To: Board of County Commissioners
Through: Michelle Halstead, Director, Commissioners' Office
Prepared By:
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Kendra Davis, Management Analyst II, Commissioners' Office
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presenter
Presenter: Kendra Davis, Management Analyst II, Commissioners' Office
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Subject:
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1:00 PM *Arapahoe County Incentive Payment Agreement Proposal
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Purpose and Request:
recommended action
The purpose of this study session is to provide a proposal for the County's incentive payment agreement program and receive feedback and direction from the Board on expectations and policies for the program.
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Background and Discussion: In Colorado Revised Statutes Sec. 30-11-123 provides one of very few economic incentives that the Board of County Commissioners (the "Board") can utilize for new and expanded businesses in the unincorporated area. The Board can enter into an incentive payment agreement with either a new business facility as defined in CRS Sec. 39-30-105.1(6)(b), or a taxpayer who expands a facility as defined in CRS Sec. 39-30-105.1(6)(e) for an annual incentive payment or credit.
When originally enacted, the statute allowed for the County to enter into an incentive payment agreement to refund up to 50% of the personal property taxes levied by the County (the County's mill levy) paid by the taxpayer in relation to the personal property taxes at the new business facility or at the expansion of the business facility and only for a term of 4 years. Over the years the statute has been amended to increase the amount of refund and length of time. Currently, the statutes authorize an incentive payment not to exceed 100% of personal property taxes levied by the County for a period not to exceed thirty-five (35) years. The incentive payment is a refund of a portion of the business personal property tax levied by the County and paid by the taxpayer.
The County's incentive payment program (the "Program") only uses the incentive payment with reim...
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