CO SB248

Amends Colorado law governing tax increment financing for urban renewal authorities to address treatment of voter-approved revenue increases from municipalities, counties, special districts, and school districts.

Additional revenues resulting from voter-approved increases in property tax mill levies or retention of revenues under Colorado Constitution Article X, Section 20(7)(d) cannot be pledged by authorities for bond payments or debt without consent of the relevant taxing entity.

Requires authorities to repay additional revenues to taxing entities by February 1 each fiscal year following implementation of voter-approved revenue increases, with notification and calculation details provided by the taxing entity.

Allows authorities and municipalities or other taxing entities to negotiate intergovernmental agreements addressing repayment amounts, mechanics, dispute resolution methods, and potential waiver of repayment requirements.

Applies to urban renewal plans created on or after January 1, 2016, and substantial modifications approved on or after that date.