§ 24-46-301. Short Title

This part 3 shall be known and may be cited as the “Colorado Regional Tourism Act”. Source: L. 2009: Entire part added, (SB 09-173), ch. 434, p. 2403, § 1, effective June 4.

§ 24-46-302. Legislative Declaration

The general assembly hereby finds and declares that: The health, safety, and welfare of the people of the state of Colorado are enhanced by a diverse revenue stream, and the people of the state would benefit from an expansion of opportunities for investment in large-scale regional tourism projects that will attract significant investment and revenue […]

§ 24-46-303. Definitions

As used in this part 3, unless the context otherwise requires: “Base year revenue” means the state sales tax revenue collected during the twelve-month period immediately prior to the month in which a regional tourism project is authorized, as determined by the department of revenue. (1.5) “Baseline growth rate” means the forecasted growth in state […]

§ 24-46-304. Regional Tourism Project – Application – Requirements

Any local government may apply for approval of a regional tourism project, including designation of a regional tourism zone, the creation of a regional tourism authority, and designation of a financing entity to receive, utilize, and disburse state sales tax increment revenue for eligible costs. (1.5) (a) Before a local government submits an application for […]

§ 24-46-305. Regional Tourism Project Approval – Director – Commission – Review

Upon receipt of a local government’s application for a regional tourism project, the director or the director’s designee shall review the application and shall make an initial determination regarding whether the application has met the criteria for a regional tourism project specified in section 24-46-304. Upon review of each application for completeness, the director shall […]

§ 24-46-306. Regional Tourism Authority – Board – Creation – Powers and Duties

The commission shall not deny a request to authorize the creation of a regional tourism authority if the commission otherwise approves an application for a regional tourism project that includes a request for the formation of a regional tourism authority. A regional tourism authority, if authorized, shall be governed by a board consisting of the […]

§ 24-46-307. State Sales Tax Increment Revenue

In order to implement the collection of state sales tax increment revenue, the resolution adopted by the commission approving a regional tourism project shall state that state sales taxes, if any, levied and collected after the effective date of the commission’s approval of the project shall be divided and distributed by the department of revenue […]

§ 24-46-308. Annual Report – Audit

Within ninety days of the end of the first full state fiscal year after the commission approves a regional tourism project and on the same date each year thereafter, the financing entity shall prepare and submit to the commission an annual report detailing the total amount of state sales tax increment revenue that the regional […]

§ 24-46-309. Commencement of Development

Substantial work on a regional tourism project, including but not limited to the financing entity’s issuance of bonds or other debt instruments, the repayment of which is secured by a pledge of the state sales tax increment revenue or the commencement of actual development or predevelopment, such as erecting permanent structures, excavating the ground to […]

§ 24-46-310. Issuance of Bonds by a Financing Entity

A financing entity may issue bonds from time to time in its discretion to finance any eligible improvements with respect to a regional tourism project and may also issue refunding or other bonds of the financing entity from time to time in its discretion for the payment, retirement, renewal, or extension of any bonds previously […]