Protect Arvada Taxpayers 'PAT' Proposal
Summary
Amends the Arvada City Charter to include the following provisions:
• Voter Approval Required for Sales and/or Property Tax Subsidies/Incentives (TIF)
Over $2.5 Million to Private Business
• Voter Approval Required for City-Owned Land Sales Appraised
Over $1,000,000 to Private Business
* * *
Whereas, the Charter of the City of Arvada shall be amended to include the following:
Therefore be it ordained:CHAPTER XIII
13.14 URBAN RENEWAL AUTHORITY REFORM; TAX INCREMENT FINANCING, SALE/TRANSFER OF PROPERTY1) Any action by an agency, agent, authority, commission, committee, city council, department, employee or official of the City of Arvada, approving or changing a sales and/or property tax increment financing (TIF), revenue sharing or cost sharing arrangement pursuant to Part 1 of the Colorado Urban Renewal Law, must be ratified by the Arvada City Council via a vote on a formal agenda item, at a regularly scheduled business meeting, that is advertised as a public hearing.
If the value of the said sales and/or property tax increment financing (TIF), revenue sharing or cost sharing exceeds two million five hundred thousand dollars ($2,500,000.00), the city council action of approval must be ratified by the registered electors of the City of Arvada at a special or regular election.
The base amount for voter approval of any sales and/or property tax increment financing (TIF) will be any financing exceeding two million five hundred thousand dollars ($2,500,000.00). To account for inflation and/or increased construction costs, every third year after July 1, 2018, the base amount can be increased by five (5) percent.
2) Any action by an agency, agent, authority, commission, committee, city council, department, employee or official of the City of Arvada, authorizing the sale or transfer of property owned by the Arvada Urban Renewal Authority or the City of Arvada, must be ratified by the Arvada City Council via a vote on a formal agenda item, at a regularly scheduled business meeting, that is advertised as a public hearing.
If the Fair Market Value of any such property be one million dollars ($1,000,000.00) or more as calculated by an independent Colorado Certified General Appraiser, the city council action of approval must be ratified by the registered electors of the City of Arvada at a special or regular election.
Effective date: This amendment will take effect and apply to all actions undertaken by an agency, agent, authority, commission, committee, city council, department, employee or official of the City of Arvada thirty (30) days after voter approval of this amendment.