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Source: Colorado Revised Statute 31-25-103(2).
* Based on conditions survey findings, modify boundaries for urban renewal area, if necessary.
When a redevelopment project is being planned, the PAR will analyze how much additional property and sales taxes may be generated once the redevelopment is completed. The additional property and sales taxes or “tax increment,” can then be used by PAR as revenue for the repayment of bonds or as reimbursement to developers for a portion of their project costs. In either case, the new tax revenue that is created must be used for improvements that have a public benefit and that support the redevelopment effort, such as site clearance, streets, utilities, parks, the removal of hazardous materials or conditions or site acquisition.