CO SB279

Amends Colorado law regarding urban renewal plan modifications to clarify that modifications substantially changing land area, land use, tax increment financing authorization, project scope, financing methods, design, or timing require governing body approval under specified procedures.

Requires governing bodies and urban renewal authorities to provide written notice at least 30 days before approving modifications to all taxing entities within the urban renewal area and specify meeting date and time.

Allows taxing entities that levy taxes within an urban renewal area to file court actions for de novo review of whether a modification is substantial, with authority to seek injunctions preventing authority action pending court determination.

Establishes a 45-day statute of limitations for bringing actions to enjoin authority undertakings or activities related to urban renewal plans, with notice requirements including newspaper publication and mailing to affected taxing entities.

Applies requirements to municipalities and urban renewal authorities for plans created on or after January 1, 2016, and to substantial modifications approved on or after January 1, 2016; protects existing bonds and financial obligations as of December 31, 2015.