Moffat County commissioners move Craig Urban Renewal Authority’s Area 2 through penultimate step toward full approval
The Craig Urban Renewal Authority’s second area is one step from full activation.
CURA’s Area No. 2, which encompasses parts of downtown and a stretch of unincorporated Moffat County land south of the central portion of Craig, was approved by the Moffat County commissioners Tuesday morning following a public hearing.
That means that, if the city of Craig follows suit later this month, property owners within the boundaries — except for 11 who excluded themselves — will be able to apply for tax increment financing through the CURA.
Tax increment financing is a process whereby taxing entities agree to surrender a portion of collectable property taxes on an approved property in order to allow that property owner to invest that portion into improving the property. The portion surrendered can be equal to the projected increase in collectable property taxes that would come as a result of the property value increasing thanks to the improvements.
Area No. 1 was approved earlier this summer, and its first application is scheduled to be heard at the CURA board meeting Oct. 13. That application will come from former county commissioner Frank Moe, who is working to bring a Yampa Valley Adventure Center to the location of the Centennial Mall, and is counting on tax increment financing to do it.
Area No. 1 did not include land in unincorporated Moffat County, and therefore required a slightly different approval process. However, every taxing entity that covers the land surrounding the mall and extending north and south of it, including the library district, school district, city, county and fire district, did approve of the urban renewal authority and the area therein.
The city will consider final approval of Area No. 2 at its meeting Sept. 28.
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