CO HB1161

Urban renewal authorities must prepare annual public reports within 90 days of each fiscal year-end, beginning with the first year after a municipality approves an urban renewal plan that allocates incremental property or sales tax revenues from entities other than the municipality.

Reports must include total incremental tax revenues collected and identifying taxing entities, how revenues were spent, projected future revenues, and progress on completing the urban renewal project including construction status of eligible improvements.

Authorities must send report copies by first-class mail and e-mail to each taxing entity whose incremental tax revenues are being allocated under the plan.

Annual reports must be accompanied by an independent audit from a certified public accountant that verifies report accuracy and specifically identifies any unauthorized uses of incremental tax revenues beyond eligible costs.

If an audit finds unauthorized use of incremental tax revenues, the authority is liable for repayment of those revenues to the affected taxing entities.