HomeMy WebLinkAbout1996-111-09/24/1996-ECONOMIC DEVELOPMENT POLICY RURAL ENTERPRISE ZONE ACT STATE URBAN RESOLUTION 96-111
OF THE COUNCIL OF THE CITY OF FORT COLLINS
RECOMMENDING CERTAIN AMENDMENTS TO THE STATE URBAN
AND RURAL ENTERPRISE ZONE ACT OF 1986 AS AMENDED IN 1996
WHEREAS, the City of Fort Collins has adopted an Economic Development Policy to
encourage business development, wage and salary enhancement, and job retention and creation in
the community; and
WHEREAS, under the Urban and Rural Enterprise Zone Act (the "Act"), counties and
municipalities may propose areas within their boundaries to be designated as economically depressed
enterprise zones in order to provide certain incentives under the Act for private enterprise to expand
and new businesses to locate in such designated areas; and
WHEREAS, City Council supported applications made by Latimer County to the State of
Colorado Department of Local Affairs in February 1993, and August 1994 for the establishment and
amendment of an Enterprise Zone in Fort Collins; and
WHEREAS, City Council believes that areas of the City that qualify for Zone designation
pursuant to state law and criteria, and are compatible with the City's land use policies and
regulations, should be included within the Enterprise Zone until such time as the State determines
that those areas are no longer eligible for inclusion; and
WHEREAS, City Council adopted Resolution 96-109, on September 17, 1996, supporting
Latimer County's application to the Colorado Department of Local Affairs seeking inclusion of
certain additional areas as indicated on Exhibit"A", attached hereto and incorporated herein by this
reference, and as specified in Resolution 96-109; and
WHEREAS, one of the stated purposes of the Enterprise Zone Program is to provide more
job opportunities for residents of areas within the designated Enterprise Zones; and
WHEREAS, under §39-30-103.5 of the Act, any taxpayer who makes a monetary or in-kind
contribution for the purpose of implementing the economic development plan for an Enterprise Zone
shall be allowed a credit against the State income tax paid by such taxpayer, in the amount of twenty-
five percent (25%) of the total value of such contributions;
WHEREAS, contributions qualifying for such tax credit presently include contributions
directly to any project, program or organization that has been approved by the Enterprise Zone
Administrator; and
WHEREAS, City Council believes that certain amendments should be made to the Act to
ensure that the implementation of the Act is furthering its stated purposes.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Council strongly recommends that the State Economic Development
Commission consider, and bring forward to the state legislature, proposed amendments to the State
Urban and Rural Enterprise Zone Act that would:
1. eliminate State income tax credits for contributions to Enterprise Zone projects that
are undertaken by private sector entities that do not directly preserve or create jobs, provide job
training or make major capital investments; examples of such entities would include, without
limitation, economic development corporations, chambers of commerce, and other promotional
organizations.
2. require the Economic Development Commission to implement new procedures and
reporting requirements to determine the impact that the Enterprise Zone Program is making in
providing employment and training opportunities and wage enhancement for low-income residents
within each designated zone, as well as in assisting such residents in moving from welfare to self-
sufficient employment.
3. direct local Enterprise Zone Administrators to present the aforementioned data to the
local jurisdictions within which the Enterprise Zone is contained on a semi-annual basis.
Passed and adopted at an adjourned meeting of the Council of the City of Fort Collins held
this 24th day of September, A. D. 1996.
/l
Mayor
ATTEST:
City Clerk
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