Vote Yes by January 12

Wiest Drive $1.9 million$20,000 Mural

 Park Theatre Mall  Riverspointe  Wiest Drive  Mural  Teak Furniture

Why We Should Vote Yes

 Park R-3 School Board Resolution – Sept 21,2009  Mr. Miller made a motion resolving support in the January 12 initiative to abolish EPURA. Mr. Richardson seconded the motion. All Board of Education directors voted aye in a roll call vote to approve the motion resolving support in the January 12 initiative to abolish EPURA. (Motion carried.)

 Urban Renewal does negatively impact school funding.  CASB legislative delegates, representing all 178 school districts in the State of Colorado voted to support a resolution asking the Colorado Legislature to limit the effects of Urban Renewal Authorities (TIF) on school district finances.

 ARTICLE VIII  State Institutions  Section 1. Established and supported by state. Educational, reformatory and penal institutions, and those for the benefit of insane, blind, deaf and mute, and such other institutions as the public good may require, shall be established and supported by the state, in such manner as may be prescribed by law.

 Public School Finance Act of 1994 – Funding is distributed to schools on a per pupil basis. Total Funding = Local Revenues + State Revenue (Backfill) Local Revenue Sources: 1. Property Taxes 2. Local Ownership Taxes State Revenue Sources: 1. State Sales Tax 2. Personal Income Tax 3. Corporate Income Tax

 Tax Increment Financing (TIF) Districts  Gallagher and TABOR  Amendment 23 sunset (2011) Effect on Park R-3 School District:  20% cut in funding over the next 3 years

Your $20, Buys: - The EPURA mural in the left photo or - A teacher for a semester

 First 25 Years: About $10 million property tax increment About $40 million sales tax increment EPURA gave $30 million back to Town

 New EPURA called a “funding mechanism” for Town Hall  Over 97 Percent of Tax Increment Comes from other Taxing Districts  Zero Sales Tax Increment Committed by Town Board

Are these two items related?

 Park R-3 School District (mill levy & bond issue)  Larimer County  Park Hospital District  Estes Valley Library District  Estes Valley Parks & Recreation District  The New Fire District

Study of TIF in Denver, Front Range Economic Strategy Center (FRESC) 2005:  Performance Falls Short.  TIF-Projects Create Service Needs They Don’t Pay For.  Denver’s Other Tax Payers Pick Up the Difference

Money is lost by taxing districts. “Denver’s other tax payers must either make up the difference or suffer cutbacks in these services.” TIF Transactions Lack Transparency, Making Them Unaccountable to the Public Front Range Economic Strategy Center (2005)

 Swenson & Eathington, Iowa State Univ., 2002: “Stated differently, existing taxpayers, its householders, wage earners, and retirees are aggressively subsidizing business growth and population via [tax increment financing.]”

 2009 Fire District Mill Levy Adopted.  2008 Parks & Rec. District mill levy increased to pay for operations.  2006 School District mill levy increased.  2004 Estes Valley Library District mill levy increased to fund operations.

 The Town wants to build $9 million-plus in Fairgrounds improvements.  The Town can fund it with a) cash reserves; or b) a public vote on a bond issue/mill levy  EPURA can issue bonds without a public vote, and repay those bonds with money from other taxing districts

 2008 Town Survey in Utility Bills:  61% of respondents opposed passing a mill levy to pay for Fairgrounds Projects.  Keeping Urban Renewal will allow the Town to finance Fairgrounds and other Projects without Voter Approval.

 The Town has increased its tax revenue by: passing the lodging tax (2008) and the Fire District Mill Levy (2009)  In the midst of a recession, General Fund spending will grow 8.5% from 2008 to 2010—and the Town still had money to transfer to capital projects

 Downtown Development Authority  general improvement districts  special improvement districts (municipal)  local improvement districts (county),  business improvement districts  covenant-created public improvement fee financing

 Regional Tourism Authority:  State Sales Tax Increment  Independent Review of Plan for unique economic benefit  Could fund Parking Structures, Performing Arts Center, Fairgrounds  Only 2 new projects per year

 The Ballot Question Provides that If the Town wants an Urban Renewal Authority in the Future, we the voters have the right to approve it.