Monica Duran, Tom Lundy and Victoria Lundy, members of the Keep Wheat Ridge Local group, filed the Tax Increment Financing (TIF) Reform Petitions with the Wheat Ridge City Clerk’s Office on Wednesday July 1st. The group needed approx. 1000 signatures and collected 1922 signatures (almost double the amount needed) in just a few short weeks. Update —> Denver Post YourHub (7/6/2015)
The petitions are a Charter Amendment with regards to Tax Increment Financing (TIF) Reform. If approved by the voters in November 2015 election, the Charter Amendment would be retroactive to 3/1/2015 and would require a public vote on the TIF that was just rewarded by a majority of City Council to the proposed development at 38th & Wadsworth Blvd. (SW corner) because that TIF award is over $2.5 million.
The petitions are a direct result of the proposed development/TIF at 38th & Wadsworth Blvd. (SW corner). Please see link —> City Council Approves $6.2 Million TIF
Thanks to ALL of the volunteers and workers who collected signatures from their friends, families and in their neighborhoods. Also, thanks to the great locations such as Right Coast Pizza, Sprouts, the Post Office, Safeway, King Soopers and in front of the Wheat Ridge Rec Center, just to name a few! 🙂
Charter Amendment Language:
Shall the Wheat Ridge City Charter be amended as follows:
Any action by an agency, agent, authority, commission, committee, city council, department, employee, or official of the City of Wheat Ridge, approving or changing a sales 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 Wheat Ridge 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 or property tax increment financing (TIF), revenue sharing, or cost sharing exceeds $2.5 million, the City Council action of approval must be ratified by the registered electors of the City of Wheat Ridge at a special or regular election.
The base amount for voter approval of any sales or property tax increment financing (TIF) will be any financing exceeding $2.5 million. To account for inflation and/or increased construction costs, every third year after March 1, 2015 the base amount will be increased by 5%.
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 Wheat Ridge subsequent to March 1, 2015 and thereafter.