C.R.S. Section 43-4-508
Value capture areas

(1)

The board may establish one or more value capture areas within its boundaries to facilitate the financing and construction, operation, or maintenance of public highways within or without the boundaries of the authority. Such value capture areas may be established by the board whenever the market value of any area within the boundaries of the authority, in the opinion of the board, will increase as a result of the financing, construction, operation, or maintenance of a public highway.

(2)

Prior to the creation of a value capture area, the board shall prepare a value capture plan which shall identify the public highway to be financed, constructed, operated, or maintained, the property to be included in the value capture area, the period of time which the value capture area shall be in effect, and the portion of the property taxes or sales taxes levied or collected within the value capture area which will be retained by the authority during the period the value capture area remains in effect. A copy of the value capture plan shall be submitted to the division, the department of revenue, and the governing body of each governmental unit which has the power to levy or impose a property tax or sales tax within the boundaries of the proposed value capture area. Not less than twenty days prior to the hearing on the value capture plan, notice of the time and place of the hearing on the value capture plan shall be published at least one time in a newspaper of general circulation in the proposed value capture area and shall be mailed to the division and the governmental units which receive the value capture plan.

(3)

The board shall hold a hearing which shall be open to the public, and a record of the proceedings shall be made. All governmental units who receive notice of the hearing as set forth in subsection (2) of this section and each owner of property within the proposed value capture area shall be interested parties and shall be afforded an opportunity to be heard. Following the hearing, the board may approve or disapprove the value capture plan. After approval, any such value capture plan may be modified in substantially the same manner as the original approval.

(4)

Any such value capture plan as originally adopted or later modified may contain a provision that property taxes, if any, levied or imposed by a governmental unit after the effective date of the value capture plan upon taxable property within the value capture area or that any sales taxes collected within said area after the effective date of the value capture plan, or all such taxes, shall be divided for a period set forth in the value capture plan after the effective date of the value capture plan, as follows:

(a)

That portion of the property taxes which are produced by the levy at the rate fixed each year by or for each governmental unit upon the valuation for assessment of taxable property within the boundaries of the value capture area last certified prior to the effective date of the value capture plan, or that portion of the sales tax collected within the boundaries of the value capture area in the twelve-month period ending on the last day of the month prior to the effective date of the value capture plan, or both such portions shall be paid into the funds of each such governmental unit as are all other taxes collected by or for said governmental unit.

(b)

Twenty-five percent, or such different amounts as may be agreed to by each affected governmental unit, of the amount of said property taxes or sales taxes, or both, which is in excess of the portion determined in paragraph (a) of this subsection (4) shall be allocated and, when collected, paid into a special fund of the authority for the payment of, or the funding of reserves, sinking, or other funds for the payment of, the principal of, interest on, and any premiums due in connection with the bonds of the authority incurred for the financing of a public highway. The balance, if any, of such excess shall be paid into the funds of each such governmental unit as are all other taxes collected by or for said governmental unit.

(5)

In the event that there is a general reassessment of taxable property in any county, including all or part of a value capture area, or a change in the rate of the sales tax collected by a county or municipality in a value capture area, the portions of taxes specified in subsection (4) of this section shall be proportionately adjusted in accordance with such reassessment or change.

(6)

When such bonds of the authority, including refunding bonds, have been paid, all taxes in such value capture area shall thereafter be paid into the funds of the respective governmental units.

Source: Section 43-4-508 — Value capture areas, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-43.­pdf (accessed Oct. 20, 2023).

43‑4‑201
Highway users tax fund - created 43‑4‑202
Definitions 43‑4‑203
Sources of revenue 43‑4‑204
Appropriation 43‑4‑205
Allocation of fund 43‑4‑206
State allocation 43‑4‑207
County allocation 43‑4‑208
Municipal allocation 43‑4‑209
Withholding municipal allocations 43‑4‑210
Estimated county allocations 43‑4‑211
Estimated municipal allocations 43‑4‑212
Payment of balances 43‑4‑213
Forfeiture of funds 43‑4‑214
Future municipalities eligible 43‑4‑216
Liability unaffected 43‑4‑217
Additional funding - road usage fees - rules - legislative declaration - definitions 43‑4‑218
Additional funding - retail delivery fee - fund created - simultaneous collection of enterprise fees - rules - legislative declaration - definitions 43‑4‑301
Legislative declaration 43‑4‑302
Powers of commission - contracts approval 43‑4‑401
Fund created 43‑4‑402
Source of revenues - allocation of money - special account created 43‑4‑403
Alcohol and drug impaired driving prevention enforcement program - minimum requirements 43‑4‑404
Formula for allocation of money - rules 43‑4‑501
Short title 43‑4‑502
Legislative declaration 43‑4‑503
Definitions 43‑4‑504
Creation of authorities 43‑4‑505
Board of directors 43‑4‑506
Powers of the authority - inclusion or exclusion of property - determination of public highway alignment 43‑4‑506.5
Traffic laws - toll collection 43‑4‑507
Local improvement districts 43‑4‑508
Value capture areas 43‑4‑509
Bonds 43‑4‑510
Cooperative powers 43‑4‑511
Powers of governmental units 43‑4‑512
Referendum 43‑4‑513
Notice - opportunity for comment 43‑4‑514
Notice - coordination of information - report 43‑4‑515
Successor to prior entity - assumption of obligations and liabilities - action for mandamus or injunctive relief 43‑4‑516
Agreement of the state not to limit or alter rights of obligees 43‑4‑517
Investments 43‑4‑518
Bonds eligible for investment 43‑4‑519
Exemption from taxation - securities laws 43‑4‑520
No action maintainable 43‑4‑521
Termination of revenue-raising powers 43‑4‑522
Judicial examination of powers, acts, proceedings, or contracts of an authority 43‑4‑601
Short title 43‑4‑602
Definitions 43‑4‑603
Creation of authorities - exercise of powers of an authority by transportation planning organization 43‑4‑604
Board of directors 43‑4‑605
Powers of the authority - inclusion or exclusion of property - determination of regional transportation system alignment - fund created - repeal 43‑4‑605.5
Preservation of state highway funding - legislative declaration 43‑4‑606
Establishment of regional transportation activity enterprises 43‑4‑607
Traffic laws - toll collection 43‑4‑607.5
Streetscape enhancements - local and private authority 43‑4‑608
Local improvement districts 43‑4‑609
Bonds 43‑4‑610
Cooperative powers 43‑4‑611
Powers of governmental units 43‑4‑612
Referendum 43‑4‑613
Notice - opportunity for comment 43‑4‑614
Notice - coordination of information 43‑4‑615
Agreement of the state not to limit or alter rights of obligees 43‑4‑616
Investments 43‑4‑617
Bonds eligible for investment 43‑4‑618
Exemption from taxation - securities laws 43‑4‑619
No action maintainable 43‑4‑620
Judicial examination of powers, acts, proceedings, or contracts of an authority 43‑4‑621
Calculation of fiscal year spending limit - first full fiscal year’s spending as base 43‑4‑622
Exercise of authority powers by transportation planning organization 43‑4‑701
Legislative declaration 43‑4‑702
Definitions 43‑4‑703
Submission of ballot question regarding issuance of transportation revenue anticipation notes 43‑4‑704
Powers of executive director 43‑4‑705
Revenue anticipation notes - ballot issue - repeal 43‑4‑706
Financial obligations subject to annual budget allocation 43‑4‑707
Note proceeds 43‑4‑708
Investments 43‑4‑709
Powers of political subdivisions 43‑4‑710
Notes legal investments 43‑4‑711
Exemption from taxation 43‑4‑712
No action maintainable 43‑4‑713
Annual reports 43‑4‑715
Construction of part 43‑4‑801
Short title 43‑4‑802
Legislative declaration 43‑4‑803
Definitions 43‑4‑804
Highway safety projects - surcharges and fees - crediting of money to highway users tax fund - definition 43‑4‑805
Statewide bridge enterprise - creation - board - funds - powers and duties - legislative declaration - definitions 43‑4‑806
High-performance transportation enterprise - creation - board - funds - powers and duties - limitations - reporting requirements - violations on the peak period shoulder lanes - legislative declaration - definitions 43‑4‑807
Bonds - investments - bonds eligible for investment and exempt from taxation 43‑4‑808
Toll highways - special provisions - limitations 43‑4‑809
Enterprises - applicability of other laws 43‑4‑810
Fees and surcharges - limitations on use 43‑4‑811
Transit and rail division - funding for local transit grants 43‑4‑812
Use of user fees for transit - legislative declaration 43‑4‑814
Military deployment - motor vehicle fees exempted - penalty 43‑4‑901
High-visibility alcohol and drug impaired driving enforcement 43‑4‑902
Local high-visibility alcohol and drug impaired driving enforcement - qualified program - report - rules 43‑4‑903
High-visibility alcohol and drug impaired driving enforcement funding 43‑4‑1101
Legislative declaration 43‑4‑1102
Definitions 43‑4‑1103
Multimodal transportation options fund - creation - revenue sources for fund - use of fund 43‑4‑1201
Legislative declaration 43‑4‑1202
Definitions 43‑4‑1203
Clean transit enterprise - creation - board - powers and duties - rules - fees - fund 43‑4‑1301
Legislative declaration 43‑4‑1302
Definitions 43‑4‑1303
Nonattainment area air pollution mitigation enterprise - creation - board - powers and duties - rules - fees - fund 43‑4‑1401
Definitions 43‑4‑1402
Colorado wildlife safe passages fund - creation - use of fund - report 43‑4‑1501
Legislative declaration 43‑4‑1502
Definitions 43‑4‑1503
Fuels impact enterprise - creation - powers and duties 43‑4‑1504
Fuels impact enterprise cash fund - definition 43‑4‑1505
Fuels impact reduction fee 43‑4‑1506
Fuels impact reduction grant program 43‑4‑1507
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 43-4-508’s source at colorado​.gov