SB17-248 Summary

• Allows local governments participating in approved regional tourism projects to apply for modifications if a planned component is no longer viable or if a new component will increase out-of-state tourists or net new revenue

• Requires applications for project modifications to be submitted to the Colorado Office of Economic Development prior to substantial work on the component being replaced, with economic analysis demonstrating the modified project meets statutory requirements

• The Office of Economic Development reviews applications for completeness and forwards them to the Colorado Economic Development Commission with a recommendation to approve, deny, or approve with conditions

• The Commission must approve modification applications unless the revised project no longer meets established criteria, and may amend the original award including sales tax increment percentage but cannot increase total cumulative dollar awards beyond the original amount

• If approved, the Commission modifies only the resolution adopted for the original project to conform it to the modified project, without altering other aspects of the resolution