On May 11, 2017, the property officially became recognized as a special taxing district under Colorado Urban Renewal Authority law1. This district allows all property tax increments occurring within property boundaries to be pledged towards financing development costs. These costs range from site engineering, utilities, roads, and landscaping to river improvements and open space enhancement. The tax increment financing, or TIF, is used to refund these costs over a 25-year period. The plan will foster opportunities to create local jobs by attracting investment and development to revitalize the area and benefit the local community.
1 Part 1 of Article 25 of Title 31 of Colorado Urban Renewal Law of the Colorado revised Statutes.