C.R.S. Section 24-46-309
Commencement of development

(1)

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 lay foundations, mass grading of the site, or work of a similar description that manifests an intention and purpose to complete the project shall commence within five years from the date of approval of the project by the commission.

(2)

If substantial work on the regional tourism project toward the goals specified in the application pursuant to section 24-46-304 does not commence within five years of approval by the commission, the commission may revoke or modify its approval of the financing entity or the regional tourism project. Revocation of approval may be appealed to the commission, which may reinstate its approval upon a showing of good cause for the delay. Any state sales tax increment revenue that the regional tourism project has generated from the time of the original approval for the project may remain dedicated to the project to the extent that it has been previously expended or pledged by the financing entity for the financing of eligible costs. If substantial work on the regional tourism project does not commence within one year of reinstatement of approval from the commission, the commission shall revoke approval of the project.

(3)

If the commission revokes its approval of the financing entity or the regional tourism project, the commission may require that any state sales tax increment revenue collected during that period, together with investment income earned thereon, that was not previously expended or pledged by the financing entity for the financing of eligible costs shall be refunded to the state treasurer, and no further moneys shall be remitted by the state.

(4)

In evaluating whether substantial work has been commenced for purposes of administering this section, the commission shall rely on the information and data supplied in the annual reports submitted pursuant to section 24-46-308. The commission shall have authority to revoke its approval of a financing entity or a regional tourism project only pursuant to this section.

Source: Section 24-46-309 — Commencement of development, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑46‑101
Legislative declaration 24‑46‑102
Colorado economic development commission - creation - membership - definition 24‑46‑103
Commission - organization - meetings 24‑46‑104
Powers and duties of commission - repeal 24‑46‑104.3
Transferable income tax credits for certain businesses located in the state - definitions 24‑46‑105
Colorado economic development fund - creation - report - repeal 24‑46‑105.1
Reporting requirement - new jobs created 24‑46‑105.3
Economic development incentives - employers in compliance with federal law - legislative declaration 24‑46‑105.5
Local economic development - participation in federal programs 24‑46‑105.7
Performance-based incentive for new job creation - new jobs incentives cash fund 24‑46‑105.8
Performance-based incentive for film production in Colorado - film incentives cash fund - definitions 24‑46‑106
Repeal of part 24‑46‑107
Temporary extension of carry-forward provisions - Colorado job growth incentive tax credit - enterprise zone tax credits - definitions - repeal 24‑46‑108
Refundable income tax credits for certain businesses located in the state - definitions - repeal 24‑46‑201
Definitions 24‑46‑202
Venture capital authority - board - staffing fund - bonds - enterprise fund - distribution of proceeds 24‑46‑203
Venture capital funds - managers - qualified investments - contract - distributions 24‑46‑204
Venture capital tax credits - contributions to authority - report 24‑46‑205
Administrative expenses 24‑46‑206
Office - report 24‑46‑207
Conflict of interest 24‑46‑301
Short title 24‑46‑302
Legislative declaration 24‑46‑303
Definitions 24‑46‑304
Regional tourism project - application - requirements 24‑46‑305
Regional tourism project approval - director - commission - review 24‑46‑306
Regional tourism authority - board - creation - powers and duties 24‑46‑307
State sales tax increment revenue 24‑46‑308
Annual report - audit 24‑46‑309
Commencement of development 24‑46‑310
Issuance of bonds by a financing entity
Green check means up to date. Up to date

Current through Fall 2024

§ 24-46-309’s source at colorado​.gov