFORE NOT INCLUDED AS INPERSON SALES MADE WITHIN A DESIGNATED TRANSIT INVESTMENT AREA .
(b) (I) XCEPT THAT ,AS APPLIED FOR A TRANSIT INVESTMENT AREATHAT ISWITHINAREGIONALTOURISM ZONE ESTABLISHED BY THE COMMISSION PURSUANT TO SECTION 24-46-305 (3),STATE SALES TAX INCREMENTREVENUE "MEANSANANNUALAMOUNTEQUALTOTHELESSER OF:
(b) (I) EEPT THAT ,AS APPLIED FOR A TRANSIT INVESTMENT AREA THAT IS WITHIN A REGIONAL TOURISM ZONE ESTABLISHED BY THE COMMISSION PURSUANT TO SECTION 24-46-305 (3), STATE SALES TAX INCREMENT REVENUE " MEANS AN ANNUAL AMOUNT EQUAL TO THE LESSER PAGE 9-HOUSE BILL 26-1065 OF:
(A) S TATE SALES TAX INCREMENT REVENUE AS DETERMINED PURSUANT TO SUBSECTION (17)(a)OF THIS SECTI;OR (B) THE EXCESS ,IF AN,OF THE REGIONAL TOURISM ACT STATE SALESTAXINCREMENTREVENUEOVERTHEPAYABLEREGIONALTOURISM ACT STATE SALES TAX INCREMENT REVENUE.
(A) STATE SALES TAX INCREMENT REVENUE AS DETERMINED PURSUANT TO SUBSECTION (17)(a)OF THIS SECTIO;OR (B) T HE EXCESS ,IF ANY,OF THE REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE OVER THE PAYABLE REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE .
(II) AS USED IN THIS SUBSECTI(17)(b)UNLESS THE CONTEXT -12- 1065 OTHERWISE REQUIRES :
(II) AS USED IN THIS SUBSECTION (17)(b)UNLESS THE CONTEXT OTHERWISE REQUIRES :
3 (A) "PAYABLE REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE " MEANS THE AMOUNT OF REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE THAT ,PURSUANT TO SECTION 24-46-307(1)(b)THEDEPARTMENTALLOCATESANDPAYSINTOASPECIAL FUND CREATED BY A FINANCING ENTITY IN ACCORDANCE WITH THE AMOUNT OF REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE AUTHORIZED FOR ALLOCATION BY THE DEPARTMENT TO THE FINANCING ENTITY BY THE COMMISSION PURSUANT TO SECTION 24-46-305 (4).
(A) "PAYABLE REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE " MEANS THE AMOUNT OF REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE THAT , PURSUANT TO SECTION 24-46-307 (1)(b)THE DEPARTMENT ALLOCATES AND PAYS INTO A SPECIAL FUNDCREATEDBYAFINANCINGENTITYINACCORDANCEWITHTHEAMOUNT OF REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE AUTHORIZED FOR ALLOCATION BY THE DEPARTMENT TO THE FINANCING ENTITY BY THE COMMISSION PURSUANT TO SECTION 24-46-305 (4).
(B) "REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE " MEANS THE AMOUNT OF "STATE SALES TAX INCREMENT REVENUE ",AS DEFINED IN SECTIO24-46-303 (12)ATTRIBUTED TO THE PORTION OF A REGIONAL TOURISM ZONE THAT IS WITHIN THE TRANSIT INVESTMENT AREA .
(B) "REGIONAL TOURISM ACT STATE SALES TAX INCREMENT REVENUE " MEANS THE AMOUNT OF "STATE SALES TAX INCREMENT REVENUE ",AS DEFINED IN SECTION 24-46-303 (12),ATTRIBUTED TO THE PORTION OF A REGIONAL TOURISM ZONE THAT IS WITHIN THE TRANSIT INVESTMENT AREA .
(C) "REGIONAL TOURISM ZONE "HAS THE MEANING SET FORTH IN SECTION 24-46-303 (11).
(C) "R EGIONAL TOURISM ZONE " HAS THE MEANING SET FORTH IN SECTION 24-46-303 (11).
(18) "TRANSIT AGENCY "MEANS A LOCAL OR REGIONAL TRANSIT DISTRICT,OR A REGIONAL TRANSPORTATION AUTHORITY THAT PROVIDES PUBLIC TRANSIT.
(18) "T RANSIT AGENCY " MEANS A LOCAL OR REGIONAL TRANSIT DISTRICT,OR A REGIONAL TRANSPORTATION AUTHORITY THAT PROVIDES PUBLIC TRANSIT.
(19) "RANSITANDHOUSINGINVESTMENTZONE " MEANSTHEAREA DESIGNATEDBYTHEOFFICEOFECONOMICDEVELOPMENTINTHETRANSIT ANDHOUSINGINVESTMENTZONEMAPPURSUANTTOSECTION 24-48.5-136.
(19) "TRANSIT AND HOUSING INVESTMENT ZONE " MEANS THE AREA DESIGNATED BY THE OFFICE OF ECONOMIC DEVELOPMENT IN THE TRANSIT AND HOUSING INVESTMENT ZONE MAP PURSUANT TO SECTION 24-48.5-136.
(20) "TRANSIT INVESTMENT AREA" MEANS A GEOGRAPHIC AREA THAT IS WITHIN A TRANSIT AND HOUSING INVESTMENT ZONE AND THAT THE COMMISSION APPROVES AS PART OFATRANSIT INVESTMENT PROJECT -13- 1065 PURSUANT TO SECTION 24-46-404 (3)(d)(I)(B)TRANSIT INVESTMENT AREA :
(20) "T RANSIT INVESTMENT AREA " MEANS A GEOGRAPHIC AREA THAT IS WITHIN A TRANSIT AND HOUSING INVESTMENT ZONE AND THAT THE PAGE 10-HOUSE BILL 26-1065 COMMISSION APPROVES AS PART OF A TRANSIT INVESTMENT PROJECT PURSUANT TO SECTION 24-46-404 (3)(d)(I)(B).
(a) SHALL NOT EXTEND INTO THE TERRITORIAL BOUNDARIES OF ANY LOCAL GOVERNMENT ,UNLESS THE LOCAL GOVERNMENT REQUESTS THAT THE TRANSIT INVESTMENT AREA IS WITHIN ITS BOUNDARIES AT LEAST IN PAR;
TRANSIT INVESTMENT AREA :
(b) M AY ONLY INCLUDE PART OF A LOCAL GOVERNMENT S JURISDICTIO;
(a) SHALLNOTEXTENDINTOTHETERRITORIALBOUNDARIESOFANY LOCALGOVERNMENT ,UNLESSTHELOCALGOVERNMENTREQUESTSTHATTHE TRANSIT INVESTMENT AREA IS WITHIN ITS BOUNDARIES AT LEAST IN PART (b) M AY ONLY INCLUDE PART OF A LOCAL GOVERNMENT S JURISDICTION;
(c) M AY INCLUDE NONCONTIGUOUS TRACTS OR PARCELS OF PROPERTY IN THE SAME TRANSIT INVESTMENT ARE;AND (d) M AY EXTEND BEYOND THE RELEVANT TRANSIT INVESTMENT ZONEDESIGNATEDBYTHEOFFICEOFECONOMICDEVELOPMENTPURSUANT TO SECTION 24-48.5-136IF THE RELEVANT TRANSIT INVESTMENT ZONE ENCOMPASSES A COMMUNITY THAT IS NOT EVENLY DISTRIBUTED DUE TO GEOGRAPHICAL CONSTRAINT INCLUDING MOUNTAINS ,WATER FEATURES , ANDOTHERNATURALTOPOGRAPHICALFEATURES ,BUTINSODOINGSHALL NOT EXTEND FURTHER THAN THREE MILES FROM A TRANSPORTATION FACILITY AS CALCULATED BY MEASURING THE DISTANCE ALONG A ROAD ORPEDESTRIANNETWORKTHATISUSEDTOACCESSTHETRANSPORTATION FACILITY.
(c) M AY INCLUDE NONCONTIGUOUS TRACTS OR PARCELS OF PROPERTY IN THE SAME TRANSIT INVESTMENT AREA ;AND (d) M AY EXTEND BEYOND THE RELEVANT TRANSIT INVESTMENT ZONE DESIGNATED BY THE OFFICE OF ECONOMIC DEVELOPMENT PURSUANT TO SECTION 24-48.5-136,IF THE RELEVANT TRANSIT INVESTMENT ZONE ENCOMPASSES A COMMUNITY THAT IS NOT EVENLY DISTRIBUTED DUE TO GEOGRAPHICAL CONSTRAINT INCLUDING MOUNTAINS ,WATER FEATURES , AND OTHER NATURAL TOPOGRAPHICAL FEATURES ,BUT IN SO DOING SHALL NOT EXTEND FURTHER THAN THREE MILES FROM A TRANSPORTATION FACILITYASCALCULATEDBYMEASURINGTHE DISTANCE ALONGAROADOR PEDESTRIAN NETWORK THAT IS USED TO ACCESS THE TRANSPORTATION FACILITY.
(21) "RANSITINVESTMENTAUTHORITY "OR "AUTHORITY"MEANS A CORPORATE BODY ORGANIZED PURSUANT TO THIS PART 4 FOR THE PURPOSES, WITH THE POWERS,AND SUBJECT TO THE RESTRICTIONS SET FORTH IN THIS PART 4 AND THE FORMATION OF WHICH HAS BEEN APPROVED BY THE COMMISSION PURSUANT TO THIS PART4.
(21) "TRANSIT INVESTMENT AUTHORITY "OR "AUTHORITY "MEANS A CORPORATE BODY ORGANIZED PURSUANT TO THIS PART 4 FOR THE PURPOSES ,WITH THE POWERS , AND SUBJECT TO THE RESTRICTIONS SET FORTH IN THIS PART AND THE FORMATION OF WHICH HAS BEEN APPROVED BY THE COMMISSION PURSUANT TO THIS PART 4.
(22) "TRANSIT INVESTMENT PROJECT" OR "PROJECT"MEANS A DEVELOPMENTPROJECTTHATISPLANNEDTOINCLUDEATRANSPORTATION -14- 1065 FACILITYORSIGNIFICANTIMPROVEMENTSTOATRANSPORTATIONFACILITY TOGETHER WITH ANCILLARY USES , STRUCTURES ,AND IMPROVEMENTS , ANDTHAT THE COMMISSIONAPPROVES PURSUANT TOSECTION 24-46-404 (3).
(22) "T RANSIT INVESTMENT PROJECT " OR "PROJECT" MEANS A DEVELOPMENT PROJECT THAT IS PLANNED TO INCLUDE A TRANSPORTATION FACILITYOR SIGNIFICANT IMPROVEMENTS TO A TRANSPORTATIONFACILITY TOGETHERWITHANCILLARYUSES ,STRUCTURES ,ANDIMPROVEMENTS AND THAT THE COMMISSION APPROVES PURSUANT TO SECTION 24-46-404 (3).
(23) (a) "T RANSIT STATION" MEANS AN IN PERSON LOCATION DESIGNED TO INTEGRATE AND FACILITATE THE CONNECTION BETWEEN MULTIPLE MODES OF TRANSPORTATION ,INCLUDING :
(23) (a) "TRANSIT STATION " MEANS AN IN -PERSON LOCATION DESIGNED TO INTEGRATE AND FACILITATE THE CONNECTION BETWEEN MULTIPLE MODES OF TRANSPORTATION ,INCLUDING:
(I) PUBLIC TRANSIT,SUCH AS BUSES;
PAGE 11-HOUSE BILL 26-1065 (I) PUBLIC TRANSIT,SUCH AS BUSES ;
(II) LIGHT RAI,AERIAL TRANSIT,AND COMMUTER RAIL ;
(II) LIGHT RAIL,AERIAL TRANSIT,AND COMMUTER RAIL ;
(III) ATIVETRANSPORTATION ,SUCHASBICYCLEANDPEDESTRIAN INFRASTRUCTURE ;
(III) ACTIVE TRANSPORTATION ,SUCH AS BICYCLE AND PEDESTRIAN INFRASTRUCTURE ;
(IV) S HARED MOBILITY SERVICES INCLUDING CAR SHARE ,BIKE SHARE ,AND SCOOTER SHARE ;
(IV) S HARED MOBILITY SERVICES INCLUDING CAR SHARE , BIKE SHARE ,AND SCOOTER SHARE ;
(V) R IDE-HAILING AND DEMAND -RESPONSIVE SERVICES;AND (VI) P RIVATE VEHICLES.
(V) R IDE-HAILING AND DEMAND -RESPONSIVE SERVICES ;AND (VI) P RIVATE VEHICLES.
(b) A TRANSITSTATIONMAYINCLUDERELATEDINFRASTRUCTURE THATSUPPORTSSEAMLESSANDEFFICIENTMULTIMODALTRAVEL ,SUCHAS PARK -AND RIDE FACILITIES,ELECTRIC VEHICLE CHARGING STATIONS , BICYCLE STORAGE ,WAYFINDING SYSTEMS ,AND PASSENGER AMENITIES .
(b) A TRANSIT STATION MAY INCLUDE RELATED INFRASTRUCTURE THAT SUPPORTS SEAMLESS AND EFFICIENT MULTIMODAL TRAVEL ,SUCH AS PARK -AND-RIDE FACILITIES, ELECTRIC VEHICLE CHARGING STATIONS , BICYCLE STORAGE ,WAYFINDING SYSTEMS ,AND PASSENGER AMENITIES .
(24) "TRANSPORTATIONFACILITY "MEANSATRANSITSTATIONOR PASSENGER RAIL STATION .
(24) "T RANSPORTATION FACILITY " MEANS A TRANSIT STATION OR PASSENGER RAIL STATION .
(25) "URBANRENEWALAUTHORITY "HASTHEMEANINGSETFORTH IN SECTION31-25-103 (8.5).
(25) "U RBAN RENEWAL AUTHORITY "HAS THE MEANING SET FORTH IN SECTION31-25-103 (8.5).
(1) BEGINNING JANUARY 1,2027,ALOCALGOVERNMENT ,EITHER ALONE OR IN PARTNERSHIP WITH A TRANSIT AGENCY THAT HAS -15- 1065 JURISDICTION WITHIN A PROPOSED TRANSIT INVESTMENT AREA ,MAY SUBMITANAPPLICATIONTOTHEOFFICEOFECONOMICDEVELOPMENTFOR THE APPROVAL OF A TRANSIT INVESTMENT PROJEC,INCLUDING THE:
(1) B EGINNING JANUARY 1, 2027,A LOCAL GOVERNMENT ,EITHER ALONEORINPARTNERSHIPWITHATRANSITAGENCYTHATHASJURISDICTION WITHIN A PROPOSED TRANSIT INVESTMENT AREA , MAY SUBMIT AN APPLICATION TO THE OFFICE OF ECONOMIC DEVELOPMENT FOR THE APPROVAL OF A TRANSIT INVESTMENT PROJECT ,INCLUDING THE :
(a) DESIGNATION OF A TRANSIT INVESTMENT ARE;
(a) D ESIGNATION OF A TRANSIT INVESTMENT AREA ;
(b) CREATION OF A TRANSIT INVESTMENT AUTHORITY , AS NECESSARY ;AND (c) DESIGNATION OF A FINANCING ENTITY TO RECE,USE ,AND DISBURSE STATE SALES TAX INCREMENT REVENUE FOR ELIGIBLE COS.S (2) (a) BFORE A LOCAL GOVERNMENT SUBMITS AN APPLICATION FOR A TRANSIT INVESTMENT PROJECT TO THE OFFICE OF ECONOMIC DEVELOPMENTPURSUANTTOSUBSECTION (1OFTHISSECTION,THELOCAL GOVERNMENTMUSTSUBMITAMAPSHOWINGTHEPROPOSEDBOUNDARIES OF A PROPOSED TRANSIT INVESTMENT AREA TO THE OFFICE OF ECONOMIC DEVELOPMENT ,ALONG WITH DATA USED TO ESTIMATE THE STATE SALES TAXINCREMENTREVENUEANDACALCULATIONSHOWINGTHEPROJECTED BASELINEGROWTHRATE .THEOFFICEOFECONOMICDEVELOPMENTSHALL VERIFY WHETHER THE PROPOSEDTRANSIT INVESTMENT AREAISWITHINA TRANSIT AND HOUSING INVESTMENT ZONE THAT IS ESTABLISHED IN RELATION TO A TRANSIT FACILITY THAT IS THE SUBJECT OF THE TRANSIT INVESTMENT PROJECT IN THE LOCAL GOVERNMENT S APPLICATION SUBMITTED PURSUANT TO SUBSECTION (1)OF THIS SECTIO, AND THE OFFICEOFECONOMICDEVELOPMENTSHALLENTERINTOACONTRACTWITH A THIRD-PARTY ANALYST TO ESTIMATE THE BASELINE GROWTHRATE FOR THEPROPOSEDTRANSITINVESTMENTAREA .INESTIMATINGTHEBASELINE GROWTHRATE ,THETHIRD-PARTYANALYSTSHALLCONSIDERTHEGROWTH RATE FOR THE PROPOSED TRANSIT INVESTMENT AREA DURING AT LEAST THE PREVIOUS TEN CALENDAR YEARS,IF AVAILABLE.
(b) C REATION OF A TRANSIT INVESTMENT AUTHORITY , AS NECESSARY ;AND (c) D ESIGNATION OF A FINANCING ENTITY TO RECEIVE ,USE ,AND PAGE 12-HOUSE BILL 26-1065 DISBURSE STATE SALES TAX INCREMENT REVENUE FOR ELIGIBLE COST.
HE THIRD-PARTY -16- 1065 ANALYST SHALL DELIVER ITS ESTIMATE TO THE OFFICE OF ECONOMIC DEVELOPMENTWHOSHALLPROVIDETHEESTIMATETOTHEOFFICEOFTHE STATE PLANNING AND BUDGETING AND THE COMMISSION FOR REVIEW.
(2)(a) BFOREALOCALGOVERNMENTSUBMITSANAPPLICATIONFOR A TRANSIT INVESTMENT PROJECT TO THE OFFICE OF ECONOMIC DEVELOPMENT PURSUANT TO SUBSECTION (1)OF THIS SECTIO,THE LOCAL GOVERNMENTMUSTSUBMITAMAPSHOWINGTHEPROPOSEDBOUNDARIESOF A PROPOSED TRANSIT INVESTMENT AREA TO THE OFFICE OF ECONOMIC DEVELOPMENT ,ALONGWITHDATAUSEDTOESTIMATETHESTATESALESTAX INCREMENT REVENUE AND A CALCULATION SHOWING THE PROJECTED BASELINE GROWTH RATE .
(b) T HE OFFICE OF STATE PLANNING AND BUDGETING SHALL SUBMIT TO THE COMMISSION A REVIEW OF THE THI-PARTY ANALYST S ESTIMATE WITHIN THIRTY CALENDAR DAYS OF RECEIPT OF THE ESTIMATE FROM THE OFFICE OF ECONOMIC DEVELOPMENT.
THE OFFICE OF ECONOMIC DEVELOPMENT SHALL VERIFY WHETHER THE PROPOSED TRANSIT INVESTMENT AREA IS WITHIN A TRANSIT AND HOUSING INVESTMENT ZONE THAT IS ESTABLISHED IN RELATION TO A TRANSIT FACILITY THAT IS THE SUBJECT OF THE TRANSIT INVESTMENT PROJECT IN THE LOCAL GOVERNMENT 'S APPLICATION SUBMITTEDPURSUANTTOSUBSECTION (1)OFTHISSECTION,ANDTHEOFFICE OF ECONOMIC DEVELOPMENT SHALL ENTER INTO A CONTRACT WITH A THIRD-PARTYANALYSTTOESTIMATETHEBASELINEGROWTHRATEFORTHE PROPOSED TRANSIT INVESTMENT AREA .
(c) THE COMMISSION SHALL TAKE INTO ACCOUNT THE ESTIMATE PROVIDEDBYTHE THIRD -PARTYANALYSTANDTHEREVIEWPROVIDEDBY THE OFFICE OF STATE PLANNING AND BUDGETING AND SHALL ESTABLISH ABASELINEGROWTHRATEFORUSEBYTHELOCALGOVERNMENTANDTHE THIRD-PARTYANALYSTINTHECOMMISSION SAPPLICATIONASSUMPTIONS AND BY THE DEPARTMENT .
N ESTIMATING THE BASELINE GROWTH RATE ,THE THIRD-PARTY ANALYST SHALL CONSIDER THE GROWTH RATEFORTHEPROPOSEDTRANSITINVESTMENTAREADURINGATLEASTTHE PREVIOUSTENCALENDARYEARS ,IFAVAILABLE.THETHIRD -PARTYANALYST SHALL DELIVER ITS ESTIMATE TO THE OFFICE OF ECONOMIC DEVELOPMENT WHOSHALLPROVIDETHEESTIMATETOTHEOFFICEOFTHESTATEPLANNING AND BUDGETING AND THE COMMISSION FOR REVIEW .
(d) THE OFFICE OF ECONOMIC DEVELOPMENT MAY CHARGE A LOCAL GOVERNMENT A SUBMISSION FEE OF UP TO SEVEN THOUSAND FIVE HUNDRED DOLLARS PER SUBMISSION,AND THE STATE TREASURER SHALL CREDIT THAT FEE TO THE TRANSIT INVESTMENT ZONES CASH FUND CREATED IN SUBSECTION(6)OF THIS SECTIO,FOR THE COSTS INCURRED INCONTRACTINGWITHATHIRD PARTYANALYST FORTHE ESTIMATIONOF THE BASELINE GROWTH RATE FOR THE PROPOSED TRANSIT INVESTMENT AREA PURSUANT TO SUBSECTION (2)(aOF THIS SECTIO.
(b) THEOFFICE OFSTATE PLANNINGANDBUDGETINGSHALLSUBMIT TO THE COMMISSION A REVIEW OF THE THIRDPARTY ANALYST 'S ESTIMATE WITHIN THIRTY CALENDAR DAYS OF RECEIPT OF THE ESTIMATE FROM THE OFFICE OF ECONOMIC DEVELOPMENT .
HE OFFICE OF ECONOMIC DEVELOPMENT SHALL ANNUALLY ADJUST FOR INFLATION OR DEFLATIONTHEFEEREQUIREDPURSUANTTOTHISSUBSECTION (2)(b)AND SHALL ROUND THE ADJUSTED AMOUNT UPWARD OR DOWNWARD TO THE NEAREST HUNDRED DOLLARS .
(c) THE COMMISSION SHALL TAKE INTO ACCOUNT THE ESTIMATE PROVIDED BY THE THIRD-PARTY ANALYST AND THE REVIEW PROVIDED BY THE OFFICE OF STATE PLANNING AND BUDGETING AND SHALL ESTABLISH A BASELINE GROWTH RATE FOR USE BY THE LOCAL GOVERNMENT AND THE THIRD-PARTY ANALYST IN THE COMMISSION S APPLICATION ASSUMPTIONS AND BY THE DEPARTMENT .
(e) THE LOCAL GOVERNMENT AND THE THIRD PARTY ANALYST RETAINED PURSUANT TO SUBSECTION (3)(jOF THIS SECTION SHALL USE -17- 1065 THE BASELINE GROWTH RATE DETERMINED BY THE COMMISSION IN THEIR ASSUMPTIONS AND ECONOMIC ANALYSES FOR THE PURPOSE OF CALCULATING THEIR ESTIMATE OF THE MAXIMUM ANNUAL AND TOTAL CUMULATIVE DOLLAR AMOUNTS OF STATE SALES TAX INCREMENT REVENUE AVAILABLE TO BE PLEDGED TO THE PROPOSED TRANSIT INVESTMENT PROJECT AS REQUIRED BY SUBSECTION(3)(iAND (3)(jOF THIS SECTIO.
(d) THE OFFICE OFECONOMICDEVELOPMENT MAYCHARGE ALOCAL GOVERNMENTASUBMISSIONFEEOFUPTOSEVENTHOUSANDFIVEHUNDRED DOLLARSPERSUBMISSION ,ANDTHESTATETREASURERSHALLCREDITTHAT PAGE 13-HOUSE BILL 26-1065 FEE TO THE TRANSIT INVESTMENT ZONES CASH FUND CREATED IN SUBSECTION (6) OF THIS SECTION , FOR THE COSTS INCURRED IN CONTRACTING WITH A THIRD -PARTY ANALYST FOR THE ESTIMATION OF THE BASELINE GROWTH RATE FOR THE PROPOSED TRANSIT INVESTMENT AREA PURSUANT TO SUBSECTION (2)(a) OF THIS SECTION .
(3) A LOCAL GOVERNMENT THAT SUBMITS AN APPLICATION PURSUANT TO SUBSECTION (1)OF THIS SECTION MUST SUBMIT THE APPLICATIONTOTHE OFFICE OFECONOMICDEVELOPMENT INAFORMAND MANNERTOBEDETERMINEDBYTHECOMMISSION .ANAPPLICATIONMUST INCLUDE AT LEAST:
THE OFFICE OF ECONOMIC DEVELOPMENT SHALL ANNUALLY ADJUST FOR INFLATION OR DEFLATION THE FEE REQUIRED PURSUANT TO THIS SUBSECTION (2)(b)AND SHALL ROUND THE ADJUSTED AMOUNT UPWARD OR DOWNWARD TO THE NEAREST HUNDRED DOLLARS .
(a) M APS OF THE PROPOSED PROJECT AREA SHOWING BOTH CURRENT CONDITIONSANDACONCEPTUALRENDERINGOFTHE PROPOSED TRANSIT INVESTMENT PROJECT IN ITS ANTICIPATED BUILT CONDI;ION (b) AMAPSHOWINGTHEPROPOSEDBOUNDARIESOFTHEPROPOSED TRANSIT INVESTMENT AREA;
(e) T HE LOCAL GOVERNMENT AND THE THIRD -PARTY ANALYST RETAINEDPURSUANTTOSUBSECTION (3)(jOFTHISSECTIONSHALLUSETHE BASELINE GROWTH RATE DETERMINED BY THE COMMISSION IN THEIR ASSUMPTIONSANDECONOMICANALYSESFORTHEPURPOSEOFCALCULATING THEIR ESTIMATE OF THE MAXIMUM ANNUAL AND TOTAL CUMULATIVE DOLLARAMOUNTSOFSTATESALESTAXINCREMENTREVENUEAVAILABLETO BEPLEDGEDTOTHEPROPOSEDTRANSITINVESTMENTPROJECTASREQUIRED BY SUBSECTIONS (3)(iAND (3)(jOF THIS SECTIO.
(c) A NARRATIVE DESCRIPTION OF THE PROPOSED TRANSIT INVESTMENT PROJECT,INCLUDING:
(3) A LOCAL GOVERNMENT THAT SUBMITS AN APPLICATION PURSUANT TO SUBSECTION (1) OF THIS SECTION MUST SUBMIT THE APPLICATION TO THE OFFICE OF ECONOMIC DEVELOPMENT IN A FORM AND MANNER TO BE DETERMINED BY THE COMMISSION .
(I) TE LOCATION AND ESTIMATED OVERALL COST;
N APPLICATION MUST INCLUDE AT LEAST:
(II) ETIMATED ELIGIBLE COST;
(a) MAPSOFTHEPROPOSEDPROJECTAREASHOWINGBOTHCURRENT CONDITIONS AND A CONCEPTUAL RENDERING OF THE PROPOSED TRANSIT INVESTMENT PROJECT IN ITS ANTICIPATED BUILT CONDITION (b) A MAP SHOWING THE PROPOSED BOUNDARIES OF THE PROPOSED TRANSIT INVESTMENT AREA ;
(III) T HE ANTICIPATED SCOPE AND PHASING OF ELIGIBLE IMPROVEMENTS ;
(c) A NARRATIVE DESCRIPTION OF THE PROPOSED TRANSIT INVESTMENT PROJECT ,INCLUDING :
(IV) THE INFRASTRUCTURE EXISTING OR NEEDED IN CONNECTION WITH THE PROPOSED TRANSIT INVESTMENT PROJEC;AND (V) ANOPERATIONS ,MAINTENANCE ,ANDCAPITALRESERVEPLAN FOR THE PROPOSED TRANSIT INVESTMENT PROJEC;
(I) THE LOCATION AND ESTIMATED OVERALL COST ;
-18- 1065 (d) A DISCUSSION OF THE APPLICATION AND PRIORITIZATION CRITERIAESTABLISHED IN SUBSECTION (4)OFTHIS SECTION ANDSECTION 24-46-404 (3)(f)(II)ESPECTIVELY AND HOW THE PROPOSED TRANSIT INVESTMENTPROJECTWILLMEETTHESECRITERIA .THISDISCUSSIONSHALL INCLUDE AN ECONOMIC ANALYSIS DETAILING :
(II) ESTIMATED ELIGIBLE COSTS;
(I) PROJECTED ECONOMIC DEVELOPMENT INCLUDING THE PROJECTED REAL ESTATE DEVELOPMENT , GROWTH IN COMMERCIAL ACTIVITY, TOURISM,INCREASES IN THE RESIDENTIAL POPULATION,JOBS, OR ANY OTHER ECONOMIC IMPROVEMENTS THAT WILL INCREASE STATE SALESTAXREVENUETHATWILLBECATALYZED ,INDUCED,SUPPORTED ,OR FACILITATED BY THE PROPOSED PROJECT IN THE PROPOSED TRANSIT AND INVESTMENT AREA ;
(III) T HE ANTICIPATED SCOPE AND PHASING OF ELIGIBLE PAGE 14-HOUSE BILL 26-1065 IMPROVEMENTS ;
(II) IMPACT OF THE PROJECT ON FUTURE STATE SALES TAX REVENUE IN THE TRANSIT INVESTMENT AREA DURING AND AFTER THE PROPOSED FINANCING TERM ;AND (III) AY OTHER INFORMATION REASONABLY REQUESTED BY THE COMMISSION ;
(IV) T HE INFRASTRUCTURE EXISTING OR NEEDED IN CONNECTION WITH THE PROPOSED TRANSIT INVESTMENT PROJECT ;AND (V) A N OPERATIONS , MAINTENANCE ,AND CAPITAL RESERVE PLAN FOR THE PROPOSED TRANSIT INVESTMENT PROJECT ;
(e) (I) AESCRIPTION OF THE PROPOSED FINANCING ENTIT;AND (II) A GENERAL DESCRIPTION OF THE PROPOSED FINANCING ENTITY S PLAN FOR FINANCING THE ELIGIBLE COSTS AND PROVIDING THE PROPOSED ELIGIBLE IMPROVEMENTS ;
(d) A DISCUSSION OF THE APPLICATION AND PRIORITIZATION CRITERIA ESTABLISHED IN SUBSECTION (4)OF THIS SECTION AND SECTION 24-46-404 (3)(f)(II)RESPECTIVELY AND HOW THE PROPOSED TRANSIT INVESTMENT PROJECT WILLMEET THESE CRITERIA .T HIS DISCUSSION SHALL INCLUDE AN ECONOMIC ANALYSIS DETAILING :
(f) I APPLICABLE,A REQUEST FOR AUTHORIZATION OF A TRANSIT INVESTMENTAUTHORITY WHICHREQUESTSHALLINCLUDEADESCRIPTION OF THE PROPOSED TRANSIT INVESTMENT AUTHORITY 'S:
(I) POJECTEDECONOMICDEVELOPMENTINCLUDINGTHEPROJECTED REALESTATEDEVELOPMENT ,GROWTHINCOMMERCIALACTIVITY ,TOURISM , INCREASES IN THE RESIDENTIAL POPULATION ,JOBS , OR ANY OTHER ECONOMICIMPROVEMENTSTHATWILLINCREASESTATESALESTAXREVENUE THAT WILL BE CATALYZED ,INDUCED ,SUPPORTED ,OR FACILITATED BY THE PROPOSED PROJECT IN THE PROPOSED TRANSIT AND INVESTMENT AREA ;
(II) IPACT OFTHE PROJECTONFUTURE STATE SALESTAXREVENUE IN THE TRANSIT INVESTMENT AREA DURING AND AFTER THE PROPOSED FINANCING TERM ;AND (III) ANY OTHER INFORMATION REASONABLY REQUESTED BY THE COMMISSION ;
(e) (I) ADESCRIPTION OF THE PROPOSED FINANCING ENTITY ;AND (II) AGENERALDESCRIPTIONOFTHEPROPOSEDFINANCINGENTITY 'S PLAN FOR FINANCING THE ELIGIBLE COSTS AND PROVIDING THE PROPOSED ELIGIBLE IMPROVEMENTS ;
(f) IF APPLICABLE,A REQUEST FOR AUTHORIZATION OF A TRANSIT INVESTMENT AUTHORITY ,WHICH REQUEST SHALL INCLUDE A DESCRIPTION OF THE PROPOSED TRANSIT INVESTMENT AUTHORITY S:
(II) REQUESTED POWERS ;AND (III) ATICIPATED SOURCES OFREVENUE IFANY ,IN ADDITION TO -19- 1065 STATE SALES TAX INCREMENT REVENUE;
PAGE 15-HOUSE BILL 26-1065 (II) REQUESTED POWERS ;AND (III) ANTICIPATED SOURCES OF REVENUE ,IF ANY,IN ADDITION TO STATE SALES TAX INCREMENT REVENUE ;
(g) I IT IS ANTICIPATED THAT THE PROPOSED FINANCING ENTITY WILL ENTER INTO CONTRACTUAL ARRANGEMENTS WITH ONE OR MORE URBANRENEWALAUTHORITIES ,METROPOLITANDISTRICTS,AUTHORITIES FORMED BY INTERGOVERNMENTAL AGREEMENT AMONG TWO OR MORE METROPOLITAN DISTRICTS, LOCAL GOVERNMENTS , REGIONAL TRANSPORTATION AUTHORITIES ,OR PRIVATE PARTIES WITH RESPECT TO THE METHOD OF FINANCING THE ELIGIBLE COSTS AND PROVIDING THE PROPOSED ELIGIBLE IMPROVEMENTS ,A GENERAL DESCRIPTION OF THE CONTEMPLATED CONTRACTUAL ARRANGEMENTS ;
(g) IF IT IS ANTICIPATED THAT THE PROPOSED FINANCING ENTITY WILLENTERINTOCONTRACTUALARRANGEMENTSWITHONEORMOREURBAN RENEWAL AUTHORITIES ,METROPOLITAN DISTRICTS, AUTHORITIES FORMED BY INTERGOVERNMENTAL AGREEMENT AMONG TWO OR MORE METROPOLITAN DISTRICTS , LOCAL GOVERNMENTS , REGIONAL TRANSPORTATIONAUTHORITIES ORPRIVATEPARTIESWITHRESPECTTOTHE METHODOFFINANCINGTHEELIGIBLECOSTSANDPROVIDINGTHE PROPOSED ELIGIBLEIMPROVEMENTS ,AGENERALDESCRIPTIONOFTHECONTEMPLATED CONTRACTUAL ARRANGEMENTS ;
(h) IF IT IS ANTICIPATED THAT THE PROPOSED ELIGIBLE IMPROVEMENTSWILLBECONSTRUCTEDINPHASESORTHATFINANCINGOF THEELIGIBLECOSTSWILLBEACCOMPLISHEDINPHASES ,ADESCRIPTIONOF THE CONTEMPLATED PHASES AND THE ANTICIPATED TIMING OF THE PHASES;
(h) IF IT IS ANTICIPATED THAT THE PROPOSED ELIGIBLE IMPROVEMENTS WILL BE CONSTRUCTED IN PHASES OR THAT FINANCING OF THE ELIGIBLE COSTS WILL BE ACCOMPLISHED IN PHASESA DESCRIPTION OF THECONTEMPLATEDPHASESANDTHEANTICIPATEDTIMINGOFTHEPHASES ;
(i) CONCERNING THE FINANCING OF THE PROPOSED ELIGIBLE PUBLIC IMPROVEMENTS BY THE FINANCING ENTITY ,THE FOLLOWING PROPOSED ITEMS:
(i) CONCERNINGTHEFINANCINGOFTHE PROPOSEDELIGIBLE PUBLIC IMPROVEMENTS BY THE FINANCING ENTITY ,THE FOLLOWING PROPOSED ITEMS:
(I) HE FINANCING TERM;
(I) THE FINANCING TERM;
(II) TEMAXIMUMANNUALDOLLARAMOUNTOFSTATESALESTAX INCREMENT REVENUE THAT CAN BE ALLOCATED TO THE FINANCING ENTITY;
(II) TE MAXIMUM ANNUAL DOLLAR AMOUNT OF STATE SALES TAX INCREMENTREVENUE THAT CANBE ALLOCATEDTOTHEFINANCINGENTITY ;
(III) HE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE THAT CAN BE ALLOCATED TO THE FINANCING ENTITY;AND (IV) WHETHERTHESTATESALESTAXINCREMENTREVENUETHAT EXCEEDS THE PROJECTED COSTS OF ELIGIBLE COSTS WILL BE SPENT ON -20- 1065 ADDITIONALELIGIBLECOSTSINCURREDINCONNECTIONWITHTHETRANSIT INVESTMENT PROJECT.
(III) TETOTALCUMULATIVEDOLLARAMOUNTOFSTATESALESTAX INCREMENT REVENUE THAT CANBEALLOCATEDTOTHE FINANCINGENTITY ;
(j) UPON RECEIPT OF AN APPLICATI,THE OFFICE OF ECONOMIC DEVELOPMENTSHALLCOMMISSIONAREPORTBYATHIRD -PARTYANALYST WHO IS AN EXPERT IN THE FIELD OF ECONOMIC OR PUBLIC FINANCIAL ANALYSIS CALCULATING THE ANNUAL AND TOTAL CUMULATIVE DOLLAR AMOUNTS OF STATE SALES TAX INCREMENT REVENUE AVAILABLE TO BE PLEDGED TO THE PROPOSED TRANSIT INVESTMENT PROJECT TO BE SET BY THE COMMISSION PURSUANT TO SECTION24-46-404(3).THE REVIEWING THIRD-PARTY ANALYST MUST BE CHOSEN THROUGH A REQUEST FOR PROPOSALS ISSUED BY THE OFFICE OF ECONOMIC DEVELOPMENT TO ENSURE AN INDEPENDENT AND THOROUGH ANALYSIS , AND THE THIRD-PARTY ANALYST SHALL REPORT TO THAT OFFICE.
AND (IV) W HETHER THE STATE SALES TAX INCREMENT REVENUE THAT EXCEEDS THE PROJECTED COSTS OF ELIGIBLE COSTS WILL BE SPENT ON ADDITIONAL ELIGIBLE COSTS INCURRED IN CONNECTION WITH THE TRANSIT INVESTMENT PROJECT .
HE OFFICE OF ECONOMIC DEVELOPMENT SHALL REQUIRE A LOCAL GOVERNMENT THAT SUBMITSANAPPLICATIONPURSUANTTOSUBSECTION (1)OFTHISSECTION TOPAYTHECOSTSFORTHETHIRD -PARTYANALYSTCHOSENBYTHEOFFICE OF ECONOMIC DEVELOPMENT PURSUANT TO THIS SUBSECTION (3)(jTO COMMISSION THE REPORT ;EXCEPT THAT ,IF THE OFFICE OF ECONOMIC DEVELOPMENT DETERMINES THAT THE PAYMENT OF THESE COSTS BY A LOCAL GOVERNMENT WOULD CONSTITUTE AN EXTREME NEGATIVE FINANCIAL HARDSHIP FOR THE LOCAL GOVERNMENT ,THE OFFICE OF ECONOMIC DEVELOPMENT MAY PAY THESE COSTS FROM THE TRANSIT INVESTMENT ZONES CASH FUND CREATED IN SUBSECTION (6) OF THIS SECTION OR , IF THERE IS INSUFFICIENT MONEY IN THE TRANSIT INVESTMENTZONESCASHFUND ,THEOFFICEOFECONOMICDEVELOPMENT MAY PAY THESE COSTS FROM THE GENERAL FUND TO THE EXTENT THE GENERAL ASSEMBLY HAS SPECIFICALLY APPROPRIATED DEDICATED -21- 1065 FUNDING WHICH IS AVAILABLE FOR THIS PURPOSE;EXCEPT THAT THE OFFICESHALLNOTPAYTHESECOSTSFORMORETHANTWOAPPLICANTSIN AN APPLICATION CYCLE .
(j) UPON RECEIPT OF AN APPLICATION ,THE OFFICE OF ECONOMIC DEVELOPMENT SHALL COMMISSION A REPORT BY A THIRD -PARTY ANALYST PAGE 16-HOUSE BILL 26-1065 WHO IS AN EXPERT IN THE FIELD OF ECONOMIC OR PUBLIC FINANCIAL ANALYSIS CALCULATING THE ANNUAL AND TOTAL CUMULATIVE DOLLAR AMOUNTS OF STATE SALES TAX INCREMENT REVENUE AVAILABLE TO BE PLEDGEDTOTHEPROPOSEDTRANSITINVESTMENTPROJECTTOBESETBYTHE COMMISSION PURSUANT TO SECTION 24-46-404 (3).
AS PART OF CREATING THE REPORT , THE THIRD-PARTY ANALYST MUST :
THE REVIEWING THIRD-PARTY ANALYST MUST BE CHOSEN THROUGH A REQUEST FOR PROPOSALSISSUED BY THE OFFICE OFECONOMIC DEVELOPMENT TO ENSURE AN INDEPENDENT AND THOROUGH ANALYSIS ,AND THE THIRD -PARTY ANALYST SHALL REPORT TO THAT OFFICE .
(I) ESTIMATE THE TOTAL STATE SALES TAX INCREMENT REVENUE DURING THE FINANCING TERM IN THE PROPOSED TRANSIT INVESTMENT AREATHAT THE FINANCING ENTITY IS ELIGIBLE TO RECE;VE (II) STIMATETHEMAXIMUMANNUALDOLLARAMOUNTOFSTATE SALESTAXINCREMENTREVENUEINTHETRANSITINVESTMENTAREATHAT THE FINANCING ENTITY IS ELIGIBLE TO REC;AND (III) ASESS THE APPLICATIOS SATISFACTION OF THE CRITERIA DESCRIBED IN SUBSECTION(4)OF THIS SECTION AND SECTI24-46-404 (3)(f)(II);
THE OFFICE OF ECONOMIC DEVELOPMENT SHALL REQUIRE A LOCAL GOVERNMENT THAT SUBMITS AN APPLICATION PURSUANT TO SUBSECTION (1)OF THIS SECTION TO PAY THE COSTSFORTHETHIRD -PARTYANALYSTCHOSENBYTHEOFFICEOFECONOMIC DEVELOPMENT PURSUANT TO THIS SUBSECTION (3)(jTO COMMISSION THE REPORT ;
(IV) TAKE INTO ACCOUNT PROJECTED ECONOMIC DEVELOPMENT INCLUDING THE PROJECTED REAL ESTATE DEVELOPMENT ,GROWTH IN COMMERCIAL ACTIVITY , TOURISM, INCREASE IN THE RESIDENTIAL POPULATION ,JOBS OR ANY OTHER ECONOMIC IMPROVEMENTS THAT WILL INCREASE STATE SALES TAX REVENUE THAT WILL BE CATALYZED , INDUCED SUPPORTED ,ORFACILITATEDBYTHEPROPOSEDPROJECTINTHE PROPOSED TRANSIT AND INVESTMENT AREA INCLUDED IN THE APPLICATION;AND (V) PROVIDE OTHER RELEVANT INFORMATION REQUIRED BY THE OFFICE OF ECONOMIC DEVELOPMENT OR THE COMMISSION.
EXCEPT THAT , IF THE OFFICE OF ECONOMIC DEVELOPMENT DETERMINESTHATTHEPAYMENTOFTHESECOSTSBYALOCALGOVERNMENT WOULD CONSTITUTE AN EXTREME NEGATIVE FINANCIALHARDSHIP FOR THE LOCAL GOVERNMENT ,THE OFFICE OF ECONOMIC DEVELOPMENT MAY PAY THESE COSTS FROM THE TRANSIT INVESTMENT ZONES CASH FUND CREATED IN SUBSECTION(6)OFTHIS SECTION OR,IFTHERE IS INSUFFICIENT MONEY IN THE TRANSIT INVESTMENT ZONES CASH FUND ,THE OFFICE OF ECONOMIC DEVELOPMENT MAY PAY THESE COSTS FROM THE GENERAL FUND TO THE EXTENT THE GENERAL ASSEMBLY HAS SPECIFICALLY APPROPRIATED DEDICATEDFUNDINGWHICHISAVAILABLEFORTHISPURPOSE ;EXCEPTTHAT THE OFFICE SHALLNOT PAY THESE COSTS FOR MORE THANTWOAPPLICANTS IN AN APPLICATION CYCLE .
(k) A LOCAL GOVERNMENT THAT SUBMITS AN APPLICATION PURSUANT TO SUBSECTION (1)OF THIS SECTION MUST SHARE THE DATA AND ASSUMPTIONS IT USED IN ITS APPLICATION WITH THE TH-PARTY ANALYST ,AND THE ANALYST SHALL RELY ON THE DATA AND REASONING -22- 1065 AS IT DEEMS APPROPRIATE IN THE EXERCISE OF ITS INDEPENDENT JUDGMENT .
AS PART OF CREATING THE REPORT ,THE THIRD-PARTY ANALYST MUST :
AN APPLICANT THAT IS DISSATISFIED WITH THE REPORT PRODUCED BY THE THIRD-PARTY ANALYST MAY REVISE ITS APPLICATION AND REQUEST THAT THE THIRD-PARTY ANALYST REVISE THE REPOR.
(I) ESTIMATE THE TOTAL STATE SALES TAX INCREMENT REVENUE DURINGTHEFINANCINGTERMINTHEPROPOSEDTRANSITINVESTMENTAREA THAT THE FINANCING ENTITY IS ELIGIBLE TO RECEIVE (II) ESTIMATE THE MAXIMUM ANNUAL DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE IN THE TRANSIT INVESTMENT AREA THAT THE FINANCING ENTITY IS ELIGIBLE TO RECEIVEND (III) ASSESS THE APPLICATION'S SATISFACTION OF THE CRITERIA DESCRIBED IN SUBSECTION (4) OF THIS SECTION AND SECTION 24-46-404 (3)(f)(II);
(4) ANAPPLICATIONMUSTDEMONSTRATETHATITSATISFIESEACH OF THE FOLLOWING CRITERI:
(IV) T AKE INTO ACCOUNT PROJECTED ECONOMIC DEVELOPMENT PAGE 17-HOUSE BILL 26-1065 INCLUDING THE PROJECTED REAL ESTATE DEVELOPMENT , GROWTH IN COMMERCIAL ACTIVITY , TOURISM , INCREASE IN THE RESIDENTIAL POPULATION ,JOBS OR ANY OTHER ECONOMIC IMPROVEMENTS THAT WILL INCREASESTATE SALESTAXREVENUETHATWILLBECATALYZED ,INDUCED , SUPPORTED ,OR FACILITATED BY THE PROPOSED PROJECT IN THE PROPOSED TRANSIT AND INVESTMENT AREA INCLUDED IN THE APPLICATION ;
(a) TEPROPOSEDTRANSITINVESTMENTPROJECTISREASONABLY ANTICIPATED TO RESULT IN A SUBSTANTIAL INCREASE IN TRANSIT UTILIZATION;
AND (V) P ROVIDE OTHER RELEVANT INFORMATION REQUIRED BY THE OFFICE OF ECONOMIC DEVELOPMENT OR THE COMMISSION .
(b) THE BOUNDARIES OF THE PROPOSED TRANSIT INVESTMENT AREAARE ONLYASLARGE ASNECESSARYTOACCOMPLISHTHE PROPOSED TRANSIT INVESTMENT PROJECT GOALS;
(k) A LOCAL GOVERNMENT THAT SUBMITS AN APPLICATION PURSUANT TOSUBSECTION (1)OFTHISSECTIONMUSTSHARETHEDATAAND ASSUMPTIONSITUSEDINITSAPPLICATIONWITHTHETHIRD -PARTYANALYST , AND THE ANALYST SHALL RELY ON THE DATA AND REASONING AS IT DEEMS APPROPRIATE IN THE EXERCISE OF ITS INDEPENDENT JUDGMENT .
(c) TEPROPOSEDTRANSITINVESTMENTPROJECTORSUBSTANTIAL PORTIONS OF THE PROPOSED PROJECT HAVE BEEN IDENTIFIED AS PART OF A LOCAL PLANNING PROCESS;
AN APPLICANT THAT IS DISSATISFIED WITH THE REPORT PRODUCED BY THE THIRD-PARTY ANALYST MAY REVISE ITS APPLICATION AND REQUEST THAT THE THIRD-PARTY ANALYST REVISE THE REPORT .
(d) T HE COSTS IDENTIFIED PURSUANT TO SECTION24-46-403 (3)(c)(II)E ELIGIBLE COST;
(4) A N APPLICATION MUST DEMONSTRATE THAT IT SATISFIES EACH OF THE FOLLOWING CRITERIA :
(e)T HE LOCALGOVERNMENT THATSUBMITTED THE APPLICATION FOR THE PROPOSED TRANSIT INVESTMENT PROJECT HAS PROVIDED RELIABLE ECONOMIC DATA DEMONSTRATING THAT ,IN THE ABSENCE OF STATE SALES TAX INCREMENT REVENUE,THE PROPOSED PROJECT IS NOT REASONABLY ANTICIPATED TO BE DEVELOPED WITHIN THE FORESEEABLE FUTURE ;AND (f) T HE PROPOSED TRANSIT INVESTMENT PROJECT WILL BE CARRIED OUT IN A MANNER CONSISTENT WITH THE HIRING, APPRENTICESHIP, AND WORKFORCE STANDARDS APPLICABLE TO -23- 1065 INFRASTRUCTURE PROJECTS THAT ARE FINANCED BY THE BUILDING URGENT INFRASTRUCTURE AND LEVERAGING DOLLARS AUTHORITY AS REQUIREDBYSECTION 24-117-105(6),TOTHEEXTENTTHESESTANDARDS ARE NOT INCONSISTENT WITH THE REQUIREMENTS OF THIS PART4.
(a) THE PROPOSED TRANSIT INVESTMENT PROJECT IS REASONABLY ANTICIPATED TO RESULT IN A SUBSTANTIAL INCREASE IN TRANSIT UTILIZATION;
(5) THE OFFICE OF ECONOMIC DEVELOPMENT SHALLPROVIDE THE COMMISSION WITH EACH APPLICATION RECEIVED AFTER THE DIRECTOR'S REVIEW PURSUANT TO SECTION 24-46-404.
(b) THE BOUNDARIESOFTHEPROPOSEDTRANSITINVESTMENTAREA AREONLYASLARGEASNECESSARYTOACCOMPLISHTHEPROPOSEDTRANSIT INVESTMENT PROJECT GOALS ;
(6) (a) HE TRANSIT INVESTMENT ZONES CASH FUND IS CREATED IN THE STATE TREASURY .
(c) THE PROPOSED TRANSIT INVESTMENT PROJECT OR SUBSTANTIAL PORTIONS OF THE PROPOSED PROJECT HAVE BEEN IDENTIFIED AS PART OF A LOCAL PLANNING PROCESS ;
HE FUND CONSISTS OF SUBMISSION FEES COLLECTEDBYTHEOFFICEOFECONOMICDEVELOPMENTANDCREDITEDTO THE FUND PURSUANT TO SUBSECTION (2)(bOF THIS SECTION,AND ANY OTHER MONEY THAT THE GENERAL ASSEMBLY MAY APPROPRIATE OR TRANSFER TO THE FUND .
(d) T HE COSTS IDENTIFIED PURSUANT TO SECTION 24-46-403 (3)(c)(II)RE ELIGIBLE COST;
(b) IN ACCORDANCE WITH SECTION 24-36-114 (1)THE STATE TREASURERSHALLCREDITALLINTERESTANDINCOMEDERIVEDFROMTHE DEPOSITANDINVESTMENTOFMONEYINTHETRANSITINVESTMENTZONES CASH FUND TO THE GENERAL FUND .
(e) THE LOCAL GOVERNMENT THAT SUBMITTED THE APPLICATION FORTHEPROPOSEDTRANSITINVESTMENTPROJECTHASPROVIDEDRELIABLE ECONOMIC DATA DEMONSTRATING THAT ,IN THE ABSENCE OF STATE SALES PAGE 18-HOUSE BILL 26-1065 TAX INCREMENT REVENUE , THE PROPOSED PROJECT IS NOT REASONABLY ANTICIPATED TO BE DEVELOPED WITHIN THE FORESEEABLE FUTURE ;AND (f) THE PROPOSED TRANSIT INVESTMENT PROJECT WILL BE CARRIED OUT IN A MANNER CONSISTENT WITH THE HIRING ,APPRENTICESHIP ,AND WORKFORCESTANDARDSAPPLICABLETOINFRASTRUCTUREPROJECTSTHAT ARE FINANCED BY THE BUILDING URGENT INFRASTRUCTURE AND LEVERAGING DOLLARS AUTHORITY AS REQUIRED BY SECTION 24-117-105 (6),TO THE EXTENT THESE STANDARDS ARE NOT INCONSISTENT WITH THE REQUIREMENTS OF THIS PART 4.
(c) SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY ,THEOFFICEOFECONOMICDEVELOPMENTMAYEXPENDMONEY FROM THE FUND TO PAY OR PARTIALLY PAY:
(5) THE OFFICE OF ECONOMIC DEVELOPMENT SHALL PROVIDE THE COMMISSION WITH EACH APPLICATION RECEIVED AFTER THE DIRECTOR 'S REVIEW PURSUANT TO SECTION 24-46-404.
(I) THE COST INCURRED IN CONTRACTING WITH A THIRD-PARTY ANALYST TO ESTIMATE THE BASELINE GROWTH RATE FOR THE PROPOSED TRANSIT INVESTMENT AREA PURSUANT TO SUBSECTION (2)(a)OF THIS SECTION;
(6) (a) TE TRANSIT INVESTMENT ZONES CASH FUND IS CREATED IN THESTATETREASURY .THEFUNDCONSISTSOFSUBMISSIONFEESCOLLECTED BY THE OFFICE OF ECONOMIC DEVELOPMENT AND CREDITED TO THE FUND PURSUANTTOSUBSECTION (2)(b)OFTHISSECTION ,ANDANYOTHERMONEY THAT THE GENERAL ASSEMBLY MAY APPROPRIATE OR TRANSFER TO THE FUND .
AND (II) THE COSTS FOR THIRD-PARTY ANALYSTS AS DESCRIBED IN SUBSECTION (3)(jOF THIS SECTIO.
(b) I N ACCORDANCE WITH SECTION 24-36-114 (1),THE STATE TREASURER SHALL CREDIT ALL INTEREST AND INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE TRANSIT INVESTMENT ZONES CASH FUND TO THE GENERAL FUND .
(c) S UBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY ,THE OFFICE OF ECONOMIC DEVELOPMENT MAY EXPEND MONEY FROM THE FUND TO PAY OR PARTIALLY PAY :
(I) THE COST INCURRED IN CONTRACTING WITH A THIRD -PARTY ANALYST TO ESTIMATE THE BASELINE GROWTH RATE FOR THE PROPOSED TRANSIT INVESTMENT AREA PURSUANT TO SUBSECTION (2)(a)OF THIS SECTION;AND (II) THE COSTS FOR THIRD PARTY ANALYSTS AS DESCRIBED IN SUBSECTION (3)(j)OF THIS SECTIO.
Transit investment project approval - director - -24- 1065 commission - review.
Transit investment project approval - director - PAGE 19-HOUSE BILL 26-1065 commission - review.
(1) UPON RECEIPT OF A LOCAL GOVERNMENTS APPLICATION FOR THEAPPROVALOFATRANSITINVESTMENTPROJECT ,THEDIRECTORORTHE DIRECTOR S DESIGNEE SHALL REVIEW THE APPLICATION AND MAKE AN INITIAL DETERMINATION AS TO WHETHER THE APPLICATION HAS MET THE CRITERIA FOR A TRANSIT INVESTMENT PROJECT SPECIFIED IN SECTION 24-46-403(4).
(1) UPONRECEIPTOFALOCALGOVERNMENT 'SAPPLICATIONFORTHE APPROVAL OF A TRANSIT INVESTMENT PROJECT ,THE DIRECTOR OR THE DIRECTOR S DESIGNEE SHALL REVIEW THE APPLICATION AND MAKE AN INITIAL DETERMINATION AS TO WHETHER THE APPLICATION HAS MET THE CRITERIA FOR A TRANSIT INVESTMENT PROJECT SPECIFIED IN SECTION 24-46-403 (4).
(2) A FTER REVIEWING AN APPLICATION FOR APPROVAL OF A TRANSITINVESTMENTPROJECTFORCOMPLETENESS ,THEDIRECTORSHALL FORWARD THE APPLICATION:
(2) AFTERREVIEWINGANAPPLICATIONFORAPPROVALOFATRANSIT INVESTMENTPROJECTFORCOMPLETENESS THEDIRECTORSHALLFORWARD THE APPLICATION:
(a) TO THE THIRD-PARTY ANALYST WHO WILL REVIEW THE APPLICATION PURSUANT TO SECTION24-46-403 (3)(j);
(a) T O THE THIRD -PARTY ANALYST WHO WILL REVIEW THE APPLICATION PURSUANT TO SECTION 24-46-403 (3)(j);
(b) AT LEAST THIRTY DAYS PRIOR TO A PUBLIC HEARING HELD PURSUANT TO SUBSECTION (3) OF THIS SECTION ,TO ANY LOCAL GOVERNMENT THAT IS ADJACENT TO THE LOCATION OF THE PROPOSED TRANSIT INVESTMENT AREA TO NOTIFY THE ADJACENT JURISDICTIONS OF THE PROPOSAL;AND (c) TO THE COMMISSION WITH A RECOMMENDATION THAT THE COMMISSION APPROVE ,APPROVE WITH CONDITIONS , OR DENY THE APPLICATION.
(b) A T LEAST THIRTY DAYS PRIOR TO A PUBLIC HEARING HELD PURSUANT TO SUBSECTION (3) OF THIS SECTION , TO ANY LOCAL GOVERNMENT THAT IS ADJACENT TO THE LOCATION OF THE PROPOSED TRANSITINVESTMENTAREATONOTIFYTHEADJACENTJURISDICTIONSOFTHE PROPOSAL ;AND (c) T O THE COMMISSION WITH A RECOMMENDATION THAT THE COMMISSION APPROVE , APPROVE WITH CONDITIONS , OR DENY THE APPLICATION.
(3) (a) UON RECEIVING AN APPLICATION FOR THE APPROVAL OF ATRANSITINVESTMENTPROJECT ,THECOMMISSIONSHALLHOLDAPUBLIC HEARING SUBJECTTOTHEOPENMEETINGSLAWUNDERPART 4 OFARTICLE 6 OF THIS TITL24,TO REVIEW AND CONSIDER THE APPLICATION.
(3) (a) UPON RECEIVING AN APPLICATION FOR THE APPROVAL OF A TRANSIT INVESTMENT PROJECT , THE COMMISSION SHALL HOLD A PUBLIC HEARING ,SUBJECT TO THE OPEN MEETINGS LAW UNDER PART 4 OF ARTICLE OF THIS TITLE24, TO REVIEW AND CONSIDER THE APPLICATION .
(b) AFTER HOLDING A HEARING PURSUANT TO SUBSECTIO(3)(a) OF THIS SECTION,WHILE GIVING CONSIDERATION TO THE DIRECTOR S -25- 1065 RECOMMENDATIONS AND THE REPORT COMPLETED BY A THIRD -PARTY ANALYSTPURSUANTTOSECTION 24-46-403(3)(jTHECOMMISSIONSHALL TIMELYAPPROVE ,APPROVEWITHCONDITIONS ,ORDENYANAPPLICATION .
(b) AFTERHOLDINGAHEARINGPURSUANTTOSUBSECTION (3)(a)OF THIS SECTION , WHILE GIVING CONSIDERATION TO THE DIRECTOR 'S RECOMMENDATIONS AND THE REPORT COMPLETED BY A THIRD -PARTY ANALYST PURSUANT TO SECTION 24-46-403 (3)(jTHE COMMISSION SHALL TIMELY APPROVE ,APPROVE WITH CONDITIONS ,OR DENY AN APPLICATION .
(c) THE COMMISSION SHALL APPROVE A LOCAL GOVERNMENT S APPLICATIONFORTHEAPPROVALOFATRANSITINVESTMENTPROJECTIFA MAJORITYOFTHE COMMISSIONERS PARTICIPATING IN THE REVIEWOFTHE APPLICATION FINDS THAT THE APPLICATION DEMONSTRATES THAT EACH OFTHECRITERIAIDENTIFIEDINSECTION24-46-403(4)ISMATERIALLYMET AND HAS BEEN PRIORITIZED IN ACCORDANCE WITH SECTION24-46-403 (3)(f)(II).
(c) T HE COMMISSION SHALL APPROVE A LOCAL GOVERNMENT 'S APPLICATION FOR THE APPROVAL OF A TRANSIT INVESTMENT PROJECT IF A PAGE 20-HOUSE BILL 26-1065 MAJORITY OF THE COMMISSIONERS PARTICIPATING IN THE REVIEW OF THE APPLICATION FINDS THAT THE APPLICATION DEMONSTRATES THAT EACH OF THECRITERIAIDENTIFIEDINSECTION 24-46-403(4)ISMATERIALLYMETAND HASBEENPRIORITIZEDINACCORDANCEWITHSECTION 24-46-403(3)(f)(II).
(d) (I) I THE COMMISSION APPROVES AN APPLICATION FOR A TRANSIT INVESTMENT PROJECT, IT SHALL ADOPT A RESOLUTION THAT SPECIFIE:
(d) (I) IF THE COMMISSION APPROVES AN APPLICATION FOR A TRANSIT INVESTMENT PROJECT , IT SHALL ADOPT A RESOLUTION THAT SPECIFIES (A) T HE LOCAL GOVERNMENT THAT HAS BEEN APPROVED TO UNDERTAKE A TRANSIT INVESTMENT PROJECT ;
(A) T HE LOCAL GOVERNMENT THAT HAS BEEN APPROVED TO UNDERTAKE A TRANSIT INVESTMENT PROJECT;
(B) T HE BOUNDARY OF THE TRANSIT INVESTMENT AREA ESTABLISHED IN CONNECTION WITH THE TRANSIT INVESTMENT PROJECT ;
(B) THE BOUNDARY OF THE TRANSIT INVESTMENT AREA ESTABLISHED IN CONNECTION WITH THE TRANSIT INVESTMENT PROJE;T (C) W HETHER THE COMMISSION HAS AUTHORIZED THE CREATION OF A TRANSIT INVESTMENT AUTHORITY;
(C) W HETHERTHECOMMISSIONHASAUTHORIZEDTHECREATIONOF A TRANSIT INVESTMENT AUTHORITY ;
(D) T HE BASELINE GROWTH RATE , PURSUANT TO SECTION 24-46-403 (2)(c);
(D) THEBASELINEGROWTHRATE ,PURSUANTTOSECTION 24-46-403 (2)(c);
(E) THE APPROVED FINANCING TERM;
(E) THE APPROVED FINANCING TERM ;
(F) THE MAXIMUM DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE THAT CAN BE ANNUALLY DEDICATED TO THE TRANSIT INVESTMENT PROJECT, AS DETERMINED PURSUANT TO SUBSECTION (3)(j)(IOF THIS SECTI;AND (G) THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES -26- 1065 TAX INCREMENT REVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENTPROJECT ,ASDETERMINEDPURSUANTTOSUBSECTION (3)(j)(I) OF THIS SECTIO.
(F) THE MAXIMUM DOLLAR AMOUNT OF STATE SALES TAX INCREMENTREVENUETHATCANBEANNUALLYDEDICATEDTOTHETRANSIT INVESTMENTPROJECT ,ASDETERMINEDPURSUANTTOSUBSECTION (3)(j)(II) OF THIS SECTIO;AND (G) THETOTALCUMULATIVEDOLLARAMOUNTOFSTATESALESTAX INCREMENT REVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT ,AS DETERMINED PURSUANT TO SUBSECTION (3)(j)(I) OF THIS SECTIO.
(II)NDETERMININGTHEMAXIMUMANNUALDOLLARAMOUNTOF STATE SALES TAX INCREMENT REVENUE THAT CAN BE DEDICATED TO THE TRANSITINVESTMENTPROJECTPURSUANTTOSUBSECTION (3)(b)(I)(OF THISSECTION,THECOMMISSIONSHALLCONSIDERTHEAMOUNTIDENTIFIED BYTHEAPPLICANTPURSUANTTOSECTION 24-46-403(3)(i)(IANDSHALL ATTEMPTTOENSURETHATTHEMAXIMUMANNUALDOLLARAMOUNTDOES NOT PREVENT DEDICATING THE TOTAL CUMULATIVE DOLLAR AMOUNT ESTABLISHEDBYTHE COMMISSIONPURSUANT TOTHISSUBSECTION (3)(d) TO BE PAID TO THE TRANSIT INVESTMENT PROJ.ATFTER ADOPTING THE RESOLUTION REQUIRED PURSUANT TO THIS SUBSECTION (3)(d),THE COMMISSION MAY ADOPT A SUBSEQUENT RESOLUTION THAT INCREASES THEMAXIMUMANNUALDOLLARAMOUNTTHATCANBEDEDICATEDTOTHE TRANSIT INVESTMENT PROJECT , BUT THE COMMISSION SHALL NOT INCREASETHEMAXIMUMANNUALDOLLARAMOUNTBYANAMOUNTTHAT WOULDRESULTINDEDICATINGATOTALDOLLARAMOUNTTOTHETRANSIT INVESTMENT PROJECT THAT EXCEEDS THE TOTAL CUMULATIVE DOLLAR AMOUNT ESTABLISHED BY THE COMMISSION PURSUANT TO THIS SUBSECTION (3)(d).
(II) I DETERMINING THE MAXIMUM ANNUAL DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT PURSUANT TO SUBSECTION (3)(b)(I)(EOF THIS SECTION,THE COMMISSION SHALL CONSIDER THE AMOUNT IDENTIFIED BY THE APPLICANT PURSUANT TO SECTION 24-46-403 (3)(i)(IAND SHALL ATTEMPT TO ENSURE THAT THE MAXIMUM ANNUAL DOLLAR AMOUNT DOES NOT PREVENT DEDICATING THE TOTAL CUMULATIVE DOLLAR AMOUNT PAGE 21-HOUSE BILL 26-1065 ESTABLISHEDBYTHECOMMISSIONPURSUANTTOTHISSUBSECTION (3)(dTO BE PAID TO THE TRANSIT INVESTMENT PROJECT .
(III) (A) N DETERMINING THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT PURSUANT TO SUBSECTION (3)(d)(I)(OFTHISSECTIONTHECOMMISSIONSHALLAWARD AN AMOUNT EQUAL TO THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATESALESTAXINCREMENTREVENUETHATTHETHIRD -PARTYANALYST -27- 1065 DETERMINESCANBEDEDICATEDTOTHETRANSITINVESTMENTPROJECTAS REPORTED PURSUANT TO SECTION 24-46-403 (3)(j).
AFTER ADOPTING THE RESOLUTION REQUIRED PURSUANT TO THIS SUBSECTION (3)(d),THE COMMISSIONMAYADOPTASUBSEQUENTRESOLUTIONTHATINCREASESTHE MAXIMUM ANNUAL DOLLAR AMOUNT THAT CAN BE DEDICATED TO THE TRANSITINVESTMENTPROJECT ,BUTTHECOMMISSIONSHALLNOTINCREASE THE MAXIMUM ANNUAL DOLLAR AMOUNT BY AN AMOUNT THAT WOULD RESULT IN DEDICATING A TOTAL DOLLAR AMOUNT TO THE TRANSIT INVESTMENT PROJECT THAT EXCEEDS THE TOTAL CUMULATIVE DOLLAR AMOUNTESTABLISHEDBYTHECOMMISSIONPURSUANTTOTHISSUBSECTION (3)(d).
(B) NOTWITHSTANDING SUBSECTION (3)(d)(III)(AOF THIS SECTION ,IF THE ESTIMATED ELIGIBLE COSTS IDENTIFIED PURSUANT TO SECTION 24-46-403 (3)(c)(IIARE LESS THAN THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE THAT THE THIRD PARTYANALYSTDETERMINESCANBE DEDICATEDTOTHETRANSIT INVESTMENT PROJECT AS REPORTED PURSUANT TO SECTION 24-46-403 (3)(j)AND THE APPLICATION DID NOT AFFIRM THAT STATE SALES TAX INCREMENT REVENUE THAT EXCEEDS THE ESTIMATED ELIGIBLE COSTS WILLBESPENTONADDITIONALELIGIBLECOSTSINCURREDINCONNECTION WITH THE TRANSIT INVESTMENT PROJECT , IN DETERMINING THE TOTAL CUMULATIVEDOLLARAMOUNTOFSTATESALESTAXINCREMENTREVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT PURSUANTTOSUBSECTION (3)(d)(I)(OFTHISSECTION ,THECOMMISSION SHALL AWARD A TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE EQUAL TO THE ESTIMATED ELIGIBLE COSTS IDENTIFIED PURSUANT TO SECTION24-46-403 (3)(c)(II).
(III)(A) IETERMININGTHETOTALCUMULATIVEDOLLARAMOUNT OFSTATESALESTAXINCREMENTREVENUETHATCANBEDEDICATEDTOTHE TRANSIT INVESTMENT PROJECT PURSUANT TO SUBSECTION (3)(d)(I)(OF THIS SECTION,THE COMMISSION SHALL AWARD AN AMOUNT EQUAL TO THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUETHATTHETHIRD PARTYANALYSTDETERMINESCANBEDEDICATED TOTHETRANSITINVESTMENTPROJECTASREPORTEDPURSUANTTOSECTION 24-46-403 (3)(j).
(C) NOTWITHSTANDING SUBSECTION (3)(d)(III)(AOF THIS SECTION ,IF THE ESTIMATED ELIGIBLE COSTS IDENTIFIED PURSUANT TO SECTION 24-46-403 (3)(c)(IARE LESS THAN THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE THAT THE THIRD PARTYANALYSTDETERMINESCANBE DEDICATEDTOTHETRANSIT INVESTMENT PROJECT AS REPORTED PURSUANT TO SECTION 24-46-403 (3)(j)AND THE APPLICATION AFFIRMED THAT STATE SALES TAX INCREMENT REVENUE THAT EXCEEDS THE ESTIMATED ELIGIBLE COSTS WILLBESPENTONADDITIONALELIGIBLECOSTSINCURREDINCONNECTION -28- 1065 WITH THE TRANSIT INVESTMENT PROJECT,IN DETERMINING THE TOTAL CUMULATIVEDOLLARAMOUNTOFSTATESALESTAXINCREMENTREVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT PURSUANTTOSUBSECTION (3)(d)(I)(OFTHISSECTION,THECOMMISSION SHALL AWARD A TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE EQUAL TO THE ESTIMATED ELIGIBLE COSTS IDENTIFIED PURSUANT TO SECTIO24-46-403 (3)(c)(IAND ALLOW FOR THEEXPENDITUREOFADDITIONALSTATESALESTAXINCREMENTREVENUE FOR ADDITIONAL ELIGIBLE COSTS INCURRED IN CONNECTION WITH THE TRANSIT INVESTMENT PROJECT BEYOND THOSE ESTIMATED IN THE APPLICATION SUCH THAT THE APPLICANT CAN SPEND IN TOTAL , ON ADDITIONAL AND ESTIMATED ELIGIBLE COSTS , UP TO THE TOTAL CUMULATIVEDOLLARAMOUNTOFSTATESALESTAXINCREMENTREVENUE DETERMINED BY THE THIRD-PARTY ANALYST.
(B) NOTWITHSTANDINGSUBSECTION (3)(d)(III)(OFTHISSECTION , IF THE ESTIMATED ELIGIBLE COSTS IDENTIFIED PURSUANT TO SECTION 24-46-403 (3)(c)(IIARE LESS THAN THE TOTAL CUMULATIVE DOLLAR AMOUNTOFSTATESALESTAXINCREMENTREVENUETHATTHETHIRD -PARTY ANALYST DETERMINES CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT AS REPORTED PURSUANT TO SECTION 24-46-403 (3)(jAND THE APPLICATIONDIDNOTAFFIRMTHATSTATESALESTAXINCREMENTREVENUE THAT EXCEEDS THE ESTIMATED ELIGIBLE COSTS WILL BE SPENT ON ADDITIONAL ELIGIBLE COSTS INCURRED IN CONNECTION WITH THE TRANSIT INVESTMENT PROJECT ,IN DETERMINING THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT PURSUANT TO SUBSECTION (3)(d)(I)(OFTHIS SECTION,THE COMMISSION SHALLAWARD A TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE EQUALTOTHE ESTIMATEDELIGIBLE COSTSIDENTIFIEDPURSUANT TO SECTION24-46-403 (3)(c)(II).
(e) TECOMMISSIONSHALLNOTAPPROVEANYPROPOSEDTRANSIT INVESTMENT PROJECT THAT WOULD LIKELY CREATE A STATE SALES TAX INCREMENTREVENUEDEDICATIONOFMORETHANSEVENTY FIVEMILLION DOLLARS TO ALL TRANSIT INVESTMENT PROJECTS IN ANY GIVEN FISCAL YEAR .
(C) NOTWITHSTANDINGSUBSECTION (3)(d)(III)(OFTHISSECTION, IF THE ESTIMATED ELIGIBLE COSTS IDENTIFIED PURSUANT TO SECTION PAGE 22-HOUSE BILL 26-1065 24-46-403 (3)(c)(IIARE LESS THAN THE TOTAL CUMULATIVE DOLLAR AMOUNTOFSTATESALESTAXINCREMENTREVENUETHATTHETHIRD PARTY ANALYST DETERMINES CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT AS REPORTED PURSUANT TO SECTION 24-46-403 (3)(j)AND THE APPLICATIONAFFIRMEDTHATSTATESALESTAXINCREMENTREVENUETHAT EXCEEDS THE ESTIMATED ELIGIBLE COSTS WILL BE SPENT ON ADDITIONAL ELIGIBLE COSTSINCURREDIN CONNECTION WITH THE TRANSIT INVESTMENT PROJECT ,IN DETERMINING THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT PURSUANT TO SUBSECTION (3)(d)(I)(FOF THIS SECTION, THE COMMISSION SHALL AWARD A TOTAL CUMULATIVE DOLLARAMOUNTOFSTATESALESTAXINCREMENT REVENUE EQUALTOTHE ESTIMATED ELIGIBLE COSTS IDENTIFIED PURSUANT TO SECTION 24-46-403 (3)(c)(II)ND ALLOW FOR THE EXPENDITURE OF ADDITIONAL STATE SALES TAX INCREMENT REVENUE FOR ADDITIONAL ELIGIBLE COSTS INCURRED IN CONNECTION WITH THE TRANSIT INVESTMENT PROJECT BEYOND THOSE ESTIMATED IN THE APPLICATION SUCH THAT THE APPLICANT CAN SPEND IN TOTAL ,ON ADDITIONAL AND ESTIMATED ELIGIBLE COSTS ,UP TO THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE DETERMINED BY THE THIRD -PARTY ANALYST .
(f) (I) T COMMISSION SHALL NOT APPROVE MORE THAN THREE TRANSIT INVESTMENT PROJECTS PURSUANT TO THIS SUBSECTION(3)IN ANY CALENDAR YEAR AND SHALL NOT APPROVE MORE THAN SIX TRANSIT INVESTMENT PROJECTS PURSUANT TO THIS SUBSECTIO(3)IN TOTAL.
(e) THE COMMISSION SHALL NOT APPROVE ANY PROPOSED TRANSIT INVESTMENT PROJECT THAT WOULD LIKELY CREATE A STATE SALES TAX INCREMENT REVENUE DEDICATION OF MORE THAN SEVENTY -FIVE MILLION DOLLARS TO ALL TRANSIT INVESTMENT PROJECTS IN ANY GIVEN FISCAL YEAR .
(II) IHE COMMISSION DETERMINES MORE THAN THREE TRANSIT INVESTMENT PROJECT APPLICATIONS IN A GIVEN CALENDAR YEAR MEET EACH OF THE CRITERIA ESTABLISHED IN SECTION 24-46-403 (4)THE COMMISSION SHALL PRIORITIZE THE THREE PROJECTS THAT THE -29- 1065 COMMISSION WILL APPROVE USING THE FOLLOWING CRITERI:
(f) (I) TE COMMISSION SHALL NOT APPROVE MORE THAN THREE TRANSIT INVESTMENT PROJECTS PURSUANT TO THIS SUBSECTION (3)IN ANY CALENDAR YEAR AND SHALL NOT APPROVE MORE THAN SIX TRANSIT INVESTMENT PROJECTS PURSUANT TO THIS SUBSECTION (3)IN TOTAL.
(A) I NCLUSION IN OR FIT WITH LOCAL,REGIONAL, OR STATE TRANSPORTATION PLANS ;
(II) I THE COMMISSION DETERMINES MORE THAN THREE TRANSIT INVESTMENT PROJECT APPLICATIONS IN A GIVEN CALENDAR YEAR MEET EACH OF THE CRITERIA ESTABLISHED IN SECTION 24-46-403 (4), THE COMMISSIONSHALLPRIORITIZETHETHREEPROJECTSTHATTHECOMMISSION WILL APPROVE USING THE FOLLOWING CRITERIA :
(B) STATEWIDE GEOGRAPHIC EQUITY;
(A) INCLUSION IN OR FIT WITH LOCAL ,REGIONAL , OR STATE TRANSPORTATION PLANS ;
(C) SCALE OF IMPACT;AND (D) THE DEDICATION OFMATCHING LOCAL SPECIALDISTRICT,OR OTHER NONSTATE PROVIDED FUNDING FOR THE PROJECT.
PAGE 23-HOUSE BILL 26-1065 (B) STATEWIDE GEOGRAPHIC EQUITY ;
(IIIIFTHECOMMISSIONDOESNOTAPPROVEAPROPOSEDTRANSIT INVESTMENTPROJECTBECAUSEDOINGSOWOULDCAUSETHECOMMISSION TO APPROVE MORE THAN THREE PROPOSED TRANSIT INVESTMENT PROJECTSINTHESAMECALENDARYEAR THECOMMISSIONMAYCONSIDER SUCHAPROJECTFORAPPROVAL ,APPROVALWITHCONDITIONS ORDENIAL IN THE NEXT CALENDAR YEAR,SUBJECT TO THE PRIORITIZATION OF ALL APPLICATIONSRECEIVEDINTHENEXTYEARANDALLAPPLICATIONSBEING RECONSIDERED FROM THE PRIOR YEAR BEING CONSIDERED IN A SINGLE POOL .
(C) SCALE OF IMPACT ;AND (D) T HE DEDICATION OF MATCHING LOCAL ,SPECIAL DISTRIC,OR OTHER NONSTATE PROVIDED FUNDING FOR THE PROJECT .
(4) (a) AS PART OF THE APPROVAL OF A PROPOSED TRANSIT INVESTMENT PROJECT,THE COMMISSION SHALL AUTHORIZE:
(III) I THE COMMISSION DOES NOT APPROVE A PROPOSED TRANSIT INVESTMENT PROJECT BECAUSE DOING SO WOULD CAUSE THE COMMISSION TO APPROVE MORE THAN THREE PROPOSED TRANSIT INVESTMENT PROJECTS IN THE SAME CALENDAR YEAR ,THE COMMISSION MAY CONSIDER SUCH A PROJECT FOR APPROVAL ,APPROVAL WITH CONDITIONS ,OR DENIAL IN THE NEXT CALENDAR YEAR , SUBJECT TO THE PRIORITIZATION OF ALL APPLICATIONS RECEIVED IN THE NEXT YEAR AND ALL APPLICATIONS BEING RECONSIDEREDFROMTHEPRIORYEARBEINGCONSIDEREDINASINGLEPOOL .
(I) THE DEPARTMENT TO COLLECT THE STATE SALES TAX INCREMENT REVENUE IN CONNECTION WITH THE PROPOSED TRANSIT INVESTMENT PROJECT ON BEHALF OF THE RELEVANT FINANCING ENTITY FORTHEDURATIONOFTHEFINANCINGTERMUPTOTHEMAXIMUMANNUAL AND TOTAL CUMULATIVE DOLLAR AMOUNTS OF STATE SALES TAX INCREMENT REVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT;
(4) (a) AS PART OF THE APPROVAL OF A PROPOSED TRANSIT INVESTMENT PROJECT ,THE COMMISSION SHALL AUTHORIZE :
(II) HEDEPARTMENTTOADJUSTTHEBASEYEARREVENUEBYTHE AMOUNT OF THE BASELINE GROWTH RATE SPECIFIED IN THE RESOLUTION -30- 1065 APPROVING A TRANSIT INVESTMENT PROJEC;
(I) TEDEPARTMENTTOCOLLECTTHESTATESALESTAXINCREMENT REVENUE IN CONNECTION WITH THE PROPOSED TRANSIT INVESTMENT PROJECT ON BEHALF OF THE RELEVANT FINANCING ENTITY FOR THE DURATION OF THE FINANCING TERM UP TO THE MAXIMUM ANNUAL AND TOTAL CUMULATIVE DOLLAR AMOUNTS OF STATE SALES TAX INCREMENT REVENUE THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT ;
(III) FINANCING ENTITY TO RECEIVE AND USE THE STATE SALES TAX INCREMENT REVENUE UP TO THE MAXIMUM ANNUAL AND TOTAL CUMULATIVEDOLLARAMOUNTSTHATCANBEDEDICATEDTOTHETRANSIT INVESTMENT PROJECT FOR THE DURATION OF THE FINANCING TER;AND (IV) THE USE OF THE STATE SALES TAX INCREMENT REVENUE BY THE FINANCING ENTITY PURSUANT TO THIS PA4TAND ANY CONDITIONS OF APPROVAL IMPOSED BY THE COMMISSION AND INCORPORATED IN WRITINGINTOTHECOMMISSION SRESOLUTIONAPPROVINGTHEPROPOSED TRANSIT INVESTMENT PROJECT.
(II) TE DEPARTMENT TO ADJUST THE BASE YEAR REVENUE BY THE AMOUNT OF THE BASELINE GROWTH RATE SPECIFIED IN THE RESOLUTION APPROVING A TRANSIT INVESTMENT PROJECT ;
(b) IN IMPLEMENTING THE AUTHORIZATION DESCRIBED IN SUBSECTION (4)(a)(IOF THIS SECTIO,THE DEPARTMENT SHALL REMIT STATE SALES TAX INCREMENT REVENUE TO THE FINANCING ENTITY ON A MONTHLY BASIS PROMPTLY AFTER COLLECTING THAT REVENUE .
(III) AFINANCING ENTITY TO RECEIVE AND USE THE STATE SALES TAX INCREMENT REVENUE UP TO THE MAXIMUM ANNUAL AND TOTAL CUMULATIVE DOLLAR AMOUNTS THAT CAN BE DEDICATED TO THE TRANSIT INVESTMENT PROJECT FOR THE DURATION OF THE FINANCING TERM ;AND (IV) THEUSEOFTHESTATESALESTAXINCREMENTREVENUEBYTHE FINANCING ENTITY PURSUANT TO THIS PART 4 AND ANY CONDITIONS OF APPROVAL IMPOSED BY THE COMMISSION AND INCORPORATED IN WRITING INTO THE COMMISSION S RESOLUTION APPROVING THE PROPOSED TRANSIT INVESTMENT PROJECT .
(5) (a) F EACH YEAR OFTHE FINANCING TERM,THE AMOUNT OF STATE SALES TAX INCREMENT REVENUE DEDICATED TO A TRANSIT INVESTMENTPROJECTMUSTNOTEXCEEDTHEMAXIMUMANNUALDOLLAR AMOUNTSPECIFIEDBYTHECOMMISSIONPURSUANTTOSUBSECTION (3)OF THIS SECTION.
PAGE 24-HOUSE BILL 26-1065 (b) IN IMPLEMENTING THE AUTHORIZATION DESCRIBED IN SUBSECTION (4)(a)(IIOF THIS SECTION,THE DEPARTMENT SHALL REMIT STATE SALES TAX INCREMENT REVENUE TO THE FINANCING ENTITY ON A MONTHLY BASIS PROMPTLY AFTER COLLECTING THAT REVENUE .
HE TOTAL AMOUNT OF STATE SALES TAX INCREMENT REVENUEDEDICATEDTOATRANSITINVESTMENTPROJECTFORTHEENTIRE DURATION OF THE PROJECT SHALL NOT EXCEED THE TOTAL CUMULATIVE DOLLAR AMOUNT SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3)OF THIS SECTIO.
(5) (a) FR EACH YEAR OF THE FINANCING TERM ,THE AMOUNT OF STATE SALES TAX INCREMENT REVENUE DEDICATED TO A TRANSIT INVESTMENT PROJECT MUST NOT EXCEED THE MAXIMUM ANNUAL DOLLAR AMOUNT SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3)OF THIS SECTION.
HE DEPARTMENT SHALL TRACK THE MAXIMUMANNUALANDTOTALCUMULATIVEDOLLARAMOUNTSOFSTATE SALESTAXINCREMENTREVENUE REMITTED TO THE FINANCING ENTITY IN CONNECTION WITH A TRANSIT INVESTMENT PROJECT AND SHALL NOTIFY THECOMMISSIONWHENCUMULATIVEPAYMENTSEQUALNINETYPERCENT -31- 1065 OF THE LIMITS SET BY THE COMMISSION PURSUANT TO SUBSECT(3)OF THIS SECTION FOR THE COMMISSIONS CONCURRENCE REGARDING THE DOLLAR LIMITS.
THE TOTAL AMOUNT OF STATE SALES TAX INCREMENT REVENUE DEDICATED TO A TRANSIT INVESTMENT PROJECT FOR THE ENTIRE DURATION OF THE PROJECT SHALL NOT EXCEED THE TOTAL CUMULATIVE DOLLARAMOUNTSPECIFIEDBYTHECOMMISSIONPURSUANTTOSUBSECTION (3) OF THIS SECTION.
(b) (I) ATER THE DEPARTMENT HAS REMITTED THE MAXIMUM ANNUAL DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3)OF THIS SECTION TO THE FINANCING ENTITY FOR A CALENDAR YEAR , THE DEPARTMENT SHALL NOT REMIT ANY ADDITIONAL STATE SALES TAX INCREMENT REVENUE FROM THE STATE TO THE FINANCING ENTITY UNTIL THE FOLLOWING YEAR .
THE DEPARTMENT SHALL TRACK THE MAXIMUM ANNUAL AND TOTAL CUMULATIVE DOLLAR AMOUNTS OF STATE SALES TAX INCREMENTREVENUEREMITTEDTOTHEFINANCINGENTITYINCONNECTION WITHATRANSITINVESTMENTPROJECTANDSHALLNOTIFYTHECOMMISSION WHEN CUMULATIVE PAYMENTS EQUAL NINETY PERCENT OF THE LIMITS SET BYTHECOMMISSIONPURSUANTTOSUBSECTION (3)OFTHISSECTIONFORTHE COMMISSION 'S CONCURRENCE REGARDING THE DOLLAR LIMITS .
(II) AFTER THE DEPARTMENT HAS REMITTED THE TOTAL CUMULATIVEDOLLARAMOUNTOFSTATESALESTAXINCREMENTREVENUE SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3)OF THIS SECTION TO THE FINANCING ENTI,THE DEPARTMENT SHALL NOT REMIT ANYADDITIONALSTATESALESTAXINCREMENTREVENUEFROMTHESTATE TO THE FINANCING ENTITY,EVEN IF THE APPROVED FINANCING TERM IS NOT COMPLETED .
(b) (I) A FTER THE DEPARTMENT HAS REMITTED THE MAXIMUM ANNUAL DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3)OF THIS SECTION TO THE FINANCING ENTITY FOR A CALENDAR YEAR , THE DEPARTMENT SHALL NOT REMIT ANY ADDITIONAL STATE SALES TAX INCREMENTREVENUEFROMTHESTATETOTHEFINANCINGENTITYUNTILTHE FOLLOWING YEAR .
(III) ATER THE FINANCING TERM SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3) OF THIS SECTION IS COMPLETE, THE DEPARTMENT SHALL NOT REMIT ANY ADDITIONAL STATE SALES TAX INCREMENT REVENUE FROM THE STATE TO THE FINANCING ENTIT,EVEN IF THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3)OF THIS SECTION HAS NOT BEEN REACH.D (IV) THEDEPARTMENTSHALLNOTIFYTHECOMMISSIONIFITISNO LONGER REMITTING STATE SALES TAX INCREMENT REVENUE TO THE FINANCING ENTITY PURSUANT TO THIS SUBSECTIO(5)(b).
(II) AFTER THE DEPARTMENT HAS REMITTED THE TOTAL CUMULATIVE DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3)OF THIS SECTION TO THE FINANCING ENTITY ,THE DEPARTMENT SHALL NOT REMIT ANY ADDITIONAL STATE SALES TAX INCREMENT REVENUE FROM THE STATE TO THE FINANCING ENTITY,EVEN IFTHE APPROVED FINANCING TERM IS NOT COMPLETED .
-32- 1065 (6) OLLOWINGTHECOMMISSION 'SAPPROVALOFANAPPLICATION , ANDTHEESTABLISHMENTOFTHETERMSOFAWARDINCLUDINGTHEITEMS DESCRIBED IN SUBSECTION(3)(d)(IOF THIS SECTIO,THE COMMISSION SHALL PROMPTLY TRANSMIT WRITTEN NOTICE AND A COPY OF THE APPROVAL TO THE EXECUTIVE DIRECTOR OF THE DEPARTMENT .
(III) AFTER THE FINANCING TERM SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3) OF THIS SECTION IS COMPLETED , THE DEPARTMENT SHALL NOT REMIT ANY ADDITIONAL STATE SALES TAX PAGE 25-HOUSE BILL 26-1065 INCREMENT REVENUE FROM THE STATE TO THE FINANCING ENTITY ,EVEN IF THETOTALCUMULATIVEDOLLARAMOUNTOFSTATESALESTAXINCREMENT REVENUE SPECIFIED BY THE COMMISSION PURSUANT TO SUBSECTION (3)OF THIS SECTION HAS NOT BEEN REACHED .
THE COMMISSION SHALL INCLUDE ANY INFORMATION DEEMED NECESSARY BY THE DEPARTMENT TO FULFILL ITS OBLIGATIONS PURSUANT TO THIS PART 4 IN THE WRITTEN NOTIC.
(IV) T HE DEPARTMENT SHALL NOTIFY THE COMMISSION IF IT IS NO LONGER REMITTING STATE SALES TAX INCREMENT REVENUE TO THE FINANCING ENTITY PURSUANT TO THIS SUBSECTION (5)(b).
(6) FOLLOWING THE COMMISSION 'S APPROVAL OF AN APPLICATION , AND THE ESTABLISHMENT OF THE TERMS OF AWARD INCLUDING THE ITEMS DESCRIBED IN SUBSECTION (3)(d)(I)OF THIS SECTION,THE COMMISSION SHALLPROMPTLYTRANSMITWRITTENNOTICEANDACOPYOFTHEAPPROVAL TOTHEEXECUTIVEDIRECTOROFTHEDEPARTMENT .THECOMMISSIONSHALL INCLUDE ANY INFORMATION DEEMED NECESSARY BY THE DEPARTMENT TO FULFILLITSOBLIGATIONSPURSUANTTOTHISPART 4 INTHEWRITTENNOTICE .
(1) THE COMMISSION SHALLNOT DENY A REQUEST TO AUTHORIZE THECREATIONOFATRANSITINVESTMENTAUTHORITYIFTHECOMMISSION OTHERWISE APPROVES AN APPLICATION FOR A TRANSIT INVESTMENT PROJECT THAT INCLUDES A REQUEST FOR THE FORMATION OF A TRANSIT INVESTMENT AUTHORITY .
(1) T HE COMMISSION SHALL NOT DENY A REQUEST TO AUTHORIZE THE CREATION OF A TRANSIT INVESTMENT AUTHORITY IF THE COMMISSION OTHERWISEAPPROVESANAPPLICATIONFORATRANSITINVESTMENTPROJECT THATINCLUDESAREQUESTFORTHEFORMATIONOFATRANSITINVESTMENT AUTHORITY .
(2) ATRANSITINVESTMENTAUTHORITYISGOVERNEDBYABOARD CONSISTING OF THE FOLLOWING MEMBERS:
(2) A TRANSIT INVESTMENT AUTHORITY IS GOVERNED BY A BOARD CONSISTING OF THE FOLLOWING MEMBERS :
(a) I THE APPLICANT IS A SINGLE LOCAL GOVERNME:T (I) TWO MEMBERS APPOINTED BY THE COMMISSION WHO ARE OWNERS OF COMMERCIAL PROPERTY WITHIN THE TRANSIT INVESTMENT AREA ;
(a) IF THE APPLICANT IS A SINGLE LOCAL GOVERNMENT :
(II) TO MEMBERSAPPOINTEDBYTHE LOCALGOVERNMENT WHO ARE ELECTED OFFICIALS OF THE LOCAL GOVERNMEN;AND (III) OEMEMBERAPPOINTEDBYTHETRANSITAGENCYORENTITY THATOPERATES THE TRANSPORTATIONFACILITYTHAT ISTHE SUBJECT OF THE PROPOSED TRANSIT INVESTMENT PROJEC.
(I) TWO MEMBERS APPOINTED BY THE COMMISSION WHO ARE OWNERS OF COMMERCIAL PROPERTY WITHIN THE TRANSIT INVESTMENT AREA ;
(b) I THE APPLICANT IS TWO LOCAL GOVERNMENT:
(II) TWO MEMBERS APPOINTED BY THE LOCAL GOVERNMENT WHO ARE ELECTED OFFICIALS OF THE LOCAL GOVERNMENT ;AND (III) ONE MEMBER APPOINTED BY THE TRANSIT AGENCY OR ENTITY THAT OPERATES THE TRANSPORTATION FACILITY THAT IS THE SUBJECT OF PAGE 26-HOUSE BILL 26-1065 THE PROPOSED TRANSIT INVESTMENT PROJECT .
-33- 1065 (I) TWO MEMBERS APPOINTED BY THE COMMISSION WHO ARE OWNERS OF COMMERCIAL PROPERTY WITHIN THE TRANSIT INVESTMENT AREA ;
(b) IF THE APPLICANT IS TWO LOCAL GOVERNMENTS :
(II) OEMEMBERAPPOINTEDBYTHETRANSITAGENCYORENTITY THAT OPERATES THE TRANSPORTATIONFACILITYTHATISTHE SUBJECT OF THE PROPOSED TRANSIT INVESTMENT PROJEC;AND (III) ONE MEMBER APPOINTED BY EACH OF THE TWO LOCAL GOVERNMENTS WHO IS AN ELECTED OFFICIAL OF ONE OF THE LOCAL GOVERNMENTS .
(I) TWO MEMBERS APPOINTED BY THE COMMISSION WHO ARE OWNERS OF COMMERCIAL PROPERTY WITHIN THE TRANSIT INVESTMENT AREA ;
(c) I THE APPLICANT IS MORE THAN TWO LOCAL GOVERNMENTS:
(II) ONE MEMBER APPOINTED BY THE TRANSIT AGENCY OR ENTITY THAT OPERATES THE TRANSPORTATION FACILITY THAT IS THE SUBJECT OF THE PROPOSED TRANSIT INVESTMENT PROJECT ;AND (III) O NE MEMBER APPOINTED BY EACH OF THE TWO LOCAL GOVERNMENTS WHO IS AN ELECTED OFFICIAL OF ONE OF THE LOCAL GOVERNMENTS .
(I) OEMEMBERAPPOINTEDBYEACHLOCALGOVERNMENTINTHE TRANSITINVESTMENTAUTHORITYWHOISANELECTEDOFFICIALOFONEOF THE LOCAL GOVERNMENTS ;AND (II) T HREE OR MORE MEMBERS , AS DETERMINED BY THE COMMISSIONSOTHATTHE TOTALNUMBEROFMEMBERSONAGOVERNING BOARD IS AN ODD NUMBER ,REPRESENTING COMMERCIAL PROPERTY OWNERS WITHIN THE TRANSIT INVESTMENT AREA ,APPOINTED BY THE COMMISSION ;AND (d) ONE MEMBER APPOINTED BYTHE TRANSIT AGENCYORENTITY THAT OPERATESTHE TRANSPORTATION FACILITYTHAT ISTHE SUBJECTOF THE PROPOSED TRANSIT INVESTMENT PROJEC.
(c) IF THE APPLICANT IS MORE THAN TWO LOCAL GOVERNMENTS :
(3) UNLESS LIMITED BY THE COMMISSION 'S CONDITIONS OF APPROVAL ,EACHTRANSITINVESTMENTAUTHORITYHASALLTHEPOWERS NECESSARY OR CONVENIENT TO CARRY OUT THIS PAR4,INCLUDING THE FOLLOWING POWERS :
(I) ONE MEMBER APPOINTED BY EACH LOCAL GOVERNMENT IN THE TRANSIT INVESTMENT AUTHORITY WHO IS AN ELECTED OFFICIAL OF ONE OF THE LOCAL GOVERNMENTS ;AND (II) HREEORMOREMEMBERS ,ASDETERMINEDBYTHECOMMISSION SO THAT THE TOTAL NUMBER OF MEMBERS ON A GOVERNING BOARD IS AN ODDNUMBER ,REPRESENTINGCOMMERCIALPROPERTYOWNERSWITHINTHE TRANSIT INVESTMENT AREA ,APPOINTED BY THE COMMISSION ;AND (d) O NE MEMBER APPOINTED BY THE TRANSIT AGENCY OR ENTITY THAT OPERATES THE TRANSPORTATION FACILITY THAT IS THE SUBJECT OF THE PROPOSED TRANSIT INVESTMENT PROJECT .
(a) PERPETUAL EXISTENCE AND SUCCESSIO;
(3) UNLESS LIMITED BY THE COMMISSION 'S CONDITIONS OF APPROVAL ,EACH TRANSIT INVESTMENT AUTHORITY HAS ALL THE POWERS NECESSARY OR CONVENIENT TO CARRY OUT THIS PART 4, INCLUDING THE FOLLOWING POWERS :
(b) TO ADOPT,HAVE ,AND USE A CORPORATE SEA;
(a) PERPETUAL EXISTENCE AND SUCCESSION ;
-34- 1065 (c) TO SUE AND BE SUED AND TO BE A PARTY TO S,ACTIONS , AND PROCEEDINGS ;
(b) TO ADOPT ,HAVE ,AND USE A CORPORATE SEAL ;
(d) TO UNDERTAKE TRANSIT INVESTMENT PROJECTS;
PAGE 27-HOUSE BILL 26-1065 (c) TOSUEANDBESUEDANDTOBEAPARTYTOSUITS ,ACTIONS AND PROCEEDINGS ;
(e) TENTERINTOCONTRACTSANDAGREEMENTSAFFECTINGTHE AFFAIRS OF THE TRANSIT INVESTMENT AUTHORITY AS NECESSARY TO COMPLETE A TRANSIT INVESTMENT PROJECT;
(d) TO UNDERTAKE TRANSIT INVESTMENT PROJECTS ;
(f) TRECEIVE INVEST,PLEDGE SPEND ANDOTHERWISEUSEAND EXPENDSTATESALESTAXINCREMENTREVENUEINACCORDANCEWITHAN APPROVED TRANSIT INVESTMENT PROJECT;
(e) TO ENTER INTO CONTRACTS AND AGREEMENTS AFFECTING THE AFFAIRS OF THE TRANSIT INVESTMENT AUTHORITY AS NECESSARY TO COMPLETE A TRANSIT INVESTMENT PROJECT ;
(g) TO ASSIGN AND PLEDGE TO ANY COUNTY REVITALIZATION AUTHORITY , METROPOLITAN DISTRICT, AUTHORITY FORMED BY INTERGOVERNMENTALAGREEMENTAMONGTWOORMOREMETROPOLITAN DISTRICTSREGIONALTRANSPORTATIONAUTHORITY ,ORURBANRENEWAL AUTHORITY HAVING ALL OR ANY PORTION OF THE TRANSIT INVESTMENT AREA WITHIN ITS BOUNDARIES OR SERVICE AREA THE TRANSIT INVESTMENT AUTHORITY S RIGHT TO RECEIVE AND USE STATE SALES TAX INCREMENT REVENUE TO SUPPORT BONDS OR OTHER FINANCING INSTRUMENTSISSUEDORENTEREDINTOBYTHECOUNTYREVITALIZATION AUTHORITY , METROPOLITAN DISTRICT, AUTHORITY FORMED BY INTERGOVERNMENTALAGREEMENTAMONGTWOORMOREMETROPOLITAN DISTRICTSREGIONALTRANSPORTATIONAUTHORITY ORURBANRENEWAL AUTHORITYFORELIGIBLECOSTSORTOACQUIREELIGIBLEIMPROVEMENTS , INCLUDINGLOANSORFUNDINGANDREIMBURSEMENTAGREEMENTSWITH DEVELOPERS INVOLVED IN THE TRANSIT INVESTMENT PROJECT OR OTHER THIRD PARTIE;
(f) TO RECEIVE,INVEST,PLEDGE ,SPEND,AND OTHERWISE USE AND EXPEND STATE SALES TAX INCREMENT REVENUE IN ACCORDANCE WITH AN APPROVED TRANSIT INVESTMENT PROJECT ;
(h) TBORROWMONEYANDINCURINDEBTEDNESSANDEVIDENCE THE SAME BY CERTIFICATES AND NOTE AND DEBENTURE;
(g) T O ASSIGN AND PLEDGE TO ANY COUNTY REVITALIZATION AUTHORITY , METROPOLITAN DISTRICT, AUTHORITY FORMED BY INTERGOVERNMENTAL AGREEMENT AMONG TWO OR MORE METROPOLITAN DISTRICTS,REGIONAL TRANSPORTATION AUTHORITY ,OR URBAN RENEWAL AUTHORITY HAVING ALL OR ANY PORTION OF THE TRANSIT INVESTMENT AREA WITHIN ITS BOUNDARIES OR SERVICE AREATHE TRANSIT INVESTMENT AUTHORITY 'S RIGHT TO RECEIVE AND USE STATE SALES TAX INCREMENT REVENUETOSUPPORTBONDSOROTHERFINANCINGINSTRUMENTSISSUEDOR ENTERED INTO BY THE COUNTY REVITALIZATION AUTHORITY , METROPOLITAN DISTRICT ,AUTHORITY FORMED BY INTERGOVERNMENTAL AGREEMENT AMONG TWO OR MORE METROPOLITAN DISTRICTS ,REGIONAL TRANSPORTATION AUTHORITY , OR URBAN RENEWAL AUTHORITY FOR ELIGIBLECOSTSORTOACQUIREELIGIBLEIMPROVEMENTS ,INCLUDINGLOANS OR FUNDING AND REIMBURSEMENT AGREEMENTS WITH DEVELOPERS INVOLVEDINTHE TRANSIT INVESTMENT PROJECT OROTHERTHIRDPARTIES ;
-35- 1065 (i) O ISSUE BONDS IN ACCORDANCE WITH SECTION24-46-409;
(h) TO BORROW MONEY AND INCUR INDEBTEDNESS AND EVIDENCE THE SAME BY CERTIFICATES AND NOTE AND DEBENTURES ;
(j) TO INVEST ANY OF THE AUTHORITY'S FUNDS THAT ARE NOT REQUIRED FOR IMMEDIATE DISBURSEMENT ;
(i) TO ISSUE BONDS IN ACCORDANCE WITH SECTION24-46-409;
(k) T O DEPOSIT ANY FUNDS NOT REQUIRED FOR IMMEDIATE DISBURSEMENT IN ANY DEPOSITORY AUTHORIZED IN SECTION24-75-603 AND ,FORTHEPURPOSEOFMAKINGTHEDEPOSITS ,TOAPPOINTBYWRITTEN RESOLUTION ONE OR MORE PERSONS TO ACT AS CUSTODIANS OF THE AUTHORITY S FUND ,WHICH PERSON SHALL GIVE SURETY BONDS IN THE AMOUNTS AND FORM AND FOR THE PURPOSES REQUIRED BY THE AUTHORITY ;
(j) TO INVEST ANY OF THE AUTHORITY 'S FUNDS THAT ARE NOT REQUIRED FOR IMMEDIATE DISBURSEMENT ;
(l) TO MAKE APPROPRIATIONS AND EXPENDITURES OF ITS FUNDS AND TO SET UP ,ESTABLISH, AND MAINTAIN GENERAL , SEPARATE,OR SPECIAL FUNDS AND BANK ACCOUNTS OR OTHER ACCOUNTS AS IT DEEMS NECESSARY OR CONVENIENT TO CARRY OUT THIS PART4;
(k) T O DEPOSIT ANY FUNDS NOT REQUIRED FOR IMMEDIATE DISBURSEMENT IN ANY DEPOSITORY AUTHORIZED IN SECTION 24-75-603 AND ,FOR THE PURPOSE OF MAKING THE DEPOSIT,TO APPOINT BY WRITTEN PAGE 28-HOUSE BILL 26-1065 RESOLUTION ONE OR MORE PERSONS TO ACT AS CUSTODIANS OF THE AUTHORITY 'S FUND ,WHICH PERSON SHALL GIVE SURETY BONDS IN THE AMOUNTSANDFORMANDFORTHEPURPOSESREQUIREDBYTHEAUTHORITY ;
(m) TOACCEPTONITSOWNBEHALFREALORPERSONALPROPERTY FOR ITS OWN USE;
(l) TMAKEAPPROPRIATIONSANDEXPENDITURESOFITSFUNDSAND TO SET UP, ESTABLISH,AND MAINTAIN GENERAL ,SEPARATE , OR SPECIAL FUNDSANDBANKACCOUNTSOROTHERACCOUNTSASITDEEMSNECESSARY OR CONVENIENT TO CARRY OUT THIS PART 4;
(n) T O ACCEPT GIFTS AND CONVEYANCES MADE TO THE AUTHORITY UPON THE TERMS OR CONDITIONS APPROVED BY THE AUTHORITY S BOARD ;
(m) T O ACCEPT ON ITS OWN BEHALF REAL OR PERSONAL PROPERTY FOR ITS OWN USE;
(o) TO ADOPT,AMEND ,AND ENFORCE BYLAWS AND RULES THAT ARE NOT IN CONFLICT WITH THE CONSTITUTION AND LAWS OF THE STATE FOR CARRYING OUT THE BUSINESS , OBJECTS, AND AFFAIRS OF THE AUTHORITY ;
(n) TO ACCEPT GIFTS AND CONVEYANCES MADE TO THE AUTHORITY UPON THE TERMS OR CONDITIONS APPROVED BY THE AUTHORITY 'S BOARD;
(p) TO HAVE AND EXERCISE ALLRIGHTS AND POWERS NECESSARY OR INCIDENTAL TO OR IMPLIED FROM THE SPECIFIC POWERS GRANTED TO THE TRANSIT INVESTMENT AUTHORITY BY THIS PART 4.
(o) TOADOPT AMEND ,ANDENFORCEBYLAWSANDRULESTHATARE NOT IN CONFLICT WITH THE CONSTITUTION AND LAWS OF THE STATE FOR CARRYING OUT THE BUSINESS ,OBJECTS ,AND AFFAIRS OF THE AUTHORITY ;
THE SPECIFIC POWERS SHALL NOT BE CONSIDERED A LIMITATION UPON ANY POWER -36- 1065 NECESSARY OR APPROPRIATE TO CARRY OUT THIS PAR4.
(p) TOHAVEANDEXERCISEALLRIGHTSANDPOWERSNECESSARYOR INCIDENTAL TO OR IMPLIED FROM THE SPECIFIC POWERS GRANTED TO THE TRANSIT INVESTMENT AUTHORITY BY THIS PART 4.
(q) TO AUTHORIZE THE USE OF ELECTRONIC RECORDS OR SIGNATURES AND TO ADOPT RULES , STANDARDS , POLICIES, AND PROCEDURESFORUSEOFELECTRONICRECORDSORSIGNATURESPURSUANT TO ARTICLE71.3OF THIS TITL24.
THE SPECIFIC POWERS SHALLNOT BE CONSIDEREDALIMITATIONUPONANYPOWERNECESSARYOR APPROPRIATE TO CARRY OUT THIS PART 4.
(r) OENSURETHATEVERYCONTRACT ,CONSTRUCTIONACTIVITY , PROCUREMENT ,AND PROJECT DELIVERY FOR AN APPROVED TRANSIT INVESTMENT PROJECT COMPLIES WITHTHEHIRING,APPRENTICESHIP,AND WORKFORCE STANDARDS APPLICABLE TO INFRASTRUCTURE PROJECTS THAT ARE FINANCED BY THE BUILDING URGENT INFRASTRUCTURE AND LEVERAGINGDOLLARSAUTHORITYASREQUIREDBYSECTION 24-117-105 (6),TO THE EXTENT APPLICABL,AND INCORPORATE THESE STANDARDS INTO SOLICITATIONS AND AGREEMENTS AS APPLICABL.
(q) TOAUTHORIZETHEUSEOFELECTRONICRECORDSORSIGNATURES ANDTOADOPTRULES ,STANDARDS ,POLICIES,ANDPROCEDURESFORUSE OF ELECTRONIC RECORDS OR SIGNATURES PURSUANT TO ARTICLE 71.3OF THIS TITLE24.
(4) A TRANSIT INVESTMENT AUTHORITY DOES NOT HAVE THE POWER OF EMINENT DOMAIN AND DOES NOT HAVE THE POWER TO IMPOSE OR LEVY ANY SALES TAX,USE TAX,PROPERTY TAX,OR ANY OTHER TAX.
(r) TO ENSURE THAT EVERY CONTRACT ,CONSTRUCTION ACTIVITY , PROCUREMENT , AND PROJECT DELIVERY FOR AN APPROVED TRANSIT INVESTMENT PROJECT COMPLIES WITH THE HIRING ,APPRENTICESHIP ,AND WORKFORCESTANDARDSAPPLICABLETOINFRASTRUCTUREPROJECTSTHAT ARE FINANCED BY THE BUILDING URGENT INFRASTRUCTURE AND LEVERAGING DOLLARS AUTHORITY AS REQUIRED BY SECTION 24-117-105 (6),OTHEEXTENTAPPLICABLE ,ANDINCORPORATETHESESTANDARDSINTO SOLICITATIONS AND AGREEMENTS AS APPLICABLE .
(5) THE BOARD OF DIRECTORS OF A TRANSIT INVESTMENT AUTHORITY IS SUBJECT TO TH"COLORADO OPEN RECORDS A CT",PART 2 OF ARTICLE72OF THIS TITL24,AND THE "COLORADO SUNSHINE ACT OF 1972",ARTICLE6 OF THIS TIT24.
(4) A TRANSITINVESTMENTAUTHORITYDOESNOTHAVETHEPOWER PAGE 29-HOUSE BILL 26-1065 OF EMINENT DOMAIN AND DOES NOT HAVE THE POWER TO IMPOSE OR LEVY ANY SALES TAX ,USE TAX,PROPERTY TAX ,OR ANY OTHER TAX .
(5) THE BOARD OF DIRECTORS OF A TRANSIT INVESTMENT AUTHORITY IS SUBJECT TO THE "COLORADO O PEN RECORDS ACT",PART 2 OF ARTICLE 72OF THIS TITLE24,AND THE "COLORADO S UNSHINE ACT OF 1972",ARTICLE 6 OF THIS TITL24.
(1) IORDERTOIMPLEMENTTHECOLLECTIONOFSTATESALESTAX INCREMENT REVENUE ,THE RESOLUTION ADOPTED BY THE COMMISSION APPROVING A TRANSIT INVESTMENT PROJECT SHALL STATE THAT THE DEPARTMENT SHALL ,AFTER ANNUALLY RETAINING AN AMOUNT OF THE STATE SALES TAX INCREMENT REVENUE ESTABLISHED BY THE DEPARTMENT AS NECESSARY TO OFFSET THE DEPARTMENT 'S ACTUAL -37- 1065 DIRECT COSTS AND EXPENSES INCURRED IN PERFORMING THE DEPARTMENT SCOLLECTIONANDDISBURSEMENTFUNCTIONSESTABLISHED IN THIS PAR4IN CONNECTION WITH THE TRANSIT INVESTMENT PROJEC, DIVIDE AND DISTRIBUTE STATE SALES TAXES LEVIED AND COLLECTED ON IN-PERSON SALES MADE WITHIN THE TRANSIT INVESTMENT AREA COMMENCING ON THE FIRST DAY OF THE FIRST MONTH AFTER THE DEPARTMENT HAS COLLECTED THE BASE YEAR REVENUE FOR THE YEAR AFTER THE EFFECTIVE DATE OF THE COMMISSION'S APPROVAL OF THE PROJECT AS FOLLOWS:
(1) IN ORDER TO IMPLEMENT THE COLLECTION OF STATE SALES TAX INCREMENT REVENUE , THE RESOLUTION ADOPTED BY THE COMMISSION APPROVING A TRANSIT INVESTMENT PROJECT SHALL STATE THAT THE DEPARTMENT SHALL , AFTER ANNUALLY RETAINING AN AMOUNT OF THE STATESALESTAXINCREMENTREVENUEESTABLISHEDBYTHEDEPARTMENT AS NECESSARY TO OFFSET THE DEPARTMENT 'S ACTUAL DIRECT COSTS AND EXPENSES INCURRED IN PERFORMING THE DEPARTMENT 'S COLLECTION AND DISBURSEMENT FUNCTIONS ESTABLISHED IN THIS PART 4IN CONNECTION WITH THE TRANSIT INVESTMENT PROJECT ,DIVIDE AND DISTRIBUTE STATE SALES TAXES LEVIED AND COLLECTED ON IN -PERSON SALES MADE WITHIN THE TRANSIT INVESTMENT AREA COMMENCING ON THE FIRST DAY OF THE FIRST MONTH AFTER THE DEPARTMENT HAS COLLECTED THE BASE YEAR REVENUE FOR THE YEAR AFTER THE EFFECTIVE DATE OF THE COMMISSION S APPROVAL OF THE PROJECT AS FOLLOWS :
(a) FIRS, THE PORTION OF STATE SALES TAXES COLLECTED ON IN-PERSON SALES MADE WITHIN THE BOUNDARIES OF THE TRANSIT INVESTMENT AREAEQUALTOTHE BASEYEARREVENUEASADJUSTEDFOR THE BASELINE GROWTH RATE ,IF APPLICABLE,IS PAID INTO THE STATE TREASURYASSTATE SALESTAXESARENORMALLYCOLLECTEDANDPAID ;
(a) F IRST,THE PORTION OF STATE SALES TAXES COLLECTED ON IN-PERSON SALES MADE WITHIN THE BOUNDARIES OF THE TRANSIT INVESTMENT AREA EQUAL TO THE BASE YEAR REVENUE AS ADJUSTED FOR THE BASELINE GROWTH RATE , IF APPLICABLE,IS PAID INTO THE STATE TREASURY AS STATE SALES TAXES ARE NORMALLY COLLECTED AND PAID ;
(b) SECOND,THE PORTION OF STATE SALES TAXES COLLECTED ON IN-PERSON SALES MADE WITHIN THE BOUNDARIES OF THE TRANSIT INVESTMENTAREAEQUALTOTHESTATESALESTAXINCREMENTREVENUE ARE PAID INTO A SPECIAL FUND ESTABLISHED BY THE FINANCING ENTITY PURSUANT TO SUBSECTION(2)OF THIS SECTIO;AND (c) THIRD,EXCESS STATE SALES TAX COLLECTIONS ABOVE THE MAXIMUM ANNUAL DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUEINANYGIVENYEARANDANYCUMULATIVEEXCESSSTATESALES TAX COLLECTIONS ABOVE THE TOTAL CUMULATIVE STATE SALES TAX INCREMENT REVENUE ARE PAID INTO THE STATE TREASURY AS SALES TAXES ARE NORMALLY COLLECTED AND PAID AND , IF THERE IS INSUFFICIENTSTATESALESTAXESCOLLECTEDONIN PERSONSALESMADE WITHIN THE BOUNDARIES OF THE TRANSIT INVESTMENT AREA TO MAKE -38- 1065 THE ALLOCATION DESCRIBED IN SUBSECTION(1)(b)OF THIS SECTIO, TO THE EXTENT NECESSARY TO ACCOUNT FOR THE AMOUNT SET FORTH IN SECTION 24-46-402(17)(a)(ITHEDEPARTMENTSHALLALLOCATESTATE SALES TAX REVENUE IN EXCESS OF THE STATE SALES TAX COLLECTED ON IN-PERSON SALES MADE WITHIN THE TRANSIT INVESTMENT ARE,WHICH ALLOCATION IS NEVERTHELESS STATE SALES TAX INCREMENT REVENU.
(b) SECOND , THE PORTION OF STATE SALES TAXES COLLECTED ON IN-PERSON SALES MADE WITHIN THE BOUNDARIES OF THE TRANSIT INVESTMENT AREA EQUAL TO THE STATE SALES TAX INCREMENT REVENUE ARE PAID INTO A SPECIAL FUND ESTABLISHED BY THE FINANCING ENTITY PURSUANT TO SUBSECTION (2)OF THIS SECTION;AND (c) T HIRD, EXCESS STATE SALES TAX COLLECTIONS ABOVE THE MAXIMUM ANNUAL DOLLAR AMOUNT OF STATE SALES TAX INCREMENT REVENUE IN ANY GIVEN YEAR AND ANY CUMULATIVE EXCESS STATE SALES PAGE 30-HOUSE BILL 26-1065 TAX COLLECTIONS ABOVE THE TOTAL CUMULATIVE STATE SALES TAX INCREMENTREVENUEAREPAIDINTOTHESTATETREASURYASSALESTAXES ARENORMALLYCOLLECTEDANDPAIDAND ,IFTHEREISINSUFFICIENTSTATE SALES TAXES COLLECTED ON IN PERSON SALES MADE WITHIN THE BOUNDARIESOFTHETRANSITINVESTMENTAREATOMAKETHEALLOCATION DESCRIBED IN SUBSECTION (1)(b) OF THIS SECTION ,TO THE EXTENT NECESSARY TO ACCOUNT FOR THE AMOUNT SET FORTH IN SECTION 24-46-402(17)(a)(II)THEDEPARTMENTSHALLALLOCATESTATESALESTAX REVENUE IN EXCESS OF THE STATE SALES TAX COLLECTED ON IN -PERSON SALES MADE WITHIN THE TRANSIT INVESTMENT AREA ,WHICH ALLOCATION IS NEVERTHELESS STATE SALES TAX INCREMENT REVENUE .
(2) (a) A FINANCING ENTITY MUST SEGREGATE REVENUE ALLOCATED TO THE FINANCING ENTITY BY THE DEPARTMENT PURSUANT TO SUBSECTION (1)(b)OF THIS SECTION IN A SPECIAL FUND .
(2)(a) AFINANCINGENTITYMUSTSEGREGATEREVENUEALLOCATED TOTHE FINANCINGENTITYBYTHEDEPARTMENTPURSUANT TOSUBSECTION (1)(b)OF THIS SECTION IN A SPECIAL FU.
THE FINANCING ENTITY SHALL SEGREGATE THE SPECIAL FUND FROM THE FINANCINGENTITY SOTHERFUNDS .THE FINANCINGENTITYMAY USE THE MONEYINTHESPECIALFUNDTOPAYTHEPRINCIPALOF THEINTERESTON , AND ANY PREMIUMS DUE IN CONNECTION WITH THE BONDS O,LOANS OR ADVANCES TO , OR INDEBTEDNESS INCURRED BY , WHETHER FUNDED , REFUNDED , ASSUMED ,OR OTHERWISE , THE FINANCING ENTITY FOR FINANCING OR REFINANCING ,IN WHOLE OR IN PART , A TRANSIT INVESTMENT PROJECT.
THE FINANCING ENTITY SHALL SEGREGATETHESPECIALFUNDFROMTHEFINANCINGENTITY SOTHERFUNDS .
(b) AFINANCING ENTITY MAY USE REVENUE ALLOCATED TO THE FINANCINGENTITYBYTHEDEPARTMENTPURSUANTTOSUBSECTION (1)(b) OF THIS SECTION SOLELY TO FINANCE ELIGIBLE COSTS INCURRED FOR THE PURPOSE OF CONSTRUCTING THE ELIGIBLE IMPROVEMENTS AND IMPLEMENTING THE TRANSIT INVESTMENT PROJECT.
THE FINANCING ENTITY MAY USE THE MONEY IN THE SPECIAL FUND TO PAY THE PRINCIPAL OF , THE INTEREST ON , AND ANY PREMIUMS DUE IN CONNECTION WITH THE BONDS OF , LOANS OR ADVANCES TO , OR INDEBTEDNESSINCURREDBY ,WHETHERFUNDED ,REFUNDED ,ASSUMED ,OR OTHERWISE ,THE FINANCING ENTITY FOR FINANCING OR REFINANCING , IN WHOLE OR IN PART ,A TRANSIT INVESTMENT PROJECT.
(3) EXCEPT FOR THE AMOUNT RETAINED BY THE DEPARTMENT PURSUANT TO SUBSECTION (1)OF THIS SECTION,STATE SALES TAX INCREMENTREVENUE TOGETHERWITHANYINVESTMENTINCOMEEARNED ONTHATREVENUE ,ISFORALLPURPOSESASSIGNEDTO ,THEPROPERTYOF , ANDTHEREVENUEOFTHEAPPLICABLEFINANCINGENTITYANDISNOTFOR -39- 1065 ANY PURPOSE REVENUE OR PROPERTY OF THE STAT.
(b) A FINANCING ENTITY MAY USE REVENUE ALLOCATED TO THE FINANCING ENTITY BY THE DEPARTMENT PURSUANT TO SUBSECTION (1)(b) OF THIS SECTION SOLELY TO FINANCE ELIGIBLE COSTS INCURRED FOR THE PURPOSE OF CONSTRUCTING THE ELIGIBLE IMPROVEMENTS AND IMPLEMENTING THE TRANSIT INVESTMENT PROJECT .
(4) ASINGLE DEBT ISSUANCE OF A FINANCING ENTITY MUST NOT HAVE A MATURITY DATE IN EXCESS OF THIRTY YEARS FROM THE DATE OF ISSUANCE,UNLESS THE FINANCING ENTITY BOT:
(3) E XCEPT FOR THE AMOUNT RETAINED BY THE DEPARTMENT PURSUANT TO SUBSECTION (1)OF THIS SECTION ,STATE SALES TAX INCREMENT REVENUE ,TOGETHER WITH ANY INVESTMENT INCOME EARNED ON THAT REVENUE ,IS FOR ALL PURPOSES ASSIGNED T,THE PROPERTY OF , AND THE REVENUE OF THE APPLICABLE FINANCING ENTITY AND IS NOT FOR ANY PURPOSE REVENUE OR PROPERTY OF THE STATE .
(a) ANTICIPATES ISSUING A SERIES OFBONDS OR OTHER FORMS OF DEBT ;AND (b) HASTHEABILITYTOCONSOLIDATEORREFINANCEPREVIOUSLY ISSUEDDEBTORBONDSWITHAMATURITYDATEFORSUCHCONSOLIDATED ORREFINANCEDDEBTORBONDSNOTTOEXCEEDTHIRTYYEARSFROMTHE DATE OF ISSUANCE OF THE CONSOLIDATING OR REFINANCING BON.S (5) N O LOCAL GOVERNMENT SHALL BE LIABLE FOR ANY DEBT ISSUANCE OF THE FINANCING ENTITY,AND A DEBT ISSUANCE OF THE FINANCING ENTITY SHALL NOT CONSTITUTE A DEBT OF A LOCAL GOVERNMENT .
(4) A SINGLE DEBT ISSUANCE OF A FINANCING ENTITY MUST NOT HAVE A MATURITY DATE IN EXCESS OF THIRTY YEARS FROM THE DATE OF ISSUANCE ,UNLESS THE FINANCING ENTITY BOTH:
(6) ONORBEFORE JULY 1,2029,ANDONORBEFORE JULY1 EVERY THREEYEARSTHEREAFTER ,THEDEPARTMENTMUSTSUBMITAREPORTTO THEOFFICEOFSTATEPLANNINGANDBUDGETINGANDTHECOMMISSIONON TECHNOLOGICALOROTHERMETHODSTOINCORPORATESALESDELIVERED FROM WITHOUT THE TRANSIT INVESTMENT AREA INTO THE CALCULATION OFTHEINCREMENTANDTOALLOWFORTHEDESIGNATIONOFADDITIONAL TRANSIT AND HOUSING INVESTMENT ZONES AND TRANSIT INVESTMENT AREAS ,INCLUDING COST ESTIMATES ,ADMINISTRATIVE BURDEN , AND BURDEN ON TAXPAYERS .
PAGE 31-HOUSE BILL 26-1065 (a) A NTICIPATES ISSUING A SERIES OF BONDS OR OTHER FORMS OF DEBT ;AND (b) HAS THE ABILITY TO CONSOLIDATE OR REFINANCE PREVIOUSLY ISSUED DEBT OR BONDS WITH A MATURITY DATE FOR SUCH CONSOLIDATED OR REFINANCED DEBT OR BONDS NOT TO EXCEED THIRTY YEARS FROM THE DATE OF ISSUANCE OF THE CONSOLIDATING OR REFINANCING BONDS .
(5) N O LOCAL GOVERNMENT SHALL BE LIABLE FOR ANY DEBT ISSUANCE OF THE FINANCING ENTITY ,AND A DEBT ISSUANCE OF THE FINANCING ENTITY SHALL NOT CONSTITUTE A DEBT OF A LOCAL GOVERNMENT .
(6) ON OR BEFORE JULY 1, 2029,AND ON OR BEFORE JULY 1 EVERY THREE YEARS THEREAFTER ,THE DEPARTMENT MUST SUBMIT A REPORT TO THE OFFICE OF STATE PLANNING AND BUDGETING AND THE COMMISSION ON TECHNOLOGICAL OR OTHER METHODS TO INCORPORATE SALES DELIVERED FROMWITHOUTTHETRANSITINVESTMENTAREAINTOTHECALCULATIONOF THE INCREMENT AND TO ALLOW FOR THE DESIGNATION OF ADDITIONAL TRANSIT AND HOUSING INVESTMENT ZONES AND TRANSIT INVESTMENT AREAS , INCLUDING COST ESTIMATES , ADMINISTRATIVE BURDEN , AND BURDEN ON TAXPAYERS .
(1)(a) WITHINNINETYDAYSOFTHEENDOFTHEFIRSTFULLSTATE FISCAL YEAR AFTER THE COMMISSION APPROVES A TRANSIT INVESTMENT PROJECT AND ON THE SAME DATE EACH YEAR THEREAFTER , THE -40- 1065 FINANCING ENTITY SHALL PREPARE AND SUBMIT TO THE COMMISSION AN ANNUAL REPORT DETAILING:
(1) (a) WITHIN NINETY DAYS OF THE END OF THE FIRST FULL STATE FISCAL YEAR AFTER THE COMMISSION APPROVES A TRANSIT INVESTMENT PROJECT AND ON THE SAME DATE EACH YEAR THEREAFTER ,THE FINANCING ENTITY SHALL PREPARE AND SUBMIT TO THE COMMISSION AN ANNUAL REPORT DETAILING :
(I) TETOTALAMOUNTOFSTATESALESTAXINCREMENTREVENUE THAT THE FINANCING ENTITY HAS RECEIVED OVER THE PAST YE;R (II) HWTHEFINANCINGENTITYHASSPENTTHESTATESALESTAX INCREMENT REVENUE THAT IT HAS RECEIVE;
(I) THE TOTAL AMOUNT OF STATE SALES TAX INCREMENT REVENUE THAT THE FINANCING ENTITY HAS RECEIVED OVER THE PAST YEAR ;
(III) POJECTED STATE SALES TAX INCREMENT REVENUE FOR THE REMAINDER OF THE PERIOD FOR WHICH THE FINANCING ENTITY MAY RECEIVE STATE SALES TAX INCREMENT REVENUE;AND (IV) A SUMMARY OF THE STATUS OF CONSTRUCTION OF THE ELIGIBLEIMPROVEMENTSRELATEDTOTHETRANSITINVESTMENTPROJECT .
(II) HOW THE FINANCING ENTITY HAS SPENT THE STATE SALES TAX INCREMENT REVENUE THAT IT HAS RECEIVED ;
(b) NADDITIONTOTHE INFORMATION DESCRIBED IN SUBSECTION (1)(a)OF THIS SECTIO, A FINANCING ENTITY SUBMITTING A REPORT PURSUANTTOTHISSUBSECTION (1)SHALLALSOINCLUDEINTHATREPORT WHETHER THE FINANCIAL ENTITY IS USING ANY STATE SALES TAX INCREMENT REVENUE FOR PURPOSES OTHER THAN FOR ELIGIBLE COSTS ANDANYOTHERFINANCIALINFORMATIONTHATISREASONABLYREQUIRED BY THE COMMISSION.
(III) POJECTED STATE SALES TAX INCREMENT REVENUE FOR THE REMAINDEROFTHEPERIODFORWHICHTHEFINANCINGENTITYMAYRECEIVE STATE SALES TAX INCREMENT REVENUE ;AND PAGE 32-HOUSE BILL 26-1065 (IV) A SUMMARYOFTHESTATUSOFCONSTRUCTIONOFTHEELIGIBLE IMPROVEMENTS RELATED TO THE TRANSIT INVESTMENT PROJECT .
(c) IF ANY INFORMATION PROVIDED IN THE ANNUAL REPORT DESCRIBED IN SUBSECTION (1)(a)OF THIS SECTION WILL BE A TRADE SECRET, PROPRIETARY , OR OTHERWISE ENTITLED TO PROTECTION PURSUANTTOPART 2 OFARTICLE72 OFTHISTITLE24,THATINFORMATION ISSODESIGNATEDBYTHEFINANCINGENTITYANDKEPTCONFIDENTIALBY THE STATE.
(b) IN ADDITION TO THE INFORMATION DESCRIBED IN SUBSECTION (1)(a)OF THIS SECTION , A FINANCING ENTITY SUBMITTING A REPORT PURSUANT TO THIS SUBSECTION (1)SHALL ALSO INCLUDE IN THAT REPORT WHETHER THE FINANCIAL ENTITY IS USING ANY STATE SALES TAX INCREMENT REVENUE FORPURPOSESOTHERTHANFORELIGIBLE COSTS AND ANY OTHER FINANCIAL INFORMATION THAT IS REASONABLY REQUIRED BY THE COMMISSION .
(d) T HE GOVERNING BODY OF THE FINANCING ENTITY SHALL ATTEST TO THE ACCURACY OF THE INFORMATION PROVIDED IN THE ANNUAL REPORT DESCRIBED IN SUBSECTION(1)(aOF THIS SECTIO.
(c) IF ANY INFORMATION PROVIDED IN THE ANNUAL REPORT DESCRIBEDINSUBSECTION (1)(a)OFTHISSECTIONWILLBEATRADESECRET , PROPRIETARY ,OROTHERWISEENTITLEDTOPROTECTIONPURSUANTTOPART 2OFARTICLE 72OFTHISTITLE 24,THATINFORMATIONISSODESIGNATEDBY THE FINANCING ENTITY AND KEPT CONFIDENTIAL BY THE STATE.
-41- 1065 (2) (a) N CONNECTION WITH THE ANNUAL REPORT REQUIRED PURSUANT TO SUBSECTION (1)OF THIS SECTIO,A FINANCING ENTITY SHALLSUBMIT AN INDEPENDENT AUDIT OFITSFINANCIALSTATUSTHAT IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTANT ATTESTING TO THE ACCURACY OF THE ANNUAL REPORT .
(d) THEGOVERNINGBODYOFTHEFINANCINGENTITYSHALLATTEST TOTHEACCURACYOFTHE INFORMATIONPROVIDEDINTHEANNUALREPORT DESCRIBED IN SUBSECTION (1)(aOF THIS SECTION.
(b) I THE AUDIT PREPARED PURSUANT TO SUBSECTION(2)(aOF THIS SECTION FINDS THAT A FINANCING ENTITY HAS USED STATE SALES TAXINCREMENTREVENUEFORUNAUTHORIZEDPURPOSES ,THEFINANCING ENTITY IS LIABLE FOR THE REPAYMENT TO THE GENERAL FUND OF THE STATE SALES TAX INCREMENT REVENUE THAT WAS INTENDED FOR THE TRANSIT INVESTMENT PROJECT.
(2) (a) IN CONNECTION WITH THE ANNUAL REPORT REQUIRED PURSUANTTOSUBSECTION (1)OFTHISSECTION ,AFINANCINGENTITYSHALL SUBMITANINDEPENDENTAUDITOFITSFINANCIALSTATUSTHATISPREPARED BYACERTIFIEDPUBLICACCOUNTANTATTESTINGTOTHEACCURACYOFTHE ANNUAL REPORT .
HE FINANCING ENTITY MAY MAKE THE REPAYMENT :
(b) ITHEAUDITPREPAREDPURSUANTTOSUBSECTION (2)(a)OFTHIS SECTION FINDS THAT A FINANCING ENTITY HAS USED STATE SALES TAX INCREMENTREVENUEFORUNAUTHORIZEDPURPOSES THEFINANCINGENTITY IS LIABLE FOR THE REPAYMENT TO THE GENERALFUND OFTHE STATE SALES TAX INCREMENT REVENUE THAT WAS INTENDED FOR THE TRANSIT INVESTMENTPROJECT .THEFINANCINGENTITYMAYMAKETHEREPAYMENT :
(I) FOMTHEFINANCINGENTITY SFUNDSDERIVEDFROMSOURCES OTHER THAN STATE SALES TAX INCREMENT REVENUE;
(I) FROM THE FINANCING ENTITY'S FUNDS DERIVED FROM SOURCES OTHER THAN STATE SALES TAX INCREMENT REVENUE ;
(II) BY OFFSETTING AGAINST FUTURE STATE SALES TAX INCREMENT REVENUE THAT THE DEPARTMENT WOULD OTHERWISE DISBURSE TO THE FINANCING ENTIT;OR (III) FOM OTHER FUNDS THAT ARE LEGALLY AVAILABLE TO THE FINANCING ENTITY FOR SUCH PURPOS.
(II) BOFFSETTINGAGAINST FUTURE STATE SALES TAXINCREMENT REVENUE THAT THE DEPARTMENT WOULD OTHERWISE DISBURSE TO THE FINANCING ENTITY;OR PAGE 33-HOUSE BILL 26-1065 (III) ROM OTHER FUNDS THAT ARE LEGALLY AVAILABLE TO THE FINANCING ENTITY FOR SUCH PURPOSE.
(4) IF A FINANCING ENTITY IS A COUNTY REVITALIZATION AUTHORITY ,A METROPOLITAN DISTRICT ,AN AUTHORITY FORMED BY INTERGOVERNMENTALAGREEMENTAMONGTWOORMOREMETROPOLITAN DISTRICTS,A REGIONAL TRANSPORTATION AUTHORITY ,OR AN URBAN RENEWALAUTHORITY ,ITMAYCOMPLYWITHTHISSECTIONBYSUBMITTING TO THE COMMISSION A COPY OF THE REPORT THAT THE COUNTY REVITALIZATION AUTHORITY , METROPOLITAN DISTRICT ,AUTHORITY FORMED BY INTERGOVERNMENTAL AGREEMENT AMONG TWO OR MORE -42- 1065 METROPOLITAN DISTRICTS,REGIONAL TRANSPORTATION AUTHORITY ,OR URBAN RENEWAL AUTHORITY IS OTHERWISE REQUIRED TO SUBMIT TO A LOCAL GOVERNMENT PURSUANT TO LAW .
(4) IF A FINANCING ENTITY IS A COUNTY REVITALIZATION AUTHORITY , A METROPOLITAN DISTRICT , AN AUTHORITY FORMED BY INTERGOVERNMENTAL AGREEMENT AMONG TWO OR MORE METROPOLITAN DISTRICTS,A REGIONAL TRANSPORTATION AUTHORITY , OR AN URBAN RENEWAL AUTHORITY ,IT MAY COMPLY WITH THIS SECTION BY SUBMITTING TO THE COMMISSION A COPY OF THE REPORT THAT THE COUNTY REVITALIZATIONAUTHORITY ,METROPOLITANDISTRICT AUTHORITYFORMED BY INTERGOVERNMENTAL AGREEMENT AMONG TWO OR MORE METROPOLITAN DISTRICTS ,REGIONAL TRANSPORTATION AUTHORITY ,OR URBAN RENEWAL AUTHORITY IS OTHERWISE REQUIRED TO SUBMIT TO A LOCAL GOVERNMENT PURSUANT TO LAW .
HE FINANCING ENTITY SHALL DELIVER A COPY OF THE REPORT THAT THE COUNTY REVITALIZATION AUTHORITY , METROPOLITAN DISTRICT, AUTHORITY FORMED BY INTERGOVERNMENTALAGREEMENTAMONGTWOORMOREMETROPOLITAN DISTRICTSREGIONALTRANSPORTATIONAUTHORITY ORURBANRENEWAL AUTHORITYISOTHERWISEREQUIREDTOSUBMITTOALOCALGOVERNMENT PURSUANT TO LAW AT THE SAME TIME AS AN ANNUAL REPORT OR AUDIT OTHERWISE REQUIRED BY LAW .
HE FINANCING ENTITY SHALL DELIVER A COPY OF THE REPORT THAT THE COUNTY REVITALIZATION AUTHORITY , METROPOLITAN DISTRICT, AUTHORITY FORMED BY INTERGOVERNMENTAL AGREEMENT AMONG TWO OR MORE METROPOLITAN DISTRICTS,REGIONAL TRANSPORTATION AUTHORITY ,OR URBAN RENEWAL AUTHORITY IS OTHERWISE REQUIRED TO SUBMIT TO A LOCAL GOVERNMENT PURSUANT TO LAW AT THE SAME TIME AS AN ANNUAL REPORT OR AUDIT OTHERWISE REQUIRED BY LAW .
(5) THE OFFICE OF ECONOMIC DEVELOPMENT AND THE DEPARTMENT SHALL PREPARE A REPORT FOR THE OFFICE OF ECONOMIC DEVELOPMENT TO SUBMIT NO LATER THAN N OVEMBER 1 OF THE APPLICABLEFISCALYEARTOTHEFINANCECOMMITTEESOFTHEHOUSEOF REPRESENTATIVES AND SENATE;
(5) THEOFFICEOFECONOMICDEVELOPMENTANDTHEDEPARTMENT SHALL PREPARE A REPORT FOR THE OFFICE OF ECONOMIC DEVELOPMENT TO SUBMIT NO LATER THAN N OVEMBER 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 HOUSEOFREPRESENTATIVES ;ANDTHEBUSINESS ,LABOR,ANDTECHNOLOGY COMMITTEEOFTHESENATE ;ORANYSUCCESSORCOMMITTEES .THEREPORT SHALL INCLUDE INFORMATION ON ALL STATE SALES TAX INCREMENT REVENUE COLLECTED FOR TRANSIT INVESTMENT DURING THE PRIOR STATE FISCAL YEAR AND INFORMATION FROM THE REPORTS REQUIRED PURSUANT TO SUBSECTION (6)OF THIS SECTIO.
THE BUSINESS AND ECONOMIC DEVELOPMENTCOMMITTEEOFTHEHOUSEOFREPRESENTATIVES ;ANDTHE BUSINESS,LABOR,ANDTECHNOLOGYCOMMITTEEOFTHESENATE ;ORANY SUCCESSOR COMMITTEES .THE REPORT SHALLINCLUDE INFORMATION ON ALL STATE SALES TAX INCREMENT REVENUE COLLECTED FOR TRANSIT INVESTMENT DURING THE PRIOR STATE FISCAL YEAR AND INFORMATION FROM THE REPORTS REQUIRED PURSUANT TO SUBSECTION (6) OF THIS SECTION.
(6)(a) ECHYEAR ,NOLATERTHAN SEPTEMBER 1THEDEPARTMENT SHALL REPORT TO THE COMMISSION THE AGGREGATE AMOUNT OF STATE SALES TAX INCREMENT REVENUE ALLOCATED TO FINANCING ENTITIES FOR APPROVED TRANSIT INVESTMENT PROJECTS .
(6) (a) EACH YEAR , NO LATER THAN SEPTEMBER 1, THE DEPARTMENT SHALL REPORT TO THE COMMISSION THE AGGREGATE AMOUNT OF STATE SALES TAX INCREMENT REVENUE ALLOCATED TO FINANCING ENTITIES FOR APPROVED TRANSIT INVESTMENT PROJEC.S (b) EVERYTWOYEARS ,NOLATERTHAN N OVEMBER 1,THEOFFICE -43- 1065 OF ECONOMIC DEVELOPMENT AND THE DEPARTMENT SHALL REPORT TO THECOMMISSIONDETAILEDINFORMATIONONEACHTRANSITINVESTMENT PROJECT APPROVED TO RECEIVE STATE SALES TAX INCREMENT REVENU, INCLUDING:
(b) EVERY TWO YEARS ,NO LATER THAN N OVEMBER 1,THE OFFICE PAGE 34-HOUSE BILL 26-1065 OFECONOMIC DEVELOPMENT AND THE DEPARTMENT SHALLREPORT TOTHE COMMISSION DETAILED INFORMATION ON EACH TRANSIT INVESTMENT PROJECT APPROVED TO RECEIVE STATE SALES TAX INCREMENT REVENUE , INCLUDING :
(I) THE AMOUNT OF STATE SALES TAX INCREMENT REVENUE ALLOCATED FOR THE PROJECT;
(I) THE AMOUNT OF STATE SALES TAX INCREMENT REVENUE ALLOCATED FOR THE PROJECT ;
(II) THE BOUNDARIES OF THE APPROVED TRANSIT INVESTMENT AREA AND NARRATIVE FOR THE TRANSIT INVESTMENT PROJEC;
(II) TEBOUNDARIESOFTHEAPPROVEDTRANSITINVESTMENTAREA AND NARRATIVE FOR THE TRANSIT INVESTMENT PROJECT ;
(III) THE PROPOSED TERM OF FINANCING AND THE NEW NET REVENUE THAT IS APPROVED FOR THE TRANSIT INVESTMENT PROJE;T (IV) THE ACTUAL STATE SALES TAX INCREMENT REVENUE COLLECTED WITHIN THE TRANSIT INVESTMENT AREA COMPARED TO THE PROJECTED REVENUES CONTAINED IN THE APPROVED APPLICATION THAT PROPOSED THE TRANSIT INVESTMENT AREA;AND (V) A N ASSESSMENT OF THE OVERALL EFFECTIVENESS OF THE TRANSIT INVESTMENT PROJECT IN ACHIEVING INCREASED TRANSIT RIDERSHIP.
(III) TEPROPOSEDTERMOFFINANCINGANDTHENEWNETREVENUE THAT IS APPROVED FOR THE TRANSIT INVESTMENT PROJECT;
(IV) THE ACTUAL STATE SALES TAX INCREMENT REVENUE COLLECTED WITHIN THE TRANSIT INVESTMENT AREA COMPARED TO THE PROJECTED REVENUES CONTAINED IN THE APPROVED APPLICATION THAT PROPOSED THE TRANSIT INVESTMENT AREA ;AND (V) A N ASSESSMENT OF THE OVERALL EFFECTIVENESS OF THE TRANSIT INVESTMENT PROJECT IN ACHIEVING INCREASED TRANSIT RIDERSHIP.
(1) SUBSTANTIAL WORK ON A TRANSIT INVESTMENT PROJECT , INCLUDINGTHEFINANCINGENTITY SISSUANCE OFBONDSOROTHERDEBT INSTRUMENTS ,THE REPAYMENT OF WHICH IS SECURED BY A PLEDGE OF THE STATE SALES TAX INCREMENT REVENUE OR THE COMMENCEMENT OF ACTUAL DEVELOPMENT OR PREDEVELOPMENT , SUCH AS ERECTING PERMANENT STRUCTURES , EXCAVATING THE GROUND TO LAY FOUNDATIONS ,MASS GRADING OF THE SITE ,OR WORK OF A SIMILAR DESCRIPTIONTHATMANIFESTSANINTENTIONANDPURPOSETOCOMPLETE THE PROJECT MUST COMMENCE WITHIN FIVE YEARS FROM THE DATE OF -44- 1065 THE COMMISSION'S APPROVAL OF THE PROJEC.
(1) SUBSTANTIAL WORK ON A TRANSIT INVESTMENT PROJECT , INCLUDING THE FINANCING ENTITY S ISSUANCE OF BONDS OR OTHER DEBT INSTRUMENTS ,THE REPAYMENT OFWHICH IS SECURED BY A PLEDGE OF THE STATESALESTAXINCREMENTREVENUEORTHECOMMENCEMENTOFACTUAL DEVELOPMENT OR PREDEVELOPMENT ,SUCH AS ERECTING PERMANENT STRUCTURES , EXCAVATING THE GROUND TO LAY FOUNDATIONS ,MASS GRADINGOFTHESITE ,ORWORKOFASIMILARDESCRIPTIONTHATMANIFESTS AN INTENTION AND PURPOSE TO COMPLETE THE PROJECT MUST COMMENCE WITHINFIVEYEARSFROMTHEDATEOFTHECOMMISSION SAPPROVALOFTHE PROJECT.
(2) ISUBSTANTIALWORKONTHE TRANSIT INVESTMENT PROJECT TOWARDTHEGOALSSPECIFIEDINTHEAPPLICATIONPURSUANTTOSECTION 24-46-403 DOES NOT COMMENCE WITHIN FIVE YEARS OF THE COMMISSION S APPROVAL,THE COMMISSION MAY REVOKE OR MODIFY ITS APPROVAL OF THE FINANCING ENTITY OR THE PROJE.
(2) IF SUBSTANTIAL WORK ON THE TRANSIT INVESTMENT PROJECT TOWARD THE GOALS SPECIFIED IN THE APPLICATION PURSUANT TO SECTION 24-46-403 DOESNOT COMMENCE WITHINFIVE YEARS OFTHE COMMISSION 'S APPROVAL ,THECOMMISSIONMAYREVOKEORMODIFYITSAPPROVALOFTHE PAGE 35-HOUSE BILL 26-1065 FINANCING ENTITY OR THE PROJECT.
REVOCATION OF APPROVAL MAY BE APPEALED TO THE COMMISSION ,WHICH MAY REINSTATE ITS APPROVAL UPON A SHOWING OF GOOD CAUSE FOR THE DELAY .
REVOCATION OF APPROVAL MAY BE APPEALEDTOTHECOMMISSION ,WHICHMAYREINSTATEITSAPPROVALUPON ASHOWINGOFGOODCAUSE FORTHE DELAY .IFSUBSTANTIALWORKONTHE PROJECT DOES NOT COMMENCE WITHIN ONE YEAR OF REINSTATEMENT OF APPROVAL FROM THE COMMISSION ,THE COMMISSION SHALL REVOKE APPROVAL OF THE PROJECT.
F SUBSTANTIAL WORK ON THE PROJECT DOES NOT COMMENCE WITHIN ONE YEAR OF REINSTATEMENT OF APPROVAL FROM THE COMMISSION ,THECOMMISSIONSHALLREVOKEAPPROVALOFTHEPROJECT .
(3) U PON THE REVOCATION OF THE APPROVAL OF A FINANCING ENTITY OR THE TRANSIT INVESTMENT PROJECT:
(3) UPON THE REVOCATION OF THE APPROVAL OF A FINANCING ENTITY OR THE TRANSIT INVESTMENT PROJEC:
(a) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION(3)(bOF THIS SECTION,THECOMMISSIONMAYREQUIRETHEFINANCINGENTITYTOREFUND TOTHESTATETREASURERANYSTATESALESTAXINCREMENTREVENUETHAT THE PROJECT HAS GENERATED OR THAT THE FINANCING ENTITY HAS COLLECTED FROM THE TIME OF THE ORIGINAL APPROVAL FOR THE PROJECT OR FINANCING ENTITY;
(a) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION(3)(b)OF THISSECTION,THE COMMISSION MAY REQUIRE THE FINANCINGENTITYTO REFUND TO THE STATE TREASURER ANY STATE SALES TAX INCREMENT REVENUE THAT THE PROJECT HAS GENERATED OR THAT THE FINANCING ENTITY HAS COLLECTED FROM THE TIME OFTHE ORIGINALAPPROVALFOR THE PROJECT OR FINANCING ENTIT;
(b) ANYSTATE SALESTAXINCREMENT REVENUE THAT THE TRANSIT INVESTMENTPROJECTHASGENERATEDORTHATTHEFINANCINGENTITYHAS COLLECTED FROM THE TIME OF THE ORIGINAL APPROVAL FOR THE PROJECT OR FINANCING ENTITY MAY REMAIN DEDICATED TO THE PROJECT ONLY TO THE EXTENT THAT IT HASBEENPREVIOUSLYEXPENDEDORPLEDGEDBYTHE FINANCING ENTITY FOR THE FINANCING OF ELIGIBLE COSTSND (c) THE STATE SHALL NOT REMIT FURTHER FUNDS TO THE REVOKED FINANCIAL ENTITY OR TRANSIT INVESTMENT PROJECT.
(b) ANY STATE SALES TAX INCREMENT REVENUE THAT THE TRANSIT INVESTMENT PROJECT HASGENERATED ORTHAT THE FINANCING ENTITY HAS COLLECTED FROM THE TIME OFTHE ORIGINALAPPROVALFOR THE PROJECT OR FINANCING ENTITY MAY REMAIN DEDICATED TO THE PROJECT ONLY TO THE EXTENT THAT IT HASBEENPREVIOUSLYEXPENDED OR PLEDGED BY THE FINANCING ENTITY FOR THE FINANCING OF ELIGIBLE COSTS;AND (c) TESTATESHALLNOTREMITFURTHERFUNDSTOTHEREVOKED -45- 1065 FINANCIAL ENTITY OR TRANSIT INVESTMENT PROJE.T (4) IN EVALUATING WHETHER SUBSTANTIAL WORK HAS BEEN COMMENCED FOR PURPOSES OF ADMINISTERING THIS SECTION , THE COMMISSION SHALL RELY ON THE INFORMATION AND DATA SUPPLIED IN THE ANNUAL REPORTS SUBMITTED BY THE FINANCING ENTITY OR CERTIFIED PUBLIC ACCOUNTANT PURSUANT TO SECTION24-46-407 AND ANY SUPPLEMENTAL DATA DEEMED NECESSARY BY THE COMMISSION .
(4) IN EVALUATING WHETHER SUBSTANTIAL WORK HAS BEEN COMMENCED FOR PURPOSES OF ADMINISTERING THIS SECTION , THE COMMISSIONSHALLRELYONTHEINFORMATIONANDDATASUPPLIEDINTHE ANNUAL REPORTS SUBMITTED BY THE FINANCING ENTITY OR CERTIFIED PUBLIC ACCOUNTANT PURSUANT TO SECTION 24-46-407 AND ANY SUPPLEMENTAL DATA DEEMED NECESSARY BY THE COMMISSION .
(5) FAILURE OF A PROJECT TO COMPLY WITH THE HIRING , APPRENTICESHIP, AND WORKFORCE STANDARDS APPLICABLE TO INFRASTRUCTURE PROJECTS THAT ARE FINANCED BY THE BUILDING URGENT INFRASTRUCTURE AND LEVERAGING DOLLARS AUTHORITY AS REQUIRED BY SECTION 24-117-105 (6)TO THE EXTENT APPLICABLE , CONSTITUTES GROUNDS FOR THE COMMISSION TO REVOKE OR MODIFY PROJECT APPROVAL PURSUANT TO THIS SECTION.
(5) FAILURE OF A PROJECT TO COMPLY WITH THE HIRING , APPRENTICESHIP , AND WORKFORCE STANDARDS APPLICABLE TO INFRASTRUCTUREPROJECTSTHATAREFINANCEDBYTHEBUILDINGURGENT INFRASTRUCTURE AND LEVERAGING DOLLARS AUTHORITY AS REQUIRED BY SECTION 24-117-105 (6),TO THE EXTENT APPLICABLE , CONSTITUTES GROUNDSFORTHE COMMISSIONTOREVOKEORMODIFYPROJECT APPROVAL PAGE 36-HOUSE BILL 26-1065 PURSUANT TO THIS SECTION .
PRIOR TO REVOKING PROJECTAPPROVALPURSUANTTOTHISSUBSECTION (5)THECOMMISSION SHALL PROVIDE NOTICE AND AN OPPORTUNITY TO CUR.
RIOR TO REVOKING PROJECT APPROVAL PURSUANT TO THIS SUBSECTION (5),THE COMMISSION SHALL PROVIDE NOTICE AND AN OPPORTUNITY TO CURE .
(6) THE COMMISSION ONLY HAS THE AUTHORITY TO REVOKE ITS APPROVAL OF A FINANCING ENTITY OR A TRANSIT INVESTMENT PROJECT PURSUANT TO THIS SECTIO.
(6) T HE COMMISSION ONLY HAS THE AUTHORITY TO REVOKE ITS APPROVAL OF A FINANCING ENTITY OR A TRANSIT INVESTMENT PROJECT PURSUANT TO THIS SECTION.
(1) AFINANCINGENTITYMAYISSUEBONDSFROMTIME TOTIME IN ITSDISCRETIONTOFINANCEANYELIGIBLEIMPROVEMENTSWITHRESPECT TOA TRANSIT INVESTMENT PROJECT ANDMAYALSOISSUE REFUNDINGOR OTHER BONDS OF THE FINANCING ENTITY FROM TIME TO TIME IN ITS DISCRETIONFORTHEPAYMENT ,RETIREMENT,RENEWAL ,REFINANCING,OR EXTENSIONOFANYBONDSPREVIOUSLYISSUEDBYTHEFINANCINGENTITY UNDER THIS SECTION.
(1) A FINANCING ENTITY MAY ISSUE BONDS FROM TIME TO TIME IN ITSDISCRETIONTOFINANCEANYELIGIBLEIMPROVEMENTSWITHRESPECTTO A TRANSIT INVESTMENT PROJECT AND MAY ALSO ISSUE REFUNDING OR OTHER BONDS OF THE FINANCING ENTITY FROM TIME TO TIME IN ITS DISCRETION FOR THE PAYMENT ,RETIREMENT ,RENEWAL ,REFINANCING ,OR EXTENSION OF ANY BONDS PREVIOUSLY ISSUED BY THE FINANCING ENTITY UNDER THIS SECTION.
-46- 1065 (2) (a) BONDS ISSUED UNDER THIS SECTION MAY BE GENERAL OBLIGATION OR REVENUE BONDS OF THE FINANCING ENTITY ,THE PAYMENT OF WHICH ,AS TO PRINCIPAL AND INTEREST AND PREMIUMS,IF ANY , THE FULL FAITH, CREDIT, AND ASSETS , ACQUIRED AND TO BE ACQUIRED ,OF THE FINANCING ENTITY MAY BE IRREVOCABLY PLEDGED .
(2) (a) B ONDS ISSUED UNDER THIS SECTION MAY BE GENERAL OBLIGATION OR REVENUE BONDS OF THE FINANCING ENTITY,THE PAYMENT OFWHICH ,ASTOPRINCIPALANDINTERESTANDPREMIUMS ,IFANY,THEFULL FAITH, CREDIT,AND ASSETS , ACQUIRED AND TO BE ACQUIRED , OF THE FINANCING ENTITY MAY BE IRREVOCABLY PLEDGED .
(b) BONDS ISSUED UNDER THIS SECTION MAY BE SPECIAL OBLIGATIONS OF THE FINANCING ENTITY THAT ,AS TO PRINCIPAL AND INTEREST AND PREMIUMS , IF ANY,ARE PAYABLE SOLELY FROM AND SECURED ONLY BY A PLEDGE OF ANY INCOME ,PROCEEDS ,REVENUES ,OR FUNDS OF THE FINANCING ENTITY ,INCLUDING ,WITHOUT LIMITATION , STATE SALES TAX INCREMENT REVENUE .
(b) BONDS ISSUED UNDER THIS SECTION MAY BE SPECIAL OBLIGATIONS OF THE FINANCING ENTITY THAT , AS TO PRINCIPAL AND INTERESTANDPREMIUMS IFANY ,AREPAYABLESOLELYFROMANDSECURED ONLYBYAPLEDGEOFANYINCOME ,PROCEEDS ,REVENUES ,ORFUNDSOFTHE FINANCING ENTITY, INCLUDING,WITHOUT LIMITATION , STATE SALES TAX INCREMENT REVENUE .
(3) N OTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION, ANYBONDSISSUEDUNDERTHISSECTIONMAYBEADDITIONALLYSECURED AS TO THE PAYMENT OF THE PRINCIPAL AND INTEREST AND PREMIUMS,IF ANY ,BY A MORTGAGE OF ANY TRANSIT INVESTMENT PROJECT ,OR ANY PART THEREOF , TITLE TO WHICH IS THEN OR THEREAFTER IN THE FINANCING ENTITY OR OF ANY OTHER REAL OR PERSONAL PROPERTY OR INTERESTS THEREIN THEN OWNED OR THEREAFTER ACQUIRED BY THE FINANCING ENTITY .
(3) NOTWITHSTANDINGANYOTHERPROVISIONOFTHISSECTION ANY BONDSISSUEDUNDERTHISSECTIONMAYBE ADDITIONALLYSECUREDASTO THE PAYMENT OF THE PRINCIPAL AND INTEREST AND PREMIUMS,IF ANY,BY A MORTGAGE OF ANY TRANSIT INVESTMENT PROJECT ,OR ANY PART THEREOF ,TITLE TO WHICH IS THEN OR THEREAFTER IN THE FINANCING ENTITY OR OF ANY OTHER REAL OR PERSONAL PROPERTY OR INTERESTS THEREIN THEN OWNED OR THEREAFTER ACQUIRED BY THE FINANCING ENTITY.
(4) N OTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION, BONDS ISSUED UNDER THIS SECTION MAY BE ADDITIONALLY SECURED AS TO THE PAYMENT OF THE PRINCIPAL AND INTEREST AND PREMIUMS,IF ANY ,ASPROVIDEDINSUBSECTION (2OFTHISSECTION ,WITHORWITHOUT BEING ALSO ADDITIONALLY SECURED AS TO PAYMENT OF THE PRINCIPAL AND INTEREST AND PREMIUMS ,IF AN,BY A MORTGAGE AS PROVIDED IN SUBSECTION (3)OFTHISSECTIONORATRUSTAGREEMENTASPROVIDEDIN SUBSECTION (5)OF THIS SECTIO.
PAGE 37-HOUSE BILL 26-1065 (4) N OTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION , BONDSISSUEDUNDERTHISSECTIONMAYBE ADDITIONALLYSECUREDASTO THE PAYMENT OF THE PRINCIPAL AND INTEREST AND PREMIUMS ,IF ANY,AS PROVIDED IN SUBSECTION (2)OF THIS SECTION,WITH OR WITHOUT BEING ALSO ADDITIONALLY SECURED AS TO PAYMENT OF THE PRINCIPAL AND INTEREST AND PREMIUMS ,IF ANY ,BY A MORTGAGE AS PROVIDED IN SUBSECTION (3)OF THIS SECTION OR A TRUST AGREEMENT AS PROVIDED IN SUBSECTION (5)OF THIS SECTION.
-47- 1065 (5) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SECTIO, ANYBONDSISSUEDUNDERTHISSECTIONMAYBEADDITIONALLYSECURED AS TO THE PAYMENT OF THE PRINCIPAL AND INTEREST AND PREMIU,IF ANY ,BY A TRUST AGREEMENT OR INDENTURE BY AND BETWEEN THE FINANCING ENTITY AND A CORPORATE TRUSTEE ,WHICH MAY BE ANY TRUST COMPANY OR BANK HAVING THE POWERS OF A TRUST COMPANY WITHIN OR WITHOUT THE STATE.
(5) NOTWITHSTANDINGANYOTHERPROVISIONOFTHISSECTION ,ANY BONDSISSUEDUNDERTHISSECTIONMAYBE ADDITIONALLYSECUREDASTO THE PAYMENT OF THE PRINCIPAL AND INTEREST AND PREMIUMS ,IF ANY,BY A TRUST AGREEMENT OR INDENTURE BY AND BETWEEN THE FINANCING ENTITY AND A CORPORATE TRUSTEE ,WHICH MAY BE ANY TRUST COMPANY OR BANK HAVING THE POWERS OF A TRUST COMPANY WITHIN OR WITHOUT THE STATE.
(6) BONDS ISSUED UNDER THIS SECTION DO NOT CONSTITUTE AN INDEBTEDNESS OF THE STATE OR OF ANY COUNTY ,MUNICIPALITY,OR PUBLIC BODY OF THE STATE OTHER THAN THE FINANCING ENTITY ISSUING THE BONDS AND ARE NOT SUBJECT TO THE CHARTER OF ANY MUNICIPALITY RELATING TO THE AUTHORIZATIONISSUANCE ORSALE OF BONDS .
(6) B ONDS ISSUED UNDER THIS SECTION DO NOT CONSTITUTE AN INDEBTEDNESSOFTHESTATEOROFANYCOUNTY ,MUNICIPALITY ,ORPUBLIC BODYOFTHESTATEOTHERTHANTHEFINANCINGENTITYISSUINGTHEBONDS ANDARENOTSUBJECTTOTHECHARTEROFANYMUNICIPALITYRELATINGTO THE AUTHORIZATION ,ISSUANCE ,OR SALE OF BONDS .
(7) BONDSISSUEDUNDERTHISSECTIONSHALLBEAUTHORIZEDBY A RESOLUTION,INDENTURE ,OR OTHER DOCUMENT PURSUANT TO WHICH SUCH OBLIGATIONS ARE ISSUED OF THE FINANCING ENTITY AND MAY BE ISSUEDINONEORMORESERIESANDSHALLBEARSUCHDATE ;BEPAYABLE UPONDEMANDORMATUREATSUCHTIMEASMAYBEDETERMINEDBYTHE FINANCING ENTITY NOT TO EXCEED THIRTY YEARS , EXCEPT AS THE MATURITY MAY BE EXTENDED IN ACCORDANCE WITH SECTION 24-46-406 (4)ANDINACCORDANCEWITHARTICLE 57OFTITLE 11;BEARINTERESTAT ARATEPAYABLEORCOMPOUNDABLEATINTERVALSDETERMINEDBYTHE FINANCINGENTITY ;BEINSUCHDENOMINATION ;BEINSUCHFORM ,EITHER COUPON OR REGISTERED OR OTHERWISE ;
(7) BONDS ISSUED UNDER THIS SECTION SHALL BE AUTHORIZED BY A RESOLUTION ,INDENTURE , OR OTHER DOCUMENT PURSUANT TO WHICH SUCH OBLIGATIONS ARE ISSUED OF THE FINANCING ENTITY AND MAY BE ISSUED IN ONE OR MORE SERIES AND SHALL BEAR SUCH DATE ;BE PAYABLE UPON DEMAND OR MATURE AT SUCH TIME AS MAY BE DETERMINED BY THE FINANCING ENTITY NOT TO EXCEED THIRTY YEARS , EXCEPT AS THE MATURITYMAYBEEXTENDEDINACCORDANCEWITHSECTION 24-46-406(4) AND IN ACCORDANCE WITH ARTICLE 57OF TITLE 11;BEAR INTEREST AT A RATE PAYABLE OR COMPOUNDABLE AT INTERVALS DETERMINED BY THE FINANCING ENTITY ;BE IN SUCH DENOMINATION ;BE IN SUCH FORM,EITHER COUPON OR REGISTERED OR OTHERWISE ;CARRY SUCH CONVERSION OR REGISTRATIONPRIVILEGES ;HAVESUCHRANKORPRIORITY BEEXECUTEDIN THENAMEOFTHEFINANCINGENTITYINSUCHMANNER ,BEPAYABLEINSUCH MEDIUM OF PAYMENT ;BE PAYABLE AT SUCH PLACE ;BE SUBJECT TO SUCH CALLABILITY PROVISIONS OR TERMS OF REDEMPTION ,WITH OR WITHOUT PREMIUMS ;
CARRY SUCH CONVERSION OR REGISTRATIONPRIVILEGES;HAVESUCHRANKORPRIORITY BEEXECUTED INTHE NAME OFTHE FINANCINGENTITYINSUCHMANNER BE PAYABLE IN SUCH MEDIUM OF PAYMENT ;BE PAYABLE AT SUCH PLACE;BE SUBJECT TO -48- 1065 SUCH CALLABILITY PROVISIONS OR TERMS OF REDEMPTION ,WITH OR WITHOUT PREMIUMS ;
BE OF SUCH DESCRIPTION;CONTAINORBESUBJECTTOSUCHCOVENANTS PROVISIONS, TERMS , CONDITIONS, AND AGREEMENTS , INCLUDING PROVISIONS CONCERNING EVENTS OF DEFAULT ;AND HAVE OTHER CHARACTERISTICS THAT MAY BE PROVIDED BY THE RESOLUTION OR BY THE TRUST AGREEMENT ,INDENTURE,OR MORTGAGE ,IF ANY,ISSUED PURSUANT TO THERESOLUTION .THESEAL ,ORAFACSIMILETHEREOF ,OFTHEFINANCING ENTITY SHALL BE AFFIXED , IMPRINTED, ENGRAVED , OR OTHERWISE REPRODUCED UPON EACH OF ITS BONDS ISSUED UNDER THIS SECTION .
BE OF SUCH DESCRIPTION ;
B ONDSISSUEDUNDERTHISSECTIONSHALLBEEXECUTEDINTHENAMEOF THE FINANCING ENTITY BY THE MANUAL OR FACSIMILE SIGNATURES OF OFFICIALS THAT MAY BE DESIGNATED IN SAID RESOLUTION OR TRUST AGREEMENT ,INDENTURE ,ORMORTGAGE .COUPONS IFANY ATTACHEDTO THE BONDS SHALL BEAR THE FACSIMILE SIGNATURE OF THE OFFICIAL OF THE FINANCING ENTITY THAT MAY BE DESIGNATED AS PROVIDED IN THIS SUBSECTION (7).AIDRESOLUTIONORTRUSTAGREEMENT INDENTURE ,OR MORTGAGE MAY PROVIDE FOR THE AUTHENTICATION OF THE PERTINENT BONDS BY THE TRUSTEE.
CONTAIN OR BE SUBJECT TO SUCH COVENANTS , PROVISIONS, TERMS , PAGE 38-HOUSE BILL 26-1065 CONDITIONS , AND AGREEMENTS , INCLUDING PROVISIONS CONCERNING EVENTS OF DEFAULT ;AND HAVE OTHER CHARACTERISTICS THAT MAY BE PROVIDED BY THE RESOLUTION OR BY THE TRUST AGREEMENT ,INDENTURE , OR MORTGAGE ,IF ANY,ISSUED PURSUANT TO THE RESOLUTION .
(8) B ONDS ISSUED UNDER THIS SECTION MAY BE SOLD BY THE FINANCING ENTITY IN A MANNER AND FOR A PRICE AS THE FINANCING ENTITY, IN ITS DISCRETI,MAY DETERMINE ,AT PAR,BELOW PAR ,OR ABOVE PAR , AT PRIVATE SALE OR AT PUBLIC SALE AFTER NOTICE IS PUBLISHED PRIOR TO THE SALE IN A NEWSPAPER HAVING GENERAL CIRCULATION IN THE MUNICIPALITY ,OR IN ANOTHER MEDIUM OF PUBLICATION AS THE FINANCING ENTITY MAY DEEM APPROPRIATE IN ACCORDANCE WITH SECTION 24-6-402,OR MAY BE EXCHANGED BY THE -49- 1065 FINANCING ENTITY FOR OTHER BONDS ISSUED BY IT UNDER THIS SEC.ION (9) I ANY OF THE OFFICIALS OF THE FINANCING ENTITY WHOSE SIGNATURESORFACSIMILE SIGNATURESAPPEARONANYOFITSBONDSOR COUPONSISSUEDUNDERTHISSECTIONCEASE TOBE OFFICIALS AFTERTHE AUTHORIZATIONTHEREOF BUTBEFORETHEDELIVERYOFTHEBONDS ,THE SIGNATURES OR FACSIMILE SIGNATURES ,AS THE CASE MAY BE , ARE NEVERTHELESS VALID AND SUFFICIENT FOR ALL PURPOS,THE SAME AS IF THE OFFICIALS HAD REMAINED IN OFFICE UNTIL THE DEL.VERY (10) N OTWITHSTANDING ANY OTHER PROVISION OF LAW , ANY BONDS THAT ARE ISSUED PURSUANT TO THIS SECTION ARE FULLY NEGOTIABLE .
HE SEAL , OR A FACSIMILE THEREOF ,OF THE FINANCING ENTITY SHALL BE AFFIXED , IMPRINTED ,ENGRAVED ,OR OTHERWISE REPRODUCED UPON EACH OF ITS BONDS ISSUED UNDER THIS SECTION .
(11) IN ANY SUIT ,ACTION, OR PROCEEDING INVOLVING THE VALIDITYORENFORCEABILITYOFANYABONDTHATISISSUEDUNDERTHIS SECTION OR THE SECURITY OF SUCH A BOND ,ANY BOND RECITING IN SUBSTANCE THAT IT HAS BEEN ISSUED BY THE FINANCING ENTITY IN CONNECTIONWITHATRANSITINVESTMENTPROJECTORANYACTIVITYOR OPERATION OF THE FINANCING ENTITY UNDER THIS PART 4 IS CONCLUSIVELY DEEMED TO HAVE BEENISSUEDFORSUCH PURPOSES ;AND SUCHTRANSITINVESTMENTPROJECTORSUCHOPERATIONORACTIVITY ,AS THE CASE MAY BE,IS CONCLUSIVELY DEEMED TO HAVE BEEN INITIATE, PLANNED ,LOCATED,UNDERTAKEN ,ACCOMPLISHED,ANDCARRIEDOUTIN ACCORDANCE WITH THIS PART 4.
BONDS ISSUED UNDER THIS SECTION SHALL BE EXECUTED IN THE NAME OF THE FINANCING ENTITY BY THE MANUALORFACSIMILESIGNATURESOFOFFICIALSTHATMAYBEDESIGNATED IN SAID RESOLUTION OR TRUST AGREEMENT ,INDENTURE ,OR MORTGAGE .
NO LEGAL OR EQUITABLE ACTION BROUGHT WITH RESPECT TO THE VALIDITY OR ENFORCEABILITY OF ANY BOND THAT IS ISSUED UNDER THIS SECTION OR THE SECURITY OF SUCH A BOND SHALL BE COMMENCED MORE THAN THIRTY DAYS AFTER THE AUTHORIZATION OF THE BOND OR BONDS BY THE FINANCING ENTI.Y (12) PNDINGTHEPREPARATIONOFANYDEFINITIVEBONDSUNDER -50- 1065 THISSECTION,AFINANCINGENTITYMAYISSUEITSINTERIMCERTIFICATES OR RECEIPTS OR ITS TEMPORARY BONDS,WITH OR WITHOUT COUPONS , EXCHANGEABLE FOR DEFINITIVE BONDS WHEN THE LATTER HAVE BEEN EXECUTED AND ARE AVAILABLE FOR DELIVERY.
COUPONS ,IF ANY,ATTACHED TO THE BONDS SHALL BEAR THE FACSIMILE SIGNATURE OF THE OFFICIAL OF THE FINANCING ENTITY THAT MAY BE DESIGNATED AS PROVIDED IN THIS SUBSECTION (7).
(13) APERSON RETAINED OR EMPLOYED BY A FINANCING ENTITY AS AN ADVISOR OR A CONSULTANT FOR THE PURPOSE OF RENDERING FINANCIAL ADVICE AND ASSISTANCE MAY PURCHASE OR PARTICIPATE IN THE PURCHASE OR DISTRIBUTION OF ITS BONDS WHEN THE BONDS ARE OFFERED AT PUBLIC OR PRIVATE SA.E (14) N O COMMISSIONER OR OTHER OFFICER OF A FINANCING ENTITY ISSUING BONDS UNDER THIS SECTION AND NO PERSON EXECUTING THE BONDS IS LIABLE PERSONALLY ON THE BONDS OR IS SUBJECT TO ANY PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE OF THE BONDS.
AID RESOLUTION OR TRUST AGREEMENT ,INDENTURE , OR MORTGAGE MAY PROVIDE FOR THE AUTHENTICATION OF THE PERTINENT BONDS BY THE TRUSTEE .
(15) NO COMMISSIONER OR OTHER OFFICER OF A TRANSIT INVESTMENT AUTHORITY ISSUING BONDS PURSUANT TO THIS PAR4 AND NOPERSONEXECUTINGTHE BONDSISLIABLEPERSONALLYONTHE BONDS ORSUBJECTTOANYPERSONALLIABILITYORACCOUNTABILITYBYREASON OF THE ISSUANCE OF THE BOND.
(8) B ONDS ISSUED UNDER THIS SECTION MAY BE SOLD BY THE FINANCING ENTITY IN A MANNER AND FOR A PRICE AS THE FINANCING ENTITY,INITSDISCRETION ,MAYDETERMINE ATPAR ,BELOWPAR ,ORABOVE PAR,ATPRIVATESALEORATPUBLICSALEAFTERNOTICEISPUBLISHEDPRIOR TO THE SALE IN A NEWSPAPER HAVING GENERAL CIRCULATION IN THE MUNICIPALITY ,ORINANOTHERMEDIUMOFPUBLICATIONASTHEFINANCING ENTITY MAY DEEM APPROPRIATE IN ACCORDANCE WITH SECTION 24-6-402, OR MAY BE EXCHANGED BY THE FINANCING ENTITY FOR OTHER BONDS ISSUED BY IT UNDER THIS SECTION (9) IF ANY OF THE OFFICIALS OF THE FINANCING ENTITY WHOSE SIGNATURES OR FACSIMILE SIGNATURES APPEAR ON ANY OF ITS BONDS OR COUPONS ISSUED UNDER THIS SECTION CEASE TO BE OFFICIALS AFTER THE AUTHORIZATION THEREOF ,BUT BEFORE THE DELIVERY OF THE BONDS ,THE SIGNATURES OR FACSIMILE SIGNATURES ,AS THE CASE MAY BE , ARE NEVERTHELESS VALID AND SUFFICIENT FOR ALL PURPOSES ,THE SAME AS IF THE OFFICIALS HAD REMAINED IN OFFICE UNTIL THE DELIVERY.
(16) BONDS THAT ARE ISSUED PURSUANT TO THIS PART 4 ARE DECLARED TOBE ISSUEDFORANESSENTIALPUBLICAND GOVERNMENTAL PURPOSE AND , TOGETHER WITH INTEREST THEREON AND INCOME THEREFROM ,ARE EXEMPT FROM ALL STATE OFCOLORADO TAXES .
(10) NOTWITHSTANDINGANYOTHERPROVISIONOFLAW ,ANYBONDS THAT ARE ISSUED PURSUANT TO THIS SECTION ARE FULLY NEGOTIABLE .
SECTION 3.
(11) IANYSUIT ,ACTION ORPROCEEDINGINVOLVINGTHEVALIDITY ORENFORCEABILITYOFANYABONDTHATISISSUEDUNDERTHISSECTIONOR THESECURITYOFSUCHABOND ,ANYBONDRECITINGINSUBSTANCETHATIT PAGE 39-HOUSE BILL 26-1065 HASBEENISSUEDBYTHEFINANCINGENTITYINCONNECTIONWITHATRANSIT INVESTMENT PROJECT OR ANY ACTIVITY OR OPERATION OF THE FINANCING ENTITYUNDERTHISPART 4ISCONCLUSIVELYDEEMEDTOHAVEBEENISSUED FOR SUCH PURPOSES ;AND SUCH TRANSIT INVESTMENT PROJECT OR SUCH OPERATION OR ACTIVITY,AS THE CASE MAY BE,IS CONCLUSIVELY DEEMED TO HAVE BEEN INITIATED, PLANNED , LOCATED , UNDERTAKEN , ACCOMPLISHED ,AND CARRIED OUT IN ACCORDANCE WITH THIS PART 4.
In Colorado Revised Statutes, add 24-35-123 as follows:
NO LEGALOREQUITABLEACTIONBROUGHTWITHRESPECTTOTHEVALIDITYOR ENFORCEABILITYOFANYBONDTHATISISSUEDUNDERTHISSECTIONORTHE SECURITYOFSUCHABONDSHALLBECOMMENCEDMORETHANTHIRTYDAYS AFTER THE AUTHORIZATION OF THE BOND OR BONDS BY THE FINANCING ENTITY.
24-35-123.
(12) PENDING THE PREPARATION OF ANY DEFINITIVE BONDS UNDER THISSECTION,AFINANCINGENTITYMAYISSUEITSINTERIMCERTIFICATESOR RECEIPTS OR ITS TEMPORARY BONDS , WITH OR WITHOUT COUPONS , EXCHANGEABLE FOR DEFINITIVE BONDS WHEN THE LATTER HAVE BEEN EXECUTED AND ARE AVAILABLE FOR DELIVERY .
Transitinvestmentarea-authorityofdepartment - definitions.
(13) A PERSONRETAINEDOREMPLOYED BY A FINANCING ENTITY AS ANADVISORORACONSULTANTFORTHEPURPOSEOFRENDERINGFINANCIAL ADVICEANDASSISTANCEMAYPURCHASEORPARTICIPATEINTHEPURCHASE OR DISTRIBUTION OF ITS BONDS WHEN THE BONDS ARE OFFERED AT PUBLIC OR PRIVATE SALE.
-51- 1065 (1) N ADDITION TO THE OTHER FUNCTIONS AND POWERS OF THE DEPARTMENT AND THE EXECUTIVE DIRECTOR PURSUANT TO THIS PART1, THE DEPARTMENT SHALL :
(14) NO COMMISSIONER OR OTHER OFFICER OFA FINANCING ENTITY ISSUINGBONDSUNDERTHISSECTIONANDNOPERSONEXECUTINGTHEBONDS IS LIABLE PERSONALLY ON THE BONDS OR IS SUBJECT TO ANY PERSONAL LIABILITYORACCOUNTABILITYBYREASONOFTHEISSUANCEOFTHEBONDS .
(a) ESTABLISH AND DETERMINE THE BASE YEAR REVENUE FOR EACH TRANSIT INVESTMENT AREA;
(15) NO COMMISSIONER OR OTHER OFFICER OF A TRANSIT INVESTMENTAUTHORITYISSUINGBONDSPURSUANTTOTHISPART 4 ANDNO PERSON EXECUTING THE BONDS IS LIABLE PERSONALLY ON THE BONDS OR SUBJECT TO ANY PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE OF THE BONDS.
(b) C OLLECT,ACCOUNT FOR , AND REMIT TO THE APPLICABLE FINANCING ENTITY THE RELEVANT AMOUNT OF STATE SALES TAX INCREMENT REVENUE GENERATED WITHIN EACH TRANSIT INVESTMENT AREA ;
(16) B ONDS THAT ARE ISSUED PURSUANT TO THIS PART 4 ARE DECLARED TO BE ISSUED FOR AN ESSENTIAL PUBLIC AND GOVERNMENTAL PURPOSE AND , TOGETHER WITH INTEREST THEREON AND INCOME THEREFROM ARE EXEMPT FROM ALL STATE OF C OLORADO TAXES .
(c) SHARE DATA AS NECESSARY WITH THECOLORADO OFFICE OF ECONOMIC DEVELOPMENT IN CONNECTION WITH THE "TRANSIT INVESTMENT A REA ACT",PART 4OF ARTICLE46 OF THIS TITL24;AND (d) O THERWISE PERFORM THE FUNCTIONS REQUIRED OF THE DEPARTMENT IN THE WRITTEN NOTICE PROVIDED TO THE EXECUTIVE DIRECTOR IN CONNECTION WITH THE ESTABLISHMENT OF A FINANCING ENTITY OR TRANSIT INVESTMENT ARE.
PAGE 40-HOUSE BILL 26-1065 SECTION 3.
(2) THE EXECUTIVE DIRECTOR HAS THE AUTHORITY T:
In Colorado Revised Statutes, add 24-35-124 as follows:
(a) CREATE FORMS AND ADOPT RULES AS NECESSARY OR CONVENIENT TO IMPLEMENT THE DEPARTMENT S RESPONSIBILITIES WITH RESPECT TO THE DETERMINATION OF BASE YEAR REVENUE,COLLECTION AND DISBURSEMENT OF STATE SALES TAX INCREMENT REVENUE , AND OTHERFUNCTIONSOFTHEDEPARTMENTPURSUANTTOPART 4 OFARTICLE 46 OF THIS TIT24;
24-35-124.
(b) ENTER INTO CONTRACTS WITH FINANCING ENTITIE, IN THE MANNER PROVIDED FOR IN SECTION 24-35-110, REGARDING THE PERFORMANCEOFTHEDEPARTMENT SFUNCTIONSINIMPLEMENTINGPART 4 OF ARTICLE46OF THIS TITL24;AND -52- 1065 (c) R ETAIN ANNUALLY AN AMOUNT OF THE STATE SALES TAX INCREMENT REVENUE ESTABLISHED BY THE DEPARTMENT AS NECESSARY TO OFFSET THE DEPARTMENT S ACTUAL DIRECT COSTS AND EXPENSES INCURRED IN PERFORMING THE COLLECTION AND DISBURSEMENT FUNCTIONS ESTABLISHED IN PART4OF ARTICLE46 OF THIS TITL24.
Transit investment area - authority of department - definitions.
(3) EXCEPT FOR THE AMOUNT RETAINED BY THE DEPARTMENT PURSUANT TO SECTION 24-46-406(1)ALL STATE SALES TAX INCREMENT REVENUE COLLECTED BY THE DEPARTMENT ON BEHALF OF A FINANCING ENTITY IS FOR ALL PURPOSES ASSIGNED ,THE PROPERTY OF,AND THE REVENUE OF THE APPLICABLE FINANCING ENTITY AND IS NOT TO BE CONSTRUEDORTREATEDFORANYPURPOSEASREVENUEORPROPERTYOF THE STATE.
(1) IN ADDITION TO THE OTHER FUNCTIONS AND POWERS OF THE DEPARTMENTANDTHEEXECUTIVEDIRECTORPURSUANTTOTHISPART 1,THE DEPARTMENT SHALL :
(4) ICOLLECTINGANDDISBURSINGSTATESALESTAXINCREMENT REVENUEASPROVIDEDINTHISSECTIONANDOTHERWISEPERFORMINGITS RESPONSIBILITIES PURSUANT TO PAR4 OF ARTICLE46OF THIS TITL24, THE DEPARTMENT SHALL ACT SOLELY AS A COLLECTING AGENT FOR A FINANCING ENTITY AND SHALL SEGREGATE IN A SEPARATE FUND ANY PORTION OF STATE SALES TAX INCREMENT REVENUE THAT IS DEDICATED TOTHEFINANCINGENTITYBUTWILLNOTBEREMITTEDTOTHEFINANCING ENTITY IN THE IMMEDIATE FUTUR.
(a) ESTABLISHANDDETERMINETHEBASEYEARREVENUEFOREACH TRANSIT INVESTMENT AREA ;
(5) AS USED IN THIS SECTI,UNLESS THE CONTEXT OTHERWISE REQUIRES:
(b) COLLECT ,ACCOUNT FOR ,AND REMIT TO THE APPLICABLE FINANCINGENTITYTHERELEVANTAMOUNTOFSTATESALESTAXINCREMENT REVENUE GENERATED WITHIN EACH TRANSIT INVESTMENT AREA ;
(a) "B ASE YEAR REVENUE " HAS THE MEANING SET FORTH IN SECTION 24-46-402 (2).
(c) SHARE DATA AS NECESSARY WITH THE C OLORADO OFFICE OF ECONOMICDEVELOPMENTINCONNECTIONWITHTHE "TRANSITINVESTMENT A REAA CT",PART 4OF ARTICLE 46OF THIS TITL24;
(b) "DEPARTMENT " MEANS THE DEPARTMENT OF REVENUE CREATED IN SECTION24-35-101.
AND (d) O THERWISE PERFORM THE FUNCTIONS REQUIRED OF THE DEPARTMENT IN THE WRITTEN NOTICE PROVIDED TO THE EXECUTIVE DIRECTOR IN CONNECTION WITH THE ESTABLISHMENT OF A FINANCING ENTITY OR TRANSIT INVESTMENT AREA.
(c) "EXECUTIVE DIRECTOR"MEANS THE EXECUTIVE DIRECTOR OF -53- 1065 THE DEPARTMENT .
(2) THE EXECUTIVE DIRECTOR HAS THE AUTHORITY TO:
(d) "FINANCINGENTITY "HASTHEMEANINGSETFORTHINSECTION 24-46-402 (11).
(a) C REATE FORMS AND ADOPT RULES AS NECESSARY OR CONVENIENT TO IMPLEMENT THE DEPARTMENT 'S RESPONSIBILITIES WITH RESPECTTOTHEDETERMINATIONOFBASEYEARREVENUE ,COLLECTIONAND DISBURSEMENT OF STATE SALES TAX INCREMENT REVENUE ,AND OTHER FUNCTIONS OF THE DEPARTMENT PURSUANT TO PART 4OF ARTICLE 46OF THIS TITLE4;
(e) "STATE SALES TAX INCREMENT REVENUE "HAS THE MEANING SET FORTH IN SECTION24-46-402 (17).
(b) E NTER INTO CONTRACTS WITH FINANCING ENTITIES , IN THE MANNER PROVIDED FOR IN SECTION 24-35-110, REGARDING THE PERFORMANCEOFTHEDEPARTMENT SFUNCTIONSINIMPLEMENTINGPART 4 OF ARTICLE46 OF THIS TITL24;AND PAGE 41-HOUSE BILL 26-1065 (c) R ETAIN ANNUALLY AN AMOUNT OF THE STATE SALES TAX INCREMENTREVENUEESTABLISHEDBYTHEDEPARTMENTASNECESSARYTO OFFSETTHEDEPARTMENT SACTUALDIRECTCOSTSANDEXPENSESINCURRED IN PERFORMING THE COLLECTION AND DISBURSEMENT FUNCTIONS ESTABLISHED IN PART4 OF ARTICLE46 OF THIS TITL24.
(f) "TRANSITINVESTMENTAREA "HASTHEMEANINGSETFORTHIN SECTION 24-46-402 (20).
(3) E XCEPT FOR THE AMOUNT RETAINED BY THE DEPARTMENT PURSUANT TO SECTION 24-46-406 (1)ALL STATE SALES TAX INCREMENT REVENUE COLLECTED BY THE DEPARTMENT ON BEHALF OF A FINANCING ENTITY IS FOR ALL PURPOSES ASSIGNED TO ,THE PROPERTY OF ,AND THE REVENUE OF THE APPLICABLE FINANCING ENTITY AND IS NOT TO BE CONSTRUED OR TREATED FOR ANY PURPOSE AS REVENUE OR PROPERTY OF THE STATE.
(4) IN COLLECTING AND DISBURSING STATE SALES TAX INCREMENT REVENUE AS PROVIDED IN THIS SECTION AND OTHERWISE PERFORMING ITS RESPONSIBILITIESPURSUANTTOPART 4OFARTICLE 46 OFTHISTITLE24,THE DEPARTMENTSHALLACTSOLELYASACOLLECTINGAGENTFORAFINANCING ENTITYANDSHALLSEGREGATEINASEPARATEFUNDANYPORTIONOFSTATE SALES TAX INCREMENT REVENUE THAT IS DEDICATED TO THE FINANCING ENTITY BUT WILL NOT BE REMITTED TO THE FINANCING ENTITY IN THE IMMEDIATE FUTURE .
(5) A S USED IN THIS SECTIO,UNLESS THE CONTEXT OTHERWISE REQUIRES :
(a) "BASEYEARREVENUE "HASTHEMEANINGSETFORTHINSECTION 24-46-402 (2).
(b) "DEPARTMENT " MEANSTHEDEPARTMENTOFREVENUECREATED IN SECTION24-35-101.
(c) "EXECUTIVEDIRECTOR "MEANSTHEEXECUTIVEDIRECTOROFTHE DEPARTMENT .
(d) "FINANCING ENTITY" HAS THE MEANING SET FORTH IN SECTION 24-46-402 (11).
(e) "SATESALESTAXINCREMENTREVENUE " HASTHEMEANINGSET FORTH IN SECTION24-46-402 (17).
PAGE 42-HOUSE BILL 26-1065 (f) "TRANSIT INVESTMENT AREA "HAS THE MEANING SET FORTH IN SECTION 24-46-402 (20).
Transit and housing investment zones map - transit and housing investment zone criteria - definitions.
Transitandhousinginvestmentzonesmap-transit and housing investment zone criteria - definitions.
(1) ON OR BEFORE OCTOBER 30,2026, THE COLORADO OFFICE OF ECONOMIC DEVELOPMENT ,IN CONSULTATION WITH THE DEPARTMENT OF LOCAL AFFAIRS AND THE DEPARTMENT OF TRANSPORTATION , SHALL PUBLISH A TRANSIT AND HOUSING INVESTMENT ZONE MAP BASED ON THE CRITERIA FOR IDENTIFYING TRANSIT AND HOUSING INVESTMENT ZONES ESTABLISHED IN SUBSECTION (2)OF THIS SECTIO.
(1) O N OR BEFORE O CTOBER 30, 2026,THE C OLORADO OFFICE OF ECONOMIC DEVELOPMENT , IN CONSULTATION WITH THE DEPARTMENT OF LOCALAFFAIRSANDTHEDEPARTMENTOFTRANSPORTATION ,SHALLPUBLISH A TRANSIT AND HOUSING INVESTMENT ZONE MAP BASED ON THE CRITERIA FOR IDENTIFYING TRANSIT AND HOUSING INVESTMENT ZONES ESTABLISHED IN SUBSECTION (2)OF THIS SECTION.
(2) T HE OFFICE SHALL DESIGNATE TRANSIT AND HOUSING INVESTMENT ZONES ,FOR PURPOSES OF SUBSECTION (1)OF THIS SECTIO, AND SHALL DO SO BASED ON THE LOCATION OF TRANSPORTATION FACILITIES AS IDENTIFIED IN A PUBLISHED TRANSIT PLAN AND MA,IN CONSULTATIONWITHLOCALGOVERNMENTSANDTRANSITAGENCIES ,USE PREEXISTING ROUTES ,MAPS ,AND SCHEDULES TO INFORM THE OFFICE S DESIGNATION OF TRANSIT AND HOUSING INVESTMENT ZONES .
(2) THE OFFICE SHALL DESIGNATE TRANSIT AND HOUSING INVESTMENT ZONES ,FOR PURPOSES OF SUBSECTION (1)OF THIS SECTION , ANDSHALLDOSOBASEDONTHELOCATIONOFTRANSPORTATIONFACILITIES AS IDENTIFIED IN A PUBLISHED TRANSIT PLAN AND MAY,IN CONSULTATION WITH LOCAL GOVERNMENTS AND TRANSIT AGENCIES ,USE PREEXISTING ROUTES ,MAPS ,AND SCHEDULES TO INFORM THE OFFICE 'S DESIGNATION OF TRANSIT AND HOUSING INVESTMENT ZONES .
(3) A S USED IN THIS SECTI,UNLESS THE CONTEXT OTHERWISE REQUIRES :
(3) A S USED IN THIS SECTION,UNLESS THE CONTEXT OTHERWISE REQUIRES :
(a) "O FFIC" MEANS THE COLORADO OFFICE OF ECONOMIC -54- 1065 DEVELOPMENT CREATED IN SECTION 24-48.5-101.
(a) "OFFICE" MEANS THE COLORADO OFFICE OF ECONOMIC DEVELOPMENT CREATED IN SECTION 24-48.5-101.
(b) "PASSENGER RAIL STATION "HAS THE MEANING SET FORTH IN SECTION 32-22-102 (8).
(b) "P ASSENGER RAIL STATION "HAS THE MEANING SET FORTH IN SECTION 32-22-102 (8).
(c) "RANSITANDHOUSINGINVESTMENTZONE " MEANSTHEAREA WITHINTWOMILESOFATRANSPORTATIONFACILITYASIDENTIFIEDBYTHE OFFICE IN THE TRANSIT AND HOUSING INVESTMENT ZONES MAP CREATED PURSUANT TO SUBSECTION (1)OF THIS SECTION.
(c) "TRANSIT AND HOUSING INVESTMENT ZONE "MEANS THE AREA WITHIN TWO MILES OF A TRANSPORTATION FACILITY AS IDENTIFIED BY THE OFFICE IN THE TRANSIT AND HOUSING INVESTMENT ZONES MAP CREATED PURSUANT TO SUBSECTION (1)OF THIS SECTION.
(d) "TRANSIT STATION" HAS THE MEANING SET FORTH IN SECTION 24-46-402 (23).
(d) "TRANSIT STATION " HAS THE MEANING SET FORTH IN SECTION 24-46-402 (23).
(e) "TRANSPORTATION FACILITY " MEANS A TRANSIT STATION OR PASSENGER RAIL STATION .
PAGE 43-HOUSE BILL 26-1065 (e) "T RANSPORTATION FACILITY "MEANS A TRANSIT STATION OR PASSENGER RAIL STATION .
SECTION 5.
SECTION5.
In Colorado Revised Statutes, 29-1-102, amend (13) as follows:
InColorado RevisedStatutes,29-1-102,amend(13) as follows:
(13) "Local government" means any authority, county, municipality,cityandcounty,district,orotherpoliticalsubdivisionofthe stateofColorado;anyinstitution,department,agency,orauthorityofany of the foregoing;
(13)"Localgovernment"meansanyauthority,county,municipality, city and county, district, or other political subdivision of the state of Colorado;
and any other entity, organization, or corporation formed by intergovernmental agreement or other contract between or among anyof the foregoing.
any institution, department, agency, or authority of any of the foregoing;
The office of the countypublic trustee shall be deemed an agencyof thecountyfor the purposes of this part 1.
and any other entity, organization, or corporation formed by intergovernmentalagreementorothercontractbetweenoramonganyofthe foregoing.
"Local government" does not include the Colorado educational and cultural facilities authority, the university of Colorado hospital authority, collegeinvest, the Colorado health facilities authority, the Colorado housing and finance authority, the Colorado agricultural development authority, the Colorado sheep and wool authority, the Colorado beef -55- 1065 councilauthority,theColoradohorsedevelopmentauthority,thebuilding urgentinfrastructureandleveragingdollarsauthority,themiddle-income housing authority, the fire and police pension association,T INVESTMENT AUTHORITY , anypublic entityinsurance or investment pool formed pursuant to state law, anycountyor municipal housing authority, any association of political subdivisions formed pursuant to section 29-1-401,oranyhomerulecityortown,homerulecityandcounty,cities and towns operating under a territorial charter, school district, or local college district.
The office of the county public trustee shall be deemed an agency of the county for the purposes of this part 1.
"Local government" does not include the Colorado educational and cultural facilities authority, the university of Colorado hospital authority, collegeinvest, the Colorado health facilities authority, the Colorado housing and finance authority, the Coloradoagriculturaldevelopmentauthority,theColoradosheepandwool authority, the Colorado beef council authority, the Colorado horse development authority, the building urgent infrastructure and leveraging dollars authority, the middle-income housing authority, the fire and police pension association,A TRANSIT INVESTMENT AUTHORITY , anypublic entity insurance or investment pool formed pursuant to state law, any county or municipal housing authority, any association of political subdivisions formed pursuant to section 29-1-401, or any home rule city or town, home rule city and county, cities and towns operating under a territorial charter, school district, or local college district.
(1) ACOUNTY REVITALIZATION AUTHORITY THAT IS DESIGNATED ASAFINANCINGENTITY PURSUANTTOPART 4OFARTICLE 46OFTITLE 24, HAS ALL THE POWERS NECESSARY OR CONVENIENT TO CARRY OUT PAR4 OF ARTICLE 46OF TITLE24,INCLUDING THE POWER TO RECEIVE STATE SALES TAX INCREMENT REVENUE GENERATED WITHIN AN APPROVED TRANSITINVESTMENTAREA ,ASDEFINEDINSECTION 24-46-402(20),AND TO DISBURSE AND OTHERWISE USE THE 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 SECTIO24-46-402OR OTHERWISE INCORPORATED INTO THE C OLORADO ECONOMIC DEVELOPMENT COMMISSION S CONDITIONS OF APPROVA.
(1) A COUNTYREVITALIZATIONAUTHORITYTHATISDESIGNATEDAS A FINANCING ENTITY ,PURSUANT TO PART 4OFARTICLE 46 OFTITLE 24, HAS ALL THE POWERS NECESSARY OR CONVENIENT TO CARRY OUT PART 4 OF ARTICLE 46 OF TITLE 24,INCLUDING THE POWER TO RECEIVE STATE SALES PAGE 44-HOUSE BILL 26-1065 TAX INCREMENT REVENUE GENERATED WITHIN AN APPROVED TRANSIT INVESTMENT AREA ,AS DEFINED IN SECTION 24-46-402 (20), AND TO DISBURSE AND OTHERWISE USE THE 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 SECTION24-46-402OR OTHERWISE INCORPORATED INTOTHE COLORADOECONOMICDEVELOPMENTCOMMISSION 'SCONDITIONS OF APPROVAL .
(2) NOTWITHSTANDING SECTION 30-31-109(8)AUTHORIZATION TO RECEIVE STATE SALES TAX INCREMENT REVENU,PURSUANT TO PART 4 OF ARTICLE46 OF TITL24,IS NOT A SUBSTANTIAL MODIFICATION TO -56- 1065 THEPLAN ,ANDCORRESPONDINGCHANGESTOTHEPLANMAYBEMADEBY 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.
(2) NOTWITHSTANDINGSECTION 30-31-109(8),AUTHORIZATIONTO RECEIVE STATE SALES TAX INCREMENT REVENUE ,PURSUANT TO PART 4OF ARTICLE 46OFTITLE24,ISNOTASUBSTANTIALMODIFICATIONTOTHEPLAN , 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) ACOUNTYREVITALIZATIONAUTHORITYTHATRECEIVESSTATE SALES TAX INCREMENT REVENUE,WHETHER PURSUANT TO DESIGNATION AS A FINANCING ENTITY PURSUANT TO PA4TOFARTICLE 46OFTITLE 24, ORPURSUANT TOACONTRACT ENTEREDINTOWITHANYSUCHFINANCING ENTITY,SHALL NOT USE THE STATE SALES TAX INCREMENT REVENUE TO ACQUIRE PROPERTY THROUGH THE EXERCISE OF EMINENT DOMAIN.
(3) A COUNTY REVITALIZATION AUTHORITY THAT RECEIVES STATE SALESTAXINCREMENTREVENUE ,WHETHERPURSUANT TODESIGNATIONAS A FINANCING ENTITY PURSUANT TO PART 4OF ARTICLE 46OF TITLE24,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) N OTHING IN THIS SECTION OBVIATES OR OVERRIDES THE REQUIREMENTS FOR THE AUTHORIZATION OF A NEW COUNTY REVITALIZATION AUTHORITY PURSUANT TO THIS ARTICL31.
(4) N OTHING IN THIS SECTION OBVIATES OR OVERRIDES THE REQUIREMENTS FOR THE AUTHORIZATION OF A NEW COUNTY REVITALIZATION AUTHORITY PURSUANT TO THIS ARTICLE31.
(5) AS USED IN THIS SECTI,UNLESS THE CONTEXT OTHERWISE REQUIRES, STATE SALES TAX INCREMENT REVENUE" HAS THE MEANING SET FORTH IN SECTIO24-46-402 (17).
(5) A S USED IN THIS SECTIO,UNLESS THE CONTEXT OTHERWISE REQUIRES,"STATESALESTAXINCREMENTREVENUE "HASTHEMEANINGSET FORTH IN SECTION24-46-402 (17).
(1) AN URBAN RENEWAL AUTHORITY THAT IS DESIGNATED AS A FINANCING ENTITY PURSUANT TO PART4OF ARTICLE46 OF TITL24 HAS ALLOFTHEPOWERSNECESSARYORCONVENIENTTOCARRYOUTPART 4OF ARTICLE46 OFTITLE24,INCLUDINGTHEPOWERSTORECEIVESTATESALES TAX INCREMENT REVENUE GENERATED WITHIN AN APPROVED TRANSIT INVESTMENTAREA ASDEFINEDINSECTION 24-46-402(20)ANDDISBURSE AND OTHERWISE USE SUCH REVENUE FOR ALL LAWFUL PURPOSES , -57- 1065 INCLUDING FINANCING OF ELIGIBLE COSTS AND THE DESIGN , CONSTRUCTION , MAINTENANCE , AND OPERATION OF ELIGIBLE IMPROVEMENTS ,AS SUCH TERMS ARE DEFINED IN SECTI24-46-402,OR OTHERWISE INCORPORATED INTO THE COLORADO ECONOMIC DEVELOPMENT COMMISSION S CONDITIONS OF APPROVA.
(1) A N URBAN RENEWAL AUTHORITY THAT IS DESIGNATED AS A FINANCINGENTITYPURSUANTTOPART 4OFARTICLE 46 OFTITLE24 HASALL PAGE 45-HOUSE BILL 26-1065 OF THE POWERS NECESSARY OR CONVENIENT TO CARRY OUT PART 4 OF ARTICLE 46OF TITLE24,INCLUDING THE POWERS TO RECEIVE STATE SALES TAX INCREMENT REVENUE GENERATED WITHIN AN APPROVED TRANSIT INVESTMENT AREA ,AS DEFINED IN SECTION24-46-402 (20)AND DISBURSE ANDOTHERWISEUSESUCHREVENUEFORALLLAWFULPURPOSES ,INCLUDING FINANCING OF ELIGIBLE COSTS AND THE DESIGN , CONSTRUCTION , MAINTENANCE ,AND OPERATION OF ELIGIBLE IMPROVEMENTS ,AS SUCH TERMS ARE DEFINED IN SECTION24-46-402,OR OTHERWISE INCORPORATED INTOTHE C OLORADOECONOMICDEVELOPMENTCOMMISSION SCONDITIONS OF APPROVAL .
(2) NOTWITHSTANDING SECTION 31-25-107(7)AUTHORIZATION TO RECEIVE STATE SALES TAX INCREMENT REVENU,PURSUANT TO PART 4 OF ARTICLE46 OF TITL24, IS NOT A SUBSTANTIAL 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).
(2) NOTWITHSTANDINGSECTION 31-25-107(7)AUTHORIZATIONTO RECEIVE STATE SALES TAX INCREMENT REVENUE ,PURSUANT TO PART 4 OF ARTICLE 46OFTITLE 24,ISNOTASUBSTANTIALMODIFICATIONTOTHE 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 SUBMISSIONTOORAPPROVALBYTHEGOVERNINGBODYOFAMUNICIPALITY THAT HAS ESTABLISHED THE AUTHORITY PURSUANT TO SECTION 31-25-104 (1).
(3) ANURBANRENEWALAUTHORITYTHATRECEIVESSTATESALES TAX INCREMENT REVENUE ,WHETHER PURSUANT TO DESIGNATION AS A FINANCING ENTITY PURSUANT TO PART4OF ARTICLE46 OF TITLE24,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.
(3) AN URBAN RENEWAL AUTHORITY THAT RECEIVES STATE SALES TAX INCREMENT REVENUE , WHETHER PURSUANT TO DESIGNATION AS A FINANCING ENTITY PURSUANT TO PART 4 OF ARTICLE46 OF TITLE24, 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) N OTHING IN THIS SECTION OBVIATES OR OVERRIDES THE REQUIREMENTS FOR THE AUTHORIZATION OF A NEW URBAN RENEWAL AUTHORITY UNDER THIS PART1.
(4) N OTHING IN THIS SECTION OBVIATES OR OVERRIDES THE REQUIREMENTS FOR THE AUTHORIZATION OF A NEW URBAN RENEWAL AUTHORITY UNDER THIS PART 1.
(5) AS USED IN THIS SECTI,UNLESS THE CONTEXT OTHERWISE REQUIRES, STATE SALES TAX INCREMENT REVENUE" HAS THE MEANING SET FORTH IN SECTIO24-46-402 (17).
(5) A S USED IN THIS SECTIO,UNLESS THE CONTEXT OTHERWISE REQUIRES,"STATESALESTAXINCREMENTREVENUE "HASTHEMEANINGSET FORTH IN SECTION24-46-402 (17).
In Colorado Revised Statutes, add 32-1-1010 as -58- 1065 follows:
In Colorado Revised Statutes, add 32-1-1010 as follows:
(1) I ADDITION TO THE POWERS SPECIFIED IN THIS 10,TAND NOTWITHSTANDINGANYLIMITATIONONTHEPOWERSOFAMETROPOLITAN DISTRICTOTHERWISESPECIFIEDINTHISPART 10ORINTHEMETROPOLITAN DISTRICTS SERVICE PLA,ANY METROPOLITAN DISTRICT DESIGNATED AS ANAPPROVEDFINANCINGENTITY ,PURSUANTTOPART 4OFARTICLE 46OF TITLE24, HAS ALL THE POWERS NECESSARY OR CONVENIENT TO CARRY OUT PART 4OF ARTICLE 46 OF TITLE 24,INCLUDING THE POWER TO RECEIVE STATE SALES TAX INCREMENT REVENUE AND TO DISBURSE AND OTHERWISEUSESUCHREVENUEFORALLLAWFULPURPOSESPURSUANTTO PART 4 OF ARTICLE 4 OF TITLE24.
PAGE 46-HOUSE BILL 26-1065 (1) IN ADDITION TO THE POWERS SPECIFIED IN THIS PAR10,AND NOTWITHSTANDING ANY LIMITATION ON THE POWERS OF A METROPOLITAN DISTRICT OTHERWISE SPECIFIED IN THIS PART OR IN THE METROPOLITAN DISTRICTSSERVICEPLAN ,ANYMETROPOLITANDISTRICTDESIGNATEDASAN APPROVEDFINANCINGENTITY PURSUANTTOPART 4OFARTICLE 46OFTITLE 24,HAS ALL THE POWERS NECESSARY OR CONVENIENT TO CARRY OUT PART OF ARTICLE46 OF TITLE 24,INCLUDING THE POWER TO RECEIVE STATE SALES TAX INCREMENT REVENUE AND TO DISBURSE AND OTHERWISE USE SUCHREVENUEFORALLLAWFULPURPOSESPURSUANTTOPART 4 OFARTICLE OF TITLE24.
LAWFUL PURPOSES INCLUDE THE FINANCING OF ELIGIBLE COSTS AND THE DESIGN , CONSTRUCTION , MAINTENANCE ,ANDOPERATIONOFELIGIBLEIMPROVEMENTSASDEFINED IN SECTION 24-46-402 (10)OR OTHERWISE INCORPORATED INTO THE C OLORADO ECONOMIC DEVELOPMENT COMMISSION S CONDITIONS OF APPROVAL PURSUANT TO PART 4OF ARTICLE46 OF TITLE24.
LAWFUL PURPOSES INCLUDE THE FINANCING OF ELIGIBLE COSTSANDTHEDESIGN CONSTRUCTION MAINTENANCE ,ANDOPERATIONOF ELIGIBLE IMPROVEMENTS AS DEFINED IN SECTION 24-46-402 (10) OR OTHERWISEINCORPORATEDINTOTHE COLORADOECONOMICDEVELOPMENT COMMISSION S CONDITIONS OF APPROVAL PURSUANT TO PART 4OF ARTICLE OF TITLE24.
(2) NOTWITHSTANDING ANY PROVISION OF SECTION32-1-207OR OF THE METROPOLITAN DISTRICT'S SERVICE PLA, AUTHORIZATION TO RECEIVESTATESALESTAXINCREMENTREVENUE ,PURSUANTTOPART 4OF ARTICLE 46 OF TITLE 24, IS NOT CONSIDERED A SUBSTANTIAL MODIFICATIONTOTHEPLANANDCORRESPONDINGCHANGESTOTHEPLAN MAY BE MADE BY THE GOVERNING BODY TO INCORPORATE THE USE OF STATE SALES TAX INCREMENT REVENUE OFTHE METROPOLITAN DISTRICT WITHOUTTHEREQUIREMENTOFPETITIONTOORAPPROVALBYTHEBOARD OF COUNTY COMMISSIONERS OR THE GOVERNING BODY OF THE MUNICIPALITY,AS APPLICABLE.
(2) NOTWITHSTANDINGANYPROVISIONOFSECTION 32-1-207OROF THEMETROPOLITANDISTRICT 'SSERVICEPLAN ,AUTHORIZATIONTORECEIVE STATE SALES TAX INCREMENT REVENUE ,PURSUANT TO PART 4OF ARTICLE OF TITLE24,IS NOT CONSIDERED A SUBSTANTIAL MODIFICATION TO THE PLAN AND CORRESPONDING CHANGES TO THE PLAN MAY BE MADE BY THE GOVERNING BODY TO INCORPORATE THE USE OF STATE SALES TAX INCREMENT REVENUE OF THE METROPOLITAN DISTRICT WITHOUT THE REQUIREMENT OF PETITION TO OR APPROVAL BY THE BOARD OF COUNTY COMMISSIONERS OR THE GOVERNING BODY OF THE MUNICIPALITY , AS APPLICABLE.
-59- 1065 (3) A METROPOLITAN DISTRICT RECEIVING STATE SALES TAX INCREMENT REVENUE , WHETHER PURSUANT TO DESIGNATION AS A FINANCING ENTITY PURSUANT TO PART4OF ARTICLE46 OF TITLE24,OR PURSUANTTOACONTRACTENTEREDINTOWITHANYSUCHENTITY ,SHALL NOT USE THE STATE SALES TAX INCREMENT REVENUE TO ACQUIRE PROPERTY THROUGH THE EXERCISE OF EMINENT DOMAIN.
(3) A METROPOLITAN DISTRICT RECEIVING STATE SALES TAX INCREMENT REVENUE , WHETHER PURSUANT TO DESIGNATION AS A FINANCING ENTITY PURSUANT TO PART 4 OF ARTICLE46 OF TITLE24, OR PURSUANT TO A CONTRACT ENTERED INTO WITH ANY SUCH ENTITY ,SHALL NOTUSETHESTATESALESTAXINCREMENTREVENUETOACQUIREPROPERTY THROUGH THE EXERCISE OF EMINENT DOMAIN .
(4) AS USED IN THIS SECTI,UNLESS THE CONTEXT OTHERWISE REQUIRES, STATE SALES TAX INCREMENT REVENUE" HAS THE MEANING SET FORTH IN SECTIO24-46-402 (17).
(4) A S USED IN THIS SECTIO,UNLESS THE CONTEXT OTHERWISE REQUIRES,"STATESALESTAXINCREMENTREVENUE "HASTHEMEANINGSET FORTH IN SECTION24-46-402 (17).
InColoradoRevisedStatutes,39-21-113,add(40) as follows:
InColoradoRevisedStatutes,39-21-113,add(40)as follows:
39-21-113.
PAGE 47-HOUSE BILL 26-1065 39-21-113.
(40)(a) NTWITHSTANDINGTHECONFIDENTIALITYREQUIREMENTS IN THIS SECTIO:
(40) (a) NTWITHSTANDING THE CONFIDENTIALITY REQUIREMENTS IN THIS SECTION (I) TEEXECUTIVEDIRECTORMAYPROVIDETHE COLORADOOFFICE OFECONOMICDEVELOPMENTWITHANYINFORMATIONOBTAINEDPURSUANT TO THIS SECTION IN RELATION TO PARTOF ARTICLE46 OF TITLE24;AND (II) OTHTHEEXECUTIVEDIRECTORANDTHE C OLORADOOFFICEOF ECONOMICDEVELOPMENTMAYPROVIDEINFORMATIONOBTAINEDPURSUANT TO THIS SECTION IN RELATION TO PART OF ARTICLE46 OF TITLE24 TO A THIRD-PARTY ANALYST .
(I) THE EXECUTIVE DIRECTOR MAY PROVIDE THE COLORADO OFFICE OF ECONOMIC DEVELOPMENT WITH ANY INFORMATION OBTAINED PURSUANT TO THIS SECTION IN RELATION TO PAR4 OF ARTICLE46 OF TITLE24;AND (II) OTH THE EXECUTIVE DIRECTOR AND THECOLORADO OFFICE OF ECONOMIC DEVELOPMENT MAY PROVIDE INFORMATION OBTAINED PURSUANT TO THIS SECTION IN RELATION TO PAR4 OF ARTICLE46 OF TITLE24 TO A THIR-PARTY ANALYST.
(b) A NY INFORMATION PROVIDED TO THE C OLORADO OFFICE OF ECONOMIC DEVELOPMENT OR A THIRD -PARTY ANALYST PURSUANT TO THIS SUBSECTION (40)ISCONFIDENTIAL,ANDALLEMPLOYEESOFTHE COLORADO OFFICE OF ECONOMIC DEVELOPMENT AND THE THIRD -PARTY ANALYST ARE SUBJECTTOTHELIMITATIONSSETFORTHINSUBSECTION (4)OFTHISSECTION AND THE PENALTIES SPECIFIED IN SUBSECTION6)OF THIS SECTIO.
(b) ANY INFORMATION PROVIDED TO THE COLORADO OFFICE OF ECONOMICDEVELOPMENTORATHIRD -PARTYANALYSTPURSUANTTOTHIS SUBSECTION (40)IS CONFIDENTIAL, AND ALL EMPLOYEES OF THE C OLORADO OFFICE OF ECONOMIC DEVELOPMENT AND THE THIRD-PARTY ANALYSTARESUBJECTTOTHELIMITATIONSSETFORTHINSUBSECTION (4) -60- 1065 OFTHISSECTIONANDTHEPENALTIESSPECIFIEDINSUBSECTION (6)OFTHIS SECTION.
In Colorado Revised Statutes, add part 57 to article 22 of title 39 as follows:
In Colorado Revised Statutes, add part 57 to article of title 39 as follows:
(1) IN ACCORDANCE WITH SECTION 39-21-304 (1), WHICH REQUIRESEACHBILLTHATCREATESANEWTAXEXPENDITURETOINCLUDE ATAXPREFERENCEPERFORMANCE STATEMENT ASPART OFASTATUTORY LEGISLATIVE DECLARATION , THE GENERAL ASSEMBLY FINDS AND DECLARES THAT THE PURPOSE OF THE TAX CREDIT PROVIDED IN THIS SECTIONISTOINDUCECERTAINDESIGNATEDBEHAVIORBYTAXPAYERSBY SUPPORTING THE DEVELOPMENT OF AFFORDABLE HOUSING WITHIN TRANSIT AND HOUSING INVESTMENT ZONES.
(1) I ACCORDANCE WITH SECTION 39-21-304(1),WHICHREQUIRES EACH BILL THAT CREATES A NEW TAX EXPENDITURE TO INCLUDE A TAX PREFERENCE PERFORMANCE STATEMENT AS PART OF A STATUTORY LEGISLATIVEDECLARATION ,THEGENERALASSEMBLYFINDSANDDECLARES THAT THE PURPOSE OF THE TAX CREDIT PROVIDED IN THIS SECTION IS TO INDUCECERTAINDESIGNATEDBEHAVIORBYTAXPAYERSBYSUPPORTINGTHE DEVELOPMENT OF AFFORDABLE HOUSING WITHIN TRANSIT AND HOUSING INVESTMENT ZONES .
(2) THE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL MEASURETHEEFFECTIVENESS OFTHE CREDIT INACHIEVINGTHEPURPOSE SPECIFIED IN SUBSECTIO(1) OF THIS SECTION BASED ON THE REPORT DESCRIBED IN SUBSECTION(3)OF THIS SECTI.N (3) FOR EACH ALLOCATION YEAR , THE AUTHORITY SHALL ,BY D ECEMBER 31 OF THAT YEAR , PROVIDE A WRITTEN REPORT TO THE GENERAL ASSEMBLY AND MAKE THE REPORT AVAILABLE TO THE PUBLIC.
PAGE 48-HOUSE BILL 26-1065 (2) T HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL MEASURE THE EFFECTIVENESS OF THE CREDIT IN ACHIEVING THE PURPOSE SPECIFIED IN SUBSECTION (1)OF THIS SECTION BASED ON THE REPORT DESCRIBED IN SUBSECTION(3)OF THIS SECTION.
W ITH RESPECT TO TAX CREDITS ALLOCATED PURSUANT TO THIS PA57, THE REPORT MUST:
(3) F OR EACH ALLOCATION YEAR ,THE AUTHORITY SHALL , BY D ECEMBER 31 OFTHATYEAR PROVIDEAWRITTENREPORTTOTHEGENERAL ASSEMBLY AND MAKE THE REPORT AVAILABLE TO THE PUBLIC .
(a) SPECIFY THE TOTAL NUMBER OF QUALIFIED DEVELOPMENTS -61- 1065 ANDUNITSSUPPORTEDBYEACHDEVELOPMENTINCONNECTIONWITHTHE CREDIT;
WITH RESPECT TO TAX CREDITS ALLOCATED PURSUANT TO THIS PART 57, THE REPORT MUST :
(b) D ESCRIBE EACH QUALIFIED DEVELOPMENT IN CONNECTION WITH WHICH THE AUTHORITY ISSUED CREDITS , INCLUDING IN THAT DESCRIPTION THE GEOGRAPHIC LOCATION OF THE DEVELOPMENT ,THE HOUSEHOLD TYPE AND ANY SPECIFIC DEMOGRAPHIC INFORMATION AVAILABLE ABOUT RESIDENTS INTENDED TO BE SERVED BY THE DEVELOPMENT ,THE INCOME LEVELS INTENDED TO BE SERVED BY THE DEVELOPMENT , AND THE RENTS OR SE-ASIDES AUTHORIZED FOR EACH DEVELOPMENT ;
(a) SPECIFYTHETOTALNUMBEROFQUALIFIEDDEVELOPMENTSAND UNITS SUPPORTED BY EACH DEVELOPMENT IN CONNECTION WITH THE CREDIT;
AND (c) POVIDEHOUSINGMARKETANDDEMOGRAPHICINFORMATION THATDEMONSTRATESHOWTHEQUALIFIEDDEVELOPMENTSSUPPORTEDBY CREDITS ARE ADDRESSING THE NEED FOR AFFORDABLE HOUSING WITHIN THE COMMUNITIES THEY ARE INTENDED TO SERVE AS WELL AS INFORMATIONABOUTANYREMAININGDISPARITIESINTHEAFFORDABILITY OF HOUSING WITHIN THOSE COMMUNITIES.
(b) DESCRIBEEACHQUALIFIEDDEVELOPMENTINCONNECTIONWITH WHICH THE AUTHORITY ISSUED CREDITS ,INCLUDING IN THAT DESCRIPTION THE GEOGRAPHIC LOCATION OF THE DEVELOPMENT ,THE HOUSEHOLD TYPE AND ANY SPECIFIC DEMOGRAPHIC INFORMATION AVAILABLE ABOUT RESIDENTS INTENDED TO BE SERVED BY THE DEVELOPMENT ,THE INCOME LEVELSINTENDEDTOBESERVEDBYTHEDEVELOPMENT ,ANDTHERENTSOR SET-ASIDES AUTHORIZED FOR EACH DEVELOPMENT ;AND (c) PROVIDE HOUSING MARKET AND DEMOGRAPHIC INFORMATION THAT DEMONSTRATES HOW THE QUALIFIED DEVELOPMENTS SUPPORTED BY CREDITSAREADDRESSINGTHENEEDFORAFFORDABLEHOUSINGWITHINTHE COMMUNITIES THEY ARE INTENDED TO SERVE AS WELL AS INFORMATION ABOUT ANY REMAINING DISPARITIES IN THE AFFORDABILITY OF HOUSING WITHIN THOSE COMMUNITIES .
A S USED IN THIS PART57,UNLESS THE CONTEXT OTHERWISE REQUIRES:
A S USED IN THIS PART 57, UNLESS THE CONTEXT OTHERWISE REQUIRES:
(1) "ALLOCATION CERTIFICAT" MEANS A STATEMENT ISSUED BY THEAUTHORITYCERTIFYINGTHATAGIVENDEVELOPMENTQUALIFIESFOR THE CREDIT AND SPECIFYING THE AMOUNT OF THE CREDIT ALLOWE.
(1) "ALLOCATIONCERTIFICATE "MEANSASTATEMENTISSUEDBYTHE AUTHORITY CERTIFYING THAT A GIVEN DEVELOPMENT QUALIFIES FOR THE CREDIT AND SPECIFYING THE AMOUNT OF THE CREDIT ALLOWED .
(2) "ALLOCATION PLAN"MEANS AN ALLOCATION PLAN ADOPTED BY THE AUTHORITY THAT GOVERNS THE SELECTION CRITERIA AND PREFERENCES FOR ALLOCATING THE TAX CREDIT ALLOWEDPURSUANT TO THIS PART57.
(2) "ALLOCATIONPLAN "MEANSANALLOCATIONPLANADOPTEDBY PAGE 49-HOUSE BILL 26-1065 THEAUTHORITYTHATGOVERNSTHESELECTIONCRITERIAANDPREFERENCES FOR ALLOCATING THE TAX CREDIT ALLOWED PURSUANT TO THIS PART 57.
(3) "AUTHORITY"MEANS THE C OLORADO HOUSING AND FINANCE -62- 1065 AUTHORITY CREATED IN SECTION29-4-704.
(3) "AUTHORITY " MEANS THE COLORADO HOUSING AND FINANCE AUTHORITY CREATED IN SECTION 29-4-704.
(4) "COMPLIANCE PERIOD"MEANS THE PERIOD OF FIFTEEN YEARS BEGINNING WITH THE FIRST INCOME TAX YEAR OF A CREDIT PER.OD (5) "CREDIT" MEANS THE C OLORADO AFFORDABLE HOUSING IN TRANSIT AND HOUSING INVESTMENT ZONES TAX CREDIT ALLOWED PURSUANT TO THIS PART57.
(4) "COMPLIANCE PERIOD " MEANS THE PERIOD OF FIFTEEN YEARS BEGINNING WITH THE FIRST INCOME TAX YEAR OF A CREDIT PERIOD (5) "C REDIT" MEANS THE COLORADO AFFORDABLE HOUSING IN TRANSITANDHOUSINGINVESTMENTZONESTAXCREDITALLOWEDPURSUANT TO THIS PART57.
(6) "C REDIT PERIO" MEANS THE PERIOD OF SIX INCOME TAX YEARS BEGINNING WITH THE INCOME TAX YEAR IN WHICH A QUALIFIED DEVELOPMENT IS PLACED IN SERVICE.F A QUALIFIED DEVELOPMENT IS COMPRISEDOFMORE THANONE BUILDING ,THEDEVELOPMENTISDEEMED TO BE PLACED IN SERVICE IN THE INCOME TAX YEAR DURING WHICH THE LAST BUILDING OF THE QUALIFIED DEVELOPMENT IS PLACED IN SERV.CE (7) "DEPARTMENT "MEANS THE DEPARTMENT OF REVENUE .
(6) "CREDIT PERIOD"MEANS THE PERIOD OFSIX INCOME TAX YEARS BEGINNING WITH THE INCOME TAX YEAR IN WHICH A QUALIFIED DEVELOPMENT IS PLACED IN SERVICE .
(8) "FEDERAL TAX CREDIT "MEANS THE FEDERAL LOW -INCOME HOUSING TAX CREDIT PROVIDED BY SECTION 42 OF THE INTERNAL REVENUE CODE .
F A QUALIFIED DEVELOPMENT IS COMPRISEDOFMORETHANONEBUILDING ,THEDEVELOPMENTISDEEMEDTO BE PLACED IN SERVICE IN THE INCOME TAX YEAR DURING WHICH THE LAST BUILDING OF THE QUALIFIED DEVELOPMENT IS PLACED IN SERVICE (7) "DEPARTMENT "MEANS THE DEPARTMENT OF REVENUE .
(9) "Q UALIFIED BASI" MEANS THE QUALIFIED BASIS OF THE DEVELOPMENT AS DETERMINED PURSUANT TO SECTION 42 OF THE INTERNAL REVENUE CODE .
(8) "F EDERAL TAX CREDIT " MEANS THE FEDERAL LOW INCOME HOUSING TAX CREDIT PROVIDED BY SECTION42 OFTHE INTERNALREVENUE CODE .
(10) "Q UALIFIED DEVELOPMENT " MEANS A HOUSING DEVELOPMENTTHATISLOCATEDINATRANSITANDHOUSINGINVESTMENT ZONEWITHINTHESTATEANDISDETERMINEDBYTHEAUTHORITYTOMEET THE CRITERIA ESTABLISHED IN THE ALLOCATION PLAN , INCLUDING PROVIDING THE REQUIRED NUMBER OF AFFORDABLE HOUSING UNITS.
(9) "QUALIFIED BASIS" MEANS THE QUALIFIED BASIS OF THE DEVELOPMENTASDETERMINEDPURSUANTTOSECTION 42OFTHEINTERNAL REVENUE CODE .
(11) "QUALIFIEDTAXPAYER "MEANSANINDIVIDUAL ,APERSON ,A FIRM,A CORPORATION ,OR ANY OTHER ENTITY THAT OWNS AN INTERES, DIRECT OR INDIREC, IN A QUALIFIED DEVELOPMENT AND IS SUBJECT TO -63- 1065 THE TAXES IMPOSED BY THIS ARTICL22.
(10) "QUALIFIEDDEVELOPMENT "MEANSAHOUSINGDEVELOPMENT THATISLOCATEDINATRANSITANDHOUSINGINVESTMENTZONEWITHINTHE STATE AND IS DETERMINED BY THE AUTHORITY TO MEET THE CRITERIA ESTABLISHED IN THE ALLOCATION PLAN , INCLUDING PROVIDING THE REQUIRED NUMBER OF AFFORDABLE HOUSING UNITS .
(12) "TANSITANDHOUSINGINVESTMENTZONE "MEANSTHEAREA DESIGNATED BY THE COLORADO OFFICE OF ECONOMIC DEVELOPMENT IN THETRANSITANDHOUSINGINVESTMENTZONEMAPPURSUANTTOSECTION 24-48.5-136.
(11) "QUALIFIED TAXPAYER " MEANS AN INDIVIDUAL,A PERSON ,A FIRM,A CORPORATION ,OR ANY OTHER ENTITY THAT OWNS AN INTEREST , DIRECTORINDIRECT ,INAQUALIFIEDDEVELOPMENTANDISSUBJECTTOTHE TAXES IMPOSED BY THIS ARTICLE22.
(13) "TRANSFEREE" MEANS A TAXPAYER SUBJECT TO THE TAXES IMPOSED BY THIS ARTICLE 22 THAT ACQUIRES CREDITS FROM A GOVERNMENTAL OR QUASI -GOVERNMENTAL ENTITY PURSUANT TO SECTION 39-22-5703 (5).
PAGE 50-HOUSE BILL 26-1065 (12) "TRANSIT AND HOUSING INVESTMENT ZONE "MEANS THE AREA DESIGNATEDBYTHE C OLORADOOFFICEOFECONOMICDEVELOPMENTINTHE TRANSIT AND HOUSING INVESTMENT ZONE MAP PURSUANT TO SECTION 24-48.5-136.
(13) "TRANSFEREE " MEANS A TAXPAYER SUBJECT TO THE TAXES IMPOSED BY THIS ARTICLE 22 THAT ACQUIRES CREDITS FROM A GOVERNMENTALORQUASI GOVERNMENTALENTITYPURSUANTTOSECTION 39-22-5703 (5).
Creditagainsttax -affordablehousinglocatedin a transit and housing investment zone.
Credit against tax - affordable housing located in a transit and housing investment zone.
(1) FRINCOMETAXYEARSDURINGTHECREDITPERIOD ,THEREIS ALLOWED TO ANY QUALIFIED TAXPAYER A CREDIT WITH RESPECT TO THE INCOMETAXESIMPOSEDBYTHISARTICLE 22INTHEAMOUNTDETERMINED BY THE AUTHORITY PURSUANT TO THIS PAR57.
(1) FOR INCOME TAX YEARS DURING THE CREDIT PERIOD,THERE IS ALLOWED TO ANY QUALIFIED TAXPAYER A CREDIT WITH RESPECT TO THE INCOME TAXES IMPOSED BY THIS ARTICLE22IN THE AMOUNT DETERMINED BY THE AUTHORITY PURSUANT TO THIS PART57.
(2) (a) DRING EACH CALENDAR YEAR OFTHE PERIOD BEGINNING ON JANUARY 1, 2027,AND ENDING ON DECEMBER 31, 2033, THE AUTHORITY MAY ALLOCATE A CREDIT,THE FULLAMOUNT OFWHICH MAY BE CLAIMEDAGAINSTTHE TAXESIMPOSEDBYTHISARTICLE 22,FOREACH INCOME TAX YEAR OF THE SIX -YEAR CREDIT PERIOD.
(2)(a) DURINGEACHCALENDARYEAROFTHEPERIODBEGINNINGON JANUARY 1, 2027AND ENDING ON DECEMBER 31, 2033,THE AUTHORITY MAY ALLOCATE A CREDIT ,THE FULL AMOUNT OF WHICH MAY BE CLAIMED AGAINST THE TAXES IMPOSED BY THIS ARTICLE22,FOR EACH INCOME TAX YEAR OF THE SIXYEAR CREDIT PERIOD.
DURING EACH CALENDAR YEAR OF THE PERIOD BEGINNING ON ANUARY 1, 2027,AND ENDING ON DECEMBER 31, 2033,THE AGGREGATE AMOUNT OF THE CREDITS ALLOCATED BY THE AUTHORITY SHALL NOT EXCEED EIGHT MILLION THREE HUNDRED THIRTY -THREE THOUSAND THREE HUNDRED THIRTY-THREE DOLLARS.
DURING EACH CALENDAR YEAR OF THE PERIOD BEGINNING ON ANUARY 1, 2027,AND ENDING ON DECEMBER 31, 2033,THE AGGREGATE AMOUNT OF THE CREDITS ALLOCATED BY THE AUTHORITY SHALL NOT EXCEED EIGHT MILLION THREE HUNDRED THIRTY-THREE THOUSAND THREE HUNDRED THIRTY -THREE DOLLARS .
(b) THE AUTHORITY MAY ALSO ALLOCATE ANY UNALLOCATED CREDITS FROM THE IMMEDIATELY PRECEDING CALENDAR YEAR SO LONG -64- 1065 AS UNALLOCATED CREDITS DO NOT EXCEED MORE THAN HALF OF THE ANNUALDOLLARLIMITSSPECIFIEDINSUBSECTION (2)(aOFTHISSECTION , AND THESE UNALLOCATED CREDITS ARE NOT INCLUDED IN THE ANNUAL DOLLAR LIMITS SPECIFIED IN SUBSECTI(2)(aOF THIS SECTIO.
(b) T HE AUTHORITY MAY ALSO ALLOCATE ANY UNALLOCATED CREDITS FROM THE IMMEDIATELY PRECEDING CALENDAR YEAR SO LONG AS UNALLOCATED CREDITS DO NOT EXCEED MORE THAN HALF OF THE ANNUAL DOLLARLIMITSSPECIFIEDINSUBSECTION (2)(a)OFTHISSECTION,ANDTHESE UNALLOCATEDCREDITSARE NOT INCLUDEDINTHEANNUALDOLLARLIMITS SPECIFIED IN SUBSECTION2)(a)OF THIS SECTIO.
(c) THE AGGREGATE AMOUNT OF CREDITS ALLOCATED BY THE AUTHORITYINEACHOFTHE 2027THROUGH 2033CALENDARYEARSMUST NOT EXCEED THE AGGREGATE AMOUNT OF ANY CREDIT RECAPTURED OR OTHERWISE RETURNED TO THE AUTHORITY IN THE CALENDAR YEAR.
(c) T HE AGGREGATE AMOUNT OF CREDITS ALLOCATED BY THE AUTHORITY IN EACH OF THE 2027THROUGH 2033 CALENDAR YEARS MUST NOT EXCEED THE AGGREGATE AMOUNT OF ANY CREDIT RECAPTURED OR OTHERWISE RETURNED TO THE AUTHORITY IN THE CALENDAR YEAR .
(3) THE AUTHORITY MAY ALLOCATE CREDITS TO AN OWNER OF A QUALIFIED DEVELOPMENT BY ISSUING TO THE OWNER AN ALLOCATION CERTIFICATE.THE AUTHORITY MAY DETERMINE THE TIME AT WHICH THE ALLOCATIONCERTIFICATEISISSUED .THECREDITMUSTBEINANAMOUNT DETERMINED BY THE AUTHORITY , SUBJECT TO THE FOLLOWING GUIDELINES:
PAGE 51-HOUSE BILL 26-1065 (3) THE AUTHORITY MAY ALLOCATE CREDITS TO AN OWNER OF A QUALIFIED DEVELOPMENT BY ISSUING TO THE OWNER AN ALLOCATION CERTIFICATE.
(a) THE CREDIT MUST BE NECESSARY FOR THE FINANCIAL FEASIBILITY OF THE DEVELOPMEN;AND (b) THE AGGREGATE SUM OF CREDITS ALLOCATED ANNUALLY MUST NOT EXCEED THE LIMITS SET FORTH IN SUBSECTION(2) OF THIS SECTION.
HE AUTHORITY MAY DETERMINE THE TIME AT WHICH THE ALLOCATION CERTIFICATE IS ISSUED HE CREDIT MUST BE IN AN AMOUNT DETERMINEDBYTHEAUTHORITY ,SUBJECTTOTHEFOLLOWINGGUIDELINES :
(4) I AN OWNER OF A QUALIFIED DEVELOPMENT RECEIVING AN ALLOCATIONOFACREDITISAPARTNERSHIP ,LIMITEDLIABILITYCOMPANY , S CORPORATION ,OR SIMILAR PAS-THROUGH ENTITY ,THE OWNER MAY ALLOCATETHECREDITAMONGITSPARTNERS ,SHAREHOLDERS MEMBERS , OR OTHER QUALIFIED TAXPAYERS IN ANY MANNER AGREED TO BY SUCH PERSONS REGARDLESS OF WHETHER ANY SUCH PERSONS ARE DEEMED A PARTNER FOR FEDERAL INCOME TAX PURPOSES .
(a) TECREDITMUSTBENECESSARYFORTHEFINANCIALFEASIBILITY OF THE DEVELOPMENT ;AND (b) THE AGGREGATE SUM OFCREDITSALLOCATEDANNUALLYMUST NOT EXCEED THE LIMITS SET FORTH IN SUBSECTION2)OF THIS SECTIO.
THE OWNER SHALL CERTIFY TO THE DEPARTMENT THE AMOUNT OF CREDIT ALLOCATED TO -65- 1065 EACHPARTNER ,SHAREHOLDER ,MEMBER ,OROTHERQUALIFIEDTAXPAYER .
(4) IF AN OWNER OF A QUALIFIED DEVELOPMENT RECEIVING AN ALLOCATION OF A CREDIT IS A PARTNERSHIPIMITED LIABILITY COMPANY, S CORPORATION , OR SIMILAR PASSTHROUGH ENTITY ,THE OWNER MAY ALLOCATETHECREDITAMONGITSPARTNERS ,SHAREHOLDERS ,MEMBERS ,OR OTHER QUALIFIED TAXPAYERS IN ANY MANNER AGREED TO BY SUCH PERSONS REGARDLESS OF WHETHER ANY SUCH PERSONS ARE DEEMED A PARTNERFORFEDERALINCOMETAXPURPOSES .THEOWNERSHALLCERTIFY TO THE DEPARTMENT THE AMOUNT OF CREDIT ALLOCATED TO EACH PARTNER ,SHAREHOLDER ,MEMBER OROTHERQUALIFIEDTAXPAYER .EACH PARTNER , SHAREHOLDER , MEMBER ,OR OTHER QUALIFIED TAXPAYER ADMITTED AS A PARTNER ,SHAREHOLDER ,MEMBER ,OR OTHER QUALIFIED TAXPAYEROFTHEOWNERPRIORTOTHE FILINGOFATAXRETURNCLAIMING THE CREDIT IS ALLOWED TO CLAIM SUCH AMOUNT SUBJECT TO ANY RESTRICTIONS SET FORTH IN THIS PART.
EACHPARTNER SHAREHOLDER ,MEMBER ,OROTHERQUALIFIEDTAXPAYER ADMITTEDASAPARTNER ,SHAREHOLDER ,MEMBER ,OROTHERQUALIFIED TAXPAYER OF THE OWNER PRIOR TO THE FILING OF A TAX RETURN CLAIMING THE CREDIT IS ALLOWED TO CLAIM SUCH AMOUNT SUBJECT TO ANY RESTRICTIONS SET FORTH IN THIS PA57.
(5) (a) T HE AUTHORITY MAY ALLOCATE CREDITS TO A GOVERNMENTAL OR QUASI GOVERNMENTAL ENTITY , INCLUDING THE MIDDLE INCOMEHOUSINGAUTHORITYCREATEDINSECTION 29-4-1104WITH RESPECT TO A QUALIFIED DEVELOPMENT THAT IS OWNED BY SUCH ENTITY.
(5) (a) T HE AUTHORITY MAY ALLOCATE CREDITS TO A GOVERNMENTAL OR QUASI -GOVERNMENTAL ENTITY , INCLUDING THE MIDDLE INCOME HOUSING AUTHORITY CREATED IN SECTION 29-4-1104, WITH RESPECT TO A QUALIFIED DEVELOPMENT THAT IS OWNED BY SUCH ENTITY.
(b) (I) AOVERNMENTAL OR QUASI -GOVERNMENTAL ENTITY MAY TRANSFERCREDITSTHATTHEAUTHORITYHASALLOCATEDTOIT PURSUANT TO THIS SUBSECTION(5)TO A TRANSFEREE.
(b)(I) GOVERNMENTALORQUASI -GOVERNMENTALENTITYMAY TRANSFER CREDITS THAT THE AUTHORITY HAS ALLOCATED TO IT PURSUANT TO THIS SUBSECTION(5)TO A TRANSFEREE.
(II) A GOVERNMENTAL OR QUASI -GOVERNMENTAL ENTITY THAT TRANSFERS A CREDIT PURSUANT TO SUBSECTION (5)(b)(IOF THIS SECTION SHALL INVEST IN THE RELEVANT QUALIFIED DEVELOPMENT ANY COMPENSATION RECEIVED IN CONNECTION WITH THE TRANSFER MADE PAGE 52-HOUSE BILL 26-1065 PURSUANTTOSUBSECTION (5)(b)(OFTHISSECTIONANDSHALLNOTIFYTHE DEPARTMENT OF THE IDENTITY OF THE TRANSFEREE.
(II) AGOVERNMENTAL OR QUASI -GOVERNMENTAL ENTITY THAT TRANSFERSACREDITPURSUANTTOSUBSECTION (5)(b)(OFTHISSECTION SHALL INVEST IN THE RELEVANT QUALIFIED DEVELOPMENT ANY COMPENSATION RECEIVED IN CONNECTION WITH THE TRANSFER MADE PURSUANT TO SUBSECTION (5)(b)(OF THIS SECTION AND SHALL NOTIFY THE DEPARTMENT OF THE IDENTITY OF THE TRANSFERE.
(III) A TRANSFEREE TO WHICH A CREDIT IS TRANSFERRED BY A GOVERNMENTAL OR QUASI GOVERNMENTAL ENTITY PURSUANT TO THIS SUBSECTION (5)(bISENTITLEDTOCLAIMTHECREDITINTHESAMEMANNER AND SUBJECT TO THE SAME CONDITIONS AND ALLOCATION RIGHTS AS AN OWNER OF A QUALIFIED DEVELOPMENT TO WHICH THE AUTHORITY HAS ALLOCATED A CREDIT PURSUANT TO SUBSECTION (3)OF THIS SECTIO.
(III) ATRANSFEREE TO WHICH A CREDIT IS TRANSFERRED BY A GOVERNMENTAL OR QUASI GOVERNMENTAL ENTITY PURSUANT TO THIS SUBSECTION (5)(b)IS ENTITLED TO CLAIM THE CREDIT IN THE SAME MANNER AND SUBJECT TO THE SAME CONDITIONS AND ALLOCATION RIGHTS AS AN OWNER OF A QUALIFIED DEVELOPMENT TO WHICH THE AUTHORITY HAS ALLOCATED A CREDIT PURSUANT TO SUBSECTION(3)OF THIS SECTIO.
(c) (I) CREDITS THAT THE AUTHORITY HAS ALLOCATED TO A GOVERNMENTAL OR QUASI GOVERNMENTAL ENTITY PURSUANT TO SUBSECTION (5)(a)OF THIS SECTION OR A CREDIT THAT A GOVERNMENTAL OR QUASI-GOVERNMENTAL ENTITY TRANSFERS PURSUANT TO SUBSECTION (5)(bOFTHISSECTIONARE SUBJECT TORECAPTURE IF ,ASOFTHELAST DAY OF ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD ,THE AMOUNT OF THE QUALIFIED BASIS OF THE GOVERNMENTAL OR QUASI GOVERNMENTAL ENTITY IS LESS THAN THE QUALIFIED BASIS OF THE GOVERNMENTAL OR QUASI-GOVERNMENTALENTITYASOFTHELASTDAYOFTHEPRIORTAXABLE YEAR .
-66- 1065 (c) (I) CREDITS THAT THE AUTHORITY HAS ALLOCATED TO A GOVERNMENTAL OR QUASI -GOVERNMENTAL ENTITY PURSUANT TO SUBSECTION (5)(aOFTHISSECTIONORACREDITTHATAGOVERNMENTAL ORQUASI GOVERNMENTALENTITYTRANSFERSPURSUANTTOSUBSECTION (5)(b)OF THIS SECTION ARE SUBJECT TO RECAPTURE,AS OF THE LAST DAY OF ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD , THE AMOUNT OF THE QUALIFIED BASIS OF THE GOVERNMENTAL OR QUASI-GOVERNMENTALENTITYISLESSTHANTHEQUALIFIEDBASISOFTHE GOVERNMENTALOR QUASI -GOVERNMENTALENTITY AS OFTHE LAST DAY OF THE PRIOR TAXABLE YEA.
(II) IF A CREDIT TRANSFERRED BY A GOVERNMENTAL OR QUASI-GOVERNMENTAL ENTITY IS RECAPTURED PURSUANT TO SUBSECTION (5)(c)(IOF THIS SECTIO, THE GOVERNMENT OR QUASI GOVERNMENTAL ENTITY SHALL NOTIFY THE DEPARTMENT OF THE IDENTITY OF THE TRANSFEREE TO WHICH IT TRANSFERRED THE CREDIT AND THE TRANSFEREE MUSTINCREASETHETRANSFEREE 'SSTATEINCOMETAXLIABILITYPURSUANT TOSECTION 39-22-5704 INTHESAMEMANNERANDTOTHESAMEEXTENTAS APARTNER ,SHAREHOLDER MEMBER ,OROTHERQUALIFIEDTAXPAYEROFAN OWNER ALLOCATED A CREDIT PURSUANT TO SUBSECTION (4) OF THIS SECTION.
(II) IF A CREDIT TRANSFERRED BY A GOVERNMENTAL OR QUASI-GOVERNMENTALENTITYISRECAPTUREDPURSUANTTOSUBSECTION (5)(c)(I)F THIS SECTI,THE GOVERNMENT OR QUASI GOVERNMENTAL ENTITY SHALL NOTIFY THE DEPARTMENT OF THE IDENTITY OF THE TRANSFEREE TO WHICH IT TRANSFERRED THE CREDIT AND THE TRANSFEREE MUST INCREASE THE TRANSFEREE S STATE INCOME TAX LIABILITY PURSUANT TO SECTIO39-22-5704IN THE SAME MANNER AND TO THE SAME EXTENT AS A PARTNE,SHAREHOLDER ,MEMBER ,OR OTHER QUALIFIED TAXPAYER OF AN OWNER ALLOCATED A CREDIT PURSUANT TO SUBSECTION (4)OF THIS SECTI.N (6) NO CREDIT SHALL BE ALLOCATED PURSUANT TO THIS PA57 UNLESS THE QUALIFIED DEVELOPMENT IS THE SUBJECT OF A RECORDED DEEDRESTRICTIONREQUIRINGTHEDEVELOPMENTTOBEMAINTAINEDAND OPERATED AS A QUALIFIED DEVELOPMENT,AND IS IN ACCORDANCE WITH THE ACCESSIBILITY AND ADAPTABILITY REQUIREMENTS OF THE FEDERAL TAX CREDITS AND TITLEVIIIOF THE "CIVILRIGHTS ACT OF 1968",AS AMENDEDBYTHE "FAIRHOUSING AMENDMENTS A CTOF1988",42U.S.C.
(6) NO CREDIT SHALL BE ALLOCATED PURSUANT TO THIS PART 57 UNLESSTHEQUALIFIEDDEVELOPMENTISTHESUBJECTOFARECORDEDDEED RESTRICTION REQUIRING THE DEVELOPMENT TO BE MAINTAINED AND OPERATEDASAQUALIFIEDDEVELOPMENT ,ANDISINACCORDANCEWITHTHE ACCESSIBILITY AND ADAPTABILITY REQUIREMENTS OF THE FEDERAL TAX CREDITSANDTITLE VIIIOFTHE "CIVILRIGHTS ACT OF1968",ASAMENDED BY THE "FAIRH OUSING AMENDMENTS A CT OF1988",42U.S.C.
-67- 1065 SEC.
SEC.3601 ETSEQ .FORAPERIODOFFIFTEENINCOMETAXYEARS ,ORALONGERPERIOD PAGE 53-HOUSE BILL 26-1065 AS MAY BE AGREED TO BETWEEN THE AUTHORITY AND THE OWNER , BEGINNING WITH THE FIRST INCOME TAX YEAR OF THE CREDIT PERIOD UNLESS CORRECTED WITHIN THE TIME THAT IS APPLICABLE TO DEVELOPMENTS RECEIVING FEDERAL TAX CREDITS PURSUANT TO SECTION 42(h)(6)(J)OF THE INTERNAL REVENUE CODE AS APPLICABLE TO THE COVENANT DESCRIBED IN THIS SUBSECTION (6).
3601ET SEQ.,FOR A PERIOD OF FIFTEEN INCOME TAX YEAR,OR A LONGER PERIOD AS MAY BE AGREED TO BETWEEN THE AUTHORITY AND THEOWNER ,BEGINNINGWITHTHEFIRSTINCOMETAXYEAROFTHECREDIT PERIOD UNLESS CORRECTED WITHIN THE TIME THAT IS APPLICABLE TO DEVELOPMENTSRECEIVINGFEDERALTAXCREDITSPURSUANTTOSECTION 42(h)(6)(J)F THE INTERNAL REVENUE CODE AS APPLICABLE TO THE COVENANT DESCRIBED IN THIS SUBSECTION(6).
(7) THE ALLOCATED CREDIT AMOUNT MAY BE TAKEN AGAINST THE TAXES IMPOSED BY THIS ARTICLE 22 FOR EACH INCOME TAX YEAR OF THE CREDIT PERIOD AS SET FORTH IN SUBSECTION (2) OF THIS SECTIO.
(7) THEALLOCATEDCREDITAMOUNTMAYBETAKENAGAINSTTHE TAXES IMPOSED BY THIS ARTICL22 FOR EACH INCOME TAX YEAR OF THE CREDIT PERIOD AS SET FORTH IN SUBSECTIO(2)OF THIS SECTIO.
ANY AMOUNT OFCREDIT THAT EXCEEDSTHE TAXDUE FORANINCOME TAXYEAR MAY BE CARRIED FORWARD AS A TAX CREDIT AGAINST THE INCOME TAX LIABILITY FOR THE THREE SUBSEQUENT TAX YEARS AND MUST BE APPLIED FIRSTTOTHEEARLIESTYEARSPOSSIBLE .A NYAMOUNTOFTHECREDITTHAT IS NOT USED MUST NOT BE REFUNDED TO THE TAXPAYER .
NY AMOUNT OF CREDIT THAT EXCEEDS THE TAX DUE FOR AN INCOME TAX YEAR MAY BE CARRIED FORWARD AS A TAX CREDIT AGAINST THE INCOME TAX LIABILITY FOR THE THREE SUBSEQUENT TAX YEARS AND MUST BE APPLIED FIRST TO THE EARLIEST YEARS POSSI.
(8) UNLESSOTHERWISEPROVIDEDINTHISPART 57ORTHECONTEXT CLEARLY REQUIRES OTHERWISE , THE AUTHORITY SHALL DETERMINE ELIGIBILITY FOR A CREDIT AND ALLOCATE CREDITS IN ACCORDANCE WITH THESTANDARDSANDREQUIREMENTSSET FORTHINTHE ALLOCATIONPLAN ;
ANY AMOUNT OF THE CREDIT THAT IS NOT USED MUST NOT BE REFUNDED TO THE TAXPAYE.
HOWEVER ,THE AUTHORITY SHALL ADMINISTER THE CREDIT ALLOWED PURSUANT TO THIS PART57 CONSISTENTLY WITH THE CREDIT PURSUANT TO PART 21OFTHISARTICLE 22EXCEPTTOTHEEXTENT THE ALLOCATIONPLAN IS INCONSISTENT WITH PART 21 OF THIS ARTICLE22,IN WHICH CASE THE ALLOCATION PLAN CONTROLS .
(8) U NLESS OTHERWISE PROVIDED IN THIS PART 57 OR THE CONTEXT CLEARLY REQUIRES OTHERWISE , THE AUTHORITY SHALL DETERMINE ELIGIBILITY FOR A CREDIT AND ALLOCATE CREDITS IN ACCORDANCE WITH THE STANDARDS AND REQUIREMENTS SET FORTH IN THE ALLOCATION PLAN ;HOWEVER ,THE AUTHORITY SHALL ADMINISTER THE CREDIT ALLOWED PURSUANT TO THIS PART 57CONSISTENTLY WITH THE CREDIT PURSUANT TO PART 21 OF THIS ARTICL22 EXCEPT TO THE EXTENT THE ALLOCATION PLAN IS INCONSISTENT WITH PART21OF THIS ARTICLE 22, IN WHICH CASE THE ALLOCATION PLAN CONTROLS .
NOTWITHSTANDING THE FOREGOING ,ANY COMBINATION OF FEDERAL AND STATE CREDITS ,OR STANDALONE AMOUNT OF STATE CREDITS,ALLOWED MUST BE THE LEAST AMOUNT NECESSARY TO ENSURE THE FINANCIAL FEASIBILITY OF A QUALIFIED DEVELOPMENT.
N OTWITHSTANDINGTHEFOREGOING ,ANYCOMBINATIONOFFEDERALAND STATE CREDITS,OR STANDALONE AMOUNT OF STATE CREDITS ,ALLOWED MUST BE THE LEAST AMOUNT NECESSARY TO ENSURE THE FINANCIAL -68- 1065 FEASIBILITY OF A QUALIFIED DEVELOPME.T 39-22-5704.
39-22-5704.
(1) AS OF THE LAST DAY OF ANY INCOME TAX YEAR DURING THE COMPLIANCE PERIOD ,IF THE AMOUNT OF THE QUALIFIED BASIS OF A QUALIFIED DEVELOPMENT WITH RESPECT TO A QUALIFIED TAXPAYER IS LESS THAN THE AMOUNT OFTHE QUALIFIED BASIS AS OFTHE LAST DAY OF THE PRIOR INCOME TAX YEAR ,THEN THE AMOUNT OF THE QUALIFIED TAXPAYER SSTATEINCOMETAXLIABILITYFORTHATTAXABLEYEARMUST BE INCREASED BY THE CREDIT RECAPTURE AMOUNT.
(1) A S OF THE LAST DAY OF ANY INCOME TAX YEAR DURING THE COMPLIANCE PERIOD ,IF THE AMOUNT OF THE QUALIFIED BASIS OF A QUALIFIEDDEVELOPMENTWITHRESPECTTOAQUALIFIEDTAXPAYERISLESS THAN THE AMOUNT OF THE QUALIFIED BASIS AS OF THE LAST DAY OF THE PRIORINCOMETAXYEAR ,THENTHEAMOUNTOFTHEQUALIFIEDTAXPAYER 'S STATEINCOMETAXLIABILITYFORTHATTAXABLEYEARMUSTBEINCREASED BY THE CREDIT RECAPTURE AMOUNT .
(2) F OR PURPOSES OF SUBSECTION (1)OF THIS SECTION,THE CREDIT RECAPTURE AMOUNT IS AN AMOUNT EQUAL TO THE AGGREGATE DECREASEINTHECREDITALLOWEDTOTHETAXPAYERPURSUANTTOTHIS PART 57FORALLPRIORINCOMETAXYEARSTHATWOULDHAVERESULTED IFTHE ACCELERATEDPORTIONOFTHECREDITALLOWABLEBYREASONOF THISPART 57WASNOTALLOWEDFORALLPRIORINCOMETAXYEARSWITH RESPECT TO THE REDUCED AMOUNT OF QUALIFIED BASIS DESCRIBED IN SUBSECTION (1)OF THIS SECTI.N (3) FOR PURPOSES OF SUBSECTION (2)OF THIS SECTION,THE ACCELERATEDPORTIONOFTHECREDITFORTHEPRIORINCOMETAXYEARS WITH RESPECT TO ANY AMOUNT OF QUALIFIED BASIS IS THE DIFFERENCE BETWEEN :
(2) FOR PURPOSES OF SUBSECTION (1)OF THIS SECTIO,THE CREDIT PAGE 54-HOUSE BILL 26-1065 RECAPTURE AMOUNT IS AN AMOUNT EQUAL TO THE AGGREGATE DECREASE INTHE CREDITALLOWEDTOTHETAXPAYERPURSUANTTOTHISPART 57 FOR ALL PRIOR INCOME TAX YEARS THAT WOULD HAVE RESULTED IF THE ACCELERATED PORTION OF THE CREDIT ALLOWABLE BY REASON OF THIS PART 57 WAS NOT ALLOWED FOR ALL PRIOR INCOME TAX YEARS WITH RESPECT TO THE REDUCED AMOUNT OF QUALIFIED BASIS DESCRIBED IN SUBSECTION (1)OF THIS SECTIO.
(a) TEAGGREGATEAMOUNTOFTHECREDITALLOWEDPURSUANT TOTHISPART 57,NOTWITHSTANDINGTHISSUBSECTION (3)FORTHEYEARS WITH RESPECT TO THE QUALIFIED BAS;AND (b) THE AGGREGATE AMOUNT OF THE CREDIT THAT WOULD BE ALLOWED PURSUANT TO THIS PART 57FOR THE YEARS WITH RESPECT TO THEQUALIFIEDBASISIFTHEAGGREGATECREDITTHATWOULDHAVEBEEN -69- 1065 ALLOWABLE ,BUTFORTHISSUBSECTION (3)FORTHEENTIRECOMPLIANCE PERIOD WERE ALLOWABLE RATABLY OVER FIFTEEN YEARS.
(3) FOR PURPOSES OF SUBSECTION (2) OF THIS SECTION, THE ACCELERATED PORTION OF THE CREDIT FOR THE PRIOR INCOME TAX YEARS WITH RESPECT TO ANY AMOUNT OF QUALIFIED BASIS IS THE DIFFERENCE BETWEEN :
(4) I THE EVENT THAT RECAPTURE OF ANY CREDIT IS REQUIRED IN ANY TAX YEAR,THE RETURN SUBMITTED FOR THAT TAX YEAR TO THE DEPARTMENT SHALL INCLUDE THE PROPORTION OF CREDIT REQUIRED TO BERECAPTURED ,THEIDENTITYOFEACHQUALIFIEDTAXPAYERSUBJECTTO THE RECAPTURE ,AND THE AMOUNT OF CREDIT PREVIOUSLY ALLOCATED TO THE QUALIFIED TAXPAYER.
(a) THE AGGREGATE AMOUNT OF THE CREDIT ALLOWED PURSUANT TO THIS PART57,NOTWITHSTANDING THIS SUBSECTION (3)FOR THE YEARS WITH RESPECT TO THE QUALIFIED BASISAND (b) T HE AGGREGATE AMOUNT OF THE CREDIT THAT WOULD BE ALLOWEDPURSUANTTOTHISPART 57FORTHEYEARSWITHRESPECTTOTHE QUALIFIED BASIS IF THE AGGREGATE CREDIT THAT WOULD HAVE BEEN ALLOWABLE ,BUT FOR THIS SUBSECTION(3),FOR THE ENTIRE COMPLIANCE PERIOD WERE ALLOWABLE RATABLY OVER FIFTEEN YEARS .
(5) NOTWITHSTANDINGSUBSECTION (1)OFTHISSECTION,CREDITS ISSUED PURSUANT TO THIS PART 57 MUST NOT BE RECAPTURED IF A QUALIFIEDDEVELOPMENT AFTERTHEINITIALAWARDOFCREDITS ,CEASES BEING LOCATED IN A TRANSIT AND HOUSING INVESTMENT ZON.
(4) I THE EVENT THAT RECAPTURE OF ANY CREDIT IS REQUIRED IN ANY TAX YEAR ,THE RETURN SUBMITTED FOR THAT TAX YEAR TO THE DEPARTMENT SHALL INCLUDE THE PROPORTION OFCREDIT REQUIRED TO BE RECAPTURED ,THEIDENTITYOFEACHQUALIFIEDTAXPAYERSUBJECTTOTHE RECAPTURE ,AND THE AMOUNT OF CREDIT PREVIOUSLY ALLOCATED TO THE QUALIFIED TAXPAYER .
(5) NOTWITHSTANDING SUBSECTION (1)OF THIS SECTIO,CREDITS ISSUED PURSUANT TO THIS PART 57 MUST NOT BE RECAPTURED IF A QUALIFIED DEVELOPMENT ,AFTER THE INITIAL AWARD OF CREDITS,CEASES BEING LOCATED IN A TRANSIT AND HOUSING INVESTMENT ZONE .
A NOWNEROFAQUALIFIEDDEVELOPMENTTOWHICHACREDITHAS BEENALLOCATEDANDEACHQUALIFIEDTAXPAYERTOWHICHTHEOWNER HAS ALLOCATED A PORTION OF SAID CREDIT,IF ANY,SHALL FILE WITH THEIR STATE INCOME TAX RETURN A COPY OF THE ALLOCATION CERTIFICATE ISSUED BY THE AUTHORITY WITH RESPECT TO THE DEVELOPMENT AND A COPY OF THE OWNER 'S CERTIFICATION TO THE DEPARTMENT AS TO THE ALLOCATION OF THE CREDIT AMONG THE QUALIFIED TAXPAYERS HAVING OWNERSHIP INTERESTS IN THE DEVELOPMENT .
A N OWNER OF A QUALIFIED DEVELOPMENT TO WHICH A CREDIT HAS BEEN ALLOCATED AND EACH QUALIFIED TAXPAYER TO WHICH THE OWNER HASALLOCATEDAPORTIONOFSAIDCREDIT ,IFANY SHALLFILEWITHTHEIR PAGE 55-HOUSE BILL 26-1065 STATE INCOME TAX RETURN A COPY OF THE ALLOCATION CERTIFICATE ISSUED BY THE AUTHORITY WITH RESPECT TO THE DEVELOPMENT AND A COPY OF THE OWNER S CERTIFICATION TO THE DEPARTMENT AS TO THE ALLOCATION OF THE CREDIT AMONG THE QUALIFIED TAXPAYERS HAVING OWNERSHIP INTERESTS IN THE DEVELOPMENT .
(1) ANY TAXPAYER WHO IS SUBJECT TO THE TAX ON INSURANCE PREMIUMSESTABLISHEDBYSECTIONS 10-3-209,10-5-111AND10-6-128 AND THEREFORE EXEMPT FROM THE PAYMENT OF INCOME TAX AND WHO -70- 1065 IS OTHERWISE ELIGIBLE TO CLAIM A CREDIT PURSUANT TO THIS P57T MAY CLAIM THE CREDIT AND CARRY THE CREDIT FORWARD AGAINST THE INSURANCE PREMIUM TAX ON ITS CALENDAR QUARTER ESTIMATED TAX PAYMENTS MADE IN ACCORDANCE WITH SECTION 10-3-209TO THE SAME EXTENT AS THE TAXPAYER WOULD HAVE BEEN ABLE TO CLAIM OR CARRY FORWARD THE CREDIT OR REFUND AGAINST INCOME TAX .
(1) A NY TAXPAYER WHO IS SUBJECT TO THE TAX ON INSURANCE PREMIUMS ESTABLISHED BY SECTIONS 10-3-209, 10-5-111AND 10-6-128 AND THEREFORE EXEMPT FROM THE PAYMENT OF INCOME TAX AND WHO IS OTHERWISE ELIGIBLE TO CLAIM A CREDIT PURSUANT TO THIS PART57MAY CLAIM THE CREDIT AND CARRY THE CREDIT FORWARD AGAINST THE INSURANCE PREMIUM TAX ON ITS CALENDAR QUARTER ESTIMATED TAX PAYMENTS MADE IN ACCORDANCE WITH SECTION 10-3-209TO THE SAME EXTENT AS THE TAXPAYER WOULD HAVE BEEN ABLE TO CLAIM OR CARRY FORWARD THE CREDIT OR REFUND AGAINST INCOME TAX .
ALL OTHER PROVISIONS OF THIS PAR57 WITH RESPECT TO THE CREDI,INCLUDING THE AMOUNT ,ALLOCATION, AND RECAPTURE OF THE CREDIT AND THE YEARS FOR WHICH THE CREDIT MAY BE CLAIMED ,APPLY TO A CREDIT CLAIMED PURSUANT TO THIS SECTIO.
ALL OTHER PROVISIONS OFTHIS PART57 WITHRESPECT TOTHE CREDIT ,INCLUDING THE AMOUNT ,ALLOCATION ,ANDRECAPTUREOFTHECREDITANDTHEYEARSFOR WHICH THE CREDIT MAY BE CLAIMED , APPLY TO A CREDIT CLAIMED PURSUANT TO THIS SECTION.
(2) FOR PURPOSES OF ADMINISTERING THIS SECTION , ANY REFERENCEINTHISARTICLE 22 TO"INCOMETAXYEAR "MEANSCALENDAR YEAR .
(2) FORPURPOSESOFADMINISTERINGTHISSECTION ANYREFERENCE IN THIS ARTICLE2 TO "INCOME TAX YEAR "MEANS CALENDAR YEAR .
THEAUTHORITY ,INCONSULTATIONWITHTHEDEPARTMENT ,SHALL MONITOR AND OVERSEE COMPLIANCE WITH THIS PART 57AND SHALL REPORT SPECIFIC OCCURRENCES OF NONCOMPLIANCE TO THE DEPARTMENT .
THE AUTHORITY ,IN CONSULTATION WITH THE DEPARTMENT ,SHALL MONITORANDOVERSEECOMPLIANCEWITHTHISPART 57 ANDSHALLREPORT SPECIFIC OCCURRENCES OF NONCOMPLIANCE TO THE DEPARTMENT .
THIS PART57 IS REPEALE,EFFECTIVED ECEMBER 31, 2063.
THIS PART 57IS REPEALED,EFFECTIVE DECEMBER 31, 2063.
SECTION11.
SECTION 11.
In Colorado RevisedStatutes,39-26-901,amend (4)(b) and (4)(c);
In Colorado Revised Statutes, 39-26-901, amend (4)(b) and (4)(c);
Temporary adjustment of rates of state sales and use taxes - refund of excess state revenues - legislative declaration - definition - repeal.
Temporaryadjustmentofratesofstatesalesanduse PAGE 56-HOUSE BILL 26-1065 taxes - refund of excess state revenues - legislative declaration - definition - repeal.
(4) Anytemporarystate sales and use tax rate reduction pursuant to subsection (1) of this section does not affect the calculation of the -71- 1065 amount of:
(4) Anytemporarystate sales and use tax rate reduction pursuant to subsection (1) of this section does not affect the calculation of the amount of:
(b) The state sales tax increment revenue for regional tourism zones in accordance with part 3 of article 46 of title 24;
(b) Thestatesalestaxincrementrevenueforregionaltourismzones in accordance with part 3 of article 46 of title 24;
or (c) The aviation fund created in section 43-10-109;
or (c) The aviation fund created in section 43-10-109OR (d) THE STATE SALES TAX INCREMENT REVENUE FOR TRANSIT AND HOUSING INVESTMENT AREAS IN ACCORDANCE WITH PART 4OF ARTICLE 46 OF TITLE 24.
(d) THESTATESALESTAXINCREMENTREVENUEFORTRANSITAND HOUSINGINVESTMENTAREASINACCORDANCEWITHPART 4 OFARTICLE46 OF TITLE24.
SECTION 12.
SECTION12.
Appropriation.
Appropriation.Forthe2026-27statefiscalyear, $213,349 is appropriated to the office of the governor for use by economic development programs.
For the 2026-27 state fiscal year, $213,349 is appropriated to the office of the governor for use byeconomic development programs.
This appropriation consists of $190,849 from the general fund and $22,500 from the transit investment zones cash fund created in section 24-46-403 (6)(a), C.R.S., and is based on an assumption that the office will require an additional 1.0 FTE.
This appropriation consists of $190,849 from the general fund and $22,500 from the transit investment zones cash fund created in section 24-46-403 (6)(a), C.R.S., and is based on an assumption thattheofficewillrequireanadditional1.0FTE.Toimplementthisact,the office mayuse this appropriation for transit and housing investment zones.
To implement this act, the office may use this appropriation for transit and housing investment zones.
The general assembly finds, determines, and declares that this act is necessary for the immediate preservationofthepublicpeace,health,orsafetyorforappropriationsfor the support and maintenance of the departments of the state and state institutions.
The general assembly finds, determines, and declares that this act is necessary for the immediate preservation of the public peace, health, or safety or for appropriations for PAGE 57-HOUSE BILL 26-1065 the support and maintenance of the departments of the state and state institutions.
-72- 1065
____________________________ ____________________________ Julie McCluskie James Rashad Coleman, Sr.
SPEAKER OF THE HOUSE PRESIDENT OF OF REPRESENTATIVES THE SENATE ____________________________ ____________________________ Vanessa Reilly Esther van Mourik CHIEF CLERK OF THE HOUSE SECRETARY OF OF REPRESENTATIVES THE SENATE APPROVED________________________________________ (Date and Time) _________________________________________ Jared S.
Polis GOVERNOR OF THE STATE OF COLORADO PAGE 58-HOUSE BILL 26-1065
⬇ Download PDF
View plain text versions (7)

Action History

  1. Governor Signed

  2. Signed by the Speaker of the House

  3. Signed by the President of the Senate

  4. Sent to the Governor

  5. House Considered Senate Amendments - Result was to Concur - Repass

  6. Senate Third Reading Passed - No Amendments

  7. Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole

  8. Senate Second Reading Special Order - Passed with Amendments - Committee

  9. Senate Committee on Finance Refer Amended to Appropriations

  10. House Third Reading Passed - No Amendments

  11. Introduced In Senate - Assigned to Finance

  12. House Committee on Appropriations Refer Amended to House Committee of the Whole

  13. House Second Reading Special Order - Passed with Amendments - Committee, Floor

  14. House Committee on Finance Refer Amended to Appropriations

  15. Introduced In House - Assigned to Finance

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

15 sponsors · 25 co-sponsors · 61 not signed on · 27 voted No

Sponsors (15)

Co-sponsors (25)

Not signed on (61)

61 members have not signed on to this bill.

Show all 61 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

CONCUR

Passed 45 Yea · 20 Nay
Party YeaNayPresentNot Voting
Democrat 41000
Republican 21700
Unaffiliated 2300
Total 452000
% of votes cast 69%31%0%0%
How each member voted (65)
Member Party Vote
Gonzalez R. — Nay
Stewart K. — Yea
Stewart R. — Yea
Winter T. — Nay
Garcia Sander — Nay
Alex Valdez Democrat Yea
Amy Paschal Democrat Yea
Andrew Boesenecker Democrat Yea
Bob Marshall Democrat Yea
Brianna Titone Democrat Yea
Cecelia Espenoza Democrat Yea
Chad Clifford Democrat Yea
Eliza Hamrick Democrat Yea
Elizabeth Velasco Democrat Yea
Emily Sirota Democrat Yea
Gretchen Rydin Democrat Yea
Jacque Phillips Democrat Yea
Jamie Jackson Democrat Yea
Javier Mabrey Democrat Yea
Jennifer Bacon Democrat Yea
Jenny Willford Democrat Yea
Julie McCluskie Democrat Yea
Junie Joseph Democrat Yea
Karen McCormick Democrat Yea
Kenny Nguyen Democrat Yea
Kyle Brown Democrat Yea
Lesley Smith Democrat Yea
Lindsay Gilchrist Democrat Yea
Lisa Feret Democrat Yea
Lorena Garcia Democrat Yea
Lori Goldstein Democrat Yea
Mandy Lindsay Democrat Yea
Manny Rutinel Democrat Yea
Matthew Martinez Democrat Yea
Meg Froelich Democrat Yea
Meghan Lukens Democrat Yea
Michael Carter Democrat Yea
Monica Duran Democrat Yea
Naquetta Ricks Democrat Yea
Regina English Democrat Yea
Sean Camacho Democrat Yea
Sheila Lieder Democrat Yea
Steven Woodrow Democrat Yea
Tammy Story Democrat Yea
Tisha Mauro Democrat Yea
Yara Zokaie Democrat Yea
Anthony Hartsook Republican Nay
Ava Flanell Republican Nay
Brandi Bradley Republican Nay
Carlos Barron Republican Nay
Chris Richardson Republican Nay
Dan Woog Republican Nay
Dusty Johnson Republican Nay
Jarvis Caldwell Republican Nay
Ken DeGraaf Republican Nay
Larry Don Suckla Republican Nay
Mary Bradfield Republican Nay
Matt Soper Republican Yea
Max Brooks Republican Nay
Rebecca Keltie Republican Nay
Rick Taggart Republican Yea
Ron Weinberg Republican Nay
Scott Bottoms Republican Nay
Scott Slaugh Republican Nay
Stephanie Luck Republican Nay

Official roll call →

REPASS

Passed 44 Yea · 21 Nay
Party YeaNayPresentNot Voting
Democrat 41000
Republican 11800
Unaffiliated 2300
Total 442100
% of votes cast 68%32%0%0%
How each member voted (65)
Member Party Vote
Gonzalez R. — Nay
Stewart K. — Yea
Stewart R. — Yea
Winter T. — Nay
Garcia Sander — Nay
Alex Valdez Democrat Yea
Amy Paschal Democrat Yea
Andrew Boesenecker Democrat Yea
Bob Marshall Democrat Yea
Brianna Titone Democrat Yea
Cecelia Espenoza Democrat Yea
Chad Clifford Democrat Yea
Eliza Hamrick Democrat Yea
Elizabeth Velasco Democrat Yea
Emily Sirota Democrat Yea
Gretchen Rydin Democrat Yea
Jacque Phillips Democrat Yea
Jamie Jackson Democrat Yea
Javier Mabrey Democrat Yea
Jennifer Bacon Democrat Yea
Jenny Willford Democrat Yea
Julie McCluskie Democrat Yea
Junie Joseph Democrat Yea
Karen McCormick Democrat Yea
Kenny Nguyen Democrat Yea
Kyle Brown Democrat Yea
Lesley Smith Democrat Yea
Lindsay Gilchrist Democrat Yea
Lisa Feret Democrat Yea
Lorena Garcia Democrat Yea
Lori Goldstein Democrat Yea
Mandy Lindsay Democrat Yea
Manny Rutinel Democrat Yea
Matthew Martinez Democrat Yea
Meg Froelich Democrat Yea
Meghan Lukens Democrat Yea
Michael Carter Democrat Yea
Monica Duran Democrat Yea
Naquetta Ricks Democrat Yea
Regina English Democrat Yea
Sean Camacho Democrat Yea
Sheila Lieder Democrat Yea
Steven Woodrow Democrat Yea
Tammy Story Democrat Yea
Tisha Mauro Democrat Yea
Yara Zokaie Democrat Yea
Anthony Hartsook Republican Nay
Ava Flanell Republican Nay
Brandi Bradley Republican Nay
Carlos Barron Republican Nay
Chris Richardson Republican Nay
Dan Woog Republican Nay
Dusty Johnson Republican Nay
Jarvis Caldwell Republican Nay
Ken DeGraaf Republican Nay
Larry Don Suckla Republican Nay
Mary Bradfield Republican Nay
Matt Soper Republican Nay
Max Brooks Republican Nay
Rebecca Keltie Republican Nay
Rick Taggart Republican Yea
Ron Weinberg Republican Nay
Scott Bottoms Republican Nay
Scott Slaugh Republican Nay
Stephanie Luck Republican Nay

Official roll call →

Refer House Bill 26-1065, as amended, to the Committee on Appropriations.

Passed 5 Yea · 4 Nay
Party YeaNayPresentNot Voting
Republican 0300
Democrat 5000
Unaffiliated 0100
Total 5400
% of votes cast 56%44%0%0%
How each member voted (9)
Member Party Vote
Adrienne Benavidez — Nay
Cathy Kipp Democrat Yea
Chris Kolker Democrat Yea
Janice Marchman Democrat Yea
Kyle Mullica Democrat Yea
Marc Snyder Democrat Yea
Cleave Simpson Republican Nay
Lisa Frizell Republican Nay
Scott Bright Republican Nay

Official roll call →

BILL

Passed 44 Yea · 21 Nay
Party YeaNayPresentNot Voting
Democrat 41000
Republican 11800
Unaffiliated 2300
Total 442100
% of votes cast 68%32%0%0%
How each member voted (65)
Member Party Vote
Gonzalez R. — Nay
Stewart K. — Yea
Stewart R. — Yea
Winter T. — Nay
Garcia Sander — Nay
Alex Valdez Democrat Yea
Amy Paschal Democrat Yea
Andrew Boesenecker Democrat Yea
Bob Marshall Democrat Yea
Brianna Titone Democrat Yea
Cecelia Espenoza Democrat Yea
Chad Clifford Democrat Yea
Eliza Hamrick Democrat Yea
Elizabeth Velasco Democrat Yea
Emily Sirota Democrat Yea
Gretchen Rydin Democrat Yea
Jacque Phillips Democrat Yea
Jamie Jackson Democrat Yea
Javier Mabrey Democrat Yea
Jennifer Bacon Democrat Yea
Jenny Willford Democrat Yea
Julie McCluskie Democrat Yea
Junie Joseph Democrat Yea
Karen McCormick Democrat Yea
Kenny Nguyen Democrat Yea
Kyle Brown Democrat Yea
Lesley Smith Democrat Yea
Lindsay Gilchrist Democrat Yea
Lisa Feret Democrat Yea
Lorena Garcia Democrat Yea
Lori Goldstein Democrat Yea
Mandy Lindsay Democrat Yea
Manny Rutinel Democrat Yea
Matthew Martinez Democrat Yea
Meg Froelich Democrat Yea
Meghan Lukens Democrat Yea
Michael Carter Democrat Yea
Monica Duran Democrat Yea
Naquetta Ricks Democrat Yea
Regina English Democrat Yea
Sean Camacho Democrat Yea
Sheila Lieder Democrat Yea
Steven Woodrow Democrat Yea
Tammy Story Democrat Yea
Tisha Mauro Democrat Yea
Yara Zokaie Democrat Yea
Anthony Hartsook Republican Nay
Ava Flanell Republican Nay
Brandi Bradley Republican Nay
Carlos Barron Republican Nay
Chris Richardson Republican Nay
Dan Woog Republican Nay
Dusty Johnson Republican Nay
Jarvis Caldwell Republican Nay
Ken DeGraaf Republican Nay
Larry Don Suckla Republican Nay
Mary Bradfield Republican Nay
Matt Soper Republican Nay
Max Brooks Republican Nay
Rebecca Keltie Republican Nay
Rick Taggart Republican Yea
Ron Weinberg Republican Nay
Scott Bottoms Republican Nay
Scott Slaugh Republican Nay
Stephanie Luck Republican Nay

Official roll call →

Refer House Bill 26-1065, as amended, to the Committee of the Whole.

Passed 9 Yea · 2 Nay
Party YeaNayPresentNot Voting
Democrat 8000
Unaffiliated 0100
Republican 1100
Total 9200
% of votes cast 82%18%0%0%
How each member voted (11)
Member Party Vote
Garcia Sander — Nay
Andrew Boesenecker Democrat Yea
Brianna Titone Democrat Yea
Elizabeth Velasco Democrat Yea
Emily Sirota Democrat Yea
Junie Joseph Democrat Yea
Karen McCormick Democrat Yea
Kyle Brown Democrat Yea
Yara Zokaie Democrat Yea
Matt Soper Republican Nay
Rick Taggart Republican Yea

Official roll call →

Refer House Bill 26-1065, as amended, to the Committee on Appropriations.

Passed 7 Yea · 4 Nay
Party YeaNayPresentNot Voting
Democrat 7000
Republican 0400
Total 7400
% of votes cast 64%36%0%0%
How each member voted (11)
Member Party Vote
Bob Marshall Democrat Yea
Brianna Titone Democrat Yea
Lorena Garcia Democrat Yea
Rebekah Stewart Democrat Yea
Sean Camacho Democrat Yea
Steven Woodrow Democrat Yea
Yara Zokaie Democrat Yea
Anthony Hartsook Republican Nay
Ken DeGraaf Republican Nay
Max Brooks Republican Nay
Ryan Gonzalez Republican Nay

Official roll call →

Subjects

taxation housing transportation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 1065 do?
The act creates the 'Transit Investment Area Act' to facilitate the financing of transit and rail station infrastructure. Specifically, the act:Allows a local government and a transit agency to jointly undertake a transit investment project. To finance the project, the local government may apply to the Colorado economic development commission (commission) to designate a transit investment area and an approved financing entity;Authorizes the approved financing entity, which may be a newly created transit investment authority, a county revitalization authority, a metropolitan district, or an urban renewal authority, to receive state sales tax increment revenue. This revenue consists of the state sales tax collected in the designated area above a base amount, plus an additional 20% to account for out-of-area deliveries.Permits the financing entity to issue bonds and use the state sales tax increment revenue to finance eligible improvements related to the transit project;Prohibits the financing entity from using the state sales tax increment revenue to acquire property through eminent domain;Requires projects to comply with specified hiring, apprenticeship, and workforce standards;Caps the commission's approval authority at no more than 3 transit investment projects in any calendar year and no more than 6 in total and caps the total state sales tax increment revenue dedicated to all projects at $75 million per fiscal year; andAuthorizes the commission to revoke project approval if substantial work does not commence within 5 years and requires financing entities to submit annual reports and independent financial audits.     The act requires the Colorado office of economic development, in consultation with the department of local affairs and the department of transportation, to publish a transit and housing investment zone map on or before October 30, 2026.     The act creates the Colorado affordable housing in transit and housing investment zones tax credit (tax credit). The tax credit is administered in the same manner as the Colorado affordable housing in transit-oriented communities income tax credit; except that the tax credit is awarded in connection with housing projects in transit and housing zones. The act authorizes the Colorado Housing and Finance Authority to allocate up to $8,333,333 in tax credits each calendar year beginning in the 2027 calendar year through the 2033 calendar year.     For the 2026-27 state fiscal year, the act appropriates $213,349 to the office of the governor for use by economic development programs.(Note: This summary applies to this bill as enacted.)
Who sponsors HB 1065?
HB 1065 is sponsored by K. Wallace, W. Lindstedt, J. Gonzales, L. Daugherty, L. Cutter, J. Coleman, J. Bridges, J. Amabile, C. Kipp, I. Jodeh, N. Hinrichsen, D. Roberts, T. Exum, Julie McCluskie (Democrat), Steven Woodrow (Democrat), Andrew Boesenecker (Democrat), Sean Camacho (Democrat), Jamie Jackson (Democrat), Mandy Lindsay (Democrat), Amy Paschal (Democrat), Rebekah Stewart (Democrat), Elizabeth Velasco (Democrat), Yara Zokaie (Democrat), Jennifer Bacon (Democrat), Michael Carter (Democrat), Monica Duran (Democrat), Regina English (Democrat), Meg Froelich (Democrat), Eliza Hamrick (Democrat), Sheila Lieder (Democrat), Meghan Lukens (Democrat), Karen McCormick (Democrat), Kenny Nguyen (Democrat), Jacque Phillips (Democrat), Naquetta Ricks (Democrat), Manny Rutinel (Democrat), Gretchen Rydin (Democrat), Lesley Smith (Democrat), Katie Stewart (Democrat), and Alex Valdez (Democrat).
What is the current status of HB 1065?
This bill has been enacted into law. Introduced January 21, 2026. Enacted.
Where can I track HB 1065?
Track HB 1065 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on HB 1065

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of HB 1065

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →